AI Stocks Plummet Amid Calls For Slowdown

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In short

Global market selloff after prominent AI leaders urged a slowdown in AI development.

Guests

None mentioned in the transcript.

Key claims

Dario Amodei warned that leading AI firms should slow progress because it could pose an existential threat; Sam Altman and Elon Musk supported the slowdown call.

Notable examples

SoftBank shares fell over 10% in Asia; U.S. futures were down; SoftBank’s 13% stake in OpenAI was implicated. NVIDIA shares dropped about 3% pre-market; AMD, Intel, and Qualcomm fell 5–6%. South Korea’s index fell 3.2% (Samsung and SK hynix down). ASML in Europe fell 4.3%. Masayoshi Son’s net worth dropped by over $8B to $72.5B.

Written by AI. May contain mistakes.

Chapters

0:30

AI Stocks Slump Amid Calls for Slowdown

Discussion on the decline of major AI stocks due to calls for a slowdown in AI development.

“Amadei warned that leading AI firms need to slow the pace of AI development because it may pose an existential threat.”

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Transcript

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0:28This episode is brought to you by Indeed. Major AI stocks slumped across global markets on Monday after top leaders like Dario Amadei and Sam Altman called for an AI slowdown over the weekend. Amadei warned that leading AI firms need to slow the pace of AI development because it may pose an existential threat. The call to slowdown by Amadei gained support even from his rivals Sam Altman and Elon Musk. Following the warning, SoftBank shares fell more than 10 % in Asia and U.S. futures were down early on Monday. The company owns a 13 % stake in OpenAI, and its Tokyo-listed shares ended the trading day more than 10.7 % down from last week's close.

1:12NVIDIA's shares fell 3 % in the pre-market, while other chipmakers like AMD, Intel, and Qualcomm experienced a 5-6 % drop in their shares. South Korea's benchmark index also fell more than 3.2%, as shares of memory chipmaker Samsung and SK Hynek slumped. In Europe, shares of Dutch semiconductor giant ASML fell 4.3%. The net worth of the billionaire founder and CEO of softbank Masayoshi Sun also took a hit because of the route, falling by more than$8 billion to$72.5 billion. Sun fell from 27th to 29th on the list of the world's wealthiest people. For more on this story, check out the article at the link in the description.

From the publisher

Softbank’s shares fell more than 10% in Asia, leading a slump in major artificial intelligence-linked stocks across global markets on Monday amid growing calls for a development slowdown from leading labs like Anthropic and OpenAI amid warnings that rapid development of the technology may pose an existential threat to humans.
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