The S&P 500’s CAPE ratio just hit its highest level in 25 years—second only to all-time highs—and it’s flashing red warning lights. While AI is fueling a new tech boom with sky-high valuations, the ratio reveals a troubling disconnect: stock prices are soaring faster than profits. History whispers caution—this echoes the dot-com bubble’s reckless climb before the crash. Are we repeating the same mistakes?
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