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September 14, 2026 / 11:48 AM EDT
/ CBS News
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Calls for a slowdown in artificial intelligence development sparked a global sell-off in technology stocks on Monday, as investors fretted over the sustainability of spending in a sector that has driven financial markets to record highs. The tech-heavy Nasdaq Composite Index slumped roughly 1% in early trading, with the broader S&P 500 falling 0.6%. The blue-chip Dow Jones Industrial Average dropped 0.6%.Adam Crisafulli, head of investment advisory firm Vital Knowledge, said "pick and shovel" stocks, which represent companies that supply AI infrastructure and resources, are getting hit hardest. "Markets are trying to figure out what the pace [of AI development] is, and there will be winners and losers depending on what that pace is," David Royal, chief financial and investment officer at financial services provider Thrivent, told CBS News."I'm not too alarmed by what we're seeing today, but you are seeing some individual names in the chip space that are getting hit pretty hard," he added.Investors are reacting to comments from leaders of major AI companies who said the industry should proceed more cautiously in developing AI to guard against potential risks, Wall Street analysts said.The warnings intensified after Anthropic CEO Dario Amodei published an essay over the weekend calling for the industry to "pace the frontier."
