European stock markets fall sharply, weighed down by fears of a potential bubble in the technology sector. Yesterday, in fact, artificial intelligence-related stocks, from chipmakers to major tech companies, collapsed on Wall Street, causing the Nasdaq to slide 1,47%. SpaceX, the matriculation number of Elon Musk, closed below the placement price of 135 dollars (at 131 dollars). The selling also dragged down the Tokyo Stock Exchange (-4%) and the main Asian markets, with the exception of Seoul, which remained closed for the holiday. The Taiwanese Tsmc lost more than 7%, paradoxically the day after publishing record-breaking quarterly results. Investors aren't questioning the potential of artificial intelligence, nor the strong demand for the chips and infrastructure needed to develop this new technology. However, questions are growing about the valuations reached by sector stocks after the rally of recent months.
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While the progress continues at full speed quarterly season, on the macroeconomic front, attention is turned to the final Eurozone inflation data for June, which could influence the future ECB decisions on interest rates. Operators also continue to monitor the evolution of the geopolitical situation, with tensions in the Middle East fueling uncertainty in the markets. On the energy front, however, oil is moving little. It is giving up Paris, Frankfurt, Amsterdam, Madrid e Milan.
A Business Square, stmicroelectronics collapses, penalized by the sell-off that hit the semiconductor sector. The sales in stocks linked to artificial intelligence also weighed on PrysmianBanks are weak, with the exception of Ps which, after a red start, has recovered ground. The institute's board of directors continue to evaluate various strategic options, while the market awaits any developments regarding the consolidation of the Italian banking sector.
On the currency, theeuro it gets stronger, the bitcoin slips and the salt.
