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Calls from leading artificial intelligence executives to slow the development of advanced AI models could put chip stocks and other AI-linked shares under near-term pressure. However, investors and strategists say strong spending on chips, data centers, power and computing equipment may keep the broader AI trade intact.
Anthropic CEO Dario Amodei called for a slower pace of frontier AI development in an essay published in September. OpenAI CEO Sam Altman supported the call, while xAI owner Elon Musk said Amodei was ‘right.’ The comments arrive as investors already question high technology valuations and the rising cost of AI infrastructure.
Amodei said AI companies should give safety work more time to keep pace with rapid gains in model capabilities. His proposal does not call for companies to stop training models. Instead, it asks developers to move at a more measured pace while adding stronger checks around advanced systems.
Anthropic also committed to giving independent third-party evaluators ongoing access to review its safety practices. Amodei proposed wider industry coordination and, over time, global cooperation on safety rules. Altman said OpenAI would also support independent evaluators, while Musk publicly backed Amodei’s position.
The warnings may add pressure to semiconductor stocks when markets reopen, especially after recent weakness across technology shares. The Nasdaq 100 fell more than 4% from its June record, while a US chip-stock gauge dropped about 14%. Asian technology shares have also declined by almost 8% over the same period.
Gary Tan, a portfolio manager at Allspring Global Investments, said the move could create short-term pressure but was unlikely to end the longer AI investment cycle. “It may cause some short-term pressure, but it’s unlikely to derail the longer-term AI trade,” Tan said. The market reaction may therefore focus on whether slower model development changes future chip orders.
Spending on AI infrastructure remains a key support for chipmakers and suppliers. Companies continue to invest in processors, memory, networking equipment, cooling systems, data centers and power capacity. Companies have already started many of those projects, which may limit how quickly a slower model cycle changes spending plans.
Billy Leung, an investment strategist at Global X Management, said a slower development timeline would not necessarily reduce current infrastructure spending. A longer cycle could also give companies more time to earn revenue from systems they have already built. That could shift more attention toward commercialization and wider AI adoption.
Technology stocks also face pressure from broader market conditions. Investors have increased bets on higher interest rates, while rising borrowing costs can weigh on richly valued growth stocks. As a result, semiconductor and AI shares could remain sensitive to any change in expected spending, earnings or model development plans.
Still, demand for computing power did not disappear. Charu Chanana, chief investment strategist at Saxo Markets, said added safeguards could support further spending on cybersecurity and AI monitoring tools.
Meanwhile, SK Hynix-linked perpetual futures on Hyperliquid were down about 2.5% by 2 p.m. in Singapore on Sunday, offering an early sign of caution before traditional markets reopen.
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