AI, chip stocks fall as tech CEOs urge caution on development pace

Anthropic CEO Dario Amodei has called for the AI industry to slow the pace at which it improves AI model capabilities, citing growing concerns over risks from AI. He was joined by Elon Musk, who runs xAI, and Sam Altman, CEO of OpenAI, who both agreed with Amodei's sentiments.

Following their comments, AI-connected stocks fell sharply in early Asian trading on Monday. Shares in OpenAI investor SoftBank tumbled as much as 13.2% in Japan, alongside a 9.8% plunge for memory chipmaker Kioxia and a 3.7% decline for chip supply chain company Tokyo Electron. Other companies, including Taiwan Semiconductor Manufacturing Company, SK Hynix, and Samsung Electronics, also saw declines.

Sam Altman later stated that OpenAI would not proceed with an IPO this year, citing safety concerns. According to Investing.com and The Jakarta Post, selling pressure is likely to hit AI and semiconductor-related stocks, with uncertainty surrounding the situation in the Middle East also weighing on sentiment.

Brief written by urgent.news from CNBC, CNBC Technology, CNBC World, The Jakarta Post, Investing.com — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.