Rivaling Huang’s drop Monday was a $29.4 billion loss for Oracle chairman Larry Ellison, as Oracle stock tanked 15% — Ellison fell from third-richest person on Earth to fifth, falling behind Meta CEO Mark Zuckerberg and LVMH luxury tycoon Bernard Arnault.

Nvidia, the linchpin of the AI boom, led the collapse, with shares plummeting nearly 17%. This marked a record single-day loss in market capitalization for a Wall Street stock.

The world’s 500 richest people, led by Nvidia co-founder Jensen Huang, lost a combined $US108 billion ($172 billion) on Monday as a tech-led selloff tied to Chinese AI developer DeepSeek sent major indices plunging.