Falling behind was never considered an option, especially with the United States and China competing for technological leadership. But now, some of the people leading that race are suggesting it may be time to slow down.
Anthropic CEO Dario Amodei recently called on the industry to reduce the pace at which AI systems are becoming more capable. What made the warning particularly significant was the response it received. OpenAI CEO Sam Altman and xAI founder Elon Musk agreed with him.
Musk’s response was short and direct: “Dario is right.”
Altman said he also agreed that the industry needed to “pace the frontier,” while making it clear that slowing development would not mean stopping it altogether.
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Nobody Is Seriously Suggesting the Technology Industry Abandon Artificial Intelligence
Artificial intelligence is already being used to write software, discover new drugs, improve customer service, analyze financial information and automate time-consuming business tasks. The potential economic benefits are simply too large to ignore. The concern is that the capabilities of this technology are advancing faster than the safeguards needed to control them.
Amodei’s warning followed the resignation of Anthropic researcher Jacob Coxon, who accused leading AI companies of taking unacceptable risks with technology that could eventually become difficult to control.
One of the most serious concerns involves AI agents, software systems that can plan and perform complicated tasks without constant human supervision. Unlike a traditional chatbot that simply answers a question, an agent can take action, interact with other programs and work through a series of steps to achieve an objective.
That makes the technology far more useful. It may also become far more dangerous if it behaves unpredictably or falls into the wrong hands.
Amodei warned that future groups of AI agents could potentially carry out cyberattacks or interfere with important parts of the internet. Other risks include the use of artificial intelligence in biological weapons, misinformation campaigns and criminal activity.
His proposed solution is not a complete shutdown of artificial intelligence development. Instead, he wants companies to create enough breathing room for safety measures to catch up.
Part of the proposal would give independent evaluators extensive access to advanced systems so they can test them before they are released.
The market’s concern is fairly straightforward. If artificial intelligence developers train fewer models or stretch out their development schedules, they may need fewer chips in the near term. Cloud computing companies could also delay some data center projects, reducing demand for networking equipment, power systems and other infrastructure.
However, investors should avoid confusing a slowdown with the end of the artificial intelligence boom.
The largest technology companies are still committed to artificial intelligence. Businesses are still adopting the technology, and governments still view it as strategically important. Even under stricter safety rules, enormous amounts of computing power will be needed to train models, operate services and run increasingly sophisticated agents.
A Necessary Reality Check
The sudden agreement among Amodei, Altman and Musk is remarkable because these executives rarely see eye to eye. Their willingness to publicly support a slower approach suggests that the risks deserve serious attention.
Artificial intelligence is not going away. But the conversation is changing. The next phase of the AI revolution may focus less on who can move the fastest—and more on whether anyone knows when to ease off the accelerator.
Today’s editorial pick for you
ServiceTitan’s Q2 Earnings Show Why Its AI Bet Is Hurting Growth
Posted On Sep 14, 2026 by Grayson Cavern
ServiceTitan Inc (NASDAQ: TTAN) just produced the kind of quarter that should have made the stock easier to own, yet investors sent the shares down roughly 30% to $55. After digging through the numbers, I think the market may be reacting to the wrong part of the story.
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The company delivered $292.8 million of revenue, up 21% year over year and ahead of expectations, while adjusted EPS came in at $0.40 versus roughly $0.35 expected. Non-GAAP operating income jumped 52% to $44.4 million, free cash flow reached $50.5 million, and full-year revenue guidance remains $1.139 billion to $1.144 billion.
What the slowdown investors are worried about is real, so I don’t want to explain away everything with AI. Gross transaction volume (GTV) rose 17% to $26.8 billion, down from 19% growth a year ago, while total revenue growth slowed from 25% to 21%. Platform revenue grew 22%, down from 26% in the comparable period.
GTV is important because it gives us a window into the underlying activity of contractors using ServiceTitan. If that number keeps slowing, the company cannot simply point at AI and pretend the core business doesn’t matter.
But profitability is moving in the opposite direction, as non-GAAP operating margin expanded from 12.1% to 15.2%, while operating cash flow climbed to $58 million from $40.3 million, and free cash flow jumped 47%.
The core business is growing more slowly but becoming substantially more profitable. And then Max enters the picture.
Max Is Growing Faster Than ServiceTitan Can Recognize
ServiceTitan exceeded its goal of doubling Max locations during Q2 and now expects more than 700 enrolled locations by the end of fiscal 2027.
Max isn’t another small feature. ServiceTitan is trying to turn it into an agentic operating system for the trades, with AI handling parts of workflows that currently require people. The strange part is that successful Max adoption can actually make near-term revenue growth look worse.
Management explained that customers are not necessarily billed the full contract value immediately. Implementations can take multiple quarters as customers transition onto the product, creating a gap between the economic value of contracts being signed and the revenue appearing in the income statement.
ServiceTitan expects $2 million to $3 million of subscription revenue headwinds in the second half from Max revenue-recognition timing, plus roughly $2 million from waived onboarding fees for existing customers moving onto Max, which shows that the accounting is temporarily lagging the rollout.
The Economics Are Already Starting To Show
ServiceTitan is showing evidence that the business underneath the reported revenue is getting stronger.
Platform revenue reached $284.5 million, with subscription revenue up 22% to $212.4 million and usage revenue up 24% to $72.1 million. Platform gross margin improved to 78.7% GAAP and 81.1% non-GAAP.
Non-GAAP R&D spending rose 26% as ServiceTitan invests in its AI platform, yet operating leverage still pushed margins higher.
That is the combination I want from a software company entering a new product cycle: aggressive investment in the next growth engine while the existing platform produces more cash. ServiceTitan ended the quarter with $479.5 million in cash and is guiding to $152 million to $154 million of non-GAAP operating income for the full year.
The Chart Has Completely Lost Its Patience
This is where I would be much more careful than the fundamentals alone suggest, because the technical damage isn’t simply a bad day after earnings. TTAN had spent months building a recovery from the April low, with a rising trendline supporting the stock through the spring and summer. That structure carried shares from the low-$50s to almost $100 by early September, but earnings broke the entire uptrend on roughly 48.7 million shares traded, the heaviest volume visible on the chart.
At $55.25, TTAN is roughly $30 below its 20-day SMA at $85.68, nearly $28 below its 50-day at $82.75 and more than $22 below its 200-day at $77.76. All three now sit above the stock, creating layers of overhead resistance.
The $54–$55 area is the first level I would watch. Lose it, and $50 becomes the obvious psychological level. But $69–$70 is more important because reclaiming the broken trendline would be the first sign that the collapse is stabilizing.
Above that, $77–$78 is the 200-day SMA, followed by $82–$86 where the 50-day and 20-day averages converge. TTAN would need to reclaim that entire zone before I would call the larger technical trend repaired.
The chart shows the market has lost confidence in the old growth trajectory. But it hasn’t yet disproved the Max thesis.
If GTV continues slowing while Max fails to translate into stronger economics, the selloff will look justified. If Max keeps scaling, margins expand, and the revenue-recognition drag fades as implementations become more efficient, the current valuation could look very different.
If I’m buying this, it’s not because the chart is healthy. It isn’t. It’d be because ServiceTitan may have reached an unusual point where its old growth engine is cooling as its new AI engine accelerates, while the accounting treatment makes the near-term numbers look weaker than the underlying product adoption. But with TTAN below every major moving average, I would want $60 to hold first and $69–$70 reclaimed before adding aggressively. If those levels return, $77–$78 becomes the real confirmation that the market is starting to believe the Max transition.
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