April proved to be a month of striking contrasts: Brent crude ended above US$110 per bbl despite a mid-month comeback, the Strait of Hormuz is still severely disrupted, inflation is rising again amid higher energy costs – and yet global equity markets are staging one of their most powerful monthly rallies in years. Investors shrugged off geopolitical turmoil to embrace resilient corporate earnings, strong AI demand and the possibility of a durable ceasefire between the US and Iran. The result was a decisive rotation into technology and semiconductors, reversing March’s risk-off losses and sending global equities to new highs. The Nasdaq rose 15.6%, while the Philadelphia Semiconductor Index surged nearly 40%, reflecting new enthusiasm for the AI ​​supply chain. Even at its steepest decline in response to the Iran conflict, the S&P 500 fell less than 10% as expectations for strong earnings growth faded…
