Some perspective:
@sntx @bontchev That's an important aspect of all this that confuses people or gets ignored: these valuations are an agreement among rich people. And money is a metric of social power, so it's an agreement among rich people that they should have more power.
@bontchev Yeah, right, perhaps that ought to be on a log scale?
@TimWardCam @bontchev ☝️
@lritter @bontchev My brother in law is a professional statistician. Every now and then I borrow his copy of How to Lie with Statistics.
@TimWardCam @bontchev might still be hyperexponential, and that is in fact useful information.

@TimWardCam @bontchev

left: linear
right: logarithmic

looks in fact fairly boring. (sad)

but you can see that the market is slightly overvalued at the moment. a correction is due.

update: ok. i think the reason it looks boring even though the market is irrational is that in the past 3 years, little money has moved *into* the NASDAQ, but a lot of it has gravitated *within* it, like oceans following the moon.

@lritter @TimWardCam "Boring"?! Even on a log scale, I see a humongous bubble that has far exceeded the excesses during the DotCom bubble.

Also, "slightly overvalued", LMAO.

@bontchev @lritter @TimWardCam

https://fred.stlouisfed.org/graph/?g=1WLdV

Here's Nasdaq Composite/Producer Price Index / population.

Dollars per se are meaningless, this is more or less producer goods per person you can buy with the market cap of the nasdaq

100000/5*NASDAQ Composite/Producer Price Index by Commodity: All Commodities/Population

Graph and download economic data for 100000/5*NASDAQ Composite/Producer Price Index by Commodity: All Commodities/Population from Jan 1913 to Jun 2026 about composite, stock market, NASDAQ, indexes, USA, commodities, PPI, inflation, price index, price, and population.

@dlakelan @lritter @TimWardCam
Insert "they are the same picture" meme.

@bontchev @lritter @TimWardCam

Measured in dollars, the current nasdaq is about 7x what its peak in the dot com bubble was... but measured in producer price goods per person, it's about 2x so they aren't the same picture.

@bontchev @TimWardCam "slightly", about factor 3
@lritter @bontchev Indeed. It looks to me like it's quite likely a good story which is spoiled (for me) by distracting me by not using a log scale.

@bontchev

Crazy how the same bubble down was seen on US Steel during the 1990's, leaving steel stagnant for nearly 30 years until it sold last year to Nippon Steel. NASDAQ is peaking now and #AI is the "pump and dump" vehicle at the peak.