Tech industry leaders triggered a global sell-off in AI stocks on Monday after issuing urgent warnings that artificial intelligence advancement is progressing too rapidly. Anthropic's Chief Executive Officer Dario Amodei called for slowing the development of advanced AI models, while OpenAI's Sam Altman and Elon Musk, founder of xAI, have also expressed support for these concerns.
Amodei issued grave warnings that within the next 6 to 12 months, AI groups could gain control of significant portions of the internet and cause losses worth billions of dollars. These alarming warnings prompted major sell-offs in stocks of renowned companies like Nvidia, AMD, and Micron, which focus on AI and semiconductor technology, while chip manufacturing companies also suffered losses.
Additionally, rising oil prices and increased U.S. bond interest rates have also impacted the stock market. While investors worry that slowing AI competition could reduce infrastructure investment, global AI spending is projected to reach $1.2 trillion by 2027, keeping stakeholders closely watching for companies' next moves.
Ref: Technology Innovation
