The Nasdaq Composite plummeted following calls to slow the development of AI and a spike in oil prices

U.S. stocks fell at the opening bell on September 14 amid warnings from the heads of AI giants about the risks of developing this technology too quickly, CNBC reports. The tech-heavy Nasdaq Composite plunged 1.2% right off the bat, the broad-market S&P 500 index lost 0.7%, and the Dow Jones Industrial Average fell 0.3%.

The stock market is also under pressure from a spike in oil prices: they rose after Saudi Arabia shut down a key pipeline that bypasses the Strait of Hormuz. Futures for the U.S. West Texas Intermediate (WTI) crude rose 3.9% to exceed $104 per barrel. Contracts for benchmark Brent crude gained 4%, rising to $109.

Among the hardest-hit companies were chipmakers, which benefit from rising spending on training and the deployment of new models. Nvidia’s stock price fell 3.7% at the opening of the session, Intel’s shares dropped 7.8%, and Marvell Technology’s stock fell 9% right away. Broadcom lost 3.7% of its value, and Advanced Micro Devices fell 5.8%. Shares of memory manufacturers Micron and SanDisk fell by about 7%.

Of the four largest hyperscalers, however, only Amazon's stock fell. Shares of Meta, Alphabet, and Microsoft were trading higher after the market opened.

Cybersecurity stocks also rose: in addition to concerns about the risks of artificial intelligence, they were buoyed by the hack of the fintech platform Revolut, according to MarketWatch. Palo Alto Networks shares gained more than 5%, while CrowdStrike shares rose 7.3%.

This news story is being updated.

This article was AI-translated and verified by a human editor