This weekend, Dario publicly suggested slowing down the development of frontier AI, and both Sam Altman and Elon Musk immediately expressed their agreement. But just saying 'pace the frontier' doesn’t mean the labs will actually hit the brakes. In this textbook-level prisoner’s dilemma, the more likely outcome is public announcements about slowing down and increasing regulation, while behind closed doors, everyone continues pushing forward at full speed. The safety concerns are real, but they could also become a new moat for the giants—raising industry barriers and widening the gap between closed-source and open-source models. Let’s see how semiconductors react at Monday’s market open. In the short term, there might be some sentiment-driven pullback.