As Metals Decline From Peaks, TSMC Sparks Tech Revival – Europe Market Wrap

Technology stocks rebounded on Thursday as TSMC reaffirmed its belief that AI will continue to drive outsized returns. Metals dropped from all-time highs.

Nasdaq 100 futures rose 0.9% after the AI bellwether announced it would increase capital spending by at least a quarter to $56 billion in 2026 and anticipated faster-than-expected revenue growth. Tech also pushed Europe’s Stoxx 600 to a new high, while S&P 500 contracts rose 0.4%.

Chipmakers topped the sector’s advances. ASML, which has TSMC as its largest customer, increased more than 5% in Amsterdam. TSMC suppliers Applied Materials and Lam Research both surged more than 7% in premarket trading. AI giants like Nvidia and Alphabet also grew, but more modestly.

A surge that sent precious metals to new highs has cooled, with silver falling more than 2%. Gold and platinum also declined. The weakening spread to base metals, with copper approaching $13,000 per tonne. Oil fell for the first time in six days after  Trump hinted at delaying an intervention in Iran.

The increased excitement about AI comes after weeks of a consistent shift away from mega-cap technology stocks and towards a broader collection of companies with stronger growth prospects. Despite the fact that the bulk of its members advanced, the S&P 500 suffered its first back-to-back losses on Wednesday.