Near its all-time high, the S&P 500 tells a quieter story than most market peaks do: prices have barely moved while the earnings beneath them have grown nearly five times faster, leaving the index cheaper than it was three months ago. This inversion of the usual dynamic — where exuberance drives prices ahead of profits — suggests the market has, for now, grown into its valuation rather than outrun it. The question that lingers, as it always does at such moments, is whether the forces driving that growth are durable or concentrated in a handful of industries whose fortunes could turn.