U.S. Shiller P/E Ratio Hits 25-Year High at 39.5-41.7 on May 23, Driven by AI Frenzy

According to BlockBeats, on May 23, 2026, the U.S. stock market's Shiller P/E ratio (CAPE) reached 39.5 to 41.7, the highest level in 25 years and just below the 1999 internet bubble peak of around 44 times. AI-related sectors including semiconductors, cloud computing, and tech giants have driven the surge, raising concerns of a repeat of the dot-com bubble. Analysts note, however, that unlike 1999, today's AI leaders maintain strong cash flows, mature business models, and high profit margins.
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