How AI mania is disguising big companies’ hit from Iran war — in charts

Global equity markets have risen despite disruption from the Iran war, driven mainly by an AI-led rally in tech and semiconductors that has masked weakness in many other sectors. The world’s largest companies have added about $5.4tn (c.4.2%) since the conflict began, with large-cap semiconductor firms up 26% (c.$3.7tn). Tech earnings and AI optimism have attracted investor flows, producing a faster rebound than in prior crises. Energy names have also benefited from a roughly 50% rise in oil, boosting some producers, while consumer goods, mining and many defence companies have suffered from higher costs, supply disruptions and weaker demand. The piece highlights divergent sector performance and the role of AI momentum in supporting index gains.