European shares retreat from record highs, AI uncertainty weighs

European equities slipped on Friday after reaching a peak in the prior session, as doubts about the artificial-intelligence trade unsettled investors. Business Recorder reported that the STOXX 600 was 0.2% lower at 662.64 points at 0808 GMT, with personal and household goods shares down 1%.

The market concern followed Nvidia CEO Jensen Huang’s sudden departure, which raised questions about the future of AI development and financing deals associated with the sector. Goldman Sachs lifted its 12-month STOXX 600 objective to 700 points from 695, while strong quarterly earnings have also helped European shares; the index remains up over 2% for the week, its best weekly advance since June. Chipmakers Siltronic and Aixtron fell over 1% each, the technology sector lost 0.6%, and Richemont dropped 7% after quarterly sales growth slowed to 13% from 20%.