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    European tech shares tumble as China’s AI push spooks investors

    • February 2, 2025
    • admin

    (Reuters) – European shares slid on Monday as the technology sector joined the retreat in other markets after China’s upgraded low-cost, low-power artificial intelligence (AI) model sparked worries about the profits of rivals and the need for costly tech.

    The pan-European STOXX 600 was down 0.7% of 0815 GMT. U.S. Nasdaq Composite futures tumbled 3.1%, while S&P 500 futures sank 1%.

    Startup DeepSeek has rolled out a free assistant that it says uses lower-cost chips and less data, seemingly challenging a widespread bet in financial markets that AI will drive demand along a supply chain from chipmakers to data centres.

    The news rattled European tech stocks as well, which slid 4.5%. Chip equipment maker ASML (AS:ASML) slid 8.7%.

    Siemens (ETR:SIEGn) Energy, which provides electric hardware for AI infrastructure, sank 17.7%, while AI darling Schneider Electric (EPA:SCHN) dropped 8.1%.

    The week ahead is packed with key interest rate decisions by central banks around the globe, with the Federal Reserve and European Central Bank policy verdicts in particular focus.

    Fourth-quarter gross domestic product numbers for the euro zone and Germany, along with inflation data for major European economies, are also part of a data-loaded week.

    Among other stocks, Ryanair added 2.1% after the low-cost carrier posted a bigger-than-expected quarterly profit.

    British American Tobacco (NYSE:BTI) was up 4% after the Donald Trump administration withdrew plans to ban menthol cigarettes.

    This post appeared first on investing.com

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      Popular Topics
      • Crude oil lacking bullish momentum as market looks at rising OPEC supply
      • UK house prices fall 0.8% in June, biggest drop since 2023: is the property boom over?
      • Europe gambles on a high-stakes trade deal to avert Trump’s tariff hammer
      • Indian rupee’s performance contrasts Asian peers; eyes US trade deal for direction
      • Top 3 US stocks due for a comeback in the second half of 2025

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