SK Hynix IncSK Hynix, a memory chip maker for AI companies, dropped 6% as AI development slowdown fears hit chip demand.
Bitcoin climbed above $77,000, moving against the grain as U.S. technology and artificial intelligence stocks fell in premarket trading, after leading chief executives voiced a fresh round of concerns about the pace of AI development. Bitcoin rose about 1% over the past 24 hours to $77,800, while Ether gained 1% to $2,500. Dario Amodei, chief executive of Anthropic, called on the industry to slow the pace of development to give safety measures time to catch up, a view echoed by Sam Altman, chief executive of OpenAI, and Elon Musk, who develops Grok through xAI. Anthropic has also reportedly chosen the Nasdaq for its expected initial public offering, while Altman confirmed his company will not enter the stock market in 2026. South Korea's Kospi index fell 3%, and shares of SK Hynix, a maker of memory chips used by AI companies, dropped 6%. The Invesco QQQ ETF, which tracks the Nasdaq 100, fell 1.5%, while neocloud providers Nebius and CoreWeave declined 6% and 5% respectively. Chipmakers Sandisk and Intel each lost 5% of their value. At the same time, rising oil prices are adding pressure to the market, with Brent crude jumping more than 3% to $107 a barrel, while WTI traded above $103. Long-dated U.S. Treasury yields edged lower, with the 10-year yield just below 5% and the 30-year at 5.355%. Precious metals also retreated, with gold falling nearly 1% to around $4,300 an ounce and silver down 1.5%.
SK Hynix IncSK Hynix, a memory chip maker for AI companies, dropped 6% as AI development slowdown fears hit chip demand.
Intel CorporationIntel lost 5% of its value amid the AI-stock selloff tied to warnings about slowing AI development pace.
Sandisk CorpSandisk lost 5% of its value in the AI-driven tech selloff sparked by development slowdown concerns.
CoreWeave, Inc. Class A Common StockNebius and CoreWeave, neocloud AI providers, declined 6% and 5% as AI development slowdown concerns hit AI infrastructure demand.
Nebius Group N.V.Nebius, a neocloud provider, fell 6% as AI development slowdown warnings pressured AI infrastructure names.
Invesco Plc