Cboe Global Markets, Inc.

CBOE trades at a P/E of 31.1 while sitting at its 52-week high with an RSI of 69.2—signaling serious overbought territory. This valuation demands flawless execution in an exchange operator already priced for perfection; any disappointment could trigger sharp pullback. The elevated multiple relative to historical norms suggests the market has already baked in substantial margin expansion and product adoption gains. For a $31B market-cap player in financial infrastructure, the combination of peak valuations and stretched technicals creates meaningful mean-reversion risk, though the secular tailwinds around derivatives and volatility trading provide underlying support.