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- Tech and AI-related stocks, AI infrastructure companies, and chipmakers all fell as calls for slowing the pace of AI development spread.
- By contrast, Bitcoin (BTC) and Ethereum (ETH) each rose about 1%, diverging from technology stocks.
- Rising oil prices and elevated U.S. Treasury yields weighed on risk assets broadly, while precious metals such as gold and silver also weakened.
Forecast Trend Report by Period
Global technology shares weakened after leading artificial intelligence executives called for a slower pace of AI development, while Bitcoin and Ether posted gains.
CoinDesk reported on September 14 that technology and AI-related stocks fell broadly ahead of the U.S. market open. The Invesco QQQ Trust ETF, which tracks the Nasdaq-100 Index, dropped 1.5% in premarket trading.
Losses were steeper among AI infrastructure companies. Nebius and CoreWeave fell 6% and 5%, respectively, while chipmakers Sandisk and Intel each lost about 5%. In South Korea, the Kospi fell more than 3%, and SK Hynix, a supplier of AI memory chips, tumbled more than 6%.
The selloff in tech shares came as calls to rein in the pace of AI development spread over the weekend. Anthropic Chief Executive Officer Dario Amodei argued that AI development should slow to allow time for safety measures, a view that OpenAI Chief Executive Officer Sam Altman and Elon Musk also backed.
Cryptocurrencies, however, moved differently from technology stocks. Bitcoin rose about 1% over the past 24 hours to $77,800, while Ether gained 1% to trade around $2,500.
Rising oil prices also weighed on risk assets broadly. Brent crude climbed more than 3% to $107 a barrel, while West Texas Intermediate rose above $103. The yield on the 10-year U.S. Treasury note remained just below 5%, and the 30-year Treasury yield stood at 5.355%.
Precious metals also weakened. Gold fell about 1% to around $4,300 an ounce, while silver dropped 1.5%.
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Source: en.bloomingbit.io