AI Slowdown Concerns Send Semiconductor Stocks Reeling

Wall Street indexes suffered losses on Monday as semiconductor stocks took a hit following an essay by Anthropic CEO Dario Amodei, who called for AI companies to slow down their model improvements.

The Nasdaq Composite and S&P 500 each fell 0.4%, while the Dow slipped just 0.1%.

Nvidia's stock price dropped 2.8%, making it the largest single drag on both indexes, followed by memory chip giants Micron Technology and SK Hynix with declines of 5.6% and 7.4%, respectively.

Meanwhile, software stocks moved in the opposite direction, with Microsoft rising 1.9% and Alphabet adding 2%.