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Listen to this article in summarized format Nasdaq futures dropped more than 510 points or 1.7% to trade at around 29,170, as seen at around 5 am EDT. S&P 500 futures fell nearly 0.7%. Shares of ChatGPT-maker OpenAI's investor SoftBank crashed as much as 13% in Japan. South Korea’s Kospi, which was seen as the face of the seesaw AI trade, plunged more than 3%, while Japan’s Nikkei fell around 1%. This came after Anthropic CEO Dario Amodei in a long X post on Saturday, called on AI companies to slow the rate at which they advance model capabilities amid mounting fears of misuse of artificial intelligence. We Must Pace the Frontier: I’ve written a new essay on why the AI industry should slow down, with a three-part plan for doing so. Anthropic is unilaterally committing to the first of these steps. We’ll provide third-party evaluators with permanent, employee-level access to our… Also read | From OpenAI's Altman to Anthropic's Amodei, industry leaders call for slowdown in AI development World’s richest man Elon Musk, who runs xAI, as well as OpenAI CEO Sam Altman said that they agree with Amodei. “Dario is right…I have been sounding the alarm on AI for a long time,” Musk said in a streak of posts. OpenAI CEO Sam Altman in a series of posts noted that AI companies should pace the AI frontier, and that this has been the primary topic of discussions at the ChatGPT-maker in the recent weeks. “There are two ways AI progress could go very badly and that we must avoid. First, we could lose control of the future to AI…Second, we could end up in a world with too much concentration of power…Avoiding these two threats requires walking a narrow middle path; for example, one country could gain too much power. Another example is one lab ending up with too much power,” he wrote. There are two ways AI progress could go very badly and that we must avoid. First, we could lose control of the future to AI. This is unacceptable; we are unapologetically on Team Humanity, and AI must always serve people. To ensure that, we need ways to ensure that alignment and… https://t.co/GK7XcoOh3v ‘Big Short’ fame Michael Burry took to X to react to the AI leaders comments. Like always, he delivered a contrarian view to the developments. “Let's all take a moment to understand how self-serving it is for OpenAI, Anthropic and other execs of big hyperscalers to talk of slowing things down,” he wrote. The American investor who became popular after correctly predicting the 2008 financial crisis explained that LLMs are not AI and won’t be AGI. Additionally, competition is coming up fast, and slowing benefits for incumbents. IPOs need hype and puffery, Burry said, hinting at ill-intention of the executives both whose companies are heading towards going public on Wall Street. “‘We are so awesome it could become dangerous’ is hype & puffery,” Burry said. Notably, OpenAI will not go public in 2026, Chief Executive Sam Altman said on Saturday, citing safety concerns over artificial intelligence. Anthropic’s mega IPO meanwhile draws closer. Also read | Michael Burry pulls back on risk, says he’s happy to sit on cash. Is Big Short investor reversing his bearish AI bets? Burry further said that the executives' statements about the dangers of AI cover for real uncontrollable slowing growth as IPOs look to be pushed out. Let's all take a moment to understand how self-serving it is for OpenAI, Anthropic and other execs of big hyperscalers to talk of slowing things down. 1. LLMs are not AI and won't be AGI. There is nothing AI to slow down. 2. Competition is coming up fast, slowing benefits… In the short term, these AI warnings could still weigh on AI and chip stocks, Reuters quoted Charu Chanana, chief investment strategist at Saxo Bank in Singapore, as saying. "Their valuations assume both strong demand and a relentless pace of technological progress…When expectations are this high, even a possible delay can trigger profit-taking,” she said. “There is little doubt that AI will change the world…But that does not necessarily mean every investment being made today will generate an attractive return,” the report quoted Sebastien Mallet, portfolio manager at T. Rowe Price in London. (With inputs from agencies) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. 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