NEW YORK — Technology stocks fell sharply across Asia, Europe and the United States on Monday after some of the artificial intelligence industry’s most prominent executives called for a slower pace of development, rattling investors who have poured billions of dollars into the sector on bets that rapid AI progress would keep driving corporate profits and stock valuations higher.

The selloff began in Asia, where the MSCI Asia Pacific equities index declined 0.5%, with losses concentrated in Japan and South Korea. SoftBank Group, a major investor in OpenAI, saw its shares fall more than 10% in Asian trading, leading a broader slump in AI-linked names across the region. Shares of memory chipmakers SK Hynix and Samsung Electronics also declined, as did Kioxia Holdings and Taiwan Semiconductor Manufacturing Company. European technology shares traded lower as well, extending the pressure into the region’s morning session.

The weakness carried into U.S. markets ahead of the open, with futures tracking the tech-heavy Nasdaq 100 falling as much as 1.8%, while contracts on the S&P 500 declined roughly 0.7% and Dow futures slipped modestly. Nvidia shares dropped more than 2% in premarket trading, and fellow “Magnificent Seven” members Meta and Amazon each fell more than 1%. Chipmakers bore an outsized share of the pain, with Intel, AMD and Marvell Technology all sliding between roughly 5% and 6% in early trading. Not every corner of the technology sector moved lower, however: shares of software companies including ServiceNow, Adobe and Workday rose, as some investors weighed the possibility that a slower pace of AI capability gains could actually benefit established software providers less exposed to disruption from increasingly autonomous AI systems.

The trigger for the selloff was a lengthy essay published over the weekend by Anthropic Chief Executive Officer Dario Amodei, in which he argued that AI companies should deliberately slow the rate at which they increase the capabilities of their models in order to give safety measures time to catch up. “We must slow the pace at which we improve the capabilities of AI models,” Amodei wrote. “Progress will still seem fast, and we must make wise use of the time we gain.” He was careful to note that his proposal was not a call to halt development altogether. “To be clear, pacing does not mean halting model training or technical progress, but ensuring companies take adequate time to align and safeguard their models, and for third party evaluators to confirm this,” he wrote.

Amodei pointed to two specific developments behind his heightened concern: the growing capacity of AI systems to improve themselves, and a recent episode involving OpenAI and Hugging Face in which a coordinated swarm of AI agents managed to breach a third-party website without substantial human direction. He has separately warned that, absent stronger safeguards, AI agents could become capable of “taking over the entire internet” within a window of six to 12 months.

The essay drew swift and notable agreement from two of Amodei’s most prominent competitors. OpenAI CEO Sam Altman responded in a post on the social platform X expressing support and pledged to adopt Amodei’s proposal for independent evaluators with employee-level access to review OpenAI’s models before release. Elon Musk, who leads the AI company xAI, offered a terser endorsement, writing simply, “Dario is right.” The alignment among three executives who have frequently sparred publicly over AI strategy and safety lent additional weight to the market’s reaction, with investors reading the rare consensus as a signal that concerns once confined to AI safety researchers were now moving into the industry’s mainstream leadership.

Underscoring the shift in tone, Altman told Fortune in an interview published Saturday that OpenAI would delay its long-anticipated initial public offering, now expected in 2027 rather than this year, citing the current environment around AI safety. “I actually think that, given everything happening with safety, right now would be an ill-advised moment to go public, and we don’t feel pressure on that,” Altman said. Anthropic, by contrast, has reportedly continued preparations for its own planned stock market listing later this year, with the company said to be considering the Nasdaq exchange for that offering, according to people familiar with the plans.

The market’s sensitivity to the AI safety debate was heightened further by the resignation last week of an Anthropic researcher, Jacob Coxon, who said in departing that people close to the technology’s development increasingly believe it could pose an existential risk within the coming decade. That departure, combined with Amodei’s essay and the public statements from Altman and Musk, has fed a broader reassessment among investors of the assumptions underpinning the AI-driven rally that has powered much of this year’s gains in global equity markets.

