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AI-linked stocks plunged across the globe on Monday after leaders of the biggest AI companies warned of risks from rapid development, the starkest threat yet to the billions of dollars being poured into the industry that have pushed 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.
