# The Shiller CAPE ratio stands at 38-40, the second-highest in 155 years behind only the dot-com peak of 44.19.

*business · news · 2026-04-25 · TNW*

## Key points

- S&P 500's top-10 companies now make up 36-40% of market cap, nearly 50% more than 2000.
- Hyperscaler capital expenditure on AI infrastructure is projected at $660-690 billion in 2026.
- Unlike the dot-com era, leading AI companies like Nvidia are highly profitable and cash-generative.
- AI infrastructure investments hinge on future returns, with revenue concentration creating potential fragility.
- Market outcome depends on whether massive AI capex yields sustained earnings growth at current expectations.

**Companies:** Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, Deutsche Bank, Bank of America, Goldman Sachs, JPMorgan, OpenAI, GMO, Oracle
**Countries:** United States

[Read the full story on TNW](https://thenextweb.com/news/ai-stocks-dot-com-bubble-comparison-market-outlook)

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