Trillions in central bank printed money has to go somewhere...most going to equities and T-bills. Stock run-ups not based on fundamentals.
https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
https://www.ecb.europa.eu/pub/annual/balance/html/index.en.html
Stock prices haven’t been based on fundamentals for years.