Oracle chairman Larry Ellison and Nvidia CEO Jensen Huang lost tens of billions on paper as shares of their AI-focused companies suffered as DeepSeek sent a chill through Silicon Valley.

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.

US chip-maker Nvidia led a rout in tech stocks on Monday after the emergence of a low-cost Chinese generative AI model that could threaten US dominance in the fast-growing industry. The chatbot developed by DeepSeek,

U.S. stocks recovered some ground Tuesday morning after getting hammered by fears over China's DeepSeek AI model built on a shoestring budget.

Other technology stocks trading at relatively low valuations to historical levels include Micron, Super Micro and Workday.