AI Slowdown Fears Slam Semis: Nvidia -3.4%, SOX -5.9%, Corning -14%
IXIC sits 27% above its 52-week low of $20,690.249.
Summary
The Nasdaq fell 0.56% to 26,186.41 as Anthropic CEO Dario Amodei's call for a slowdown in AI development, backed by OpenAI and SpaceX CEOs, hit semiconductor stocks hard. Nvidia slid 3.4%, the PHLX Semiconductor index shed 5.9%, and Corning plunged 14% on fears that pacing AI models would curb data-center demand. Oil rose 1.3% to $101.39, its ninth gain in ten sessions, pushing the 10-year Treasury yield above 5% intraday for the first time since 2023 and cementing expectations for a Fed rate hike on Wednesday. Bank of America tumbled 5.1% after its CEO warned of weaker investment-banking revenue. This follows a weekend of negative developments including Brent crude surging above $107 and Nasdaq futures down 350-400 points, but the AI slowdown angle and specific stock reactions are new.
At the time of this announcement, IXIC was trading at $26,186.41 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.