This blistering stock market rally just won’t quit, and investors hate it. Portfolios are soaring, but nerves are jangling. Every fresh high seems to make people more uneasy, not less.

Chris Beauchamp, chief market analyst at IG, says the pattern has been set. “This continues to be one of the most disliked rallies in history. Each new high in indices and every milestone achieved by individual stocks is presented as evidence of a bubble in equities.”

The disbelief is widespread, the anxiety understandable. Yet that won’t stop the bull run. “Despite signs of nervousness around tech earnings, the market continues to demonstrate remarkable resilience,” Mr Beauchamp adds.

Every bull market climbs a wall of worry, the old saying goes. Maybe we’ve just forgotten that. But the wall looks particularly steep today. Investors are torn between chasing shares higher or pulling money out before the crash. There’s no easy answer.

Inevitably, US tech is still at the heart of it. It has powered the last 15 years of gains and remains the engine today, supercharged by artificial intelligence.

When ChatGPT burst on to the scene in 2022, the world saw what the fuss was about. Shares in chipmaker Nvidia have since risen twelvefold.

The sums involved are staggering. Projections suggest the so-called AI hyperscalers such as Meta Platforms, Microsoft, Amazon, Alphabet and Oracle will invest a total of $400 billion in AI infrastructure such as buying chips and building data centres this year alone.

The stakes are enormous, and the outcome imp