Never in history has there been such a large gap between financial assets and real money.

This is the highest level ever recorded, exceeding the dot-com bubble (2000) and the peak of COVID-19 (2020).

The meaning of "money in the economy"

We're talking about M2: the entire US monetary base.

In other words, the money in circulation in cash, account deposits, and monetary funds.

It's the most commonly used measure to calculate the economy's liquidity.

The current contrast

Today: Nasdaq ≈ US$32 trillion | M2 ≈ US$22.1 trillion One year ago: Nasdaq ≈ US$27 trillion | M2 ≈ US$21.7 trillion

In other words: M2 grew only US$400 billion, while the Nasdaq soared US$5 trillion.

The jump came from price, not liquidity.

This movement didn't come from the entire market.

It was basically seven companies: Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla.

They already account for half of the index.

Without them, this ratio would fall by half.

The engine of the rally

• Over $1 trillion in borrowed money to buy stocks (record leverage) • ETFs increasingly concentrating resources on the same giants • Options inflating movements and creating squeezes

This combination sustains the rally — but also increases the risk of aggressive declines.

Why is it worth paying attention?

M2 has been virtually stable since 2022.

In other words, there is no new money supporting this rise.

It's pure asset repricing, supported by concentration and leverage.

History is unforgiving.

Whenever assets have grown much faster than real money, the correction has been painful:

• 2000: dot-com bubble • 2008: subprime crisis • 2020: pandemic followed by monetary tightening

The extremes never lasted long.

The 2025 Difference

In previous cycles, peaks came with abundant liquidity.

Now, they happen with high interest rates and monetary tightening.

The market rose, but the monetary base did not follow.

Conclusion

The Nasdaq at nearly 150% of M2 doesn't mean an immediate crash.

But it does indicate the most vulnerable point ever recorded.

At the limit, it's worth being cautious!