A tech selloff fuelled by Chinese AI developer DeepSeek wiped off a combined $108 billion from the world’s 500 richest people’s wealth, led by Nvidia Corp. co-founder Jensen Huang.

According to Bloomberg data, billionaires with fortunes linked to artificial intelligence emerged as the worst losers. Hunag’s fortune declined by 20% or $20.1 billion while Oracle Corp. co-founder Larry Ellison’s $22.6 billion loss was larger in absolute terms, but represented just 12% of his fortune, according to the Bloomberg Billionaires Index.

Michael Dell, the founder of Dell Inc., lost $13 billion, while Changpeng “CZ” Zhao, co-founder of Binance, lost $12.1 billion.

Overall billionaires from the tech sector saw $94 billion in wealth erosion, nearly 85% of the Bloomberg index’s total decline, as US tech stocks took a sharp beating amid fears of Chinese AI startup DeepSeek challenging America’s dominance in the sector.

The Nasdaq Composite Index fell 3.1% on Monday, and the S&P 500 dropped 1.5%.

Hangzhou-based DeepSeek has been developing AI models since 2023, but the company first came onto the radar of many Western investors this weekend as its free DeepSeek R1 chatbot app topped download charts worldwide, Bloomberg reported.