Shares of NVDA, AMD and Marvell plummet, AI leaders call for a pause in development

Quick summary

The software sector bucked the trend and strengthened, defy the market weakened; Oracle shares fell and OpenAI IPO speculation; soaring crude oil boosted energy stocks.

Market Overview

The market opened on Monday and market sentiment was sluggish. Three well-known company leaders in the field of artificial intelligence-Anthropic's Dario Amodei, OpenAI's Sam Altman and SpaceX's Elon Musk-publicly issued statements calling for a slowdown in artificial intelligence development, a news that led to a sharp fall in market futures.

Semiconductor sectors led the decline

Semiconductor stocks suffered major selling pressure. Nvidia fell 3%, AMD retreated 5%, and Marvell plunged 6%. Memory chip maker Micron fell 5%, while SK Hynix plummet 7%. Corning was also one of the biggest losers on the day, falling 7%.

NVIDIA Corporation, NVDA

This decline has affected the entire ecosystem. CoreWeave fell 6%, Nebius fell 7%, and Taiwan Semiconductor fell 3%. Network equipment providers also suffered losses, with Arista Networks withdrawing 5%, and Cisco falling 2%.

The software sector is bucking the trend and strengthening

Selling pressure is not universal. Software companies have attracted investor money on expectations that a slowing pace of artificial intelligence expansion may reduce the threat to competition for existing business models. Adobe, CrowdStrike, Fortinet, Palo Alto Networks and ServiceNow all recorded gains in morning trading.

The investment logic is clear: when the pace of artificial intelligence development slows down, the risk of disruption faced by traditional software providers of artificial intelligence alternatives will decrease. As investors withdraw from semiconductor positions, money flows into the shares of these software companies.

Oracle shares fall and OpenAI IPO speculation

Oracle shares fell 3.3% after co-founder Larry Ellison decided to abandon plans to sell a $7.5 billion personal stake. The company's stock has been viewed as a proxy investment in OpenAI's expected initial public offering.

This trading strategy has suffered another setback as OpenAI CEO Sam Altman dismissed the possibility of an initial public offering in 2026. Altman cited artificial intelligence security considerations in an interview over the weekend as a reason for postponing any planned listing.

The notable exception to Monday's decline was Rum Group (formerly Rumble). Its shares surged 22 percent on confirmation that Anthropic had signed a $13.7 billion computing services agreement with the company. Although the contract was originally disclosed in a regulatory filing in August, the identity of the counterparty had been kept secret until now.

British pharmaceutical giant GlaxoSmithKline (GSK) rose 3% on encouraging oncology clinical trial data. The company's drug for lung cancer, Jideytro, showed tumor shrinkage in 94% of study participants. Ris-Rez, a concomitant drug, reduced the risk of mortality by 54% in patients with recurrent small cell lung cancer, superior to chemotherapy.

Soaring crude oil boosts energy stocks

Energy sector stocks are moving in the opposite direction to semiconductor stocks. The closure of a key pipeline in Saudi Arabia has pushed Brent crude prices towards US$108 a barrel. Chevron gained 1.6%, and ExxonMobil gained 1.5%.

ConocoPhillips, APA, EOG Resources and Occidental Petroleum also posted gains. Infrastructure disruptions have raised supply concerns in an already tight oil market.

Monday's trading activity reflected two dominant narratives: widespread sell-off in stocks related to artificial intelligence and strength in energy stocks supported by high oil prices.

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