Stocks
AI Development Slows Amid Fears of Unchecked Tech Growth
US stocks fell on Monday as leading AI executives called for a slowdown in artificial intelligence development. The warning from Anthropic CEO Dario Amodei and others was met with concern, particularly among chipmakers like Nvidia, AMD, and CoreWeave.
The Dow Jones Industrial Average dropped 0.2% to 52,458.24, while the S&P 500 fell 0.7% to 7,606.96. The tech-rich Nasdaq Composite Index plummeted 1.1% to 26,051.32.
Adam Sarhan of 50 Park Investments attributed the decline to the AI trade's dominance in both the economy and stock market over the past few years. He noted that this sudden call for a slowdown is worrisome, especially considering the industry's recent growth.