Tech stocks tumble as AI industry leaders push for a development slowdown, while Brent crude climbs to $108 per barrel amid geopolitical tensions and looming Fed policy decisions.
Nasdaq-100 futures fell 1.6% as tech stocks tumbled on AI slowdown warnings.
Nvidia futures fell 1.6% as AI slowdown warnings spook tech traders, directly impacting chip stocks.
Brent crude traded near $108 per barrel after Saudi pipeline shutdown and Middle East war escalation.
SK Hynix shares dropped in Asia due to AI industry slowdown concerns affecting memory chip demand.
Samsung shares declined as AI safety warnings triggered a sell-off in memory chip makers.
S&P 500 futures declined 0.7% as AI concerns and oil price surge weighed on sentiment.
Anthropic's CEO called for an AI slowdown, which may affect its planned IPO but signals responsible governance.
OpenAI agreed to pace AI development and delayed its IPO to 2027, balancing safety with market expectations.
Dow futures dipped 0.2% amid broader market pressure from tech weakness and rising oil.
Nasdaq-100 futures dropped 1.6% on Monday as leaders from Anthropic and OpenAI advocated for a deceleration in AI model advancement to address safety concerns. The shift in industry sentiment triggered a sell-off in chip stocks, including Nvidia, while rising oil prices and anticipation of a Federal Reserve rate hike further pressured broader markets.
CEOs from Anthropic and OpenAI argue that pacing the advancement of frontier AI models is necessary to ensure that safety and risk prevention measures can keep up with technological capabilities.