European shares edged up on Tuesday with gains for utilities and media stocks supporting the index, as selling pressures eased a day after a global market rout sparked by the Chinese AI startup DeepSeek.
The pan-European STOXX 600 was up 0.2% as of 0815 GMT.
DeepSeek’s discount artificial intelligence model and its soaring popularity rattled investors who dumped technology shares and questioned the sky-high valuation of AI bellwethers.
AI darling Nvidia was robbed of $593 billion from the chipmaker’s market value, a record single-day loss for any company. European technology index, which also took a hit in the previous session, was trading 0.3% higher.
Engineering and technology consulting group Alten rose 7.8% after reporting annual results. Media was among the top winning sectors, adding 0.8%, while utilities also supported with 0.7% gain.
Siemens Energy rose 3.4% after the offshore wind turbine maker reported a preliminary first-quarter revenue above market expectations.
European stocks rise on Trump’s Davos speech
The company, which provides electric hardware for AI infrastructure, slumped 20% on Monday as it was severely affected by the selloff of AI-exposed stocks.
In other stocks, Netcompany Group slumped 16% after the IT consultancy firm posted fourth-quarter revenue below market expectations.
Comments