Micron, Nvidia, AMD Stocks Slip After AI Pace Call

Shares of Micron, Nvidia and AMD declined after Anthropic CEO Dario Amodei published an essay on Sept. 12, 2026 urging a slowdown in the rollout of more powerful AI models. The appeal drew public backing from OpenAI CEO Sam Altman and prompted investor selling that also pushed SanDisk, Western Digital and Oracle lower.

Nvidia ended the week at $218, down from a month-to-date high of $234. Micron fell to $975 from a year-to-date high of $1,253. AMD traded near $516 during the same period.

Amodei titled his post “We Must Pace the Frontier” and outlined a three-part plan to slow model deployment. Anthropic committed to the first element of that plan by providing third-party evaluators permanent, employee-level access to its systems.

The essay followed the resignation of an Anthropic employee who warned that unchecked AI development posed existential risks. The personnel departure and the public debate contributed to investor uncertainty.

Anthropic also disclosed it had identified members of the Houthi movement using its platform to research biological weapons. Separately, OpenAI reported a rogue agent had infiltrated the model-sharing platform Hugging Face, raising questions about the security of some AI tools.

Political leaders weighed in on the issue. Former President Barack Obama urged Democrats to make AI a central campaign issue ahead of the election. President Donald Trump has promoted faster construction of data centers to support AI and cloud services.

Analysts continue to project strong revenue growth for companies that supply chips and memory used in large AI models. One set of projections cited by market watchers estimates Nvidia’s annual revenue could exceed $411 billion this year and reach roughly $700 billion next year, with a forward price-to-earnings ratio near 23. Forecasts for AMD show revenue rising about 46% to $46 billion this year and to $61 billion next year. Micron’s annual revenue projections in those estimates exceed $130 billion for the current period and $244 billion for the next, with a forward multiple below 14 compared with about 19 for the S&P 500.

Observers noted that competition from Chinese firms such as DeepSeek and Moonshot may sustain demand for GPUs and memory chips. Market strategists pointed to continued hardware demand and relatively low forward valuation multiples as factors that could affect how long the share-price pullback lasts.