European Market Surge Driven by Tech Stocks and AI Optimism

European shares experienced a boost with technology stocks leading the way, fueled by strong forecasts from Micron and Qualcomm. The pan-European STOXX 600 index saw growth as chipmakers and semiconductor firms rose. Meanwhile, declines in oil prices supported investor confidence, while retail and airline sectors showed mixed results.

European shares rose on Thursday, driven largely by gains in the technology sector. Positive forecasts from U.S. chipmakers Micron and Qualcomm helped calm fears of overvaluation in the market.

The pan-European STOXX 600 index climbed by 0.27%, with technology stocks, up 30% for the quarter, leading the charge by increasing 1.7%. This was driven by the strong performance of chipmakers and semiconductor firms like Infineon and STMicroelectronics.

Supporting investor sentiment were declining oil prices, aided by reduced congestion of oil tankers in the Strait of Hormuz. Despite H&M's disappointing profit report, which saw shares fall 1.2%, easyJet shares rose 5.5% after rejecting another takeover bid.