Chip stocks are selling off on both sides of the Pacific as investors worry AI companies will slow their spending, though TSMC bucked the trend at the open in Taipei.

• Taiwan's main index opened lower and slipped below the 46,000 mark, while TSMC rose at the open after falling the day before.
• All three big US indexes fell Monday, with tech leading the drop and the Philadelphia semiconductor index down almost 6%.
• The trigger: Anthropic's Dario Amodei called for slowing down frontier AI development on safety grounds, and Sam Altman and Elon Musk backed him — raising fears of weaker data center and chip demand.
• Oil above $100 a barrel and US government bond yields briefly topping 5% added to the pressure, with Saudi Arabia shutting a pipeline that bypasses the Strait of Hormuz.
• Trump attacked the slow-down push, warning that holding back American AI only helps China.

Outlook: It's a heavy central bank week — the Fed, Japan, the UK and Taiwan all set rates, with markets putting a Fed hike at over 90% odds, so expect choppy trading.