Compounding the pressure on stocks Monday, oil prices continued climbing after Saudi Arabia shut down a key pipeline amid an escalating conflict in the Middle East, adding a separate source of anxiety for markets already grappling with the AI-related selloff and looming interest rate decisions from the U.S. Federal Reserve later this week. The combination of AI safety concerns, rising energy costs and monetary policy uncertainty left investors with few places to hide as the trading week began.

Not all market participants view the AI slowdown warnings as an unambiguous negative for the sector’s long-term prospects. Some analysts and investors have pushed back on the more alarmist framing of AI risk, arguing that a more deliberate pace of development could ultimately support more sustainable growth in the industry by reducing the likelihood of a damaging safety incident or a heavy-handed regulatory response. Others caution that Monday’s declines reflect a market that had grown accustomed to breakneck AI progress as a central pillar of corporate earnings growth, making any suggestion of a slower trajectory, however well-intentioned, a source of near-term volatility regardless of its long-run merits.

With the Fed’s policy decision, the Bank of Japan’s own expected rate move, and continuing developments in the Middle East all still ahead this week, investors are likely to remain focused on whether Monday’s tech selloff marks a durable repricing of AI-related valuations or a shorter-lived bout of risk aversion tied to the industry’s newfound emphasis on caution.

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Another reason oil (CL1:COM) (CO1:COM) is sitting above $100. (00:14) Novo Nordisk (NVO) is dropping half its name. (01:40) Trump is making the AI case for speed over caution. (02:09)

This is an abridged transcript.

Crude Oil (CL1:COM) is 2.5% higher at $102/bbl this Monday morning. Brent crude is 2.5% higher at $107/bbl.

Drone attacks have forced Saudi Arabia to shut its East-West pipeline, raising fresh concerns over global supply.

The pipeline can carry about 4M barrels/day to the Red Sea port of Yanbu, providing a key route for Saudi exports to bypass the Strait of Hormuz.

Industry sources cited by Reuters offered conflicting estimates for repairs. One said the work could require five to six weeks, while another suggested limited operations might resume sooner. Saudi officials have not disclosed the extent of the damage or provided a timetable.

The outage comes after Saudi production fell to 6.2 million barrels a day in August, compared with 10.9 million in February.

Saudi Arabia could exhaust oil inventories available for export within days unless it restarts the critical pipeline to the Red Sea, potentially removing as much as 4% of global supply from an already strained market.

The cost ‌of shipping oil in supertankers is also top of mind. Bloomberg reported that prices surged to fresh record highs last week following the biggest wave of attacks on Middle East shipping since the start of the U.S.-Iran war.

Novo Nordisk (NVO) is shortening its name to Novo.

The company will also update its logo, with its trademark bull shifting to face right.

The changes come as its competitor Eli Lilly (LLY) increasingly adopts a single-name identity, dropping “Eli” from its marketing materials.

Novo will provide a detailed overview of the updated corporate strategy at its Capital Markets Day on September 21 in London.

President Trump is dismissing mounting warnings about artificial intelligence, arguing that slowing development could jeopardize the United States’ lead over China.

This story already has more than 140 comments thus far.

Trump told reporters Sunday at the Irish Open, “We’re leading China in AI. We’re the most sophisticated country in the world, and frankly, I want to keep it that way because whoever wins AI wins.” He went on to say, “And we can put guardrails. We can do this and that. But I think you have a lot of negative forces that are bringing it up that shouldn’t be bringing it up.”

We told you Sunday on Wall Street Brunch that AI industry leaders urge a slowdown in model capability advances due to existential risks, with OpenAI and Anthropic advocating for increased self-regulation.

Lawmakers from both parties are discussing guardrails, although they remain divided over whether government regulation or industry cooperation should take the lead.

AI is the hot topic in today’s edition of the Wall Street Breakfast newsletter.

