TradingKey - On Monday (September 14) Eastern Time, futures for the three major US stock indices moved lower in pre-market trading. Leaders of OpenAI, Anthropic, and xAI made a rare call to slow the development of frontier AI models, sparking market concerns over AI industry investment and growth prospects. Meanwhile, the continued surge in oil prices reignited inflationary pressures, weighing broadly on global risk assets.

As of press time, Nasdaq 100 futures fell 1.42%, S&P 500 futures dropped 0.56%, and Dow 30 futures slipped 0.28%.

Source: Investing

In commodities, gold (XAUUSD) fell below $4,300 per ounce, while silver (XAGUSD) dropped below $63 per ounce. Rising oil prices intensified inflation concerns and pushed up expectations for interest rates to remain high, putting pressure on precious metal prices.

International oil prices continued to rise, with WTI (USOIL) crude rising to near $103 per barrel and Brent crude (UKOIL) breaking above $108 per barrel. Saudi Arabia shut down a key oil pipeline following a drone attack, and a scheduled meeting between Iran and Gulf nations was postponed, further exacerbating market concerns over Middle East energy supply disruptions.

In cryptocurrencies, Bitcoin (BTCUSD) hovered around $78,000. A sell-off in tech stocks and rising inflation expectations dampened investor demand for high-risk assets.

Market Moves

Memory chip stocks slumped across the board in pre-market trading. SK Hynix (SKHY) fell over 7%, Micron Technology (MU) and SanDisk (SNDK) dropped over 5%, and Western Digital (WDC) and Seagate Technology (STX) fell over 4%. The market worries that a slowdown in frontier model development could weaken data center demand for HBM, DRAM, and enterprise storage products.

AI chip stocks fell broadly in pre-market trading. Intel (INTC) fell over 5%, AMD (AMD) dropped over 4%, Qualcomm (QCOM), TSMC (TSM), and Broadcom (AVGO) fell over 3%, while Nvidia (NVDA), NXP Semiconductors (NXPI), and Tesla (TSLA) fell nearly 2%.

Optical communication stocks faced a sell-off in pre-market trading. MaxLinear (MXL) and AXT (AXTI) fell over 7%, Corning (GLW), Applied Optoelectronics (AAOI), and Coherent (COHR) fell over 6%, while Lumentum (LITE), Marvell Technology (MRVL), Credo (CRDO), Tower Semiconductor (TSEM), and Ciena (CIEN) dropped over 5%.

Oracle (ORCL) fell about 3.5% in pre-market trading. The company stated that Executive Chairman Larry Ellison has canceled his previously established Rule 10b5-1 stock trading plan, which originally permitted the sale of up to 50 million shares. Ellison did not sell any Oracle shares while the plan was in effect, and currently has no other arrangements to reduce his holdings.

GSK (GSK) rose about 2.8% in pre-market trading. The company announced the latest data from the ARROS-1 trial. Among 94 TKI-naive patients with ROS1-positive non-small cell lung cancer, Jideytro achieved an objective response rate of 94%, with 15% of patients achieving a complete response, significantly outperforming historical trial data for some similar drugs.

Nvidia (NVDA) fell nearly 3% in pre-market trading. According to reports, Anthropic is inviting Nvidia to become a cornerstone investor in its IPO, with Nvidia potentially investing up to $10 billion. Anthropic plans to raise up to $100 billion through the IPO at a potential valuation of around $2 trillion, but the news failed to offset the sell-off pressure across the broader AI sector.

Market Highlights

AI Giants Call for Slowing Frontier Model Development. Anthropic CEO Dario Amodei stated that the company will adopt additional safety safeguards, including introducing independent third-party evaluations, and urged the industry to slow the pace of developing the most advanced models. OpenAI CEO Sam Altman and xAI founder Elon Musk subsequently publicly expressed their support.

Michael Burry Criticizes AI Firms' Slowdown Initiative. Renowned investor Michael Burry believes that such statements may help leading firms solidify competitive advantages, block new entrants, and generate buzz for IPOs, while masking pressures from slowing industry growth. He also questioned whether large language models truly pose artificial general intelligence risks that warrant a voluntary deceleration.

Anthropic Reportedly Achieves Second Consecutive Quarter of Adjusted Operating Profit. According to the Financial Times, Anthropic has disclosed to select shareholders that its adjusted operating profit for the current quarter is expected to remain positive for a second straight quarter. If true, this signals strengthening commercialization capabilities and helps ease investor concerns over persistent, massive cash burn among frontier AI companies.

Anthropic Advances Massive IPO Plans. According to reports, Anthropic has identified Nasdaq as its potential listing venue, with an IPO valuation potentially reaching $2 trillion or higher, and aims to complete the listing ahead of the U.S. midterm elections in November. The company intends to raise up to $100 billion, though the exact size and timeline remain subject to adjustment.

Anthropic Signs $13.7 Billion Compute Procurement Agreement. According to The Information, Anthropic has reached a six-year, roughly $13.7 billion AI compute procurement agreement with RUM Group (RUM). Transformed from the video platform Rumble, RUM Group currently spans cloud computing, AI infrastructure, and content platforms.

Middle East Energy Supply Risks Continue to Rise. A key Saudi oil pipeline was shut down following a drone attack, and a scheduled meeting between Iran and Gulf nations was postponed. Supply disruption risks pushed Brent crude above $108, fueling market concerns that surging energy prices could reignite global inflation.

GE HealthCare Reportedly in Talks to Acquire Sofie Biosciences. GE HealthCare (GEHC) is in advanced talks to acquire Sofie Biosciences for about $1 billion to expand its footprint in radiopharmaceuticals for medical imaging. The parties could announce a deal as early as this week, though terms could still change.

Kioxia Considers Issuing ADRs in the U.S. According to reports, Kioxia is evaluating the possibility of issuing ADRs in the U.S. to raise at least $10 billion, with a potential listing as early as next year, and has held discussions with financial institutions including Bank of America, Goldman Sachs, and JPMorgan. AI memory demand has driven a sharp year-to-date rally in Kioxia's stock, but recent results fell short of expectations, and valuation alongside market volatility could still affect final financing arrangements.

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