(Bloomberg) -- European stocks advanced to a record high, rising for a fifth consecutive week as optimism surrounding the boom in artificial intelligence applications buoyed equity sentiment around the world.

The Stoxx 600 Index was 0.4% higher by the close in London, with autos and chemical sectors performing best, while technology and energy underperformed. Earnings continued to roll in Friday, with Standard Chartered Plc jumping after the bank said it would kick off a fresh $1 billion buyback, while the telecoms sector was dragged by Deutsche Telekom AG, which fell after Ebitda missed estimates.

Resilient global growth and prospects of interest rate cuts have boosted Europe’s benchmark index this year and the main regional gauge is on its longest winning weekly streak so far this year. The index on Thursday joined markets in the US and Japan in reaching all-time highs. A buoyant outlook for Nvidia Corp., the most valuable chipmaker, has driven the latest surge on Wall Street amid the mania over AI.

The key question now is whether the European market has run ahead too much. That’s the opinion of market forecasters, who see little or no upside for the Stoxx 600 and say the risk-reward proposition looks unappealing, according to a Bloomberg News survey.

“It’s been a surprisingly strong start of the year, but as the probability of recession keeps reducing and the cycle is set to continue, the place to be is in riskier assets,” said Francisco Simón, European head of strategy at Santander Asset Management. “We see room for more gains and the market should end the year above the current levels, albeit in the short term there could be a more stable market.”

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--With assistance from Michael Msika.

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