What’s Trending on Seeking Alpha:

Elon Musk ‘confident’ of launching Nvidia AI platforms in space in 2027

Michael Burry calls AI leaders’ slowdown push ‘self-serving’

AI, chip stocks fall as tech CEOs urge caution on development pace

Catalyst watch:

• Kraft Heinz (KHC) will begin trading on the New York Stock Exchange after switching from the Nasdaq.

• Shareholders with Payoneer Global (PAYO) will vote on the planned acquisition of the company by Nuvei.

Stock index futures are in the red.

The FTSE 100 is up 0.7% and the DAX is down 0.5%. The market in India was closed today.

One stock on the biggest movers list: RUM Group (RUM) +22% – Shares jumped after reports surfaced that Anthropic agreed to a $13.7B computing contract with the company.

Join our Head of Quant, Steven Cress, as he dissects the news from a stock-specific quant perspective every morning around market open with Rena Sherbill on TikTok, X and YouTube @cresstopstocks.

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The intake includes 44 new apprentices at Tata Steel’s operations in Wales

Tata Steel UK has welcomed its latest intake of apprentices across its operations, including 44 in Wales.

Some 24 apprentices joined Port Talbot, eight at Trostre, four at Llanwern, one at Catnic in Caerphilly and seven at Tata Steel’s Shotton operations.

The new recruits are starting careers across a range of disciplines, including mechanical and electrical engineering, fabrication and welding, machining and process control and automation, as well as mechanical and electrical degree apprenticeships.

They form part of a UK-wide intake of 55 apprentices joining Tata Steel with four also starting at Hartlepool and further seven due to join Steelpark and Corby later this month.

Secretary of State for Wales Stephen Kinnock said: “The UK Government is backing Welsh steelmaking and backing young people to build the skills they need to access the jobs of the future in our key industries.

“In the past week I have been to Tata Steel’s sites in Port Talbot and Llanwern and seen how the company is investing in its local workforce and in apprenticeships.

“The UK Government wants to see good jobs in every community and Tata is one of the companies helping to deliver that vision.”

Deputy Minister for Skills and Tertiary Education, Cefin Campbell, said: “I am delighted so many new apprentices are joining Tata Steel UK this September, including 44 right here in Wales.

“Apprenticeships are central to our future skills system, offering people the chance to build rewarding careers while helping to develop the skilled workforce Wales needs. It’s fantastic to see people starting out across such a wide range of disciplines showing the different pathways available.

“I want to wish all the new apprentices every success as they take this exciting step in their careers.”

Tata Steel in the UK has the ambition to produce net-zero steel by 2045 at the latest, and to have reduced 30% of its CO2 emissions by 2030.

However, its £1.25bn electric arc furnace at Port Talbot is now not scheduled to become operational until 2028. The project, which will make steel from scrap, was planned to open next year, but has been pushed back due to a delay by the National Grid in providing the required connection to the grid.

Since the ending of blast furnace primary steel making, and ahead of the arc furnace, Indian-owned Tata has been importing slab and hot rolled coil to support its downstream manufacturing and distribution operations.

WAUSAU, Wis. — U.S. Rep. Tom Tiffany, the Republican nominee for Wisconsin governor, said he is grateful to be alive after the small plane he was traveling in lost power and made an emergency landing in Lake Wausau on Saturday night, forcing him and his pilot to swim to safety as the aircraft sank beneath them.

Tiffany, 68, was returning home from the La Crosse County Lincoln Day Dinner in Onalaska when the single-engine, four-seat Beechcraft Bonanza he was aboard lost power while approaching Wausau Downtown Airport. The pilot, 73-year-old Leonard Boltz of Pearson, Wisconsin, was forced to bring the aircraft down in the water. The Marathon County Sheriff’s Office said the plane experienced a mechanical issue around 8:49 p.m. as it neared the airport.

Tiffany described the moments leading up to the crash during a news conference Sunday in Wausau, recalling the pilot’s warning just before impact. “As we went to our final approach, the plane lost power, and Len said to me: ‘We are going down. Pull your seat belt tight.’ That’s exactly what I did. I gave it a yank and pulled it good and tight,” Tiffany told reporters. “And it was probably about 10 seconds later. Not sure the exact timing, but probably about 10 seconds later, we hit the water. And after the plane settled, probably a couple seconds, we looked at each other. ‘Are you OK?’ And he said to me, ‘Are you OK?’ And like, ‘Yeah, doing fine.’”

