S&P 500 relative to M2 surpasses dot-com peak

The S&P 500 relative to U.S. M2 money supply has risen to 0.330, surpassing the 0.308 level recorded in August 2000 during the dot-com era.
For historical context, the $SPX peaked in March 2000 before declining nearly 50% over the following 2.5 years and taking roughly seven years to reclaim that high.
The current ratio highlights historically elevated equity valuations relative to money supply, but exceeding the dot-com-era reading does not by itself imply that the subsequent market path will repeat.