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.

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.

DeepSeek topped the Apple App Store chart and sparked fears the Chinese company was quickly catching up with OpenAI's ChatGPT while costing far less.