S&P 500 earnings growth is off the charts while the market multiple is only about 19x forward earnings, below the five-year median and right at the 10-year median; this suggests the market is already pricing in fears that AI-related earnings are unsustainable, making broad U.S. stocks less expensive than they appear.
The sector heat map shows technology is not broadly expensive: 38% of tech names trade between 10x and 20x forward earnings, the next most common bucket is 20-30x, and only about one in four names trade above 30x forward earnings; that is reasonable for current tech growth.
The upcoming $2,000 foldable iPhone is a smart product release because consumers are fatigued by constant screen notifications and are nostalgic for analog, tactile experiences; folding open the phone changes the interface, and many people will ditch their current iPhones for it.