Don’t really see how markets see much more upside from here?

forward price/earnings on S&P500 are already ~25. actual p/e is 35. both historically insanely high
AI demand is mostly speculative as the use case is mainly how to make side hustle money or cut business costs, Demand is already in a mania and stocks are already overvalued at the current overhyped demand so where is the growth potential?
data centers are being delayed and tech usually drops in price as it matures due to competition and lower production so revenue will drop on the few companies that survive
the rest of the economy is fucked, inflation is high, lay offs every day, no new jobs, gas crisis pending, bond yields collapsing etc. etc.
the ONLY bullish factor here is some pathetic wish that we get a hyperinflation scenario so stock numbers go up
or am i missing something?