Asian AI Stocks Plunge on CEOs' Calls for Slowdown in Development
Asian artificial intelligence-linked stocks fell Monday after AI leaders called for a slower and safer pace of development and additions of guardrails.Japan's Softbank (TYO:9984), an investor of OpenAI, slumped 11% during the close of trade on Monday. Chipmaker Kioxia (TYO:285A) slid 6%, while Tokyo Electron (TYO:8035) fell 1%.Taiwan Semiconductor Manufacturing Corp. (TPE:2330) closed 1% lower.South Korean chipmaking giant SK Hynix (KRX:000660) tumbled 6% and Samsung (KRX:005930) slid 4%.In China, Zhongji Innolight's Hong Kong shares (HKG:3008) plunged 9%, while its Shenzhen (SHE:300308) shares declined 5%. Changxin Memory Technologies (SHA:688825) also slid 4%. Semiconductor Manufacturing International Corp.'s (HKG:0981, SHA:688981) Hong Kong and Shanghai shares fell 3%.Z.ai or Knowledge Atlas Technology (HKG:2513) fell 9%, while Minimax (HKG:0100) slid 7%.The plunge comes after Anthropic co-founder Dario Amodei called on AI companies to slow the pace of development, according to a blog post released on X on Saturday. SpaceXAI's Elon Musk and OpenAI CEO Sam Altman agreed with Amodei.Altman also said his company will not proceed with IPO plans due to safety concerns.
