The S&P 500 has gained about 100% over the past three calendar years plus 2026 to date, driven largely by enthusiasm for AI, with Nvidia up 900% over five years and Micron up 200% this year alone. Amazon, Microsoft, Alphabet and Meta are expected to spend over $700 billion this year, raising doubts about whether the revenue will justify it. The Buffett indicator, which compares the value of U.S. listed companies with GDP, has reached 238%, its highest ever, versus about 148% during the dot-com bubble. The article notes that the S&P 500 fell after past peaks of this indicator in 2000 and late 2021, but recovered and gained over the following years. The author argues that investors should hold their positions for the long term rather than leave the market.
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/14/2026 | 728.95 |
| Change that session | -1.97% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/14/2026 | 769.60 |
| Change that session | -1.08% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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