Stocks tumbled Monday morning, led by tech stocks, after leading
artificial intelligence CEOs called for a slowdown in the pace of
developing the revolutionary technology.
Early on in the trading session, the Nasdaq 100 index, which tracks the
100 largest non-financial companies traded on the Nasdaq exchange, fell
as much as 1.8%. The broader Nasdaq Composite index fell as much as 1.3%
and the S&P 500 fell almost 1%.
But a late morning rally in software and cybersecurity stocks brought
major indexes off their lows. By noon ET, the Nasdaq Composite and S&P
were down by only 0.3%.
Those industries have been battered this year due to worries that AI
could severely disrupt their business modesl. But the slowdown advocated
by AIAs top CEOs appeared to ease these worries somewhat.
CrowdStrike and Palo Alto Networks shares surged more than 12%, while financial news and data firm Thomson Reuters rose 9%. TuboTax maker
Intuit, Adobe, Shopify and Autodesk also ranked as some of the NasdaqAs
best performing stocks.
Still, shares of Nvidia, the worldAs most valuable public company, fell
more than 3%.
Chipmaker Arm Holdings fell 10%, while its peers Marvell and Intel slid
more than 5%. Applied Materials, a key supplier to chip companies, sank
6%, as did Micron Technologies. Shares of AMD and Intel also tumbled by around 5.5%.
Shares of Amazon, the leading cloud computing company, fell more than
1.2%.
https://www.nbcnews.com/business/markets/stocks-tumble-ai-leaders- warning-slowdown-ipos-amodei-altman-rcna597643
| Sysop: | Amessyroom |
|---|---|
| Location: | Fayetteville, NC |
| Users: | 74 |
| Nodes: | 6 (0 / 6) |
| Uptime: | 02:20:05 |
| Calls: | 1,194 |
| Files: | 1,353 |
| D/L today: |
2 files (1,590K bytes) |
| Messages: | 291,157 |