More or Less Is there a stock market crash coming?
20 snips
Nov 22, 2025 
Simon French, Chief Economist at Panmure Liberum, and Katie Martin, Markets columnist at the Financial Times, dive into the booming stock market driven by AI excitement. They discuss the $28–30 trillion rally, the challenges of identifying AI stocks, and the alarming historical valuations reminiscent of the dot-com era. Katie highlights the concentration of power in the 'Magnificent Seven' tech giants, raising single-point failure risks. Both experts caution on the parallels with past market bubbles, urging careful risk management as warning signals intensify.
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Historic Scale Of Recent Rally
- Global stock markets added about $28–30 trillion in value recently, roughly the size of US annual GDP.
- Simon French highlights this 31% six-month surge as historically rare and strikingly large.
Valuations Match Dot‑Com Peak
- The Shiller PE for US stocks is around 40, a level seen once before at the dot‑com peak.
- High cyclically adjusted valuations raise comparisons with the 1999–2000 bubble.
Dot‑Com Lessons From Pets.com
- Katie Martin recalls the dot‑com era where a few survivors like Amazon outlasted many speculative failures.
- She uses pets.com as the emblem of stocks that reached crazy valuations before collapsing.