According to investment research firm Leuthold Group, US margin debt surged by more than 40% over the past 12 months and has returned to levels that previously only appeared before major market pullbacks. The firm cited the 2000 dot-com bubble, the 2007 financial crisis, and the peak of the 2021 bull market. Its growth rate has been particularly stronger than equity returns: margin debt rose about 54% year over year, while the S&P 500’s total return over the same period was 22%, widening the spread of “excess margin growth” to 26% above the historical warning threshold. According to FINRA data, as of May 2026, margin debt had reached $1.4 billion. Leuthold’s Chief Investment Officer Scott Opsal warned that this kind of rapid borrowing often signals market weakness, saying the current setup is “a very bearish signal.” #PreIPOs第二期OpenAI认购