European stocks to edge out US as AI focus shifts: Goldman Sachs

Goldman Sachs says European equities may outperform US stocks as investors shift focus from AI infrastructure spending to returns. Europe's lower AI exposure is now an advantage — STOXX 600 gained 2% on average during eight major AI sell-offs since 2023, while S&P 500 fell 4%. AI firms make up 40% of S&P 500 vs 15% of STOXX 600.