Valuations back to the dot-com bubble era. But don’t panic yet.

S&P 500’s current multiple reflects the market capitalization-based weighting structure of the index, the increased dominance of some key technology stocks and a few extreme outliers. 

In fact, the equal-weighted version of the index — which puts $10 billion companies on par with $4.3 trillion Nvidia Corp. — has a blended forward price-earnings ratio of just 17.8, a whisker above its 10-year average.
Jonathan Levin Bloomberg September 29, 2025
https://www.bloomberg.com/opinion/articles/2025-09-29/the-s-p-500-index-is-very-pricey-adjust-don-t-flee

The S&P 500 has never been this expensive, 
or more concentrated in fewer companies
https://englundmacro.blogspot.com/2025/09/usa-aktier-dyrare-under-it-boomen-nio.html



Huawei Plans Three-Year Campaign to Overtake Nvidia in AI Chips
Bloomberg 23 September 2025
https://www.bloomberg.com/news/articles/2025-09-23/huawei-plans-three-year-campaign-to-overtake-nvidia-in-ai-chips



 

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