Margin debt in the US is climbing at a rate we haven't seen since the dot-com frenzy back in 2000. Latest numbers? October 2025 marked a historic peak—margin debt surged 45.2% year-over-year, hitting a staggering $1.18 trillion. That's right, trillion with a T.

When leverage piles up this fast, it usually signals either extreme confidence or dangerous euphoria. History rhymes, doesn't it? The 2000 bubble taught us what happens when borrowed money floods into markets chasing momentum. Now traders are loading up again, betting big on rallies. Whether this ends in a soft landing or another spectacular unwind—that's the billion-dollar question everyone's watching.