Sophie Huynh, portfolio manager and strategist at BNP Paribas Asset Management, said Europe is more likely to be a beneficiary of AI than a developer and the auto sector stands to gain. European auto equities are currently very cheap and their upside is largely overlooked; it may take one to two years for market consensus to recognise the case. Many US consumer-driven positives are already priced in, she added, so US growth momentum is slowing while Europe is only beginning to recover.