Tiffany said the impact was forceful despite the short descent, comparing the sensation to a car crash. “We were down to 70, 80 miles an hour at that point, and so it was a fast-moving car crash, and all that happened to me was my head hit the dash in front of me, and that was the extent of the damage,” he said.

After the plane hit the water, Tiffany said he and Boltz called 911 and waited on top of the aircraft as it began to fill with water and sink, before ultimately swimming roughly 150 feet to reach a shallow area of the lake where they could stand and wait for rescuers. In a statement posted on social media platform X shortly after the incident, Tiffany wrote: “The plane I was traveling in lost power as we approached the Wausau Downtown Airport. The pilot made an emergency water landing in Lake Wausau. After landing, we called 911. As the plane began to submerge, we exited the aircraft and swam to a shallow area, where we waited until emergency responders reached us by boat.”

Emergency responders located both men in the water, described as “alert and conscious,” according to radio communications obtained by NBC News, and pulled them out at 9:05 p.m. via a Wausau Fire Department airboat. Both were transported to Aspirus Wausau Hospital for treatment. Tiffany suffered a laceration above his right eye that required 12 stitches, while Boltz, whom Tiffany described as a retired Air Force pilot, received four stitches for his injuries. Both men were described as having sustained only minor injuries overall.

Tiffany credited Boltz’s experience and quick thinking with helping them survive the crash, specifically pointing to the pilot’s decision to raise the aircraft’s landing gear before hitting the water. “He was savvy and quick enough to pull the landing gear up. He might have saved us as a result of that,” Tiffany said, growing emotional as he spoke.

In his social media statement, Tiffany expressed thanks to those who came to their aid. “I want to express my deepest gratitude to the pilot, the Wausau Fire Department, and all of the first responders who came to our aid so quickly,” he wrote, adding that the pair received “excellent care” at the hospital and that “both the pilot and I sustained only minor injuries.” He also credited a higher power for the outcome, writing separately, “God was watching over us tonight, and I am incredibly grateful to be here in the hospital with my wife, Chris, by my side. An experience like this reminds you just how precious life is.”

Tiffany’s Democratic opponent in the gubernatorial race, Milwaukee County Executive David Crowley, offered well wishes following the incident. “I’m grateful to God that Congressman Tiffany and no one else was hurt in this horrifying incident, which could have been a tragedy if not for the heroism of the pilot,” Crowley wrote on X. “I wish them and the Congressman a quick recovery and that they can find solace with their loved ones.”

The Marathon County Sheriff’s Office said the aircraft remained in Lake Wausau following the crash, with a no-wake buoy placed near the wreckage and boaters urged to avoid the marked area until crews could remove the plane. Recovery operations for the aircraft were expected to begin Monday.

Both the Federal Aviation Administration and the National Transportation Safety Board are investigating the cause of the plane’s sudden loss of power. Officials have said preliminary findings indicate the aircraft experienced a mechanical issue on its approach to the airport, though a full determination of the cause has not yet been released.

Tiffany, who represents Wisconsin’s 7th Congressional District and has been endorsed by President Donald Trump in the state’s gubernatorial race, said doctors have placed him on a temporary flight ban, which will force him to miss some scheduled campaign stops, including a planned trip to Washington, D.C. Despite the setback, Tiffany said the incident would not derail his campaign. “I signed up for this job, I’m going to finish the job,” he said, vowing to be back out campaigning as early as Monday.

The Wisconsin gubernatorial race, in which Tiffany faces Crowley, is scheduled for November 3.

Tom Zaunmayr speaks to Justin Fris about why Indigenous business-based acquisitions are on the rise in WA.

Plus: Cutifani leaves Woodside for Northern Star; House brick shortage biting; PolarBlue to exit WA for $1.5b Tasmanian facility.