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(Bloomberg) — European shares fell from record levels amid shifting sentiment toward artificial intelligence and technology stocks.
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The Stoxx Europe 600 Index was 0.8% lower as of 10:07 a.m. in London. Energy and tech stocks led the retreat. Zalando SE fell by as much as 11% before paring the loss, after Germany’s financial regulator opened a probe into the online fashion retailer’s 2025 report over suspected violations of accounting rules.
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European shares have now lost their weekly gains, with the Stoxx 600 Technology Index set for the worst weekly drop since mid-March.
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Elsewhere, Banca Ifis shares slumped 35% after the Italian lender cut its guidance for 2026 and started a process to sell its non-performing loan business, as it awaited a report following a Bank of Italy inspection.
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In technology, Apple Inc. shares fell in the US after it raised prices on Macs, iPads and home devices. Asian tech stocks, including the iPhone maker’s suppliers, were hit by concerns that rising component prices will curb demand for devices and eventually slow the memory chip rally that has powered much of the AI trade.
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“Semiconductors remain the backbone of the AI-driven tech cycle, benefitting from strong structural demand. The recent volatility reflects a valuation test, profit‑taking and flow-driven positioning amid higher rates, not a fundamental break,” said Christian Stocker, equity strategist at UniCredit. “We view this as a temporary correction within a still-intact long-term AI growth trend.”
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—With assistance from Michael Msika.
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English (US)