The S&P 500 rebounded from a 10% drop to a new high in just 11 sessions, marking the quickest V-shaped recovery on record. Big investors warn valuations look stretched, but higher cash supplies and record corporate profits may justify today’s lofty multiples. Meanwhile, semiconductors and AI infrastructure lead gains while software lags, and social media use has peaked globally except in North America.

Secondary-market trades on Forge Global pushed Anthropic’s valuation to about $1 trillion, surpassing OpenAI’s roughly $880 billion price. The surge reflects scarce share supply, rapid revenue growth (from a $9 billion to $39 billion annual run rate), and partnerships with Amazon and Palantir.