US stocks have surged ahead of European benchmarks in a tech-fuelled rebound following the Iran conflict. The Nasdaq Composite climbed 1.6% on Friday to a record high, while the broader S&P 500 has gained 10% this month. In contrast, Europe's Stoxx 600 rose just 5%, creating the largest performance gap since last June. This divergence reflects how Wall Street has shaken off the global energy shock sparked by Middle East tensions.

American markets are benefiting from the AI boom and the perception that the US, as a net energy exporter, is better positioned to handle oil prices above $100 per barrel. S&P 500 profit margins stand at 13.4%, the strongest since 2009. Hedge fund strategist Seb Barker notes US stocks are "materially less sensitive to the war," with the US needing the conflict to end in three to four months compared to Europe's two to three weeks.

Tech stocks lead the US outperformance, with Intel up 85% since March 30 and Amazon gaining over 25% this month. Goldman Sachs projects AI investment will boost S&P 500 earnings per share by 12% this year. Despite warnings from Bank of America about "bubble-like" price action, US corporate earnings remain resilient, with JPMorgan and Citi reporting strong profits.