Warren Buffett Indicator Hits Record 232% as S&P 500 Sets Fresh Highs

The Warren Buffett Indicator (market-cap-to-GDP) surged to an all-time high of 232% on May 11, 2026, as the S&P 500 and Nasdaq notched new record highs amid intensifying valuation concerns. This follows the S&P 500's climb to 7,398.93 (+0.84%) on May 10, when 5.6% of components hit 52-week lows—a rare signal seen only three times before—while the Shiller CAPE ratio neared 40, its second-highest level ever. The rally, up nearly 50% since April 2025 and driven by AI mega-caps like Nvidia and Alphabet (~38% weighting), echoes 1929 and dot-com bubble risks, prompting warnings of volatility ahead.