Global Market Sees Tech Stock Decline Amid AI Safety Concerns

The global market saw a decline in tech stocks on Monday due to warnings from industry leaders about the potential risks of artificial intelligence (AI). The leaders, including Anthropic CEO Dario Amodei and OpenAI's Sam Altman, called for a deliberate slowdown in AI development to ensure safety. Amodei cited concerns that AI could become capable of leading a swarm of agents that could take over the entire internet within six to 12 months.

The warning from industry leaders led to a decline in stocks such as Nvidia (down 2.8%), SpaceX (down 0.1%), and Softbank Group (lost 10.7% in Tokyo). The decline in AI-related stocks was partially offset by gains in other areas, including software companies that tumbled earlier due to concerns about AI-powered competitors.

The S&P 500 fell a relatively modest 0.3%, while the Dow Jones Industrial Average was down 74 points (or 0.1%) and the Nasdaq composite was 0.4% lower. The decline in tech stocks came as oil prices continued to climb, with Brent crude rising 2.7% to $109.46.