European shares slipped on Friday, retreating from the record highs reached in the previous session, as uncertainty over the outlook for the artificial intelligence trade rippled through global markets following Jensen Huang’s abrupt resignation as chief executive of Nvidia.
The pan-European STOXX 600 was down 0.2 per cent at 662.51 points by 0858 GMT, with the technology sector down 0.9 per cent. Chip stocks Infineon and Aixtron fell about 2 per cent each, while AI equipment makers Schneider Electric and Legrand were marginally lower.
Investors are worried about what Huang’s departure, following revelations of extramarital affairs, means for the future of AI development that has underpinned much of the global economy, given that he was a key personality in a web of deals that financed the flourishing trade.
“There is a little bit of a knock-on effect as tech sector has come under pressure given the fallout from Nvidia in addition to concerns that were already lingering over the AI trade,” said Fiona Cincotta, an independent market analyst in London.
Despite Friday’s losses, analysts say Europe’s smaller exposure to AI-linked stocks makes it relatively less vulnerable to AI volatility. The STOXX 600 earlier this week breached record-high levels for the first time since August and is up more than 2 per cent for the week, its strongest gain since June. In comparison, its US peer, the S&P 500, is more than 3 per cent away from all-time highs. Goldman Sachs raised its 12-month target for the STOXX 600 to 700 points from 695, and robust earnings this quarter have also supported European equities.
Wise Group gained 4.7 per cent to top the benchmark index after the money transfer company reported a 23 per cent net revenue rise in the first half of its fiscal year. In contrast, Richemont fell 6.5 per cent and weighed on the personal and household goods sector after the Cartier owner reported weaker-than-expected sales in its jewellery unit during the second quarter. The gloom also spilled over to the broader luxury sector, which slid 2 per cent, with Kering down 1.3 per cent and LVMH off 0.2 per cent. Italian insurer Generali lost 1.5 per cent after its operating profit rose 8.5 per cent to 6.45 billion euros in the first nine months of the year but missed consensus by 1 per cent.
A slight tick up in Brent crude prices also fuelled caution as tanker attacks in the Strait of Hormuz continued, dampening the chances of an imminent end to the US-Iran conflict. Later in the day, the focus will shift to euro zone third-quarter gross domestic product data, due at 1000 GMT.
Sources: Reuters, “European shares retreat from record highs, AI uncertainty weighs”, 13 November 2026 — https://wdsm710.com/2026/11/13/european-shares-retreat-from-record-highs-ai-uncertainty-weighs/
