Intel Corporation (NASDAQ:INTC) shares fell 6.4% in pre-market trading on Monday as semiconductor and AI-linked stocks declined following comments from technology executives about the pace of advanced artificial intelligence development.
Anthropic CEO Dario Amodei published an essay over the weekend calling for a coordinated slowdown in frontier AI development, arguing that AI capabilities were progressing faster than corresponding safety measures.
OpenAI CEO Sam Altman subsequently said AI companies need to “pace the frontier,” while Elon Musk also expressed support for Amodei’s position.
Semiconductor Stocks Decline
The comments were followed by declines across semiconductor stocks in Asia, Europe and US pre-market trading.
Investors have been assessing the potential implications of changes in the pace of AI development for spending on chips, data-centre processors and other infrastructure.
Intel has also recently received a Neutral rating from Piper Sandler, which initiated coverage earlier this month with a $110 price target. The broader semiconductor industry continues to face investor scrutiny over the future level of capital expenditure associated with AI infrastructure.
Nasdaq and S&P 500 Futures Fall
The decline in Intel came during a broader fall in US equities, with the Nasdaq down 1.9% and the S&P 500 declining 0.8%.
Some enterprise software stocks moved higher during the session while semiconductor shares declined.
Investors are also awaiting the Federal Reserve’s September 16 policy decision, with markets assessing the possibility of a change in interest rates.
Intel shares traded around $96.40 in pre-market trading, compared with a previous close of $102.94.
Intel stock price
