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.

Nvidia ( NVDA) CEO Jensen Huang’s net worth plunged $18 billion Monday as the chipmaker’s stock continues to free fall. Huang was worth $106.3 billion as of Monday morning, down nearly 15%, according to Forbes Real-Time Billionaires list. Huang has an approximately 3% stake in Nvidia.

The launch of DeepSeek’s cost-effective AI assistant in China, has sent shockwaves through global markets, leading to a record $593 billion loss for Nvidia and a 3.1 per cent drop in the Nasdaq. As investors recalibrate,

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.