The Swiss Market Index (SMI) has risen 4.6% this month, while the eurozone's Euro Stoxx 50 index fell 3.2% over the same period, creating a spread of nearly 8 percentage points. This marks the SMI's largest relative gain since March 2020, when the onset of the COVID-19 pandemic drove investors toward safe havens. Swiss defensive large-cap stocks have emerged as a preferred shelter amid turbulence in European equity markets, with AI-related concerns rattling investor sentiment across the region.