Prep the Beef: Pat the stew meat dry and season with salt and pepper.
Sear the Beef: Using the “Sauté” function on your Instant Pot, heat olive oil. Sear the beef in batches until golden brown on all sides. Remove the beef and set aside.
Sauté the Onions and Garlic: Add butter to the pot, then sauté onions and garlic for 1 minute until fragrant.
Deglaze the Pot: Pour in the wine and scrape up the browned bits from the bottom. Let the wine reduce and stir until the bottom is clear.
Pressure Cook: Return the beef, broth, Worcestershire sauce, thyme, and bay leaf to the pot. Seal and cook on high pressure for 25 minutes. Allow the pressure to release naturally for 15 minutes.
Thicken the Gravy: Mix cornstarch with water to create a slurry. Add it to the pot, and simmer the gravy using the “Sauté” function for 5-15 minutes until thickened.
Serve: Serve the beef tips over mashed potatoes, polenta, or noodles, and enjoy!