Goldman’s Top Strategist Says Europe Is Quietly Keeping Pace With the S&P 500. Here’s the AI Spillover Nobody’s Watching

Quick Read

• ASML surged 72% and STMicroelectronics jumped 190% twelvemonth to day arsenic US hyperscaler AI spending floods European chipmakers.

• Infineon surged 115% connected AI rack power-chip request portion Eni climbed 26% connected raised currency travel guidance and an expanded buyback.

• SAP fell 35% connected an net miss yet grew unreality gross 27%, trading astatine 19x guardant earnings, which represents a discount uncommon successful AI-linked software.

• Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and ASML didn't marque the cut. Grab the names FREE today.

Peter Oppenheimer, Goldman Sachs' Chief Global Equity Strategist, went connected Bloomberg connected July 1, 2026 and pointed astatine a statistic astir US-focused investors person missed: European equities person kept gait with the S&P 500 done the archetypal fractional of the year, contempt carrying a fraction of the tech weight.

The tortoise is moving adjacent with the hare, though it is inactive a small behind.

The hyperscaler capex is leaking crossed the Atlantic

Oppenheimer's halfway statement is that AI infrastructure spending does not enactment bottled up wrong 5 US megacaps. "This monolithic ramp up successful spending that the hyperscalers person been doing has been, and I deliberation volition proceed to trickle retired into immoderate amended net maturation into different sectors," helium said. The largest beneficiary sits successful the Netherlands.

ASML (NASDAQ:ASML) is the sole supplier of EUV lithography, the machinery that etches the transistors AI accelerators need. The banal trades adjacent $1,839 aft a 71.98% year-to-date run. CEO Christophe Fouquet told investors successful April that "demand for chips is outpacing supply" and raised full-year guidance to €36 to €40 billion. Backlog exited 2025 astatine $45.06 billion. The 2030 gross accidental sits astatine €44 to €60 billion, disclosed successful the company's astir caller SEC filing.

Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and ASML didn't marque the cut. Grab the names FREE today.

STMicroelectronics (NYSE:STM) is the different AI spillover surprise, up 189.88% twelvemonth to date. CEO Jean-Marc Chery guided datacenter gross "nicely supra $500 cardinal for 2026 and good supra $1 cardinal for 2027," tied to a multi-year commercialized engagement with AWS that includes warrants connected up to 24.8 cardinal shares. Infineon Technologies, the German power-chip shaper whose silicon carbide converters beryllium wrong each AI rack's powerfulness shelf, is up 115.26%.

The valuation spread is doing enactment

Oppenheimer's 2nd statement is arithmetic. Even aft adjusting for Europe's lighter bundle vulnerability and less megacap platforms, comparable European companies commercialized astatine a discount to US peers. ASML carries a trailing PE of 61 and a guardant PE of 50, a discount to what US investors wage for AI infrastructure vulnerability with a fraction of the monopoly.