AI-linked stocks fell worldwide as top industry leaders warned that rapid development could raise serious risks. Anthropic CEO Dario Amodei urged companies to slow model progress, and OpenAI CEO Sam Altman and Elon Musk said they agreed. The Nasdaq 100 and major chip shares dropped sharply, while Altman said OpenAI would not proceed with an IPO this year because of safety concerns.
Michael Smyth works on the floor at the New York Stock Exchange in New York, Monday. AP-Yonhap
AI-linked stocks plunged worldwide on Monday after leaders of the biggest artificial intelligence companies warned of risks from rapid development, the starkest threat yet to the billions of dollars being poured into the industry that have driven world markets to record highs.
The selloff rippled through the industry, where companies are increasingly relying on debt and circular financing to fund ambitious AI spending plans even as global borrowing costs, reflected in multi-year-high bond yields, continue to rise.
Anthropic CEO Dario Amodei, in a lengthy essay shared on X on Saturday, called on AI companies to slow the rate at which they advance model capabilities amid mounting fears of misuse of artificial intelligence. Both Elon Musk, who runs xAI, and Sam Altman, CEO of OpenAI, said they agree with Amodei.
