As the 25th anniversary of the dot-com bubble peak approaches, concerns are rising over the current state of the U.S. stock market. Institutional investors are selling U.S. equities at an unprecedented rate, with global fund managers reducing their exposure to U.S. stocks by over 40 percentage points in just one month, marking the fastest selling pace in history. Hedge funds have also significantly decreased their net exposure to the so-called 'Magnificent 7' stocks, dropping to a two-year low. The S&P 500 has declined up to 10% recently, and there are fears that a recession may be on the horizon. Current investor allocation to U.S. stocks is at an all-time high of 51%, surpassing levels seen at the peak of the dot-com bubble, raising questions about whether the market is overvalued. The Nasdaq 100 has also shown signs of weakness, closing below its 200-day moving average for the first time since the March 2023 banking crisis, indicating potential bearish trends ahead.