Feb 11 (Reuters) – European shares fell on Wednesday, weighed by technology stocks after France’s Dassault Systèmes results disappointed investors, as worries persist about the repercussions that newer artificial intelligence models could have on traditional businesses.
The pan-European STOXX 600 index slipped 0.2% to 619.66 points by 0820 GMT, with France’s CAC 40 index dropping the most among regional benchmarks, down 0.3%.
After an initial trading halt, software maker Dassault tanked nearly 20% after reporting quarterly results, with fourth-quarter revenue rising just 1% at constant currency to 1.68 billion euros ($2.00 billion), at the lower end of guidance.
Dassault was among the stocks that took a hit last week as AI-disruption worries swept through global markets. The broader technology sector fell 2% and led sectoral declines.
Similarly, insurance undefined stocks took the brunt of the hit this week after the release of the Insurify ChatGPT tool, after which brokerage Barclays downgraded the European sector to ‘Underweight’. The sector <.SXIP> has lost nearly 2% this week.
Investors instead preferred hardware makers such as Siemens Energy
Among others, London Stock Exchange Group
Heineken
($1 = 0.8393 euros)
(Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi Aich)
