Premarket Stock Movements: Chip and AI Stocks Drop, Energy and Cybersecurity Rise
In premarket trading, chip stocks fell sharply after prominent figures in the artificial intelligence sector called for a slowdown. Intel dropped nearly 6%, Marvell Technology over 7.4%, and Advanced Micro Devices more than 5%. Meanwhile, energy stocks rose as oil prices climbed amid Middle East tensions; XLE gained over 1.2% with Diamondback Energy, APA, Marathon Petroleum, and EOG Resources each up around 2%. Cybersecurity firms like Palo Alto Networks and CrowdStrike saw gains due to heightened concerns about AI safety raised by Elon Musk, Dario Amodei, and Sam Altman. AI infrastructure stocks also faced declines as worries over rapid development persisted. Hewlett Packard Enterprise fell more than 7%, while Super Micro Computer dropped over 5%. Affirm's stock rose nearly 2% after Wolfe Research upgraded it to outperform following a post-earnings dip.
Tickers: $AFRM $AMD $APA $CRWD $EOG $FANG $HPE $INTC $MPC $MRVL $PANW $SMCI $XLE
Topics: ai_infrastructure chip_stocks cybersecurity_stocks energy_stocks stock_upgrades