ASX falls as AI stocks slide on safety concerns worldwide
The ASX dropped 0.4% as AI stocks tumbled worldwide after Anthropic CEO called for a deliberate global slowdown in AI development.
Australian shares opened lower as artificial-intelligence stocks slid worldwide, triggered by Anthropic CEO Dario Amodei's warning that AI development needs to slow for safety reasons. The ASX 200 fell 38.8 points, or 0.4 per cent.
Nvidia, which profits from AI chip demand, sank 3.4 per cent. SpaceX fell 2 per cent and Softbank dropped 10.7 per cent in Tokyo after OpenAI's Sam Altman backed the slowdown concept.
US markets also slid: the S&P 500 fell 0.5 per cent, the Dow dropped 0.3 per cent, and the Nasdaq sank 0.6 per cent. President Trump pushed back against the safety argument, saying strong US leadership and competition with China were better guardrails than development curbs.
Rising oil prices briefly pushed 10-year Treasury yields to 5 per cent.
- 38.8 points (0.4%)
- ASX 200 fall
- 3.4%
- Nvidia fall
- 0.5%
- S&P 500 fall
- 10.7%
- SoftBank fall in Tokyo
Why it mattersIf major AI companies genuinely slow development, it reshapes investment bets and the timeline for AI products reaching market, affecting tech workers, startups, and anyone holding tech stocks.
AustraliaThe ASX decline and AI stock selloff directly hit Australian investors holding tech shares and super funds with tech exposure; a sustained AI slowdown could also affect Australian tech jobs and startup funding.
✓ Claims checked; 1 flagged for review. checked 10 d ago
