Global equities surge in H1 2026 as AI earnings drive narrow but powerful rally

MacroDigital FinanceDigital Finance Impact 4
โดย Private Banker International·Read original
Summary · why it matters

Global equities posted strong gains in the first half of 2026, with the MSCI All World rising 14% in the second quarter alone, its best Q2 in six years. The rally was heavily concentrated in artificial intelligence and semiconductor stocks, which now account for a record 20% of the S&P 500, while the Nasdaq added about 20% for the quarter despite a 4% decline in June. The arrival of Federal Reserve Chair Kevin Warsh introduced a more hawkish stance, keeping bond yields elevated and reducing rate-cut expectations, yet corporate earnings proved resilient enough to offset tighter financial conditions. Geopolitical tensions from the US-Iran conflict briefly spiked oil prices, but they retreated as ceasefire efforts progressed, allowing risk appetite to recover quickly. In the UK, the FTSE 100 notched its sixth consecutive quarterly advance with a 4% gain, though it lagged AI-heavy markets, while the dollar strengthened and the yen hit a fresh 40-year low.

Impact on stocks 3

Artificial Intelligence▲ · 2 stocks
Advanced Micro Devices Inc
AMD
▲ PositiveDemandrelevance

AI earnings drive narrow rally; AMD is a key AI/semiconductor stock benefiting from AI demand.

Semiconductors▲ · 1 stocks
Intel Corporation
INTC
± MixedDemandrelevance

Intel is a semiconductor stock but not specifically highlighted as an AI beneficiary; the rally is narrow and AI-focused.

Theme Impact 8

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