Stock Market Plunges as Tech Stocks Slide on AI Development Concerns
The stock market took a hit on September 14 as tech stocks slid due to concerns over the rapid development of artificial intelligence. The S&P 500 index dropped 0.44% to 7,623, while the Nasdaq Composite fell by the same margin to 26,217. The Dow Jones Industrial Average was down 0.36% to 52,422.
Dire warnings from tech leaders about the risks of rapid AI development have led to a sector-wide pullback. Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman both highlighted the dangers that advanced systems could quickly move beyond human control, calling for a slower pace of development.
The concerns over AI have weighed heavily on growth stocks, with Micron Technology plummeting 5% following warnings about the risks. However, some companies are benefiting from the same concerns, such as cybersecurity stock CrowdStrike Holdings, which soared 15%. Meta Platforms is also climbing after Goldman Sachs maintained a Buy rating.