Stock futures were falling sharply on Monday after the bosses of Anthropic, OpenAI, and SpaceX all called for a deceleration in AI development.

Highflying chip and memory stocks were getting hammered. Chip makers Intel and Advanced Micro Devices tumbled. Coherent, Corning, Lumentum, and Marvell were also among the S&P 500's worst performers in the premarket.

Shares of software developers rallied-a slowdown in the AI buildout could reduce the threat of their industry being disrupted. Adobe, CrowdStrike, Fortinet, Palo Alto Networks, and ServiceNow were rising.

Oracle dropped 3.3% after co-founder Larry Ellison scrapped a plan to sell $7.5 billion worth of shares. Oracle has traded as a proxy for OpenAI's looming listing lately-but OpenAI CEO Sam Altman ruled out an initial public offering in 2026 in an interview published Saturday, citing AI safety fears.

Energy stocks jumped as the shutdown of a key pipeline in Saudi Arabia pushed up oil prices. Chevron added 1.6% and ExxonMobil climbed 1.5%. APA, ConocoPhillips, EOG Resources, and Occidental Petroleum were also rising.