AI mania props up blue chips as Iran conflict reshapes profits

Despite the Iran war disrupting energy and consumer markets, the world’s largest companies have added about $5.4 trillion in value since February, driven by a surge in AI enthusiasm that boosted chipmakers and Big Tech and helped equities rebound faster than in prior crises. Energy majors gained on higher oil prices, while some consumer names faced cost pressures and defence stocks lagged on near-term demand and supply concerns. Nearly two of three large caps mentioned AI on earnings calls, underscoring a durable tech-led rally rather than a geopolitical blip.