BREAKING: US margin debt surged +$37 billion in August, to $1.45 trillion, its 2nd-highest on record. Margin debt has risen +$228 billion year-to-date, or +19%. Since the end of 2022, investor borrowing has soared a massive +$847 billion, or +140%. This has significantly outpaced the S&P 500's gain of +98% over the same period. At the same time, margin debt as a % of GDP has almost doubled, to a record 4.5%. By comparison, the 2021 and 2000 Dot-Com Bubble highs were 3.6% and 2.8%, respectively. Investor leverage is through the roof.