Well the S&P is an index of the largest companies so they're going to be more solid than the rest of the market. WeWork was attempting an IPO and had a ton of hype, if that hype was because of improvements on marginal costs you would have seen it there. The S&P 500 PE ratio is objectively high right now. Whether it's high because of strong fundamentals or bubble effects is the million dollar question. https://www.macrotrends.net/2577/sp-500-pe-ratio-price-to-ea...