SK Hynix, Intel, Micron, SanDisk, Other Chip Stocks Surge Up To 7% As AI Optimism Outweighs Fed Jolt

Semiconductor chip companies' stocks continued trading higher on Thursday, after they traded in the red on Monday, following the announcement of plans to slow down the pace of artificial intelligence development in order to accommodate for safety protocols and frameworks.

On Tuesday, the stocks continued with their usual patterns of showing a climb into green territory after a day of trading in the red. A similar upmove took place on Wednesday.

Shares of brands such as SK Hynix, Intel, Nvidia, Micron, AMD and SanDisk were in the green when the market commenced trading, climbing up to more than 5% during early trade.

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Shares of SanDisk Corp.'s were up 7% at the opening bell.

Intel Corp' stock price increased by 6.50% to $107.62 during early trade. Share price of Nvidia Corp was trading at an uptick of 2.09% to $218.37 when markets began trading.

Advanced Micro Devices Inc. (AMD) saw its shares trade at an uptick of 4.68% to $536.49 when the indices began trading. While SK Hynix Inc. was trading at an uptick of 5.27% to $184.08. Micron Technology Inc's stock futures traded at an increase of 6%.

On Monday, 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.

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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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