European Shares Steady as Nvidia Drop Sparks AI-Focused Rotation

European stocks traded little changed on Thursday as Nvidia Corp.’s uninspiring results prompted investors to sell high-flying chip machinery stocks and rotate into shares that have been battered by concerns about disruption from artificial intelligence.

The Stoxx Europe 600 Index was flat the end of trading after closing at a record high on Wednesday. ASML Holding N.V. was the biggest drag on the index, falling 4.3% as Nvidia declined in US trading following Wednesday’s earnings report.