Stocks tumbled Monday morning, led by tech stocks, after leading artificial intelligence CEOs called for a slowdown in the pace of developing the revolutionary technology.
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CEOs → tumble → technology
In early Monday trading, the Nasdaq 100 index, which tracks the 100 largest non-financial companies traded on the Nasdaq exchange, sold off by 1.3%
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which → track → %
The broader Nasdaq Composite index fell 0.9% and the S&P 500 fell 0.6%.
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S&P → fall → ?
Shares of Nvidia, the world’s most valuable public company, fell more than 3%.
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Shares → fall → Nvidia
Chipmakers Arm Holdings, Marvell and Intel slid more than 5%.
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Holdings → slide → ?
Applied Materials, a key supplier to chip companies, sank 6%, as did Micron Technologies.
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Technologies → sink → companies
Shares of AMD and Intel also tumbled by around 5.5%.
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Shares → tumble → %
Shares of Amazon, the leading cloud computing company, fell more than 1%.
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Shares → lead → Amazon
The Dow Jones Industrial Average fell only 120 points, but Dow component Caterpillar, which is involved in the buildout of AI data centers, tumbled almost 4%.
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which → fall → centers
The Philadelphia Semiconductor Index plunged 6%.
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Index → plunge → ?
Further rattling markets, OpenAI CEO Sam Altman told Fortune magazine Saturday that his company would not be going public this year.
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company → rattle → magazine
“Given everything happening with safety, right now would be an ill-advised moment to go public,” he said.
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he → give → safety
OpenAI and Anthropic’s eventual public offerings are expected to be among the largest of all time.
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offerings → expect → time
“For markets, the key question is whether this is the first sign that the extraordinary AI investment cycle might eventually moderate,” said Jim Reid, Deutsche Bank global head of macro research.
uncertain
Reid → moderate → research
“For now, that seems unlikely.
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that → seem → ?
The competitive race between companies and countries remains intense, and it’s difficult to imagine firms voluntarily stepping back while rivals continue to push ahead.
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rivals → remain → companies
Overnight, worries about slowing the AI industry hit South Korea’s benchmark Kopsi index, which sharply fell more than 3%.
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which → slow → index
Samsung Electronics sold off by 5% and SK Hynix plunged more than 7.3%.
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Hynix → sell → %
In Tokyo, shares of OpenAI investor SoftBank Group fell 10.7%.
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shares → fall → Group
The dramatic market moves followed the intervention by Anthropic CEO Dario Amodei, who wrote Saturday that AI companies “must slow the pace at which we improve the capabilities of AI models.”
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we → follow → models
“Progress will still seem fast, and we must make wise use of the time we gain,” Amodei added.
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Amodei → seem → time
He said “like many technologies before it, AI brings risks, and because it is such a powerful technology, these risks are serious.”
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risks → say → risks
Amodei said the risks included “the risk of losing control of AI systems, misuse of AI for cyberattacks and bioterrorism, and serious economic disruption.”
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risks → say → cyberattacks
“I agree with Dario,” Altman said on X shortly after Amodei’s post.
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Altman → agree → post
Tech billionaire Elon Musk agreed with Altman, writing on X: “Dario is right.”
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Dario → agree → X
Shares of Musk’s SpaceX, which owns artificial intelligence developer xAI, fell more than 2% early Monday.
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which → own → xAI
Altman later added in another post: “When we talk about ‘pacing’, we do not mean ‘stopping’.”
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we → add → pacing
He said “progress has been rapid and will continue to be.”
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progress → say → ?
Amodei expanded on his thoughts Sunday.
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Amodei → expand → thoughts
Speaking to CBS’ “Sunday Morning,” he warned that there are “real dangers.”
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he → speak → Morning
“I don’t think I fully just appreciated what it would actually be like when the progress was as fast as it was,” he said.
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he → think → what
It doesn’t mean we need to panic today.
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we → mean → ?
It doesn’t mean we need to shut it all down.
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we → mean → it
But I would say it’s a warning sign.”
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it → say → ?
The Chinese Foreign Ministry overnight dismissed calls for a slowdown from the U.S.
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Ministry → dismiss → U.S.
A spokesperson said that “fear-mongering” would only “disrupt the process of global AI governance and serve no one’s interests.
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mongering → say → interests
How exactly could AI cause widespread danger?
uncertain
AI → cause → danger
President Donald Trump sounded a similar tone over the weekend.
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Trump → sound → weekend
“I think you have a lot of very negative forces that are bringing it up that shouldn’t be bringing it up and they’re bringing up things that won’t happen,” he said Sunday, referring to putting guardrails on the industry.
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he → think → industry
Still, selling in AI companies continued to spread through the European trading session, where Germany’s DAX index fell 0.6% and France’s CAC 40 index dropped 0.8%.
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index → continue → session
…and 15 more, not listed.
The Aporia
