PREMARKET MOVES | Chip Stocks Slide as AI Leaders Urge Slowdown; Intel Falls Nearly 6%

According to CNBC, major chip stocks fell in premarket trading after artificial intelligence leaders, including Anthropic CEO Dario Amodei, called for a slowdown in the development of AI capabilities. Intel slid nearly 6%, Marvell Technology fell over 7.4% and Advanced Micro Devices slipped over 5%. Cybersecurity stocks rose broadly as AI-safety worries increased following warnings from Elon Musk, Dario Amodei and Sam Altman that the technology was moving too fast; Palo Alto Networks traded more than 4% higher and CrowdStrike advanced 5.4%. Energy stocks gained as the Energy Select Sector SPDR ETF (XLE) climbed more than 1.2% ahead of the open, with oil prices rising to start the week amid heightened Middle East tensions. Diamondback Energy, APA, Marathon Petroleum and EOG Resources each advanced 2% to lead the gains. Affirm shares popped over 2.1% following Wolfe Research's upgrade to outperform, with the firm noting a buying opportunity after the stock's recent post-earnings decline.