Tech stocks drop amid AI slowdown calls
American technology company stocks, particularly those related to artificial intelligence, declined after industry leaders called for slowing down the development of this technology to ensure potential risks are avoided. The NASDAQ-100 index fell by 1.7% following warnings about the dangers of AI models spiraling out of control, which led to more than a 6% drop in the shares of major chip companies like Nvidia, Intel, and Micron. Additionally, rising oil prices, surpassing $109 a barrel, and increased interest rates impacted the stock market, raising costs for tech companies and limiting their potential profits. These factors also heightened concerns about the need to strengthen safety standards in the AI field. OpenAI CEO Sam Altman emphasized the importance of slowing development amid fears that advanced models could become uncontrollable and cause severe harm.
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