European stock indices have been climbing steadily in 2026, powered by a surprisingly potent force: the continent’s AI hardware and infrastructure companies. The STOXX Europe 600 has risen approximately 10-11% year-to-date as of early August, with AI enablers like ASML and Infineon acting as significant contributors to that growth.
The numbers behind the rally
European AI-related stocks in the semiconductor supply chain have gained over 100% year-to-date by mid-2026. Sweden’s Sivers Semiconductors has been the standout performer, soaring more than 2,000%.
According to analysis from TS Lombard, AI-themed stock baskets contributed to over two-thirds of the positive performance in European equities during a period ending in May 2026. Those gains matched what investors saw in the Nasdaq over the same stretch.
The DAX, CAC 40, and FTSE MIB have all reached or approached record highs, lifted by the same tailwind.
