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US stock futures sank on Monday morning after the two leading frontier artificial intelligence companies called for an industrywide slowdown of AI development, sending tech stocks tumbling. Rising oil prices and an upcoming Fed meeting this week also put pressure on stocks.

Futures on the tech-heavy Nasdaq-100 (NQ=F) fell 1.5%, led by losses in chip stocks, including Nvidia (NVDA). Futures on the Dow Jones Industrial Average (YM=F) fell 0.3%, while those on the S&P 500 (ES=F) declined by 0.6%. In Asia, shares of memory chip makers SK Hynix (SKHY) and Samsung (005930.KS) dropped.

Tech stocks were poised to fall after Anthropic (ANTH.PVT) CEO Dario Amodei wrote a 3,800-word essay over the weekend, arguing that AI companies should slow the pace of improving AI models in order to address safety concerns. Sam Altman, the CEO of rival AI lab OpenAI (OPAI.PVT), agreed in a post on X, putting the two AI companies at odds with Wall Street, which has banked on a brisk pace of improvement.

Worries about AI safety also led OpenAI to delay its initial public offering until 2027, Altman told Fortune. Anthropic still plans to list in the fall and has reportedly chosen the Nasdaq for its highly anticipated IPO.

Oil prices, meanwhile, continued to climb after Saudi Arabia shut down a key pipeline in the Middle East and as the war in the Middle East spread. Brent crude (BZ=F) traded near $108 per barrel.

That sets the stage for the Federal Reserve's policy meeting on Wednesday. Trader bets of a Fed rate hike spiked to 86% following Friday's consumer inflation report, creating a consensus even as Fed Chairman Kevin Warsh has emphasized that he will not provide forward guidance about the Fed policymaking.

This weekend, we learned more details about the two hottest IPOs the market is anticipating, from Anthropic (ANTH.PVT) and OpenAI (OPAI.PVT).

First, on Saturday, OpenAI CEO Sam Altman sat down with Fortune and said that the AI startup would not IPO this year, as previously expected.

Altman said an IPO would be "ill-timed" due to safety concerns about artificial intelligence (which were magnified in an essay by Anthropic CEO Dario Amodei). OpenAI confidentially filed for an IPO in June but doesn't plan to list until 2027.

Second, Anthropic will follow in SpaceX's (SPCX) footsteps by listing on Nasdaq, not the New York Stock Exchange, according to a Bloomberg report. Anthropic is widely expected to file its IPO paperwork in the coming weeks and could list as early as this fall.

Anthropic is reportedly hoping to match or surpass SpaceX's IPO size in a year of blistering-hot public debuts.

Federal Reserve Chairman Kevin Warsh has been very clear about one thing in the first three months of his tenure: He does not want the Fed telegraphing its next move. But investors are pretty firmly convinced they know what's coming anyway.

After consumer pricing (CPI) data came in largely in line with estimates on Friday — with so-called "core" CPI slightly hotter than expected on a monthly basis — bets that the Fed will issue a rate hike on Wednesday have spiked to roughly 86%.

The argument is straightforward, according to JPMorgan's chief US economist Michael Feroli: "Simply that core PCE inflation has been above 3% every month this year and has made little recent progress heading towards 2%."

In other words, inflation is too hot, and it's not making progress.

Pushing up bets that the Fed will hike is Warsh himself, who took a much more forceful approach in his first Jackson Hole symposium on the Fed's role in taming inflation than he had previously. Those comments, perhaps intentionally, went toward assuaging market watchers who were concerned after the July meeting about how the new Fed chair views the central bank's role in taming inflation.

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Economic data: No notable economic data.

Earnings calendar: AnaptysBio (ANAB); Kestra Medical Technologies (KMTS); Dave & Buster's Entertainment (PLAY)

Catch up on some top stories from over the weekend:

Anthropic, OpenAI CEOs call for pacing AI development

Anthropic CEO Dario Amodei's bleak AI warning sends the tech community into a tizzy

What's behind the AI industry's latest warnings of doom?

Trump downplays AI concerns as CEOs call for slowing technology

Larry Ellison cancels $7.5 billion sale of Oracle stock

The truck that put Kia on the map has a luxe new look, and it's still a winner

Pay is back on the rise for job switchers, even in low-hire job market

Here's who stands to make money from the Anthropic IPO

Over the weekend, a 3,800-word essay from Anthropic (ANTH.PVT) CEO Dario Amodei sent a shockwave through the AI industry. And when OpenAI (OPAI.PVT) CEO Sam Altman agreed, it sent market watchers into a frenzy.

"Over the last few months, I have become convinced that fully addressing the risks requires even more prudence — not just investing in risk prevention, but pacing the rate of capabilities advancement so that risk prevention has time to keep up," Amodei said. "We must slow the pace at which we improve the capabilities of A.I. models. Progress will still seem fast, and we must make wise use of the time we gain."

"I agree with Dario that we need to pace the frontier," Altman concurred. "This has been a primary topic of discussions we've had at OpenAI in recent weeks. Committing to having independent evaluators with employee-like access is a great idea, and we will do the same. We'll have more to share soon.

The announcements came amid heightened AI safety concerns following two researchers' posts about the dangers of advanced frontier AI models. Last week, Anthropic researcher Jacob Coxon announced his resignation, saying that AI "could kill us all by the end of the decade" and that Anthropic and OpenAI were not taking that threat seriously enough.

The announcements also risk drawing pushback from President Trump and lawmakers, particularly as Anthropic and OpenAI are seen as integral to the US's race with China to dominate the AI industry.

"I have concerns that if we don't win A.I., we're going to be put in a very bad position," Trump said on Thursday, per the New York Times.

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