European markets roared Thursday, led by tech stocks after OpenAI’s $6.6B share sale, while Stellantis outperformed with strong U.S. sales.
European equities surged on Thursday as technology stocks powered gains, buoyed by blockbuster news that OpenAI raised $6.6 billion at a $500 billion valuation. The announcement electrified the market, driving the Stoxx Europe Technology Index up 2.9%.
Semiconductors were the day’s big winners:
- ASMI jumped 6.8%
- Be Semiconductor rose 5.6%
- ASML advanced 5.5%
Meanwhile, autos joined the rally. The Stoxx Automobiles & Parts Index gained 2.4%, with Stellantis stock surging 7.7% after reporting a 6% YoY jump in Q3 U.S. sales. Its Jeep, Chrysler, Ram, and Fiat brands all delivered growth.
ING economist Rico Luman cautioned that EV sales may cool in Q4 after a rush to beat U.S. tax credit expirations on October 1, but stressed that annual growth will hold steady.
For Israel, the dual boom in AI-driven tech and automotive innovation reinforces opportunities: Israeli chip startups, EV battery pioneers, and AI research hubs are perfectly positioned to ride this European market momentum.
