Sauté the Beef: Turn the Instant Pot to the sauté setting. Add 2 tablespoons of olive oil and wait until it shimmers. Add the beef cubes in batches (to avoid overcrowding) and brown them on all sides, about 5-7 minutes. Remove the beef and set aside.
Cook the Aromatics: In the same pot, add the chopped onion and garlic. Sauté for about 2-3 minutes until fragrant and the onion becomes translucent.
Add Vegetables: Add the carrots, celery, and potatoes to the pot. Stir for another 2 minutes to combine.
Combine Ingredients: Return the browned beef to the pot. Then add the beef broth, tomato paste, thyme, smoked paprika, bay leaf, salt, and pepper. Stir everything well to combine.
Pressure Cook: Close the lid of the Instant Pot and set the valve to sealing. Cook on high pressure for 35 minutes.
Natural Release: Once the cooking time is complete, allow for a natural pressure release for about 10-15 minutes, then carefully switch the valve to venting to release any remaining pressure.
Final Adjustments: Open the lid and stir the stew. You can adjust seasoning with more salt and pepper as necessary. If desired, you can thicken the stew by using the sauté function and adding a cornstarch slurry (1 tablespoon cornstarch mixed with 2 tablespoons water). Stir until thickened.
Serve: Garnish with fresh parsley before serving.
Notes
You can thicken the stew with a cornstarch slurry if desired.