With Chips / semis (SOXX) down 4.1%, this looks like a sector-led move rather than a company-specific surprise.
Chip stocks are experiencing a significant pre-market decline after executives from major AI companies, including Anthropic's CEO Dario Amodei, called for a slowdown in AI development to address safety concerns. This has sparked investor fears of a potential reduction in capital spending on AI infrastructure, a key growth driver for the semiconductor industry. The negative sentiment is global, with major chipmakers in Asia and Europe also seeing sharp drops. Compounding the issue are broader market anxieties stemming from Middle East geopolitical tensions and renewed fears of interest rate hikes following a recent inflation report.