Tech stocks tumble on AI funding fears

(AWP Alliance News) - The following stocks are the leading risers and fallers in Europe's major stock indices on Thursday.

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CAC 40 WINNERS

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Orange SA, up 3.0% at EUR14.47

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Carrefour SA, up 3.0% at EUR16.66

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Bouygues SA, up 2.4% at EUR41.18

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CAC 40 LOSERS

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STMicroelectronics NV, down 7.0% at EUR40.04, semiconductor sector-wide anxieties

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Legrand SA, down 5.0% at EUR128.90

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Schneider Electric SE, down 3.8% at EUR253.65

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DAX 40 WINNERS

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Deutsche Telekom AG, up 2.8% at EUR26.03

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Puma SE, up 2.8% at EUR24.28

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Fresenius Medical Care AG, up 2.6% at EUR39.32

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DAX 40 LOSERS AI funding worries

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Infineon Technologies AG, down 8.0% at EUR50.68, hit by AI funding worries

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Siemens Energy AG, down 8.0% at EUR124.88

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Siemens AG, down 3.1% at EUR267.15

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FTSE 100 WINNERS

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Experian PLC, up 3.1% at 2,779.50p

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Autotrader Group PLC, up 3.1% at 528.20p

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IG Group Holdings PLC, up 3.0% at 982.25p

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FTSE 100 LOSERS

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Antofagasta PLC, down 6.5% at 3,338.50p, 2027 outlook falls short of hopes

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Halma PLC, down 5.2% at 3,298.00p

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Polar Capital Technology Trust PLC, down 5.1% at 643.25p

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MIB 40 WINNERS

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Snam Spa, up 1.8% at EUR5.82

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Terna Spa, up 1.6% at EUR9.42

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Italgas Spa, up 1.5% at EUR8.59

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MIB 40 LOSERS

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Prysmian Spa, down 7.1% at EUR105.55, as a global sell-off weighs on tech stocks and companies with exposure to AI infrastructure

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STMicroelectronics NV, down 6.7% at EUR40.19

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Saipem Spa, down 3.7% at EUR4.48

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SMI 20 WINNERS

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Swisscom AG, up 2.9% at CHF658.25

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Lonza Group AG, up 2.6% at CHF600.20

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Zurich Insurance Group AG, up 2.2% at CHF606.00

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SMI 20 LOSERS

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ABB Ltd, down 4.7% at CHF75.30

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Logitech International SA, down 1.7% at CHF83.89

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Compagnie Financiere Richemont SA, down 0.9% at CHF172.83

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European stock movers in focus:

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STMicroelectronics NV, down 7.0% at EUR40.04, 12-month range EUR8.20-EUR70.85. Shares in the semiconductor manufacturer fall amid a global sell-off in technology and artificial intelligence-related stocks, as hotter-than-expected US inflation data adds to concerns over the cost and sustainability of AI infrastructure investment. Sentiment is also weighed down by growing competition from Chinese chipmaker ChangXin Memory Technologies, known as CXMT, in the dynamic random-access memory market. Meanwhile, financing concerns surrounding AI cloud computing provider CoreWeave have intensified after its debt came under pressure. The decline has raised questions over investors' willingness to continue funding the debt-heavy expansion of AI infrastructure, putting further pressure on semiconductor and technology stocks, as well as companies with a significant exposure to AI infrastructure.

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Antofagasta PLC, down 6.5% at 3,338.50, 12-month range 2,496.00p-4,475.00p. The Chile-focused copper miner reports weaker-than-expected third-quarter production, raises its cost guidance for 2026 and forecasts 2027 output below market expectations. Copper production rises 7.0% quarter-on-quarter to 151,900 tonnes from 142,000 tonnes, missing company-compiled consensus of 155,000 tonnes, while gold output falls 4.3% to 44,300 ounces from 46,300 ounces, below expectations of 53,000 ounces. Antofagasta maintains its 2026 copper production guidance of 625,000 to 655,000 tonnes but forecasts output of 630,000 to 690,000 tonnes in 2027, below consensus of 692,000 tonnes. It raises its 2026 cash cost guidance before by-product credits to USD2.60 to USD2.70 per pound from USD2.40 to USD2.60, citing persistently elevated diesel prices. Net cash cost guidance remains unchanged at USD1.15 to USD1.35 per pound, while capital expenditure guidance stays at USD3.4 billion. The company says construction at its Centinela and Los Pelambres projects is progressing towards completion in 2027, while talks to resolve strike action at Centinela continue.

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British Land Co PLC, up 2.5% at 417.80 pence, 12-month range 335.40p-451.60p. The commercial property developer and landlord reiterates its full-year earnings guidance amid robust demand for London office space and strong rental growth. For the six months ended September 30, British Land expects underlying profit to rise 7.1% to GBP166 million from GBP155 million a year earlier, while underlying earnings per share are forecast to increase 4.5% to 16.1p from 15.4p. Like-for-like net rental growth of 12%, development lettings and cost efficiencies help offset higher interest rates and lower surrender premiums. Property values rise 1.5% in the period, supported by 3.0% growth in estimated rental value. Chief Executive Jo McNamara says demand for office space remains resilient despite macroeconomic uncertainty, with 1 Broadgate and One Triton Square now fully let and retail parks operating at near-full occupancy. British Land maintains its financial 2027 underlying EPS guidance of at least 30.5p, representing 6% growth, and expects medium-term annual EPS growth of 3% to 6%.

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TotalEnergies SE, up 0.8% at EUR80.92, 12-month range EUR50.85-EUR85.08. The French energy company expects third-quarter hydrocarbon production to rise to around 2.5 million barrels of oil equivalent per day, benefiting from a reduced impact of the Middle East conflict. Excluding the effects of the conflict, production is estimated to have increased by around 4% year-on-year. TotalEnergies expects downstream earnings to reach exceptional levels, supported by stronger refining margins, while oil trading performance remains at the elevated levels seen in the first two quarters. Its European refining margin indicator jumps to USD33.20 per barrel from USD13.50 in the second quarter and USD8.40 a year earlier. Average liquefied natural gas prices rise to USD12.28 per million British thermal units from USD10.20 in the previous quarter and USD8.91 a year earlier. Meanwhile, the average Brent crude price falls to USD97.00 per barrel from USD103.80 in the second quarter, but remains above USD69.10 a year earlier. The company also expects a positive working capital contribution of around USD3 billion in the third quarter.

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Pernod Ricard SA, up 1.5% at EUR67.06, 12-month range EUR57.86-EUR90.34. The French spirits maker reports a sequential improvement in trading during the first quarter of its financial 2027, despite continued weakness in the US and China. Net sales total EUR2.23 billion, down 6.3% on a reported basis and 0.9% organically, reflecting the impact of disposals and challenging market conditions. Sales in the US decline 10%, while China records a 25% fall, with both markets affected by expected inventory adjustments. However, underlying sales to consumers in China return to growth ahead of the Mid-Autumn Festival. Excluding the US and China, sales rise 4%, supported by strong performance across other Asian markets, while Europe and Latin America remain softer. Group volumes return to growth, rising 6%, including a 2% increase for strategic international brands. Pernod Ricard says trading momentum is improving across several key markets, although geopolitical uncertainty and cost-of-living pressures continue to weigh on demand.

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By Eva Castanedo, Alliance News senior economics reporter

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