European chip, electrical stocks surge as AI optimism builds on earnings

European chip and electrical-equipment stocks rallied on April 22, 2026, as AI-driven demand expectations and upbeat earnings lifted investor sentiment. ASM International jumped to an all-time high after raising Q2 sales guidance, while ABB raised its full-year outlook and hit a record. Gains in Europe tracked a powerful U.S. semiconductor rally — the Philadelphia SOX has climbed for 15 straight sessions, up about 35% — and ASML reported stronger-than-expected results, tightening the link between AI infrastructure spending and semiconductor-equipment demand. Barclays says a shift from weak to AI-led investment should boost semis, electricals and related infrastructure, with European spending expected to accelerate from 2026. The broader European tech segment outperformed on the STOXX 600, reflecting flow into AI beneficiaries.