The S&P 500 forward price-to-earnings (P/E) ratio has reached 22.2x, marking its highest level since the first half of 2021 and approaching the peak levels seen during the 2000 Dot-Com Bubble. This P/E ratio is significantly above the 25-year average of approximately 16x. Analysts have noted that the current equity valuations are not reflective of present-day conditions but rather historical trends, with the S&P 500 trading at similar multiples in 1999 and 2021. Furthermore, the market is being characterized as one of the most expensive in history based on various valuation metrics, including price-to-sales (P/S) and price-to-book (P/B) ratios. The divergence between S&P 500 price gains and earnings revision breadth has also raised questions about sustainability in the current market environment, as corporate profits have become a larger share of GDP than in previous decades, partly due to the dominance of companies with global competitive advantages.