The S&P 500 Tech sector's price/sales ratio hits a new all-time high. Tech's P/E ratio is at its highest level in the last 10 years, resembling the 2000 peak with more stocks having higher P/Es. The S&P 500 trades at 21.3x forward earnings, 30% above the 20-year mean. The US technology sector's forward PE nears pre-pandemic levels and surpasses trailing PE levels. The ratio of Semiconductors to the S&P 500 reaches its highest level since July 2000.