As the 25th anniversary of the dot-com bubble peak approaches, concerns are rising regarding the current AI-driven market rally, which has added $22 trillion to the S&P 500 since 2022. Analysts are drawing parallels between today's market dynamics and those leading up to the 2000 crash, noting that the top 10 stocks now account for approximately 36% of the S&P 500's market value, a level near an all-time high. Historical data reveals that after the dot-com bubble burst, the S&P 500 experienced a maximum drawdown of 49.1%, not reaching new highs until May 2007. Currently, the market capitalization of the largest US stock is about 700 times larger than that of the 75th percentile stock, a concentration level not seen since the Great Depression. With the US market share of global equities falling to 54%, analysts are questioning whether the current market conditions indicate a potential bubble similar to that of 2000.