The S&P 500 hit a record while its forward P/E fell. Are earnings finally catching up?

The S&P 500 is back at a record, but the valuation story looks a little different this time. Forward P/E is around 20.4, while Q2 earnings are tracking roughly 31% above last year. Tech earnings are up around 72%. I’ve been pretty skeptical of this rally because 20x earnings with the 10-year near 4.6% still isn’t cheap. But it’s also hard to call this pure multiple expansion when profits are rising this quickly. The bear case seems to be that these earnings comparisons fade and today’s valuation starts looking expensive again. Are people calling this a bubble because of the price level, or because they expect earnings to roll over?