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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
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