在AI基础设施与能源领域，欧洲企业如法国的施耐德电气、义大利的普睿司曼、西门子能源以及瑞士的ABB（其电力分配系统被微软数据中心采用并与辉达合作）成为热门的「铲子股」投资对象。相比于本月远期本益比一度飙升至45倍的欧洲半导体指数，这些工业板块的估值约为30倍，显得更具吸引力且更便宜。
除了基础设施外，投资者也逐渐关注AI的「采用者」，尤其是银行业，像是桑坦德银行与汇丰银行等，预期AI将透过提高生产力与缩减员工规模来大幅降低成本并提升获利。这种从核心晶片股向AI采用者和间接受益股的轮动，在上周市场波动、核心AI股因估值过高被抛售时，展现出了更佳的抗跌性与防御优势。
Due to Europe's lack of a deep bench of technology giants compared to the US or Asia, and with semiconductor valuations soaring and trades becoming crowded, investors are seeking creative alternative ways to participate in the artificial intelligence (AI) boom. This shift in focus has led them to AI "enablers" and "adopters", such as energy and infrastructure providers selling to hyperscalers, and companies leveraging AI to boost internal productivity.
In the realm of AI infrastructure and power supply, European industrial firms like Schneider Electric, Prysmian, Siemens Energy, and Switzerland's ABB (which supplies power distribution to Microsoft data centers and collaborates with Nvidia) have become popular "pick and shovel" trades. These industrial stocks are highly appealing to investors due to their cheaper valuations, trading at around 30 times forward earnings compared to the European semiconductor index which surged to 45 times earlier this month.
Beyond infrastructure, investors are increasingly turning to AI "adopters", particularly banks such as Banco Santander and HSBC, which are expected to gain significant profit boosts from productivity gains and cost reductions through smaller workforces. This rotation from overcrowded core semiconductor stocks to AI adopters paid off during recent market volatility, when core AI stocks slumped while baskets of European AI adopters showed resilience and gained value.