**[Leverage Risk in U.S. Stock Market Rises: Margin Debt as a Percentage of GDP Hits Record High]** According to a report by Jinse Finance, data from the New York Stock Exchange (NYSE) and FINRA reveals that U.S. margin debt has climbed to approximately 4.5% of the country's Gross Domestic Product (GDP), setting a historic record. This surpasses previous peaks seen during the bursting of the dot-com bubble in 2000, the 2008 financial crisis, and the market highs of 2021. Margin debt refers to the liabilities incurred by investors borrowing money to purchase stocks. While high leverage can amplify investment returns during a bull market, it significantly increases the risk of forced liquidation and sell-offs during a market downturn. Although this indicator cannot precisely predict market turning points, it reflects that the current level of investor leverage relative to the size of the economy is at an unprecedented high in modern history.