European tech stocks slide as AI infrastructure financing worries hit Cac 40

European tech stocks fell sharply on Wednesday, led by STMicroelectronics, Schneider Electric, and Legrand on the Cac 40, as investor concerns over AI infrastructure financing intensified following a steep decline in CoreWeave's shares. The sell-off, driven by slower-than-expected Anthropic sales and potential rate hikes, pushed investors toward US Treasuries. CoreWeave, a provider of AI computing power, saw its stock plunge 15.5% and its bond yields spike to around 15%, as creditors demanded higher compensation for financing its debt-heavy expansion. The company, which builds Nvidia-powered data centers for clients like Microsoft and OpenAI, reported over $35 billion in debt and planned capital expenditures of $35-39 billion this year. The turmoil spread to other infrastructure providers, with Nebius falling 10% and Oracle dropping 8.8%. Elon Musk reacted with "Yikes" on X. Meanwhile, French spirits maker Pernod Ricard rose after reporting quarterly sales.