European technology companies experience record growth due to AI investments
The European technology sector showed impressive results in the third quarter, significantly exceeding analysts’ forecasts due to increased investments in artificial intelligence, which offset the impact of trade restrictions.
According to Bloomberg data, the MSCI Europe Technology index showed a 16% growth in earnings per share by the end of the third quarter, while only 4.2% was forecasted. More than 86% of the index companies have already submitted reports, and almost all reported higher profits than expected. A crucial role in achieving success was played by ASML Holding NV, a microchip equipment manufacturer, which recorded a significant increase in orders thanks to increased spending on AI infrastructure, alleviating investor concerns about a potential slowdown in 2026.
Another important player, the Dutch company BE Semiconductor Industries NV, also reported significant growth in profits and orders, exceeding experts’ expectations. The main demand comes from the Asian market due to the development of projects related to AI.
However, despite the overall positive trend, not all companies managed to avoid negative impacts. European software giant SAP SE forecasts moderate growth for its cloud business due to trade pressure threats and dollar fluctuations. Meanwhile, the company assured investors that artificial intelligence will become a key growth element.
Bloomberg Intelligence analysts highlight the so-called “AI supercycle,” which stimulates demand for communication infrastructure and fiber networks, especially in the USA. There Nokia finds new markets. Equally significant are deals amounting to more than $1 trillion, implemented by OpenAI in collaboration on data center construction and chip procurement, strengthening the positions of European companies in the production chain.
However, the industry remains vulnerable to global supply chain disruptions. Heightened relations between the USA and China are leading to restrictions on the supply of AI chips to China from Washington, while Beijing is limiting the export of rare earth metals necessary for their production.
