Recent data indicates a significant surge in U.S. stock market sentiment, with the Euphoriameter, a proprietary indicator, reaching its highest level on record, surpassing even the 2000 Dot-Com Bubble levels. A Consumer Confidence survey revealed that 51.4% of participants expect stock prices to rise over the next year, marking the highest percentage ever recorded. The concentration of the top 10 stocks in the S&P 500 has also reached an extreme level, accounting for 37% of the index's market capitalization, which is 10 percentage points higher than during the Dot-Com Bubble. Additionally, the price-to-earnings (P/E) ratio for the largest stocks has risen to 31x, nearing the highest valuations since the Dot-Com bubble burst. The S&P 500's market value now represents 45% of the global economy, a significant increase from the 38% observed at the peak of the Dot-Com Bubble. Furthermore, U.S. households' stock allocation has hit a record high of 48%, aligning with levels seen during the Dot-Com era, while nearly all major asset prices have been on the rise, indicating a potential peak euphoria in the markets.