Chip stocks down: AMD, Nvidia, Intel, and Sandisk lead market selloff after AI bosses call for a pause

Semiconductor stocks experienced a significant selloff in premarket trading on Monday. Major companies including Nvidia, AMD, Intel, and TSMC saw declines, with Intel dropping 7% and AMD sinking 6%. Memory stocks like Micron, SanDisk, and SK Hynix also tumbled. This market downturn follows calls from AI leaders, including Anthropic CEO Dario Amodei and OpenAI chiefs, to slow the pace of artificial intelligence development due to critical safety concerns outlined in a recent open letter.