AI frenzy sees these European stocks gain over 100% this year in blockbuster rally

A handful of European AI-linked stocks have surged this year as investors pile into companies supplying AI infrastructure. Chip-equipment maker Aixtron is up ~189% YTD (300% over 12 months), Technoprobe +129%, STMicroelectronics +133% and Nokia +108%. The Stoxx Europe Total Market Semiconductor index is up about 84% YTD versus a roughly 3% gain for the Stoxx 600, highlighting concentrated flows into a small group of perceived AI “enablers.” Analysts say the rally reflects real demand from hyperscalers for data‑center, networking and chip equipment but warn it’s a narrow phenomenon driven by scarcity of liquid European AI plays and could be slowed by Europe‑specific constraints (power grids, data‑center moratoriums, EU AI Act). Nvidia’s prior $1bn stake in Nokia and Citi’s raised target on Aixtron are cited as catalysts. Overall market impact: sharp gains in select European hardware suppliers, but not yet evidence of a broad European tech renaissance.