Global financial markets are currently experiencing valuations that surpass historical peaks, including those seen during the 2000 Dot-Com Bubble. The US stock market capitalization to GDP ratio reached a record 211%, increasing by 45 percentage points over the past three months, significantly higher than the Dot-Com peak of approximately 144%. The NASDAQ market cap relative to US GDP hit an all-time high of 127%, nearly doubling since the 2022 bear market low and exceeding the Dot-Com Bubble peak by about 40 percentage points. The S&P 500 Technology Sector's price-to-sales ratio reached 10x, the highest ever recorded, surpassing the 7.8x peak during the Dot-Com era. The Shiller P/E ratio on the S&P 500 climbed to 38.7x, the highest since the Dot-Com Bubble burst and well above the long-term average of 17.6x. The 12-month forward P/E ratio for the Information Technology sector in the MSCI World index hit 27-28x, placing it in the top 10% of the most expensive readings in the past two decades. Growth stocks have also reached historically elevated valuations, with forward P/E ratios around 26-27x. Technology stocks now represent 46% of the S&P 500, compared to 33% at the 2000 peak, with the top five tech companies constituting 27% of the S&P 500 and 52% of the Nasdaq 100. Nvidia’s market capitalization alone accounts for a record 3.6% of global GDP and 13.4% of US GDP, exceeding the market caps of entire countries like the UK, France, and Germany. The S&P 500 price-to-sales ratio has also reached a record 3.4x, surpassing levels seen prior to the 2022 bear market and the Dot-Com Bubble peak. These metrics collectively indicate an unprecedented level of market valuation, particularly concentrated in the technology sector and growth stocks.