Bitcoin bucks tech selloff as AI safety concerns weigh on stocks
Bitcoin and Ethereum prices rose while technology stocks declined amid growing concerns over AI safety and potential industry regulation. Major tech companies and chipmakers saw losses as investors reacted to calls for slower AI development and broader market pressures.
Why it matters
The divergence between crypto assets and traditional tech stocks suggests a shift in investor sentiment regarding the risks associated with the current AI boom.
Cryptocurrencies, in contrast, rose. Bitcoin BTC $ 77,568.78 gained about 1% over the past 24 hours to $77,800, while ether ETH $ 2,513.85 added 1% to $2,500.
Anthropic CEO Dario Amodei called for the industry to slow development to allow safety measures to catch up. OpenAI CEO Sam Altman and Elon Musk, whose xAI developed Grok, voiced agreement. Anthropic also reportedly selected Nasdaq for its anticipated IPO, while Altman confirmed his company will not go public in 2026.
South Korea’s Kospi fell 3% and SK Hynix (000660), whose memory chips are used by AI companies, dropped 6%. U.S. technology stocks followed lower in pre-market trading, with the Invesco QQQ ETF, which tracks the Nasdaq 100 index, falling 1.5%.
Neocloud providers Nebius NBIS $ 209.18 · Market Closed and CoreWeave (CRWV) fell 6% and 5%, respectively, while chipmakers Sandisk (SNDK) and Intel (INTC) each lost 5%.
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