There aren't enough IPOs and companies to invest into, so the public markets are chasing anything they can get their hands on. Do these companies have value? Absolutely. Is the demand arbitrarily high because there's supply? Absolutely.

Nearly all companies I’ve researched on the exchanges have historical highs going back a couple years. This is across multiple industries (tech, utilities, real estate, grocers). It’s a significant trend. As for whether it’s substantive (ie not likely to correct), well, I’ve seen many economists suggesting a correction “soon” for years.

The more worrying thing is the consumer reports I’ve read. They said people aren’t saving money in 401ks, nor even savings accounts. This could indicate high confidence in the market. Or, it could indicate a lack of income to save. I’ve read reports indicating the later and not the former - specifically reports of people working multiple jobs to afford the basics.

If that’s the case then luxury goods and services should be commensurately lower valued. But they’re they are not.

Yes although this mostly just applies to consumer tech companies.