Tech stocks tumbled Monday after AI industry leaders urged a development slowdown, sparking a 1.3% drop in the Nasdaq and heavy losses for major chipmakers like Nvidia and Intel.
Nasdaq Composite dropped 1.3% as tech stocks sold off.
Nvidia fell 3.8% amid AI slowdown calls, impacting the leading AI chipmaker.
Intel dropped over 6% as part of the tech sell-off triggered by AI slowdown concerns.
Micron fell over 6% due to fears of reduced AI chip demand.
SanDisk declined over 6% in the broad tech sell-off.
S&P 500 declined 0.8% due to tech sell-off.
Dow Jones fell 0.4% amid tech weakness.
US markets retreated on Monday as calls from Anthropic CEO Dario Amodei for a deceleration in AI development triggered a broad tech sell-off. The Nasdaq Composite dropped 1.3%, while major chipmakers including Intel, Micron, and SanDisk fell over 6% each, reflecting investor anxiety over the future of AI-driven capital expenditure.
Tech stocks declined following comments from Anthropic CEO Dario Amodei, who urged the industry to slow the pace of AI development, raising concerns about future demand for AI chips and data center infrastructure.