Bloomberg Surveillance · Tuesday, September 15, 2026
Marina Zavalac confirmed that the AI trade is active in Europe, with companies adopting AI technologies and beginning to show a return on investment (ROI). She highlighted that while Europe may not have as many tech giants as the US, its companies are increasingly benefiting from AI, particularly in sectors like semiconductors and capital goods, and that this trend is accelerating.
“So we don't have as many tech companies, but we have adopters. So we are seeing ROI starting to come through.”
“At some stage, when that ROI starts to come through in force, I think it will be Europe's moment because we have so much low-hanging fruit in terms of potential for productivity improvements, demographics, where returns are starting.”
“So we estimate about 15% is direct AI CapEx exposure. And then you have a lot of secondary exposure. So banks, huge part of our index, they're actually outperforming mega cap tech in the US because yields, for multiple reasons, but partly AI-driven yields are going higher.”