US Stocks Fall Amid AI Safety Concerns and Higher Yields
The US stock market declined on Monday amid growing concerns over the development of artificial intelligence (AI) and higher Treasury yields.
Chipmaker stocks led the decline, with Advanced Micro Devices (AMD), Nvidia (NVDA), Broadcom (AVGO), and Micron Tech (MU) contributing to a 4.4% drop in the VanEck Semiconductor ETF (SMH) and a 5.3% fall in the iShares Semiconductor ETF (SOXX).
The S&P 500 ended Monday down 0.5%, while the Nasdaq 100 slipped 0.8% and the Dow Jones Industrial Average eased 0.3%. The decline was attributed to industry-wide calls for a slowdown in AI development, following comments from Anthropic CEO Dario Amodei.
In a 3,800-word essay, Amodei advocated moderating the pace of cutting-edge AI development to mitigate safety risks and prevent superintelligent systems from escaping human authority. His call was backed by top industry leaders, including OpenAI's Sam Altman and SpaceXAI's Elon Musk.