Dario Amodei AI Safety Essay Sends Nasdaq Lower as Chip Stocks Drop
TLDR
- Nasdaq fell 1.3%, the Dow dropped around 256 points, and the S&P 500 declined 0.8% on Monday
- Anthropic CEO Dario Amodei published a 3,800-word essay calling for a global slowdown in AI development
- OpenAI CEO Sam Altman and Elon Musk backed Amodeiโs position
- OpenAI delayed its IPO to 2027 over AI safety concerns; Anthropic still plans to list on the Nasdaq this fall
- Oil prices rose near $108 per barrel after Saudi Arabia shut down a key pipeline, adding more pressure on markets
US tech stocks fell sharply on Monday after the CEOs of the two biggest AI companies called for the industry to slow down the pace of AI development. The move caught Wall Street off guard and sent chip stocks lower.
The Nasdaq Composite dropped 1.3%. The S&P 500 fell 0.8%, and the Dow Jones Industrial Average lost around 256 points, or 0.49%.
Anthropic CEO Dario Amodei published a lengthy essay over the weekend, totaling 3,800 words. In it, he argued that AI companies need to slow how fast they improve their models so the industry can address safety concerns properly.
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