The concentration of wealth in U.S. equities has reached unprecedented levels, with the 'Magnificent 7' stocks now comprising approximately 32% of the S&P 500, marking a significant increase of 10 percentage points over the past 1.5 years. This concentration surpasses the levels seen during the 2000 Dot-Com Bubble. Additionally, U.S. households have reached a record stock allocation of 49% of their financial assets as of October, also exceeding the Dot-Com peak. The S&P 500's forward price-to-earnings (P/E) ratio is currently at 22.2, the highest since April 2021, with ten of eleven sectors trading above their 25-year averages. Furthermore, the top 10 stocks now account for 37% of the S&P 500 market capitalization, exceeding the Dot-Com Bubble by 10 percentage points. The market capitalization of the top 10 U.S. firms represents 18% of the global stock market, the highest since the 1970s, surpassing the 13% seen in 2000. Analysts from Bank of America have noted that the S&P 500 is deemed expensive across 19 out of 20 metrics, with some indicators, such as the Shiller Price to Earnings ratio, over 100% above historical averages.