U.S. stock valuations have reached levels not seen since the 2001 Dot-Com bubble, with the price-to-earnings (P/E) ratio relative to global stocks hitting 1.8 times. This indicates that investors are paying nearly double for U.S. stocks compared to their global counterparts. The cyclically adjusted price-earnings ratio stands at 38, significantly above the long-term average of 17, suggesting that U.S. stocks may be overvalued. Since the financial crisis, the S&P 500 has recorded a return of 447%, while the NASDAQ has surged by 786%, far outpacing the MSCI World ex-USA index, which has increased by only 52%. Analysts are questioning whether the current valuations reflect an overvaluation of U.S. equities.