Owing to US tech stocks crash, billionaires like Nvidias Jensen Huang and Oracles Larry Ellison lost more than $20 billion wealth in a single-day. Popularity of DeepSeek resulted in a frenzy selling in US tech stocks,

Yes, that's the name of a 1994 Roland Emmerich movie. It's now a big infrastructure project to help power tech giants' foray into AI.

Several notable billionaires experienced massive hits to their fortunes Monday as the Chinese generative artificial intelligence startup DeepSeek upended the U.S. stock market, hitting the American AI leader Nvidia the hardest.

The American markets were spooked by the DeepSeek AI storm on Monday, January 27. While Dow Jones closed in green with minor gains, the tech-heavy Nasdaq closed with colossal losses of 612.47 points,

US tech titans Elon Musk, Mark Zuckerberg and Jeff Bezos are taking a prominent place in the new Trump era, but another player from another era -- Oracle boss Larry Ellison -- is making a surprise return.

Other potential buyers include the philanthropist Frank Mccourt ’s Project Liberty, which is raising capital to make a bid for TikTok in order to “rearchitect the platform” and protect user data. McCourt is a billionaire who previously owned the Los Angeles Dodgers baseball team. The project is supported by the social psychologist Jonathan Haidt.

Larry Ellison has become central to two pressing issues: the fate of TikTok and the infrastructure demands of artificial intelligence. © 2024 Fortune Media IP ...

Billionaire Larry Ellison’s backing of Stargate — a landmark, $500 billion artificial intelligence infrastructure project touted by President Trump — could help grease the wheels for the ...

During a press conference on Tuesday afternoon, President Donald Trump floated the idea of Elon Musk or Larry Ellison purchasing TikTok, while also proposing that the U.S. government take a significant share of the transaction.

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 ...