Stéphane Boujnah, president of Euronext, the operator of the Paris stock exchange, expressed doubt about whether European markets are falling behind compared to the U.S. during an interview on BFM Business on September 14. He pointed out that American stock indices are heavily influenced by a small number of large global companies that dominate pricing and generate revenue through licensing. Boujnah contrasted this with the performance of French companies, which are often globalized and diversified, and have shown strong results despite the current economic climate. Boujnah downplayed concerns about a decline in European stock indices, even though some European companies, like Pasqal—a French quantum computing startup—have chosen to go public in the U.S. He noted that Pasqal had the chance to merge with a special purpose acquisition company (SPAC) to avoid the lengthy process of explaining its business to new investors. However, Pasqal still expressed interest in listing in Paris. Boujnah suggested that certain high-investment sectors, such as biotechnology and quantum computing, might see listings in both Europe and the U.S., depending on market conditions. Boujnah raised concerns about the growing divide between large global companies—those that are performing well and reporting strong results—and mid-sized companies or small and medium-sized enterprises (SMEs) struggling with rising energy costs. He warned that the increasing cost of debt could slow economic growth and that rising interest rates could have a ripple effect across all businesses, regardless of their size or sector. When asked about a potential "bubble" in artificial intelligence (AI) stocks, Boujnah acknowledged that while the transformation of production processes through AI is a real and lasting trend, the valuations of some AI-related companies might be overinflated. He compared this situation to other major technological shifts in history, where more companies chase opportunities than there are actual opportunities available. Boujnah also said he was open to the possibility of a merger or closer integration with Deutsche Börse, Euronext’s main European competitor, even though no talks are currently underway. He suggested that combining stock exchange operations could make sense and that a full merger between the two companies is technically possible, though it would face significant regulatory hurdles. Past attempts at closer collaboration between the two firms had not succeeded. Euronext operates stock exchanges in several major European cities, including Paris, Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Athens. The company regularly seeks growth through external partnerships and has set a strategic goal to become the primary gateway to Europe’s capital markets, as outlined in its 2024 strategic plan.