Shares of notable semiconductor brands such as SK Hynix, Nvidia, Intel, Micron, AMD and Sandisk were in the red, slumping up to 7% during pre-market trade on Monday.
This comes 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: Nasdaq Crashes 2% Pre-Market: AI Trade Reversal, Oil Jitters Among Three Reasons Dragging Futures
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
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.
SK Hynix Inc.'s stock futures were trading at a decline of 7.03% to $176.70 at 3:01 p.m. IST. Share price of Nvidia Corp was trading at a downturn of 3.15% to $211.42 at 3:00 p.m. IST. in pre-market trade. Shares of Intel Corp. were trading 6.36% lower to $96.39 at 3:03 p.m.
Advanced Micro Devices Inc. (AMD) saw it's share futures trade at a downturn of 5.65% to $486.96 at 3:08 p.m IST. While SanDisk Corp.'s stock futures traded at a decline of 5.31% to $1,546.55 at 3:09 p.m. IST. Micron Technology Inc was also down 5.05% to $925.99 in pre-market trade at 3:10 p.m.
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.
ALSO READ: Sam Altman Backs Federal AI Safety Framework As Capabilities Race Ahead
He further said that companies should begin developing and applying those safety measures without waiting for legislation or an antitrust exemption. He also said the industry should not treat pacing as a halt to AI development.
"The world deserves confidence that American companies developing increasingly capable AI will act responsibly, especially as the trajectory of progress has steepened," Altman said in a post on X.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
