Business
AI and chip stocks fall worldwide after lab chiefs back slower development
AI-linked shares fell across Asia, Europe and the United States on Sept. 14 after the chief executives of Anthropic and OpenAI, along with Elon Musk, publicly backed slowing the pace of AI model development. Chipmakers took the heaviest losses, while broad U.S. indexes closed only modestly lower.
The Nasdaq Composite closed down 0.56% at 26,186.41 and the S&P 500 lost 0.48%, Reuters reported. Semiconductor shares fared far worse: the Philadelphia chip index dropped nearly 6%, with Nvidia down 3.4% and Micron, Broadcom and AMD each falling more than 4%. NBC News reported that gains in software and cybersecurity stocks pulled the indexes off their session lows.
In Asia, SoftBank Group, an OpenAI investor, fell more than 10% in Tokyo, and South Korean memory makers Samsung Electronics and SK Hynix also declined. News reports tied the selling to a Sept. 12 post by Anthropic CEO Dario Amodei urging AI companies to slow the rate at which they advance model capabilities. OpenAI CEO Sam Altman and Musk said they agreed. Altman later added that pacing does not mean stopping, according to NBC News, and told Fortune that OpenAI would not go public this year.
A Vital Knowledge analyst told CBS News that infrastructure suppliers were hit hardest, while HSBC's chief multi-asset strategist called fears for the tech sector overblown. Reuters also noted investor unease over the 10-year Treasury yield briefly topping 5%.
Source details
Source reporting
Read the original reporting and research behind this briefing.
