Global Markets | European shares remained subdued on mixed gains; technology in focus after Nvidia’s defeat

European shares were muted on Thursday as investors assessed a range of mixed corporate earnings from the likes of Schneider and Syensqo, while considering the prospects for artificial intelligence following strong forecasts from US chip leader Nvidia.The pan-European STOXX 600 index was flat at 633.34 points at 0820 GMT. The index hovered around a record high.

Nvidia expects first-quarter revenue to exceed market expectations on Wednesday, with shares rising 1.1% in Frankfurt, reflecting a relatively muted reaction from investors.

Technology stocks are under scrutiny globally at a time when markets are concerned about the disruptions newer AI models could have on traditional businesses, while AI leaders have spent billions developing AI ecosystems. European technology shares traded marginally higher.

AI hardware maker Schneider Electric reported stronger-than-expected core earnings, driven by robust data center demand, sending its shares up 3%.

Among other gains, Belgian chemicals group Syensqo fell ⁠22.6%, prompting a trading halt after fourth-quarter core profits beat expectations.

The London Stock Exchange Group rose 3.6% after announcing a share buyback plan at a time when the company is under pressure from activist investor Elliott Management and faces concerns that AI will put pressure on its business model.