The U.S. stock market is experiencing a sell-off driven by artificial intelligence concerns, with sectors like software and fintech stocks declining significantly over the past week. This has prompted investors to shift towards safer areas, such as consumer staples.

This rotation has also led to changes in the global billionaire rankings. According to the Bloomberg Billionaires Index, Jensen Huang, CEO of chip giant NVIDIA, has fallen out of the world's top ten richest list, with his current wealth dropping to $151 billion. Since the beginning of the year, his fortune has shrunk by over $3 billion.

Apart from Huang, nearly all billionaires in the tech industry have seen their wealth decrease this year. For instance, Google co-founders Larry Page and Sergey Brin, currently ranked second and third, have each seen their net worth decline by more than $5 billion.

The most significant wealth contraction belongs to Oracle Chairman Larry Ellison, whose fortune has fallen by $34.8 billion this year to $213 billion, marking a drop of over 45% from its peak. Another tech billionaire hit hard is Amazon founder Jeff Bezos, whose wealth has decreased by nearly $27.8 billion this year.

Simultaneously, the trio of Jim Walton, Rob Walton, and Alice Walton have collectively entered the world's top ten billionaire list, with a combined net worth of $465.8 billion. The three siblings are founding members of Wal-Mart Inc. The company's stock has risen over 18% year-to-date, forming a stark contrast to the capital outflow from the tech sector.

Wal-Mart's recent digital transformation is a key factor driving its stock price higher. This shift has helped the retailer capture market share, attract more online shoppers, and maintain its low-price strategy, which has received strong support from investors.

Earlier this month, Wal-Mart's market capitalization surpassed the $1 trillion mark, setting a new record for a U.S. retailer. Its gains are particularly notable against the backdrop of turbulence in the AI sector.

Another figure contrasting the overall downturn in the tech industry is Elon Musk, whose wealth has increased by $57.2 billion this year, reaching a historic high of $677 billion. A key factor boosting Musk's fortune is the merger of SpaceX and xAI, a deal that values the newly formed company at over one trillion dollars.