Established Tech

• Contrary to expectations that AI would primarily benefit new model-builders, recent earnings indicate that established European technology groups are emerging as key winners. • Airbus is leading this trend by integrating AI tools from Mistral and utilizing Scaleway, a subsidiary of the French telecoms group Iliad, for sensitive industrial and defense applications. • This shift matters because it demonstrates how legacy industrial giants can leverage AI to enhance specialized operations rather than being disrupted by new startups.

• Established European tech firms, including SAP, Capgemini, Sopra Steria, and OVHcloud, are seeing a surge in demand and faster growth. • This trend is driven by a market shift as businesses transition from merely experimenting with artificial intelligence to deploying it across their core operations. • The growth is significant enough that several of these companies have upgraded their financial outlooks, positioning them as unexpected winners in the AI race.