The Independent Uganda: You get the Truth we Pay the Price
NEW YORK, the United States | TASS | The world’s richest people lost at least $108 billion after the decline of the main indices as the Chinese AI developer DeepSeek-R1 update emerged, Bloomberg reported.
Billionaires whose fortunes are related to AI suffered the largest losses. The fortune of Oracle co-founder Larry Ellison fell by $22.6 billion, NVidia CEO Jensen Huang lost $20.1 billion, while Dell Inc.’s Michael Dell lost $13 billion.
On January 20, China’s DeepSeek released a new version of the R1 chatbot, which is believed to outpace the flagship version ChatGPT of the US company OpenAI. That said, the developers of the Chinese chatbot spent far fewer funds than OpenAI, experts said.
The market reaction to the sector’s innovation, which turned out more efficient than its American competitor ChatGPT, was stormy. The Nasdaq Index fell by more than 3% during the trading, while shares of NVidia, the supplier of expensive chips for OpenAI, nosedived by 16.86%.
