Today’s Market Movers: Why Nvidia, AMD, and Marvell Stocks Are Falling Monday Morning
TLDR
- Stock futures fell sharply after Anthropic, OpenAI, and SpaceX CEOs called for a slowdown in AI development
- Chip stocks including Nvidia, AMD, and Marvell dropped hard, with some falling 6-7%
- Software stocks like Adobe and CrowdStrike rallied on the news
- Oracle dropped 3.3% after Larry Ellison scrapped a $7.5 billion share sale plan
- Energy stocks rose as oil prices jumped following a Saudi Arabia pipeline shutdown
Monday’s stock market opened under pressure after the CEOs of three major AI companies said the industry should slow down. Anthropic’s Dario Amodei, OpenAI’s Sam Altman, and Elon Musk all backed the idea of pacing AI development due to safety concerns.
The comments hit chip stocks hard. Nvidia fell 3%, AMD dropped 5%, and Marvell slid 6%. Memory chip maker Micron fell 5%, while SK Hynix dropped 7%. Corning was among the worst performers, down 7%.
The selloff spread across the whole AI supply chain. CoreWeave fell 6%, Nebius dropped 7%, and Taiwan Semiconductor slid 3%. Networking stocks also took a hit, with Arista Networks down 5% and Cisco falling 2%.
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