European Shares Rise as Tech Stocks Lead Market Gains
The STOXX 600 index rose 0.7 percent as STMicroelectronics shares jumped 15 percent following an upgrade to its data centre revenue targets. Euro zone inflation accelerated to 3.2 percent in May, reinforcing expectations that the European Central Bank will raise interest rates next week.
The X STOXX EUROPE 600 1C rose 0.7% to 625.34 points on June 2 after a revenue target upgrade from a major chipmaker fueled a technology rally. The benchmark's technology sub-index gained 3.4%, marking its strongest performance among all sectors. The surge reflects growing investor confidence in the durability of the global AI infrastructure cycle.
### AI Demand Drives Semiconductor Surge STMICROELECTRONICS NV rose 15.1% to €68.26, its highest level since September 2000. The rally followed the firm's decision to lift revenue targets for its data center business, citing intense demand from the AI sector. Other industry players followed, with INFINEON TECHNOLOGIES AG adding 9.5% and SCHNEIDER ELECTRIC SE rising 4%.
