Nvidia CEO Jensen Huang loses $15 billion as AI-linked stock sell-off knocks him down to 13th on billionaire list

Nvidia chief executive Jensen Huang lost $15.1 billion in wealth on Thursday as a sharp sell-off in technology stocks followed sweeping Democratic victories in the US midterm elections, according to the Bloomberg Billionaires Index.

Huang's net worth fell to $150.9 billion, pushing him down four places to 13th on the wealth ranking from ninth previously. He was among the biggest losers on the day, alongside SpaceX founder Elon Musk and Oracle co-founder Larry Ellison.

Musk's fortune declined by $79.7 billion, while Ellison lost $10.1 billion, Bloomberg reported.

Quick answers to key questions

•5 QUESTIONS

1

Why did Nvidia shares fall after the US midterm elections?⌵

Investors feared that Democratic control of Congress could bring tighter restrictions on data-centre construction. That raised concerns about the pace of AI infrastructure investment, which supports demand for Nvidia’s computing chips.

2

How much wealth did Jensen Huang lose in the AI stock sell-off?⌵

Huang’s wealth fell by $15.1 billion to $150.9 billion, according to the Bloomberg Billionaires Index. He dropped from ninth to 13th on the ranking.

3

How did the AI sell-off affect the US stock market?⌵

US stocks lost about $2.5 trillion in value on Thursday. The Nasdaq Composite fell 5.52%, the S&P 500 declined 4.36% and the Dow dropped 3.44%.

4

Why could data-centre restrictions affect AI companies?⌵

Data centres provide computing capacity needed to run AI models. Restrictions could delay construction or raise costs, potentially slowing AI investment and affecting companies that supply chips and computing infrastructure.

5

Did the AI-linked stock sell-off spread beyond Big Tech?⌵

Yes. The decline extended to speculative and smaller-company stocks: a basket of the most-shorted US stocks fell nearly 8%, while the Russell 2000 dropped about 4.5%.

Investor concerns that Democrats' control of both the House of Representatives and the Senate could lead to tighter constraints on data centre construction weighed on stocks linked to artificial intelligence infrastructure. Data centres are critical to meeting the growing computing requirements of AI models.

Nvidia shares plunged 9.3%, their steepest single-day fall since January 2025. SpaceX shares declined 9%, while Oracle dropped 6.9%.

The three billionaires have significant exposure to the expansion of AI infrastructure. Nvidia, headquartered in Santa Clara, California, is the leading supplier of high-performance computing chips. Musk's SpaceX develops its own AI models and builds data centres to power them, while Ellison's Oracle has expanded its business supplying computing capacity to customers.

The sell-off extended beyond these companies. The 500 individuals tracked by the Bloomberg Billionaires Index collectively lost $185 billion on Thursday, marking the 14th-largest one-day decline since the index was launched in 2012.

The losses come after a strong period for technology billionaires, who had been on course for their best year on record. The sector accounted for 36% of the index’s overall wealth gains, driven by the rapid expansion of artificial intelligence, Bloomberg reported.

Meanwhile, the US stock market lost around $2.5 trillion in value on Thursday amid concerns over possible slowdown in artificial intelligence-related investments, CNN reported.

The tech-heavy Nasdaq Composite plunged 5.52% to end at 24,315, marking its steepest single-day decline since April 2025. The S&P 500 fell 4.36% to 7,353.73, while the Dow Jones Industrial Average shed 1,833.06 points, or 3.44%, to close at 51,523.06.

Thursday's sell-off wiped out the gains recorded in the previous session, when US markets had rallied following the election results. The Dow had climbed more than 1,500 points on Wednesday, its strongest performance since April 2025, while the S&P 500 and Nasdaq had advanced by over 1% each.

Investor sentiment towards technology stocks weakened amid concerns that Democratic gains in both chambers of Congress and key gubernatorial contests could lead to restrictions on data centre expansion in the US.

Technology shares had rallied on Wednesday on the expectation that tighter curbs could limit companies' data centre investments, potentially lowering capital expenditure and boosting profitability. Amazon, Meta and Google were among the companies that benefited from this sentiment.

However, investors reassessed the potential impact of such restrictions on Thursday, raising concerns that constraints on data centre development could instead weigh on the broader technology sector, CNN reported.

The selling was particularly pronounced among semiconductor makers and companies supplying data centre infrastructure. Broadcom shares plunged 10%, while Nvidia fell 9%. Oracle also declined nearly 7%.

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