AI Stocks Slide After Tech CEOs Back Anthropic's Call to Slow AI Development
AI shares slid as Anthropic CEO Dario Amodei's call to slow AI development won backing from Sam Altman and Elon Musk.
In Europe, semiconductor and other AI-related shares also dropped sharply in early trading. Chip equipment giant ASML fell more than 4%, Nokia was down around 5%, and Infineon dropped more than 6%. Siemens Energy and Schneider Electric, which have business ties to data center buildouts, also traded lower.
The selloff came amid growing debate over the risks of rapidly improving AI models. The debate intensified last week after Jacob Coxon, an Anthropic researcher who previously worked at OpenAI, said he resigned out of concern that Anthropic and OpenAI are “gambling with our lives.” Anthropic safety researcher Evan Hubinger responded by saying he believes there is a greater than 10% chance AI will “kill all humans” within the next decade.
The posts caused a firestorm on social media and drew responses from major AI leaders. Amodei wrote an essay on Saturday calling for a slowdown in the pace of AI capability development. “We must slow the pace at which we improve the capabilities of AI models,” Amodei said.
Amodei’s essay sparked rare agreement among leaders of Anthropic’s rivals. OpenAI CEO Sam Altman said on Saturday that he agrees with Amodei that AI companies need to “pace the frontier.” SpaceX CEO Elon Musk, who has warned about AI risks for years, posted on X: “Dario is right.”
Investors are concerned that an industry-wide slowdown in AI development could have ripple effects across companies by affecting adoption of the technology. Zoe Gillespie, a senior director at RBC Brewin Dolphin, told CNBC’s “Squawk Box Europe” on Monday: “The kind of equity market rally has been based on AI growth and productivity gains … so if we do see that start to derail then it could have an impact on equity performance going forward.” She added: “Certainly, a lot of what we are looking into with equity returns is baked into the future earnings growth of these companies, and if that comes under threat then we may see this destabilize.”
Editor's Summary
Anthropic CEO Dario Amodei’s call to slow AI capability development, endorsed by OpenAI’s Sam Altman and SpaceX’s Elon Musk, triggered a selloff in AI-related shares across Asia and Europe on Monday. Investors fear an industry-wide slowdown could weaken the earnings growth that has underpinned the AI-driven equity rally. The debate follows social media posts by Anthropic researchers warning about existential risks.