Tech Stocks Plunge as AI Safety Concerns Rise with Oil Prices
The tech industry is facing a downturn as concerns about artificial intelligence (AI) safety have led to warnings from top leaders. Anthropic CEO Dario Amodei called for a deliberate slowdown in AI development over the weekend, citing risks such as AI-powered swarms taking control of the internet within six to 12 months.
Nvidia's stock dropped 3.1% after Amodei's statement, and other major AI-related stocks also fell. Softbank Group lost 10.7% in Tokyo after OpenAI's Sam Altman supported the concept of a slowdown. OpenAI may delay its stock sale on Wall Street until next year, potentially delaying cash for early investors.
The oil industry is also experiencing gains, with Brent crude rising to $108.45 as fighting in the Middle East continues to squeeze global oil flows. The average cost of regular gasoline across the US has reached nearly $4.32 a gallon.