Season the beef cubes with salt and pepper.
Set the instant pot to 'Sauté' mode and add a tablespoon of oil.
Brown the beef cubes in batches to enhance flavor.
Remove the beef and set aside.
Add chopped onions and garlic to the pot; sauté until softened.
Stir in the tomato paste, cooking for 1 minute.
Return the beef to the pot, followed by carrots and potatoes.
Pour in the beef broth and add thyme and bay leaf.
Close the lid and set to 'Manual' for 35 minutes.
Once done, allow for natural pressure release for 10 minutes before quick-releasing the rest.