Monday’s stock market opened under pressure after the CEOs of three major AI companies said the industry should slow down. Anthropic’s Dario Amodei, OpenAI’s Sam Altman, and Elon Musk all backed the idea of pacing AI development due to safety concerns.
The comments hit chip stocks hard. Nvidia fell 3%, AMD dropped 5%, and Marvell slid 6%. Memory chip maker Micron fell 5%, while SK Hynix dropped 7%. Corning was among the worst performers, down 7%.
The selloff spread across the whole AI supply chain. CoreWeave fell 6%, Nebius dropped 7%, and Taiwan Semiconductor slid 3%. Networking stocks also took a hit, with Arista Networks down 5% and Cisco falling 2%.
Not everything fell. Software companies saw buying interest, as a slower AI buildout could reduce the threat of disruption to their businesses. Adobe, CrowdStrike, Fortinet, Palo Alto Networks, and ServiceNow all rose in early trading.
The logic is straightforward. If AI development slows, software companies face less pressure from AI replacing their products. Investors rotated into the sector as chip stocks sold off.
Oracle fell 3.3% after co-founder Larry Ellison canceled a plan to sell $7.5 billion worth of his shares. The stock has been trading as a proxy for OpenAI’s expected listing.
That trade got another blow when OpenAI CEO Sam Altman ruled out an IPO in 2026. In an interview published Saturday, Altman cited AI safety concerns as the reason for delaying any public offering.
One standout gainer on Monday was Rum Group, formerly known as Rumble. Its shares jumped 22% after reports confirmed that Anthropic had signed a $13.7 billion computing contract with the company. The deal had been disclosed in an August filing but the customer was not named at the time.
British pharma company GSK rose 3% after positive cancer drug trial results. Its lung cancer therapy Jideytro showed tumor shrinkage in 94% of trial participants. A second drug, Ris-Rez, reduced the risk of death by 54% compared to chemotherapy in relapsed small cell lung cancer patients.
Energy stocks moved in the opposite direction from chips. A key pipeline shutdown in Saudi Arabia pushed Brent crude close to $108 a barrel. Chevron gained 1.6% and ExxonMobil climbed 1.5%.
ConocoPhillips, APA, EOG Resources, and Occidental Petroleum also rose. The pipeline disruption added supply fears to an already tight oil market.
Monday’s session was driven by two clear themes: a broad retreat from AI-linked stocks and a rise in energy names on the back of higher oil prices.
The post Today’s Market Movers: Why Nvidia, AMD, and Marvell Stocks Are Falling Monday Morning appeared first on CoinCentral.
