On August 21, analysts from Bank of America pointed out that European stocks may underperform due to the unclear path to monetization for artificial intelligence. Analysts believe that intensifying competition between China and the United States will force AI model manufacturers to lower prices, affecting profit expectations. Meanwhile, rising borrowing costs will also put pressure on corporate earnings. The current pricing of European stocks already incorporates expectations of sustained growth in AI spending, and any reversal in AI's momentum could dampen market optimism. Analysts predict that by the second quarter of 2027, the Euro Stoxx 600 index may decline by 10% to 580 points.