A handful of European AI-linked stocks are surging in 2026

In short: Investors are piling into a small number of European companies tied to AI, pushing their share prices up far faster than the wider market.

What's going on

A few European stocks linked to artificial intelligence are rising sharply this year, according to the Financial Times. Investors are trying to find European winners from a global wave of spending on AI.

The best performers in the Stoxx Europe 600 index so far this year include chipmaker STMicroelectronics, which has more than doubled. Semiconductor equipment firms Aixtron and BE Semiconductor Industries are up 168% and 87%. Nokia is up nearly 100%, helped by its role in the hardware that connects cloud services and data centres (large buildings full of computers).

The gap versus the overall market is wide. The Stoxx Europe Total Market Semiconductors index is up about 74% this year, while the broader Stoxx Europe 600 is up roughly 2%.

Some smaller European companies have also jumped as investors look for what one analyst called the “picks and shovels” of the AI boom (tools that support the boom, rather than the end products). The FT points to French firms such as Soitec, Kalray, and Riber, whose shares have risen several times over. At the same time, some hedge funds are betting against Soitec, according to Breakout Point.

What to watch

Some analysts are warning that parts of this market look expensive and crowded, meaning a lot of investors are making the same bet. Valuations are one sign, with the FT noting forward price-to-earnings ratios of about 37 for STMicroelectronics and 47 for Aixtron, based on Bloomberg data. If AI spending slows or disappoints, these stocks could swing sharply.

Source: Financial Times