A powerful rally in artificial intelligence-linked stocks across Europe and Asia is injecting fresh risk-on sentiment into global markets, potentially creating a favorable backdrop for cryptocurrencies. While broader European equities have struggled under the weight of geopolitical tensions, AI companies have emerged as a standout theme, with semiconductor and infrastructure plays posting double-digit gains since April. At the same time, Asian indices jumped Thursday on reports of progress in US-Iran negotiations and Nvidia's stellar earnings outlook.
Research from TS Lombard shows that two custom AI baskets—one focused on semiconductor suppliers like ASML, Infineon, and STMicroelectronics, the other on data center and power infrastructure names such as Schneider Electric and Prysmian—accounted for over two-thirds of the positive performance in European equities over the past six weeks. The semiconductor basket has surged roughly 20% since early April, while the infrastructure basket added about 22%, performance that rivals the Nasdaq’s 21% gain and Taiwan’s 28% advance in the same period.
Nvidia provided the latest catalyst after its fiscal first-quarter revenue beat and an upbeat guidance signaled sustained demand for AI computing. This news lifted Asian chipmakers in its supply chain: TSMC rose over 3%, while Samsung and SK Hynix also benefited. The read‑through confirms that corporate spending on AI infrastructure remains robust, a sentiment that has historically spilled over into riskier assets like crypto.
Geopolitical tailwinds added further momentum. Asian stocks climbed on Thursday amid optimism that indirect US-Iran talks may yield a diplomatic breakthrough, easing oil price fears and supply‑chain risks. Japan’s Nikkei 225 gained over 1.5%, South Korea’s Kospi added 1.8%, and Hong Kong’s Hang Seng Index was led by tech and semiconductor names. For crypto markets, such a macro environment—where safe‑haven demand cools and cyclical assets recover—could provide a supportive, if indirect, boost.
