European shares closed at a record high on Wednesday, boosted by technology stocks following strong results from chip equipment maker ASML, while investors shifted their focus to a monetary policy verdict by the U.

European tech stocks have bounced back far more quickly than their U.S. counterparts following the DeepSeek AI rout. The pan-European Stoxx 600 Tech index jumped more than 3% Wednesday, climbing above its Friday closing level–before the Chinese startup’s AI developments spooked markets.

World markets were suddenly looking calmer on Wednesday as the week’s rollercoaster ride for stock markets morphed into wait-and-see ahead of the Federal Reserve’s first rate meeting of the year and results from Microsoft,