Trump Calls AI Risk a 'Hoax' as $600B Exits the Market

Last week four lab chiefs converged on the idea that frontier AI development should be paced. This week four separate counterparties answered — and none of them gave that consensus a mechanism. Equity markets took more than $600 billion off US stocks in a semiconductor-led selloff while the benchmark Treasury yield crossed 5%. President Trump called the safety warnings a hoax and ruled out AI-specific legislation, arguing existing law suffices. China's Global Times reframed the pacing essay as a chip-export play. And DeepSeek published V4.1 Flash under an MIT license, putting near-frontier capability on a permanent public download link that no voluntary agreement among US labs can reach. What remains is a private arrangement among OpenAI, Anthropic and Google DeepMind over third- ...