European Equity Strategy: Muse/Agentic AI - Disruption, Dislocations & Regulation

We map potential Muse/agentic AI disruption risk in European equities, finding generally low to moderate levels of exposure across 12 sectors, pockets of opportunity, and a complex regulatory backdrop (GDPR, DMA) which may delay and/or constrain agentic disruption somewhat relative to the US. In MSCI Europe, we map 24% of the index weight having some level of exposure to agentic AI disruption risk but only c. 3% with at least a 'moderate' or material level of exposure. In addition to mapping potential disruptions across 12 sectors, we note select stock dislocations (notably: Experian, Verisure, & Top Pick Scout24), & potential opportunities (Top Pick Adyen, IONOS, 1&1, Digi Spain).