Since the crisis in 2020, the US stock market has grown at a sustained rate of +20% per year. Since 2022, this rise has been further accentuated by the rise of artificial intelligence, generating an increase of more than 50% over the last two years. Despite the momentum of innovation and continued growth in the US, the strength of this bull market is raising questions. Asset managers, who hold historically low levels of cash in their portfolios, also consider the market to be overvalued.