标普500高估值或成“新常态”，AI与盈利增长重构市场逻辑

Group 1 - The S&P 500 index is approaching historical peaks, prompting strategists to reassess the current market's "new normal" valuation levels, which are reminiscent of the internet bubble era [1] - Bank of America strategist Savita Subramanian suggests that instead of expecting a mean reversion in price-to-earnings (P/E) ratios, the current high valuations should be viewed as the new normal due to accelerated AI adoption and strong earnings growth [1] - CFRA Research's chief investment strategist Sam Stovall notes that while current valuations are above long-term averages, they have become more reasonable compared to the past five years dominated by large-cap stocks [1] Group 2 - iCapital's chief investment strategist Sonali Basak warns that trying to precisely time the market peak can be a costly mistake, referencing historical lessons from the late 1990s [2] - Ed Yardeni emphasizes that despite the S&P 500's expected P/E ratio of 22.8 being close to the 25 times peak during the tech bubble, corporate earnings have been growing in sync with stock prices [2] - Wall Street generally believes that while current high valuations are significant, they do not constitute a bubble, with expectations for strong market performance in 2025 [2]