DAX vx SP500: Is DAX highly over valued?

By comparing the charts of US indexes vs European indexes we usuallly find pretty much the same patterns.
However there is something that really caught my attention, compare the monthly chart of sp500 vs Dax:

DAX is only 6,54% from all time highs of 2022
SP500 is 15,40% from its all time highs of 2022.
NASDAQ is 28,45% from it's all time highs of 2022

This difference is obviously linked to the different policies of central banks, however I wonder if such a huge difference is justified.
German economy has been highly struck by energy prices and German inflation is still 8,5% vs 6,5% in the US.
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