2025-08-15 02:20:04

This graph I've seen is misleading

Market cap of NASDAQ ÷ U.S. M2

But after late-2022 megacap tech ripped from the lows & M2 contracted

A falling denominator mechanically boosts the ratio even if stocks only rise “normally”

So “new high” ≠ “same to 2000”
In the 2000s M2 was growing

Today part of the move is denominator math

IN-8.48%

MOVE0.28%

MATH0.8%

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