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 AI�s 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 Nasdaq�s
best performing stocks.
Still, shares of Nvidia, the world�s 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
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