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Bernstein has listed eight European “AI risk-proof” names it thinks are structurally resilient to the recent market volatility , and can outperform peers thanks to moats in their business models. The logistics, software, real estate and financials sectors in the U.S. have been hit in recent weeks by “the AI scare trade.” A key catalyst for the sell-off was Anthropic’s launch of a new plug-in for its Claude co-working agent — seen as a potential rival to established software-as-a-service companies offering legal, sales, and data analysis services. Bernstein’s curated list of outperformers includes a budget airline, a logistics stock, a food and drink manufacturer, and a real estate investment trust. It said low-cost European airline EasyJet ‘s benefits from a core moat based on key tangible strengths — namely slots at crowded airports and the size of its fleet. “AI is a tool enhancing airlines’ operational efficiency, reinforcing rather than eroding incumbents’ cost advantages,” analysts said of the London-listed carrier. EZJ-GB YTD mountain easyJet. Flughafen Zürich , which owns and operates Zurich Airport, faces “mild pressure on business travel in the very long run” if AI “massively eliminates” white collar roles — but otherwise AI poses no major risks to its core airport operation, according to Bernstein. The Feb. 13 note, by Bernstein analysts led by Aleksander Peterc, also highlighted Dutch construction services business Royal BAM Groep , logistics name Bunzl , Asmodee , a French publisher of board, card and table-top role-playing games, and FTSE 250-listed Princes Group, which makes food and drink products. “AI tools cannot replace the fundamental appeal of physical, tactile board games that define Asmodee’s value proposition. AI can, however, help improve development and productivity,” Peterc said. “BAM Groep operates in a sector where execution, reputation and client relationships form the core of the competitive moat. AI is used only as an industry-wide tool (schedule-risk analysis; predictive safety), not a competitive moat threat.” BAMNB-NL YTD mountain Royal BAM Group. Meanwhile, the analysts tagged Madrid-listed real estate investment trust Merlin Properties as a standout beneficiary of AI, while Enagás , which runs Spain’s gas grid, is largely insulated from disruption. “[Merlin] is undergoing a transformation away from traditional real estate towards becoming a major data center owner-operator with the potential to expand to over half of the combined portfolio,” they wrote. “Enagás faces minimal structural impact from AI, as its role as Spain’s regulated transmission system operator means that AI is used only as an incremental, industry-wide tool rather than a transformative force.” On Monday, Ben Ritchie, head of developed market equities at Aberdeen, told CNBC there had been a degree of indiscrimination around the recent sell-off, as investors try to discern the winners and losers from “rapidly changing” technological developments. “It’s a complex and very fast-moving situation for investors to manage,” Ritchie told CNBC’s “Europe Early Edition”, adding that many companies hit by the turbulence still offer “very good underlying business” performance. He said there are buying opportunities, adding: “You have to go back to the logic that you were applying in the first place, thinking around the barriers to entry in the original investment case, asking yourself ‘do those things hold?'” REL-GB YTD mountain RELX. Highlighting software provider Relx , and Experian , a consumer credit and data provider — two names that have been heavily de-rated in recent weeks — Ritchie suggested that barriers to entry, and the investment opportunities, remain intact, but warned that it might take several quarters, or even years, for such companies to demonstrate their resilience. “I think that’s the frustration that investors face — businesses that are doing well today, but are being questioned on the long-term prospects for their businesses,” he added.