US chip giant Nvidia suffered a record wipeout on Monday after Chinese startup DeepSeek upended the tech sector — and the rout cost its CEO Jensen Huang more than $20 billion in a single day. DeepSeek said it built its new AI model in just two months for less than $6 million – a fraction of the training costs of its US rivals – and without access to Nvidia’s powerful,

CEO Jensen Huang’s net worth plunged $18 billion Monday as the chipmaker’s stock continues to free fall. Huang was worth $106.3 billion as of Monday morning, down nearly 15%, according to Forbes Real-Time Billionaires list.

Investors soured on some tech stocks like Oracle and Nvidia as China’s DeepSeek sparked questions about the massive AI spending bolstering America’s biggest companies moving forward.

Nvidia lost more market value Monday than the total valuations of American stalwarts UnitedHealth, Costco and Bank of America.

The latest AI model of DeepSeek, released last week, is widely seen as competitive with those of OpenAI and Meta Platforms Inc