An estimated $108 billion in losses were recorded after DeepSeek was launched, causing investors to worry that the AI platform could overtake AI from the United States (US).
Among the big names who suffered losses was Nvidia founder Jensen Huang who lost $20.1 billion, marking a 20% drop in his wealth.
Larry Ellison who is the co-founder of Oracle Corp, saw $22.6 billion disappear, while Dell's Michael Dell and Binance's Changpeng Zhao lost $13 billion and $12.1 billion respectively.
This Chinese AI platform has received widespread attention and what is even more interesting is that the cost to create DeepSeek only cost $5.6 million, compared to Western AI companies that cost billions of US dollars.
Silicon Valley which is home to big technologies such as Meta, Nvidia, and Microsoft is now taking a huge hit as investors are starting to question their billion-dollar spending to create AI compared to DeepSeek.