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World’s richest people lose $108 billion after DeepSeek selloff
The worlds top 500 wealthiest individuals faced a combined loss of $108 billion due to a tech-led selloff initiated by Chinese AI developer DeepSeek. Nvidia's Jensen Huang lost $20.1 billion. The surge in DeepSeek's affordable AI model challenged Silicon Valley's high capital spending narrative, leading to significant financial losses for tech-sector billionaires.
Soaring valuations for so-called AI hyperscalers — including Meta Platforms Inc., Alphabet Inc. and Microsoft Corp. — have generated billions in wealth for their owners since OpenAI unveiled ChatGPT in November 2022. These companies have for the most part operated on a similar playbook: Spend huge sums to develop and run AI systems by hoarding top-of-the-line semiconductors and the energy supplies needed to run them.Meta Chief Executive Officer Mark Zuckerberg announced Friday that the company planned to spend $60 billion to $65 billion on projects related to AI this year, well above Wall Street estimates. In an interview with CNBC last week, Alexandr Wang, CEO of training data provider Scale AI, said that despite the export controls, DeepSeek and other Chinese developers likely have more GPUs than Silicon Valley is aware of.
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