S&P 500 Forward P/E Falls to 17.9x, Its Lowest Level in More Than 3 Years

The S&P 500's forward price-to-earnings ratio has fallen to 17.9x, down from 22x at the beginning of the year and its lowest level in more than three years.
Several major AI-related stocks now trade at or below the broader index's valuation:
- $NVDA: 12.0x
- $CRDO: 16.0x
- $AVGO: 16.0x
- $META: 18.5x
- $MRVL: 23.0x
- $MSFT: 24.5x
- $AMD: 31.0x
- $AAPL: 34.5x
- $ARM: 67.0x
- $PLTR: 71.0x