When a stock or sector of the market is trading way above its intrinsic value, investors may call it a “bubble.”

“We would urge caution, severe caution. Be very afraid of the valuations of these growth companies,” Peter Chiappinelli, portfolio strategist at GMO Asset Allocation, told CNBC.

Market bubbles are investing phenomena that can occur when valuations are driven by exuberant behavior — and they can burn investors.

The last 12 months have seen several bubbles burst. Take meme stocks such as GameStop and AMC, as well as dogecoin.

And there may still be looming bubbles yet to pop.

“One by one, we’ve checked off every condition that the glorious bubble needs. And in terms of crazy behavior, this has been crazier, by a substantial margin, than 1929 and 2000,” Jeremy Grantham, GMO’s co-founder and chief investment strategist, told CNBC’s “Closing Bell.”

Some investors believe Tesla and bitcoin are also bubbles soon to burst.

“Tesla [added] almost [$]200 billion in market cap in a week’s span … when you see that type of euphoria, in particular names, those could be potential examples of bubbles soon to burst,” Jason Snipe, founder and chief investment officer of Odyssey Capital Advisors, told CNBC.

There are still areas in the market worth investing in that aren’t trading above intrinsic value, according to investors who spoke with CNBC.

“How does one make money in a growth bubble? … Not every stock clearly is in a bubble. There are some very much unloved, under-researched, underowned pockets,” said Chiappinelli.

Watch the video above to learn about what bubble may pop next and where investors can find safety.