UBS forecasts a continuation of the stock market rally into 2025, aligning with predictions from Deutsche Bank and HSBC, which also expect US stocks to outperform global peers in the coming year. The US stock market currently represents 67% of the MSCI All-Country World Index, an all-time high, having doubled its share over the past 30 years. Furthermore, the market capitalization of the top 10 US firms accounts for 18% of the global stock market, the highest since the 1970s, and surpassing levels seen during the 2000 Dot-com bubble. The total value of the US stock market is approximately $64 trillion, more than double that of China, Hong Kong, and Europe combined. Despite these optimistic projections, analysts from Bank of America have raised concerns about market valuation, noting that the S&P 500 is deemed expensive on 19 out of 20 metrics, with some indicators, such as the Shiller Price to Earnings ratio, exceeding historical averages by over 100%.