The S&P 500 has reached unprecedented valuation levels, surpassing those seen during the 2000 Dot-Com Bubble. The Price-to-Book Value ratio of the S&P 500 hit a record 5.3x, more than double the long-term average of approximately 2.0x. Additionally, the S&P 100 index shows that 27% of its total value is in stocks with Price-to-Earnings ratios exceeding 50 times, and 66 stocks have P/E ratios above 30, with only one stock below 10. The NASDAQ market capitalization relative to U.S. GDP has reached a record 105%, nearly doubling since the 2022 bear market and exceeding the 2000 Dot-Com Bubble by around 40 percentage points. Nvidia's weight in the S&P 500 has reached a record 8.2%, more than doubling since the start of 2024, with its market value hitting a record $4.4 trillion. These valuation metrics indicate elevated market exuberance compared to historical norms.