As of February 2025, the global stock market is nearing new all-time highs, with the ACWI index within 1% of achieving this milestone. However, market breadth has weakened, with fewer than 70% of ACWI markets above their 50-day average and only 60% of S&P 500 stocks above their 200-day moving average, marking the weakest breadth since 2024. The concentration of market capitalization among the largest stocks is also notable; the top 10% of largest U.S. stocks now account for a record 75% of the stock market, surpassing levels seen before the Great Depression. The top 10 stocks represent 33% of the total U.S. stock market capitalization, significantly higher than the average from 2000 to 2018. Additionally, the S&P 500's price-to-sales ratio has reached a record 3.3x, and the price-to-book ratio hit 5.4x, the highest since the 2000 Dot-Com Bubble peak. U.S. shares in the global equity market have also reached a record 56%, exceeding levels from the Dot-Com era, while U.S. earnings account for approximately 44% of global earnings, which have not kept pace with the expansion of market capitalization.