Nokia's stock has risen more than 152% so far in 2026, lifting it to the highest level since 2008 and making it the fourth-best performer in the Stoxx Europe 600. The surge is tied to demand for its optical equipment in data centers, even as AI and cloud exposure represented 8% of group sales in Q1. The rally has also pushed its 12-month forward P/E to about 36 times, up from roughly 17 times at the start of the year.

IBM shares rose more than 14% since Thursday after the US Commerce Department outlined a $2 billion CHIPS and Science Act push to back US quantum computing manufacturers. The rally added about $26 billion to IBM’s market value, taking it to $237.8 billion, while the stock gained a further 2% on Friday. Under the plan, IBM is set to receive a $1 billion federal grant that it will match with $1 billion of its own capital to build a quantum chip foundry in Albany, New York.

On May 10, 2026, Alphabet briefly edged past Nvidia in market value during after-hours trading this week as its stock gained about 160% over the past 12 months. Alphabet ended the week at a $4.8 trillion market cap versus Nvidia's $5.2 trillion, after flipping positions following a Tuesday report tied to Google Cloud demand.

On May 9, 2026, the US announced new sanctions against companies and individuals in the Middle East and China over alleged support for Iran's war effort. The State Department said the action covers 11 entities and three individuals across Iran, China, Belarus, and the United Arab Emirates, including groups accused of supplying satellite imagery and materials linked to Iran's missile and UAV programs.

The IMF said on April 2, 2026 that the US Federal Reserve has limited room to cut interest rates in 2026, with inflation projected to return to the 2% target in the first half of 2027. It expects one rate reduction by end-2026, with the benchmark rate seen at 3.25% to 3.5% versus the current 3.5% to 3.75%.

On March 5, 2026, a US federal judge ordered the government to start refunding more than $130 billion in tariffs to thousands of American companies after Trump's broad duties were struck down. At the same time, Trump has activated new 10% tariffs under Section 122 of the Trade Act of 1974, which can increase to 15% for up to 150 days and have already prompted the EU to pause a trade deal.