Artificial intelligence has gone in a matter of days from fueling some of the highest expectations of the markets to provoking an uncomfortable discussion among those who are building it: whether the time has come to hit the brakes. Executives from some of the most important companies in the sector are calling for a slowdown in the pace at which the most powerful models are advancing, companies linked to AI are suffering on the stock market, and the debate has turned into a new front between the United States and China.
The paradox summarizes the moment. Dario Amodei, Sam Altman, Demis Hassabis, and Elon Musk, protagonists of the technological race, have supported to varying degrees the need to introduce greater controls or moderate the pace. On the other side is Donald Trump, who this Monday denounced a "sick conspiracy" against AI and data centers and made his priority clear: the United States cannot afford to lose its advantage over Beijing.
China also does not view the debate solely as a matter of technological security. Beijing accuses American voices of using the risks of AI as cover to "strangle" Chinese technological development and to first widen the gap between the two countries before negotiating any slowdown.
What until recently could have seemed a discussion reserved for engineers and regulators has thus become a problem for the markets, a business battle, and a matter of geopolitical power.
Markets begin to price in fear
The first warning has reached the markets. Companies most closely linked to the development of artificial intelligence suffered significant corrections this Monday after a weekend marked by warnings from the sector itself.
In Asia, the Kospi has lost about 3.25%, while Samsung Electronics has fallen 4.05% and SK Hynix 6.35%. In Taiwan, TSMC has retreated 1.24% and Foxconn 3.90%.
The sharpest punishment has occurred in Japan. SoftBank has plummeted 10.72%, while Kioxia has lost 6.37%. The Nikkei ended the session with a decline close to 0.6%.
Europe has picked up part of that unease. ASML, one of the fundamental names in the global semiconductor manufacturing chain, was down nearly 6%, while other tech stocks also recorded significant declines.
Before the U.S. opening, sales also reached some of the companies that have become major beneficiaries of the investment boom in AI: Nvidia was down about 2.5% in pre-market trading, Intel 6%, Micron 5.31%, Qualcomm 4.5%, and Broadcom 3.25%.
Not all of the tech sector behaved the same. The large platforms showed greater resilience and the Nasdaq maintained a more favorable performance. The market thus distinguishes between technology in general and the companies whose valuation is especially linked to the continuity of the enormous investment cycle around artificial intelligence.
The men who accelerated AI now want to slow down
The most striking change does not come from governments. It is emerging from within the industry itself.
The CEO of Anthropic, Dario Amodei, has called for slowing the pace at which the capabilities of advanced models are increasing. His concern is particularly focused on the so-called recursive self-improvement: the possibility that increasingly capable AI systems contribute to developing the next generation of artificial intelligence, further accelerating the process.
"We must slow down the pace at which we improve the capabilities of AI models," Amodei has argued.
His proposal has found support among some of his main competitors. Sam Altman, CEO of OpenAI, has agreed that the pace at the technological frontier should be moderated and has backed the involvement of independent evaluators with access to the systems comparable to that of the workers themselves.
Demis Hassabis, head of Google DeepMind, has also publicly supported Amodei's call. Elon Musk, for his part, has argued that there should be some degree of oversight and has suggested as a starting point a review of AI systems among competitors.
The discussion has even advanced towards a possibility that would have been hard to imagine not long ago: that Anthropic, OpenAI, and Google jointly create an independent self-regulatory body tasked with establishing safety standards for the most advanced models.
Why are they afraid now?
The debate does not revolve solely around distant scenarios of a potential superintelligence. The capabilities of current systems are already introducing a more immediate change: AI is starting to move from responding to commands to executing chains of actions autonomously.
The so-called agents can receive a goal, break it down into tasks, consult information, use tools, execute code, analyze results, and modify their strategy without a person having to decide each step.
This technological leap is accompanied by a warning that has shaken the sector itself. Jacob Coxon, a researcher who worked at Anthropic and previously at OpenAI, resigned last week warning that companies are moving towards systems capable of improving themselves without having resolved how to keep them under control.
