US chip giant Nvidia and its CEO Jensen Huang are set for a record wipeout on Monday after Chinese startup DeepSeek upended the tech sector with its advanced new artificial intelligence model.

Nvidia CEO Jensen Huang Huang said he will be celebrating Lunar New Year with employees.

Meanwhile, a slew of other tech executives including Elon Musk, Jeff Bezos and Mark Zuckerberg are reportedly set to attend the events on Monday.

Jensen Huang’s comments at last week’s CES about quantum computing being decades away stirred up discussion within the quantum industry.

The great news is this success story may be far from over. Nvidia chief executive officer Jensen Huang, speaking at CES earlier this month, said AI is progressing at an "incredible pace." Considering this, where will Nvidia stock be in one year? Let's find out.

Nvidia CEO Jensen Huang believes data center operators will spend $1 trillion over the next four years on upgrading their infrastructure to meet demand from AI developers. Since the data center segment currently accounts for 88% of Nvidia's total revenue, that spending will be instrumental to the company's future success.

Nvidia CEO Jensen Huang's recent low-profile visit to China has reaffirmed the company's strategic focus on this crucial market amid tightening US restrictions on advanced semiconductor exports.

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.

Nvidia, the linchpin of the AI boom, led the collapse, with shares plummeting nearly 17%. This marked a record single-day loss in market capitalization for a Wall Street stock.

Nvidia called DeepSeek’s R1 model “an excellent AI advancement,” despite the Chinese startup’s emergence causing the chip maker’s stock price to plunge 17%.

Tech-sector titans as a group saw $94 billion of wealth evaporate — roughly 85% of the Bloomberg index’s total decline. The Nasdaq Composite Index fell 3.1%, and the S&P 500 dropped 1.5%.