Semiconductor chip companies' stocks broke their slump on Tuesday, continuing with their usual patterns of showing a climb into green territory after a day of trading in the red.
Shares of brands such as SK Hynix, Intel, Nvidia, Micron, AMD and SanDisk were in the green, climbing up to more than 2% during early market trade.
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ALSO READ: Micron, Intel, AMD, SanDisk Slump Up To 8% As Chip Trade Flips On AI CEOs' Slowdown Call
Shares of Intel Corp. were 2.12% higher at $99.25 at 7:38 p.m. IST.
SK Hynix Inc.'s stock price was trading at an uptick of 1.92% to $179.01 at 7:33 p.m.. Share price of Nvidia Corp was trading at an uptick of 0.92% to $212.90 at 7:34 p.m. Advanced Micro Devices Inc. (AMD) saw its shares trade at an uptick of 3.68% to $511.58 at 7:35 p.m. While SanDisk Corp.'s shares were up 0.60% to $1,561.24 at 7:36 p.m. Micron Technology Inc's stock futures traded at an increase of 1.68% to $939.52.
In the previous day's trade shares of these chip stocks slumped as low as 8% in pre-market trade, continuing their decline in the red after US stock markets opened.
This development came after a major announcement from Anthropic's Chief Executive Officer (CEO) Darius Amodei and OpenAI CEO Sam Altman announced plans to slow down the pace of artificial intelligence development in order to accommodate for safety protocols and frameworks.
ALSO READ: China Differs On Anthropic CEO's AI Slowdown Call: 'Fearmongering Will Only Disrupt The Process'
Elon Musk, CEO of SpacexAI also echoed the sentiment, after saying "Dario is right." in an 'X' post that shared Amodei's 800-word open letter and blog post warning against the dangers of unchecked AI development.
After stressing the need to evaluate AI concerns, Altman also backed a federal framework for consistent safety requirements for frontier AI companies, saying the industry must ensure that safeguards keep pace with the rapid rise in AI capabilities.
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