Recent market data indicates that U.S. stocks are at their highest valuations since the dot-com era, raising concerns among investors. A survey by Bank of America revealed that 89% of fund managers consider U.S. equities overvalued, the highest percentage since the early 2000s. Retail investors have been purchasing stocks at an unprecedented rate, with a record $12 billion invested in the first week of February, predominantly in the so-called 'Magnificent 7' stocks. In contrast, institutional investors have been offloading equities, leading to a notable decline in cash levels to just 3.5%, the lowest since 2010. This trend has triggered a 'sell signal' according to Bank of America, which also noted that 19 out of 20 metrics indicate the S&P 500 is expensive. Investor sentiment is notably bearish, with 47.3% of investors expressing pessimism, the highest level since November 2023. Despite the high valuations, some analysts suggest that there remains a potential for further market growth.