"Those building AI sincerely believe it could kill us all before the decade is over," Coxon stated when announcing his departure. He also accused Anthropic and OpenAI of "betting with our lives" in the race towards a superintelligence capable of self-improvement.
The warning was not isolated. Evan Hubinger, head of the Alignment Science area at Anthropic, publicly supported his former colleague and stated that he himself places the probability of an advanced AI causing human extinction in the next decade above 10%. Hubinger also acknowledged that the company still does not have a plan to fully resolve the alignment problem of a future superintelligence.
It is precisely this risk — that models begin to contribute to the development of increasingly capable subsequent generations — that has led Anthropic's CEO, Dario Amodei, to call for a slowdown in the progress of the most advanced models. The concern is no longer solely what an AI can do today, but what happens if the speed of improvement ends up surpassing human capacity to understand, evaluate, and contain it.
Spain received this Monday a first concrete signal of another type of risk. The Spanish Agency for Data Protection (AEPD) has communicated that it has received the first notification of a personal data breach in which the incident would have been executed by an artificial intelligence agent.
According to the information conveyed by the affected organization —which still needs to be analyzed—, the agent managed to access a system and subsequently searched for vulnerabilities autonomously until managing to modify personal data and access invoices.
The AEPD introduces a fundamental caution: using a certain model does not mean that this model or the infrastructure of its provider has been compromised or that they have been designed for malicious purposes.
Trump does not want brakes: "Whoever wins the AI race will win"
But in the White House, the diagnosis is very different. Trump responded this Monday to the industry's calls by denouncing a "sick conspiracy" against AI and data centers. For the U.S. president, slowing down now could end up benefiting precisely Washington's main technological rival.
"There is a sick conspiracy underway against AI and data centers, and the only one happy about it is China," he stated on Truth Social.
His formula for addressing the risks does not involve building a new regulatory framework. "The only control or 'safeguard' that AI needs is a strong and intelligent president", he assured.
Trump argues that the United States already has penal and regulatory capacity to intervene when companies cross certain limits and has directly targeted Amodei, whom he accuses of presenting himself now as a "perfect little angel."
Above any other consideration appears his strategic priority: "Whoever wins the AI race will win".
China sees a "hidden agenda"
Precisely China has used the U.S. debate to present an opposing reading.
The Chinese Ministry of Foreign Affairs has rejected the narratives that fuel confrontation and has defended an artificial intelligence "open, inclusive, accessible to all, and oriented towards good." Beijing argues that turning technological development into a hostile competition harms the international governance of AI.
More forceful has been the Global Times, a newspaper dependent on the People's Daily, the organ of the Chinese Communist Party. The newspaper accuses part of the U.S. tech community of applying a "cold war manual" and considers that behind some calls to slow down AI there is a "hidden agenda" against China.
The Chinese argument points directly to one of the contradictions that run through the debate. Amodei fears that a unilateral slowdown would allow China to catch up to or surpass the United States and defends maintaining restrictions on strategic technologies. The Global Times interprets that position as an attempt to "strangle" Chinese capability first and negotiate later from a position of superiority.
Beijing arrives at this discussion with an industry that is also advancing rapidly. DeepSeek, Moonshot, Alibaba, Tencent, and Zhipu compete with new models despite U.S. restrictions on access to certain advanced chips.
The dilemma that no one has solved
Behind the discussion about security appears a much more difficult question: who can afford to be the first to slow down?
If OpenAI, Anthropic, Google, and other large U.S. labs unilaterally reduce their pace, there is a fear that competitors who do not accept the same rules will take their space. If everyone continues to accelerate to avoid this, the companies themselves warn that they may increase the risks they now say they want to control.
And if the large U.S. labs agree among themselves how and how much to slow down, a third problem arises: to what extent could that agreement close the market to smaller companies or become a barrier to entry.
AI thus enters a different phase. It is no longer only discussed what it is capable of doing, but who sets its limits, who bears the cost of imposing them, and what power is willing to take the risk of moving more slowly.