New York and San Francisco finally connected on Monday, as artificial intelligence’s existential-risk debate hit stocks. But the market’s reaction was more interesting than simply “sell AI.”
Nvidia fell more than 3% Monday morning, while Intel, AMD, and Marvell dropped between 5% and 6%, dragging the Philadelphia Semiconductor Index, a widely used measure of semiconductor stocks, down almost 6%. Neoclouds and other companies leveraged to relentless data center construction also came under pressure.
