The concentration of the U.S. stock market has reached unprecedented levels, with the top 10 S&P 500 stocks now accounting for a record 40% of the index's market value. This figure is double the percentage recorded seven years ago and exceeds the 26% seen during the 2000 Dot-Com Bubble. Additionally, the so-called 'Magnificent 7' stocks have surged approximately 2,900% over the past decade, more than double the growth seen in previous market bubbles. Investors' exposure to U.S. stocks has also hit a record high of 54%, surpassing the 51% peak during the Dot-Com Bubble. The forward price-to-earnings (P/E) ratio for the top 10 S&P 500 stocks has risen to around 30x, significantly higher than the 25x ratio during the 1990s Dot-Com Boom. Furthermore, the S&P 500's market capitalization as a share of global GDP has reached a record 46%, exceeding the previous peak of 42% before the 2022 bear market. In contrast, cash allocations among fund managers are at their lowest since June 2021, with cash representing only 3.9% of assets under management. The Warren Buffett indicator, which measures the market-to-GDP ratio, has also hit a new record of 205%, well above the 2000 Dot-Com Bubble peak and the 20-year average of 120%. The 'Magnificent 7' stocks contributed nearly 60% of the S&P 500's gains in 2024, with NVIDIA alone accounting for about 20% of that increase.