Collectively, Chinese AI startup DeepSeek wiped out $94 billion from the pockets of tech billionaires. It had debuted a large language model that could match those of rivals such as OpenAI for a fraction of the cost.

NVDA stock rose after hours as Nvidia's earnings results beat estimates. Blackwell chips brought in $11 billion for Nvidia, who said demand is strong.

It’s well-known that NVIDIA is a cornerstone of the AI boom, but its financial results released on February 26 illustrate exactly how much the company has prospered. NVIDIA saw a 78% year-over-year increase in quarterly revenue, reaching a record $39.3 billion. Quarter-over-quarter, NVIDIA’s revenue grew 12%.