Yahoo Finance
US stock futures sank on Monday morning after the two leading frontier artificial intelligence companies called for anindustrywide slowdown of AI development, sending tech stocks tumbling.
Rising oil prices and an upcoming Fed meeting this week also put pressure on stocks.
Futures on the tech-heavy Nasdaq-100 (NQ=F) fell 1.5%, led by losses in chip stocks, including Nvidia (NVDA).
Futures on the Dow Jones Industrial Average (YM=F) fell 0.2%, while those on the S&P 500 (ES=F) declined by 0.6%.
In Asia, shares of memory chip makers SK Hynix (SKHY) and Samsung (005930.KS) dropped.
Tech stocks were poised to fall after Anthropic (ANTH.PVT) CEO Dario Amodei wrote a 3,800-word essay over the weekend, arguing that AI companies shouldslow the pace of improving AI modelsin order toaddress safety concerns.
Sam Altman, the CEO of rival AI lab OpenAI (OPAI.PVT), agreed in a post on X, putting the two AI companies at odds with Wall Street, which has banked on a brisk pace of improvement.
Worries about AI safety also led OpenAI todelay its initial public offeringuntil 2027, Altman told Fortune.
Anthropic still plans to list in the fall and hasreportedly chosen the Nasdaqfor its highly anticipated IPO.
Oil prices, meanwhile, continued to climb afterSaudi Arabia shut down a key pipelinein the Middle East and as the war in the Middle East spread.
Brent crude (BZ=F) traded near $108 per barrel.
That sets the stage for the Federal Reserve's policy meeting on Wednesday.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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