ASML, SAP Show Widening Gap Between AI Winners and Losers

In the space of 48 hours, the fate of Europe’s top two tech stocks has shown how fast the artificial intelligence boom is causing investors to pick winners and losers.

SAP SE shares slumped as much as 17% on Thursday after its weak outlook added to investor fears that AI coding tools could upend the enterprise software industry. ASML Holding NV, on the other hand, soared to an all-time high this week after it reported record orders from chipmakers who are struggling to keep up with AI-related demand.