史上最贵！美股估值已超越互联网泡沫时代

Group 1 - The S&P 500 index's price-to-sales ratio has reached 3.23, marking a historical high, while the expected price-to-earnings ratio is 22.5, significantly above the average of 16.8 since 2000 [1][2] - The high valuation in the U.S. stock market is largely driven by a few large technology companies, which dominate the market [3] - As of the end of July, the top 10 companies in the S&P 500 accounted for 39.5% of the index's total market capitalization, the highest level on record, with nine of these companies having market capitalizations exceeding $1 trillion [4] Group 2 - Concerns have been raised about the risks associated with the concentration of market power among a few companies, as evidenced by the underperformance of the "Magnificent Seven" during a brief sell-off in April [5] - The combination of high valuations and crowded trades increases the likelihood of sustained market downturns, as it raises questions about where new buyers will come from when prices fall [6] - The S&P 500 index's equal-weighted price-to-sales ratio stands at 1.76, which is close to its long-term average of 1.43, indicating that ordinary companies are not at extreme price levels [7] Group 3 - Some market participants express skepticism about whether the largest companies can maintain their current valuations over the long term, suggesting that fundamentals and valuations will ultimately dictate stock prices [8] - The high expectations embedded in current valuations may be difficult for companies to meet, as emphasized by industry experts [9]