1020 GMT - European stocks linked to the buildout in artificial intelligence are undervalued compared to their American peers, UBS strategists Gerry Fowler and Sutanya Chedda write. Investors are buying U.S. AI stocks at high valuations, while leaving European suppliers building AI capacity comparatively unloved, they say. The strategists split the AI supply chain into three tiers. Tier one companies sell directly to so-called hyperscalers, while tiers two and three are at steps removed from hyperscaler spending. Companies across all three tiers will outperform the market, they say. Electricity infrastructure group Prysmian, German industrials giant Siemens and vacuum valves-producer VAT Group are all in different tiers, but will each benefit significantly from AI expansion, the strategists say.