Institutional investors' cash levels have dropped to 3.5%, the lowest in 15 years, raising concerns about a potential market correction. Historical trends indicate that when cash levels fall below 4.0%, global stocks often experience pullbacks, with the most significant decline reaching 34%. Hedge funds are selling US tech stocks at the fastest rate since July 2024, with the 'Magnificent Seven' stocks—comprised of major tech firms—experiencing reduced exposure. The Nasdaq's market capitalization relative to US GDP has reached a record 103%, surpassing the 2000 Dot-Com Bubble by approximately 40 percentage points. Additionally, the S&P 500 Price-to-Book ratio has hit around 5.3x, exceeding the peak levels of the 2000 Dot-Com era. Despite these indicators of overvaluation, a record 89% of fund managers believe the stock market is overvalued yet remain fully invested in equities. The S&P 500 is reported to be expensive on 19 out of 20 metrics, according to Bank of America analysis.