Stocks tumble after AI leaders warn that the industry should slow down

Stock futures fell sharply Monday morning, led by tech stocks, after leading artificial intelligence CEOs called for a slowdown in the pace of developing the revolutionary technology.

In early Monday morning trading, Nasdaq 100 futures slid by 1.5%, while S&P 500 futures tumbled 0.8%. Leading those losses were shares of technology companies. If the Nasdaq 100’s moves held through the remainder of the day’s trading session, it would be its worst day in about 6 weeks.

Nvidia, the world’s most valuable public company, fell 3%.

Chipmakers Arm Holdings and Marvell slid 6%, as did cloud computing provider CoreWeave. Intel and Hewlett Packard shares tumbled more than 5%. Corning, a key supplier for data center components, fell 7.5%.

Shares of Amazon, the leading cloud computing company, fell almost 2%. Microsoft shares fell almost 1% and Google parent Alphabet’s shares dropped about 0.8%.

Dow Jones Industrial Average futures fell only slightly, but Dow component Caterpillar, which is involved in the buildout of AI data centers, tumbled 3%.

Further rattling markets, OpenAI CEO Sam Altman told Fortune magazine on Saturday that his company would not be going public this year. “Given everything happening with safety, right now would be an ill-advised moment to…

Original source: https://www.nbcnews.com/business