That's what people are posting on reddit. In one post this new reality was explained by loose monetrary policy, high federal debt burden and sticky inflation. Federal government has the power to keep stock prices artifically high, but to what end? USA has the lowest customer confidence ever, since records started in 1960s. There is no new job creation at least, no high paying professional jobs. Not only government, but also households are increasingly in debt at levels never seen before and cost of financing debt is increasing for everybody. Only <10% of US population has any significant savings or money in stock market, most US employees have no public/private pension plan or savings so not effected by higher stock prices. Same 10% of population responsible for 60%-70% of all consumption in US. AI is a promising technology, but so far none of the AI firms are profitable and still require billions of dollar investment in near future. Furthermore there is no measurable productivity gains in economy in last 4 years due to AI and yet all economic growth and most of stock market growth in US in last 3 years are due to AI and data center related investments. Divergence between real economy and stock market has never been this extreme and now many are convinced Stocks are guranteed to yield 20% return on investment every year and thats when economy (GDP) only grows by 2.5%.