⚠️This is wild:

The top 10 S&P 500 stocks P/E surged to 30x.

There were only two periods when the top 10 was more expensive:

1) The 1999-2000 Dot-Com Bubble
2) 2020-2021 pandemic period, before the 2022 bear market

By comparison, the S&P 500 excluding the top 10 P/E is 19x.

https://m.primal.net/MkdO.jpg