The US stock market is exhibiting unprecedented valuation levels, surpassing peaks seen during the 2000 Dot-Com Bubble and reaching records not observed in financial history. The NASDAQ market capitalization relative to US GDP hit a record 127%, nearly doubling since the 2022 bear market and exceeding the Dot-Com peak by approximately 40 percentage points. The overall US stock market capitalization to GDP ratio reached 211%, rising 45 percentage points in the last three months, well above the 144% peak during the Dot-Com era. Valuation metrics for the S&P 500 have also hit new highs, with the Price-to-Book ratio at 5.3x, Price-to-Sales ratio at 3.4x, and the Shiller P/E ratio at 38.7x, the highest since the Dot-Com Bubble burst. The S&P 500 forward P/E ratio stands at 22.5x, one of the highest in 35 years, while the technology sector's Price-to-Sales ratio hit 10x, surpassing the 7.8x peak in 2000. Globally, the Information Technology sector in the MSCI World index has a 12-month forward P/E ratio of 27-28x, among the most expensive readings in two decades. Notably, NVIDIA's market capitalization now represents 3.6% of global GDP and 13.4% of US GDP, exceeding the market sizes of the UK, France, or Germany. Combined valuation metrics including P/E, forward P/E, CAPE, P/B, EV/EBITDA, Q Ratio, and market cap-to-GDP have reached levels not seen since 1929 before the Great Depression. Despite these stretched valuations, Howard Marks, co-chairman of Oaktree Capital Management, cautions that the market is in the early stages of a bubble similar to the late 1990s. He advises increased portfolio defense, suggesting a shift from equities to credit investments, but does not foresee an imminent correction. Marks highlights that while valuations are high relative to fundamentals, the critical point for a market downturn has not yet arrived.