Bitcoin was trading above $77,000 on Monday as selling in AI-related stocks weighed on Wall Street's opening. Nasdaq 100 E-mini futures declined 1.72%, while S&P 500 futures fell 0.70% and Dow futures dropped 0.18%, signaling uneven pressure across market segments.
Chip stocks bore the brunt of early losses, with Nvidia falling more than 2%, Intel and Marvell declining nearly 6%, and AMD dropping nearly 5%. Software stocks showed relative strength, with ServiceNow gaining 3% and Adobe and Workday rising 2.5% each, suggesting selective repricing rather than broad-based selling.
The divergence raised a key question for traders: whether the technology selloff would remain concentrated or spread to other risk assets. Bitcoin's position above $77,000 provided a reference point for evaluating its resilience during regular trading hours, which began at 9:30 a.m. Eastern.
AI Development and Energy Concerns
The market decline followed weekend calls from Anthropic CEO Dario Amodei to pace frontier AI development. Amodei's statement distinguished pacing from halting progress, proposing embedded independent evaluators and coordination among companies and governments. Elon Musk and Sam Altman reportedly supported the approach.
President Donald Trump countered Sunday by downplaying calls to slow AI and emphasizing maintaining the US lead over China, introducing uncertainty around how widely any coordinated pacing could be adopted.
Separate from AI concerns, oil prices climbed significantly on Monday, with Brent crude rising 3.6% to $108.31 and US West Texas Intermediate advancing 3.3% to $103.35. This energy pressure preceded the weekend AI announcements and added independent downward pressure on markets and risk assets.
What to Watch
Traders faced two possible scenarios heading into the session. A contained shakeout would gain support if equity losses narrowed after the market open, with selling remaining concentrated in technology and Bitcoin holding ground above $77,000. Renewed Bitcoin weakness alongside a broader equity retreat would suggest a more persistent risk-off move extending beyond technology stocks.
