AI stocks drop as tech companies call to slow down development for safety
Artificial-intelligence stocks are sliding worldwide Monday after leaders of the industry warned a slowdown is needed for safety.
Artificial-intelligence stocks slipped worldwide on Monday after industry leaders expressed the need for a slowdown in development for safety reasons. Oil prices surged, pushing the 10-year Treasury yield to a five-year high of 5 percent. Despite the negative news, gains in other sectors helped cushion Wall Street's losses, with the S&P 500 down 0.6 percent and the Nasdaq composite falling 0.9 percent.
AI stocks, however, faced heavy pressure, with Nvidia and SpaceX suffering declines of 3.5 percent and 1.7 percent, respectively. OpenAI’s Sam Altman also backed a slowdown, potentially delaying a stock sale that would have brought much-needed funds to investors.
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