European AI-exposed stocks caught up in global rout
XLK•European chip and other AI-exposed stocks fell sharply, tracking overnight selloffs in the United States and Asia. The STOXX tech index fell 3.5%, while several chip stocks dropped between 6.5% and 11%.
1. Tech shares slide
The STOXX tech index fell 3.5% to a more-than-three-week low, leading losses on the wider STOXX 600. ASML, STMicroelectronics, BESI, Infineon and ASMI fell between 6.5% and 9.8%, while Siltronic, Soitec, Aixtron, Technoprobe, Suss MicroTec and AT & S were down around 9% to 11%. Other AI-exposed stocks, including Nokia, Prysmian, Legrand, Schneider Electric and ABB, slid between around 4% and 7%.
