Asian stocks traded lower after a selloff in US semiconductor shares as concerns grew that the pace of artificial intelligence development may slow. Oil extended its rally and gold declined.

1%, with benchmarks in Japan and South Korea edging lower. 9% — its biggest drop in more than two months — with Nvidia Corp.

and Intel Corp. among the decliners.

7%. The benchmark 10-year Treasury yield hovered around 5% in early Asian trading after briefly breaching that level Monday for the first time since 2023.

Gold fell over 1% in the last session to about $4,300 an ounce, while a Bloomberg gauge of the dollar posted its biggest jump in more than two months. Global stocks retreated Monday after leading AI developers proposed slowing advances in the field, hitting semiconductor companies that provide the infrastructure underpinning the boom.

“There’s already quite a bit of nervousness in the market and if you’ve got some of the major players now saying: hang on, we need to slow down a little bit, that adds to uncertainty,” said Chris Armstrong, a strategist at Berenberg. He added that the shift could send AI stocks 10% to 15% lower.

A 3,800-word missive by Anthropic PBC Chief Executive Officer Dario Amodei — which was endorsed by OpenAI CEO Sam Altman and SpaceXAI CEO Elon Musk — said development of the most advanced systems must be slowed in order to prevent AI slipping beyond human control and inflicting catastrophic harm. US President Donald Trump attacked Anthropic’s chief for urging a slowdown in AI development, intensifying his opposition to new guardrails.

He blamed a “SICK conspiracy” for voter backlash against AI data centers and growing concerns over frontier models, adding that “the only one that is happy about it is China.” Chinese officials on Monday dismissed US tech leaders’ calls to slow AI development on safety grounds as “fearmongering” and rejected claims that China’s advances pose a global security threat.

, Morgan Stanley and other banks fell in New York trading after Bank of America Corp. Chief Executive Officer Brian Moynihan said trading revenue will be “relatively flat” compared with last year’s third quarter.

Meanwhile, the bond selloff reflected broader pressure on long-term borrowing costs across major developed markets, with a gauge of global government yields still at elevated levels. “There are a lot of underlying factors that make for a sustained selloff in rates as the path of least resistance for now,” said Zach Griffiths, head of investment-grade and macro strategy at research firm CreditSights.