Dow Jones| Nasdaq | S&P 500 | US Stock Market Today |Live Updates: AI stocks drop as calls for a slowdown coincide with a surge in oil prices and bond yields
Artificial intelligence stocks suffered heavy losses worldwide on Monday after industry leaders, including Anthropic CEO Dario Amodei, Sam Altman, and Elon Musk, advocated for a global slowdown in AI development due to safety risks, sending shares of chipmakers and tech investors like Nvidia, SoftBank, and SK Hynix tumbling. At the same time, escalating Middle East conflicts drove Brent crude prices up to nearly $108.50 a barrel and briefly pushed the 10-year U.S. Treasury yield to 5% for the first time since 2023, raising inflation concerns ahead of an expected Federal Reserve rate hike. However, gains in traditional software and oil industry stocks helped cushion broader market indexes, even as President Donald Trump publicly dismissed the need for AI guardrails, arguing that government restrictions risk ceding competitive ground to China.
