The European stock market fell from record highs, and technology stocks fell sharply along with the stock prices of US chipmakers. The Stoxx Europe 600 Index closed down 0.4%, rising as much as 0.8% during the intraday period, then regaining gains. Technology stocks dragged the benchmark index lower, and Asmack Holdings fell 6.5%. Meanwhile, the Nasdaq 100 index once fell sharply by 6.4%. Investors are cutting their exposure to the sector due to concerns that the Democratic Party's sweep of Congress could affect the promotion of artificial intelligence. The European semiconductor stock basket index compiled by UBS Group fell 8.6% to its lowest level since April. Defense stocks are also dragging down the benchmark index, and the outlook previously released by Germany's Rheinmetall was disappointing. The German defense giant's stock price fell 18% for a while, after the company lowered its 2026 sales target for the second time on Thursday, citing delays in the Boxer armored vehicle project.

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