U.S. technology stocks have reached unprecedented levels, with the S&P 500 Information Technology Price-to-Sales ratio hitting 9.7x at the end of 2024, nearly doubling in two years. The Magnificent 7, a group of leading tech stocks, has a P/S ratio of 8.6x, reflecting a 110% increase since December 2022. Investors' exposure to U.S. stocks has also surged, with allocations from households, mutual funds, pension funds, and foreign investors reaching a record 54%, surpassing the 51% peak during the Dot-Com Bubble. Retail investor sentiment is at an all-time high, with individuals purchasing a record $12 billion in equities in the first week of February, 70% of which went to the Magnificent 7. Meanwhile, hedge funds, which had been selling stocks at a rapid pace, have shifted to a bullish stance, net buying U.S. equities every day last week at the fastest rate since early November. This change follows stronger-than-expected earnings reports. Notably, the Nasdaq 100 index, adjusted for the U.S. M2 Money Supply, has reached a record 0.97, doubling over the past five years, indicating that technology stock prices have soared beyond the levels seen during the 2000 Dot-Com Bubble. Despite the bullish sentiment, analysts caution that the S&P 500's risk-adjusted return has peaked, which historically has led to unfavorable future stock returns.