Infineon Technologies AG said it will ramp up its investment in technology for artificial intelligence, working to diversify its business in a prolonged slump in auto and industrial chip demand.

Global software, financial services and asset management stocks get hit by concerns about competition from a new AI automation tool released by Anthropic PBC. Investors are fretting that many businesses will come under increased threat from advances in generative AI. Novo Nordisk shares plunged after the company shocked investors by forecasting a steep decline in sales, evidence of an intensifying price war in obesity drugs. UBS shares drop after the bank’s CFO said more headwinds in US wealth should be expected in the first half following 4Q net outflows, the third straight quarter of declines. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie. (Source: Bloomberg)

CEO Jochen Hanebeck discusses how AI has become a growth story for Infineon. He joins Annabelle Droulers on “Bloomberg Markets” from CES in Las Vegas. (Source: Bloomberg)