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 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.

Jensen Huang's damaging comments about quantum computing caused major turbulence for the Berkeley-based Rigetti Computing's stock. But that's not the end of the story.