ByBrandon Kochkodin,

Forbes Staff.

A

sset bubbles give off a scent. Stocks far outpace earnings. Junk debt looks gold-plated. But, no matter how good the rally feels, eventually skepticism arises. The question is whether the smoke alarm is chirping from a dead battery or fire?

The S&P 500 sits at 6,700, nearly double what it was five years ago. The Magnificent 7 tech titans are the rocket fuel. They account for nearly 40% of the index and they’re placing trillion dollar bets that AI rewires the world.