Gold price development 26.08.2025

Artificial intelligence, the Magnificent Seven, tech euphoria – for months, the stock market has seemed to be headed in only one direction: up. But behind the record prices lurks a dangerous truth. The valuations of many tech heavyweights have reached historic extremes. The Shiller P/E ratio is at 39, the Buffett indicator is at an all-time high – even during the dot-com era, the market was hardly more expensive. Added to this are euphoric investor sentiment, IPO hype without substance, record-high debt-financed securities purchases, and technical warning signals that evoke memories of 2000 and 2021. At the same time, geopolitical risks, Trump's aggressive tariff policy, and seasonal stock market weakness are weighing on the outlook. The danger: The gradual correction could turn into a rapid crash – and this could hit overvalued AI and chip stocks particularly hard. In our free special report, we show you which tech stocks are most at risk and how you can protect your portfolio from the bubble bursting. Get the latest report!

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