A leading Wall Street strategist is doing some calculations about the total value of U.S. stocks rocketing to a staggering 363% of GDP as of last Friday, blowing past the infamous 212% mark reached during the dotcom bubble. It’s a warning if you think it’s unsustainable, but David Kelly, chief global strategist for JP Morgan Asset Management, notes that the bull market is truly epic, “stretching, with some interruptions, all the way back to the 1980s.”
The market’s seemingly unstoppable rise—driven largely by feverish enthusiasm for artificial intelligence, a few mega-cap tech stocks, and lofty price-to-earnings (P/E) multiples—has set off a heated debate about whether investors are now perched on the edge of another historic bubble.
