"The more chaotic, the more it rises" behind the scenes: The market is not ignoring risk, but is reconstructing the global pricing logic.

BlockBeats News, April 28 — Senior Reuters columnist Mike Dolan’s latest analysis states that the current global markets are continuing to rise amid escalating geopolitical conflicts, not because investors are ignoring risks, but because the market is abandoning the old globalization logic and shifting to a new pricing system driven by “security-led growth.”

Analysis points out that conflicts in the Middle East, fractures in the trade system, and intensified great power technological competition are ongoing, but funds are not withdrawing from the market; instead, they are concentrating in sectors with “national security attributes” such as semiconductors, AI infrastructure, energy, defense, and cybersecurity.

Mike Dolan defines the current environment as “Permacrisis,” believing that the world is transitioning from a rule-based globalization phase to an era of long-term disorder and geopolitical competition. In this context, core resources like computing power, unmanned systems, energy, and cybersecurity are being viewed by the market as “strategic assets.”

The report suggests that the current stock market rally has clear structural features, especially companies related to AI computing power and hard technology, which are attracting large amounts of safe-haven funds. The market is essentially betting that the core of future global competition will no longer be efficiency, but security, supply chain control, and technological sovereignty.

Although the VIX volatility index remains near its historical average, analysts warn that low volatility does not mean low risk. The ongoing restructuring of global supply chains, expansion of defense spending, and competition for critical resources are continuously pushing up long-term inflationary pressures.

The article concludes by pointing out that when capital is overly concentrated in a few “strategic sectors,” if valuations detach from fundamentals, the shocks caused by valuation corrections in the future could even surpass the geopolitical conflicts themselves.