A lot of people and institutions lost a lot of money as Nvidia Corp. (NASDAQ: NVDA) shed $590 billion in market cap when the tech world realized how good the new Chinese DeepSeek artificial intelligence (AI) software is.

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.

Jensen Huang likely had an especially bad case of the Mondays when DeepSeek came to town. Of course, as one of the richest people in the world, the co-founder of Nvidia ended up skating away virtually unscathed.

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.

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.