AI Infrastructure Stocks Tumble After Anthropic, OpenAI Executives Urge Slower AI Development

AI-related stocks saw a sharp selloff on September 14, with chip and server suppliers under pressure. Micron, Intel, Marvell Technology and Applied Materials each fell more than 4%, Nvidia dropped about 3%, SK Hynix lost 7% in U.S. trading, Hewlett Packard Enterprise declined about 11%, and Dell Technologies and Oracle each fell about 6%.

The selloff followed Anthropic CEO Dario Amodei's weekend call for AI model developers to slow down their development pace. Anthropic researchers had previously warned about risks from rapid AI advancement, and OpenAI CEO Sam Altman and SpaceX CEO Elon Musk also expressed support for slowing AI development.

Melius Research analyst Ben Reitzes said AI companies may be very good at building models but not at talking about the stock market, and their comments are "panicking the market." Meanwhile, cybersecurity stocks rallied as investors bet that rapidly advancing AI capabilities would drive greater demand for security protection.