Futures Slide As Tech Tumbles On Fears Of AI Slowdown, Oil Jumps
US equity futures opened sharply lower after AI industry executives—including Anthropic's Dario Amodei and OpenAI's Sam Altman—called for a measured pace in advanced model development over the weekend, sparking rotation out of chipmakers (semis -4.7% premarket) and AI-exposed Mag 7 names (NVDA -3.2%, TSLA -2.1%, META -1.2%). Simultaneously, Brent crude jumped above $108/bbl (+2.8%) following Saudi Arabia's precautionary shutdown of its East-West pipeline after recent attacks and postponement of Iran-Gulf talks on Strait of Hormuz shipping protocols, offsetting what would have been a stronger tech rally. The two-factor selloff—AI moderation fears combined with geopolitical oil supply risk—has compressed the risk asset bid while bond yields remain range-bound ahead of Wednesday's Fed decision (87% probability of 25bp hike priced in).
