FRANKFURT: European shares fell on Monday as technology stocks came under pressure after leaders of top AI companies pushed for a slower pace of development, while another surge in oil prices and global bond yields dampened broader risk appetite.
The pan-European STOXX 600 was down 0.5 percent at 635.99 points. Most regional markets declined, though London’s and Zurich’s indexes rose 0.4 percent and 0.8 percent, respectively.
Technology stocks were among the biggest losers, down 2.1 percent, as AI-linked shares slid globally. Anthropic CEO Dario Amodei called on Saturday for companies to slow advances in AI model capabilities over misuse concerns, a view supported by xAI’s Elon Musk and OpenAI CEO Sam Altman.
France-based chipmaker Soitec was the STOXX 600’s top decliner, falling 12.5 percent.
Software stocks, however, gained. Octave Intelligence, Capgemini, Sage and Relx rose between 5 percent and 7.5 percent.
“These stocks were victims of the SAASpocalypse, on fears AI would wipe out their businesses,” said Chris Beauchamp, chief market analyst at IG.
“Those fears were overdone, but if the AI giants do put their foot on the brake, then the outlook for revenues for Sage, RELX and their SAAS brethren globally becomes much brighter, even if it only delays a longer-term loss of business.”
European miners fell 2.5 percent, with miners of both base and precious metals declining as they tracked weakness in commodity prices.
Healthcare stocks bucked the broader trend to rise 2.7 percent. GSK gained 4.7 percent after reporting positive trial results for two lung cancer drugs, adding to the sector’s momentum.
Energy stocks were off 0.8 percent, though crude prices jumped 2 percent after fresh strikes on Saudi energy infrastructure and attacks on ships in the Middle East heightened supply concerns.
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