AI Sell-Off Ends FTSE MIB's Five-Day Winning Streak; STMicro, Technoprobe, Prysmian Hit

When Wall Street's AI Worries Reach Milan

The FTSE MIB fell 1% to 49,501 on Friday, 30 October 2026, ending a five-day winning streak.

Who fell

Losses were concentrated in Italy's AI-linked stocks:

• STMicroelectronics: chipmaker
• Technoprobe: chip-testing equipment
• Prysmian: cables used in data centres and power grids

All three fell sharply as investors worried about how much big tech is spending on AI.

The lesson

Italy's market is known for banks and utilities, but its tech and infrastructure names now move with US chip stocks. When the Nasdaq sells off on AI news, these stocks are often hit first in Europe.

Follow-through

The index bounced back about 0.9% on Monday, helped by banks and Enel, while AI names stayed under pressure.

Educational content, not investment advice.