AI Warning Sends Global Stock Markets Plummeting
Global stock markets declined on Monday, weighed down by falling AI shares and rising oil prices. The S&P 500 futures fell 0.6%, while Nasdaq futures fell 1.5%. Shares of AI-linked companies like Marvell, Intel, and Micron plummeted between 5.5% and 7%.
The oil price surge was triggered by new strikes on Saudi Arabia and ships in the Gulf, following an attack on a Saudi oil pipeline. Brent futures rose by nearly 3% to US$107.3 a barrel. The European Central Bank raised rates last week, indicating further tightening could follow if inflation picks up.
Leading tech CEOs, including Sam Altman of OpenAI and Elon Musk, called for a slowdown in AI development to manage risks and protect humanity. This unprecedented warning from the tech elite has sent shockwaves through financial markets.