Bull Markets and All-Time Highs: What’s Behind the Run-Up?

Any way you slice or dice it: While "black swan" events capture the news cycle, the long-term reality of finance is upwardly mobile. History shows that markets spend significantly more time in expansion than in contraction. And now, in the second quarter of 2026, we are seeing this play out in real-time as the MSCI World Index continues its streak of all-time highs (ATHs), bolstered by a Middle East conflict-induced sell-off in early 2026.

On Wednesday, May 20, 2026 we saw two more news items further fueling the bullish market sentiment: First, SpaceX has officially filed to go public with an IPO date set for mid-June. Secondly, Nvidia - the world’s most valuable company - has reported strong sales and revenue numbers, beating analyst’s forecasts handily.

Let’s take a moment and review what this could mean for investors going forward.

The Big Tech "Victory Lap"

What’s remarkable is that the current rally is a broad movement. It’s not just small companies operating in a highly profitable niche. Instead we are talking about household names delivering strong financial results. The strong results are being led by the world’s most recognizable companies that are all the way out in the open.

Here are some of the most positive stories from the past few weeks:

Aside from NVIDIA (NVDA), there’s also Broadcom (AVGO): Both companies are the "picks and shovels" of the AI era. NVIDIA remains the symbol of this bull market, but Broadcom has quietly become an infrastructure titan, with its stock hitting new peaks as AI networking demand explodes.

Alphabet (GOOGL): Following a blowout Q1 2026 earnings report, Alphabet’s stock surged nearly 10% in a single day. This was its biggest jump since 2004. The catalyst? Google Cloud revenues grew 63% to $20 billion, proving that AI is now a primary revenue driver rather than a future experiment.

Amazon (AMZN): Amazon recently crossed new thresholds as its AWS backlog surged to $364 billion. Beyond the cloud, its move to open its entire logistics network to all businesses (the "Amazon Supply Chain Services") is being viewed as a transformative move for the $1.3 trillion logistics market.

Apple (AAPL): After a sluggish start to the year, Apple hit a new record closing high in May 2026. Optimism is building around the upcoming WWDC and the integration of "Apple Intelligence" across its massive device ecosystem .

AMD (AMD): Proving the AI trade has multiple winners, AMD’s stock spiked over 20% in early May to hit new ATHs, driven by massive demand for its Instinct accelerators and data center CPUs.

The Sentiment Shift: From "If" to "How Much"

Professional sentiment has shifted from skepticism about an "AI bubble" to a focused analysis of productivity gains. Institutional reports now suggest we are only in the early stages of a multi-year technological cycle. Analysts from major firms like J.P. Morgan and Storebrand have noted that while valuations are high, they are backed by double-digit earnings growth and expanding operating margins.

The "traditional" stock market is providing a masterclass in resilience. The all-time highs aren’t based on hype alone: They are fueled by the most profitable quarter in Big Tech history.

Why This Matters Now

However, despite the market's resilience, the International Monetary Fund (IMF) recently revised its 2026 global growth forecast slightly downward to 3.1%, citing the "shadow of war" in the Middle East and its ripple effects on energy markets. Central banks, including the US Federal Reserve, remain in a delicate position: while the tech sector is booming, "sticky" services inflation and a 24% surge in energy prices since the start of the year are complicating the path toward further interest rate cuts.

The World’s Investment Opportunities in one Single App

The market offers more than just one asset, of course. While crypto often grabs the spotlight for its volatility and potential, the steady, record-breaking climb of the global stock market serves as a reminder: the most powerful force in investing is often the trend that everyone else is too busy to notice. One way to possibly profit from global growth is to be invested in a very broad ETF like the MSCI World iShares ETF by BlackRock, among other strategies like diversifying your portfolio with assets like precious metals, commodities and digital assets.

In the Bitpanda app you’ll find more than just the handful of companies we just talked about: with over 10,000 stocks and ETFs to choose from, you have the whole investment ecosystem at your fingertips. (Please note: ETFs and ETCs are not available in Switzerland.) Especially with the opportunity to invest in crypto, precious metals and commodities, too. All in the same app.

Disclaimer:

Execution-only services for securities are provided by Bitpanda Financial Services GmbH. Reception and transmission of orders are provided by Bitpanda Financial Services GmbH (Berlin Branch). No public offer. No investment recommendation. Fractional investments do not carry voting rights and are untransferable to another custody account. Fractions are held on an omnibus basis and orders may be aggregated. Additional costs may apply (e.g. spreads, FX, inducements, product costs, taxes) and reduce returns.

Bitpanda Metals (M-Token) is offered by Bitpanda Metals GmbH. Unregulated product which does not qualify as a crypto-asset under MiCAR. M-Token involves counterparty risk associated with the storage of precious metals by third-party custodians.

Crypto-assets involve risks, i.e. high volatility, cybersecurity and total loss of capital. Regulated crypto-asset services are offered by Bitpanda GmbH and Bitpanda Asset Management GmbH, as applicable.

This communication may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such statements. Neither Bitpanda nor any of its affiliates assumes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.