🔴 Tech ETF (XLK) is trading 2% down in pre-market after calls to slow frontier-model development

XLK is trading at $183.86 (-2.03%) as AI-linked stocks sell off after OpenAI and Anthropic leaders called for slower frontier-model development.

• Nasdaq futures fell more than 1%, while Asian semiconductor shares weakened.
• Higher oil near $107.75 following Middle East supply disruptions, Treasury yields near 5%, and roughly 90% odds of a Federal Reserve hike this week are adding pressure to technology valuations.