BREAKING: US margin debt jumped +$26 billion in September, to $1.48 trillion, the 2nd-highest level on record. Since the start of 2026, margin debt has surged +$255 billion, or +21%. As a % of GDP, this metric is up to a record 4.5%, surpassing the previous peak of 3.6% set in 2021. At the same time, the margin debt-to-M2 money supply ratio is up to 6.3%, the 3rd-highest level on record. By comparison, this ratio peaked at 6.4% during the 2000 Dot-Com Bubble. Leveraged investing has never been more popular.