Goldman Sachs research argues that the global stock valuations in the tech sector especially have continued to rise, the current market still does not yet show the hallmarks of a true financial bubble. The gains are largely supported by the balance sheets of these tech leaders, strong corporates earnings, and disciplined capital spending. Although risks still remain like market concentration and possible over investment in AI, the financial conditions appear healthy and the rally is still grounded in the fundamentals. Goldman Sachs concludes that the valuations are stretched but not unsustainably inflated, with the biggest threat being disappointing earnings rather than widespread financial instability.
https://www.goldmansachs.com/insights/articles/why-global-stocks-are-not-yet-in-a-bubble
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