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Jeremy Grantham has declared the U.S. stock market the most expensive in American history, with soaring valuations tied to artificial intelligence pushing prices to levels he regards as historically extreme.
The assessment from the veteran investor adds a prominent skeptical voice to an equity rally that has drawn global capital into U.S.-listed technology names.
The AI Valuation Driver Grantham's argument centers on the run-up in valuations surrounding artificial intelligence.
His concern is not with the technology itself but with the price the market has assigned to the anticipated gains from it — a pattern he frames as the decisive factor in making this moment stand apart from prior peaks in U.S.
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