Welcome to Markets Desk, your midday read on the stories moving markets right now.
AI stocks are under real pressure today after the chief executives of Anthropic, OpenAI, and SpaceX AI made a striking joint call to slow the pace of advanced AI development. The selloff hit hard across the sector, with SoftBank's Masayoshi Son alone seeing his personal fortune fall by roughly eight billion dollars in the session.
That backdrop makes the geopolitical dimension even sharper. China's intelligence chief Chen Yixin published a rare journal article identifying six distinct AI risks facing Beijing, offering an unusually candid look at how China's leadership views the technology — not just as an opportunity, but as a genuine threat to social and political stability.
Stepping away from AI for a moment, Johnson and Johnson delivered meaningful clinical news. Its bispecific antibody Rybrevant, combined with chemotherapy, posted the longest reported median overall survival on record for patients with EGFR exon twenty insertion mutation-positive non-small cell lung cancer — a result that sets a new clinical benchmark and reinforces J and J's oncology pipeline as a serious earnings driver heading into the back half of the year.
That's the tape. Markets Desk, signing off the floor.
