We are witnessing a moment where major technology companies are reshaping the expectations. For instance, the broad US equity market has posted a six‑month winning streak, something not seen since 2021, and the tech‑heavy US Nasdaq index has now climbed in each of the past six years. This in turn has helped fuel investor sentiment across global markets, not just in the United States. In South Korea, equities are up over 70% year‑to‑date, with Spain and Poland both advancing by more than 40%.
The underlying driver appears to be two‑fold. First, corporate earnings in the third quarter suggest that growth is not merely intact but in some cases accelerating. Analysts had pencilled in roughly 7% year‑on‑year EPS growth for S&P 500 constituents; instead, with reporting from around 83% of companies in, growth has accelerated to just over 12%. Among the leaders, Alphabet Inc. (Google) is benefiting from robust online advertising alongside growth in its cloud platform, which is gaining traction on the back of AI demand. Apple Inc. has guided favourably for the upcoming holiday quarter while delivering record Q3 services income and strong device engagement. Amazon.com, Inc. also surprised, with its AWS (Amazon Web Services) unit producing results unmatched since 2022 and posting a more than 20% earnings beat.
Second, the geopolitical backdrop has eased somewhat, offering a fillip to investor confidence. A recent interim trade agreement between the US and China cancelled the immediate threat of expanded export controls on rare earths, paused reciprocal tariffs until late 2026, and signalled a modicum of pragmatic cooperation.
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