European Stocks Stagnate as Nvidia's AI Boom Counterbalances Sector Weakness

European stock markets were largely flat on Thursday, with Nvidia's impressive earnings report offsetting weakness in several sectors. The pan-European STOXX 600 index fell by just 0.07% to 655.95 points as of 0709 GMT.

Nvidia's forecast of a 70% jump in revenue next fiscal year is a testament to the unrelenting demand for AI computing. The tech giant's results boosted technology stocks, which rose by 1.5%, with shares of AT&S, Technoprobe, and Computacenter advancing between 4.3% and 4.9%.

However, other sectors such as personal and household goods, chemicals, and auto stocks suffered losses ranging from 0.7% to 0.9%. Oil prices also declined by more than $1 due to expectations that talks between Iran and Qatar might ease supply disruptions in the Middle East.