Nvidia and Microsoft now constitute approximately 15% of the S&P 500's market capitalization, an unprecedented concentration that has effectively reduced the index to what some describe as the "S&P 2." Technology stocks overall represent 46% of the S&P 500, surpassing the 33% peak seen during the 2000 Dot-Com Bubble. The top five technology companies account for 27% of the S&P 500 and 52% of the Nasdaq 100. The market is currently considered extremely expensive, with the Shiller price-to-earnings (P/E) ratio reaching 38.8 times, the highest level since the Dot-Com Bubble burst and higher than 96% of historical readings. Additionally, the Warren Buffett Indicator, a measure of market valuation relative to GDP, has hit its highest level in history, exceeding valuations during the Dot-Com era. On a global scale, Nvidia's weighting in the MSCI All-Country World Index reached a record 4.96%, surpassing Japan's 4.63% share, the third-largest stock market in the world, as well as the combined weights of France and Germany.