Nvidia Selloff Leads Wall Street Indexes Lower Amid AI Anxiety

Wall Street's main indexes fell on Monday as top executives raised concerns about the safety of artificial intelligence. The Dow Jones Industrial Average dropped 123.22 points, or 0.23%, to 52,450.07. Shares of Nvidia tumbled 3% and hit their lowest level in nearly three weeks.

Anthropic CEO Dario Amodei called for slowing the development of AI capabilities on Saturday, and Elon Musk and OpenAI CEO Sam Altman agreed with him. This has led to a selloff in heavyweight AI stocks. Chipmakers declined as well, with Intel, AMD, and Marvell Technology down 5%, 5%, and 6% respectively.

The Philadelphia SE Semiconductor Index fell about 5% and was on track for its worst daily drop since July. Eight of the 11 major S&P 500 indexes traded lower, with industrials and technology leading declines. Shares of software stocks climbed as investors sought shelter in defensive areas of the market.