Foreign investments in U.S. stocks have surged to unprecedented levels, with foreign holdings reaching an all-time high allocation of approximately 60%. This marks a significant increase of 15 percentage points over the past four years, surpassing the levels seen during the 2000 Dot-com bubble. The U.S. stock market now constitutes nearly 70% of the global equity index, with valuations at historic highs. Additionally, the U.S. accounts for 74% of the MSCI world market capitalization, three times more than Europe and Japan combined. This growth in U.S. equity markets is reflected in record-breaking inflows into small-cap funds, as optimism for a broader market rally continues to build. Overall, global equity inflows are approaching the euphoric levels seen in 2021.