European stocks climbed toward record highs on November 11, buoyed by broadly lower oil prices and a resurgence of market enthusiasm for AI-related trades. Mining stocks led the advance, supported by factors including weaker crude prices and a softer dollar. Tech shares also gained ground as AI computing service provider CoreWeave delivered an upbeat business outlook and market expectations for an Anthropic PBC IPO gathered momentum. Among individual movers, Siemens Energy jumped 6.5% after the company said that, driven by surging demand for gas turbines and grid equipment, it expects its profit margin to climb to as high as 22% by 2030—with related demand already having more than doubled last year's profit. European equities have been relative beneficiaries amid the market turmoil of the past week: since last Wednesday's U.S. midterm elections, the pan-European STOXX 600 index has risen 2%, while the S&P 500 has slipped 0.6%. Roger Lee, head of equity strategy at Cavendish, said that post-election, mounting doubts about AI in the market prompted a reversal in some fund flows—a shift from which non-U.S. markets have benefited.