With Technology (XLK) down 2.9%, this looks like a sector-led move rather than a company-specific surprise.
Technology stocks are experiencing a significant sell-off after influential leaders in the Artificial Intelligence industry, including the CEOs of Anthropic and OpenAI, called for a slowdown in AI development, citing safety and existential risks. This has raised investor concerns about the future growth and profitability of the AI sector, leading to a decline in related stocks, particularly semiconductor companies. Broader market headwinds, including rising oil prices and the anticipation of a Federal Reserve interest rate hike, are also contributing to the negative sentiment.