NewzNEW YORK (AP) — Artificial-intelligence stocks are sliding worldwide Monday after leaders of the industry warned a slowdown is needed for safety. Another jump in oil prices, meanwhile, sent the bond market to its latest pressure-raising milestone as the yield on the 10-year Treasury hit 5% for the first time since 2023.Despite all the downers, though, gains for many stocks outside AI helped limit Wall Street's losses. The S&P 500 fell 0.6%, and more stocks rose within the index than fell.
The Nasdaq composite, which has many more tech stocks, dropped a market-leading 0.9%, while the Dow Jones Industrial Average was down 159 points, or 0.3%, as of 10:20 a.m. Eastern time.AI stocks have been under pressure a while because of worries their prices shot too high in the frenzy around the technology. The concerns jumped to another level over the weekend after one of the industry’s leading voices, Anthropic CEO Dario Amodei, called for a deliberate and global slowdown in the development of AI.He cited safety issues, including the risk that AI becomes capable of leading a swarm of agents that could take over the entire internet within six to 12 months.Nvidia, whose profits have soared because its chips are helping to train AI models, sank 3.5% and was the heaviest weight on the market because of its massive size.SpaceX, which gets a chunk of its business from AI, fell 1.7% after Elon Musk said over the weekend that he agrees with Amodei.
Softbank Group, the Japanese giant that is a major investor of OpenAI, lost 10.7% in Tokyo after OpenAI’s Sam Altman likewise supported the concept of a slowdown.Altman also said in an interview with Fortune published on Saturday that OpenAI would likely wait until next year for a sale of its stock on Wall Street, potentially delaying a potential gusher of cash for Softbank and other early investors in OpenAI.In South Korea, the Kospi index dropped 3.3% due to losses for its two most influential stocks, Samsung Electronics and SK Hynix.President Donald Trump played down the need for his administration to check the development of AI, saying he worried about ceding America’s edge over China in a global competition and that winning would help address the risks from the advancing technology.He said on his social media network Monday that the only guardrail AI needs “is a STRONG AND SMART (High IQ!) PRESIDENT, and the U.S.A. Eastern time.Despite the losses, more stocks actually rose within the S&P 500 than fell. Oil companies climbed with the price of crude, while stocks of companies that had dropped earlier on worries about AI-powered competitors recovered some of their losses to offset some of the AI industry's weakness.AI stocks have been under pressure a while because of worries their prices shot too high in the frenzy around the technology.
Other beneficiaries of the boom around AI likewise fell, such as companies in the power industry electrifying hungry data centers. GE Vernova sank 8%, and Constellation Energy Group dropped 5.4%.President Donald Trump on Sunday played down the need for his administration to check the development of AI, saying he worried about ceding America’s edge… NEW YORK (AP) — Technology stocks are sliding worldwide Monday after leaders of the artificial-intelligence industry warned a slowdown is needed for safety, while another jump in oil prices is pressuring financial markets.The S&P 500 fell 0.8% and was on track for its fifth loss in six days, even though more stocks rose within the index than fell.
The Nasdaq composite, which has many more tech stocks, tumbled a market-leading 1.2%, while the Dow Jones Industrial Average was down 158 points, or 0.3%, as of 9:35 a.m. GE Vernova sank 7.3%, and Constellation Energy Group dropped 3.5%.President Donald Trump on Sunday played down the need for his administration to check the development of AI, saying he worried about ceding America’s edge over China in a global competition and that winning would help address the risks from the advancing technology.All the while, another jump in oil prices continued to pre…
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