The S&P 500’s Shiller CAPE ratio now sits at 38‑40, the highest level in 155 years aside from the March 2000 dot‑com peak. While market concentration and lofty valuations echo 2000, leading AI firms such as Nvidia, Microsoft, and Alphabet generate cash at historic rates. Analysts debate whether the AI rally will end in a bust or prove sustainable, hinging on whether the $660‑$690 billion annual hyperscaler capex delivers returns. The outcome will decide if today’s prices look like a bubble or a justified premium for a profitable new wave of technology. Read more →