Heat olive oil in a large Dutch oven over medium-high heat. Add beef in batches and cook until browned, about 4 minutes per side. Add onion and carrot; cook until tender, about 20 minutes. Stir in garlic and cook until fragrant, about 2 minutes.
Pour beef stock and wine into the Dutch oven; bring to a boil. Stir in porcini mushrooms, bouillon cubes, thyme, and bay leaves. Lay a piece of parchment paper over the surface. Cover with a tight lid.
Bake in the preheated oven until beef is very tender, 5 to 6 hours.
Transfer beef to a plate. Discard bay leaves. Blend cooking liquid with an immersion blender to make a smooth sauce. Serve beef with sauce.