AI Stocks Plummet as Leaders Call for Global Slowdown Amid Rising Oil Prices
Artificial-intelligence stocks worldwide have taken a hit on Monday following calls for a global slowdown in AI development. This comes after Anthropic CEO Dario Amodei warned of safety issues, including the risk that AI becomes capable of leading a swarm of agents that could take over the entire internet within six to 12 months.
Nvidia's shares fell by 3.4% and were the heaviest weight on the market due to its massive size. SpaceX, which gets a significant portion of its business from AI, dropped 1.7% after Elon Musk expressed his agreement with Amodei. Softbank Group, a major investor in OpenAI, lost 10.7% in Tokyo following Sam Altman's support for the concept of a slowdown.
The slump in tech stocks was mirrored by other industries that have benefited from the AI boom, including power companies electrifying data centers. GE Vernova sank 8%, and Constellation Energy Group dropped 5.4%. However, some software companies that had previously declined due to concerns about AI-powered competitors saw a recovery, with Intuit rising 5.6%.