Several notable billionaires experienced massive hits to their fortunes Monday as the Chinese generative artificial intelligence startup DeepSeek upended the U.S. stock market, hitting the American AI leader Nvidia the hardest.

Larry Ellison, the Oracle (NYSE:ORCL) co-founder and one of the richest people on the planet, watched $22.6 billion disappear in a single day on January 27—and he didn't even have to lift a finger. The selloff was brutal,

Nvidia co-founder Jensen Huang's wealth dropped $20.1 billion as Nvidia shares fell 17% amid fears that DeepSeek's low-cost AI model could disrupt the tech industry. Nvidia lost $593 billion in market value,

Jensen Huang likely had an especially bad case of the Mondays when DeepSeek came to town. Of course, as one of the richest people in the world, the co-founder of Nvidia ended up skating away virtually unscathed.

The recent AI advances by Chinese upstart DeepSeek could be the beginning of a potential nightmare scenario that Nvidia Corp. Chief Executive Jensen Huang has been worrying about since the chip maker’s meteoric rise.

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.