AI Stocks Plummet as Leaders Call for Global Slowdown Amid Rising Oil Prices
Artificial intelligence stocks plummeted on Monday after leaders in the industry called for a deliberate slowdown to ensure the safety of humanity. This comes as Brent oil prices hit $109, with the S&P 500 falling 0.3%. The Dow Jones Industrial Average dropped 74 points, or 0.1%, and the Nasdaq composite was down 0.4%.
Nvidia sank 2.8%, weighed heavily by its massive size, while SpaceX slipped 0.1% after Elon Musk agreed with Anthropic CEO Dario Amodei's call for a slowdown. Softbank Group lost 10.7% in Tokyo after OpenAI's Sam Altman supported the concept of a delay.
OpenAI may wait until next year to sell its stock on Wall Street, potentially delaying a gusher of cash for Softbank and other early investors. This move follows Amodei's warning that AI becomes capable of leading a swarm of agents that could take over the entire internet within six to 12 months.