As of March 2025, investor allocation to U.S. stocks has reached an all-time high of 51%, surpassing levels seen during the Dot-Com Bubble. This surge in investment occurs despite the U.S. market underperforming compared to other global markets since the 2022 bear market. The concentration of wealth within the S&P 500 has also raised concerns, with the top 10 stocks now accounting for approximately 36% of the index's market value, a figure nearing record levels. Additionally, the market capitalization of the largest U.S. stock is around 700 times larger than that of the 75th percentile stock, marking the highest concentration since the Great Depression. Furthermore, foreign investors now hold 18% of the U.S. equity market, the highest proportion in history, indicating a significant shift in market ownership dynamics over the past decade.