Five hundred of the world’s richest people collectively lost $108 billion after the Chinese-headquartered artificial intelligence company DeepSeek upended the U.S. stock market Monday, Bloomberg reported — and several of the biggest losses were among some of the Bay Area’s biggest figures in tech .

Chatbot vanishes in Italy amid claims OpenAI's model was used to train Chinese AI - DeepSeek says its AI model is similar to US giants like OpenAI, despite fears of censorship around issues sensitive

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,

The S&P500 and the Nasdaq Composite declined as investors questioned America's AI dominance after DeepSeek launched its free AI chatbot.

DeepSeek also uses a smaller model as opposed to that used by U.S. AI tech giants, which require more processors. Plus, they have made DeepSeek open source , which avoids the recurring fees that their U.S. competitors charge.

Trump lauded the up to $500 billion partnership with OpenAI, Oracle, and SoftBank to build out data centers and electricity generation in Texas to support U.S. AI development.

Sam Altman, already having a bad start to his week as a Chinese chatbot has put into doubt the lead of U.S. AI startups, is facing another headache. One of the other startups in his growing empire, World, has reportedly been blocked by Brazilian authorities from paying people to scan their irises into its World ID system.

DeepSeek says its AI model is similar to US giants like OpenAI, despite fears of censorship around issues sensitive to Beijing

One of the biggest losers was Nvidia boss Jensen Huang (pictured) after shares in the computer chips maker suffered the biggest one-day drop in history.