AI Stocks Plunge as CEOs Back Amodei's Slowdown Call — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Dario Amodei published a Saturday essay stating "We must slow the pace at which we improve the capabilities of AI models," though he stopped short of pushing for a complete halt, saying instead that progress will still "seem fast."
- Sam Altman and Elon Musk publicly backed Amodei's call, with Altman posting on X that "pacing" does "not mean 'stopping'" and Musk declaring "Dario is right."
- US chip and AI-exposed stocks fell sharply on Monday: Micron dropped 7%, Intel 6%, Nvidia more than 3%, and HPE about 10%; Amazon edged lower by more than 1%.
- Global markets also sold off — SK Hynix closed down more than 6%, Samsung Electronics 4%+, SoftBank fell 10% in Japan, while ASML lost 5%+ and Infineon 7%+ in Europe.
- Anthropic researcher Jacob Coxon said he resigned out of concern that Anthropic and OpenAI are "gambling with our lives," and colleague Evan Hubinger said there is a greater than 10% chance AI will "kill all humans" within the next decade.
- Quilter Cheviot's Ben Barringer told CNBC that even if training and rollout slow, inference demand still far outstrips supply, making company revenue impacts unlikely.
- RBC Brewin Dolphin's Zoe Gillespie warned that the equity market rally has been built on AI growth and productivity gains, and that any derailment could weigh on equity performance going forward.
Why it matters: Investors built AI-exposed equity valuations on assumptions of continued capex and revenue growth; the first coordinated CEO call to slow frontier development triggered a global chip sell-off, though analysts noted inference demand still outstrips supply, leaving near-term revenue exposure limited despite the sentiment shock.
Ask SkimNews
