Michael Hartnett, a strategist at American Bank, has pointed out that the robust rebound of U.S. stocks and cryptocurrencies might indicate bubbles within these asset classes. According to data compiled by institutions, the Price-to-Book (P/B) ratio of the S&P 500 Index surged to 5.3 times in 2024, nearing the peak of 5.5 times reached during the dot-com bubble in March 2000. Hartnett suggests that if the S&P 500 Index approaches 6666 points, which is about a 10% increase from its current level, there could be a high risk of "overshooting" by early 2025. The bank's Bull & Bear Market Indicator has yet to show signs of global investor exuberance.