Stock Market hits 2nd most expensive valuation in history, far surpassing the Crash of 1929 and only slightly behind the Dot Com Bubble

If tariffs are inflationary, should tariff refunds be deflationary?

The forward 12-month P/E ratio for $SPX is 20.0, which is below the 5-year average (19.9) but above the 10-year average (19.0)

Aggregate capex for the 5 hyperscalers has risen steeply, with estimates of $690bn+ in FY26 (>80% growth YoY, the largest annual increase of the cycle) & $900bn+ by FY28. In percentage terms, FY26 marks the peak growth year while absolute spending keeps rising thereafter