Bank of America has declared that the S&P 500's era of elevated valuations, which lasted approximately five years, has come to an end. Over this period, the price-to-earnings (P/E) ratio of the S&P 500 averaged around 26, driven largely by substantial fiscal stimulus during the COVID-19 pandemic and heightened investor interest in artificial intelligence sectors. Despite this shift, some analysts, including those from the Financial Times and other market observers, maintain that the S&P 500 remains significantly overpriced. The consensus suggests a return to more normalized valuation levels for the index after this prolonged period of elevated multiples.