[JPMorgan: US Equity Deleveraging Nearing its End] According to Jinse Finance, JPMorgan's Global Head of Market Strategy, Dubravko, stated that the US equity deleveraging process is nearing its end. This round of US stock market correction was primarily triggered by overcrowded AI trading, high leverage, and declining liquidity. The concentrated selling process is now well into its later stages. Momentum trading crowding has decreased from the 100th percentile historically to the 76th percentile; leveraged ETFs sold $60 billion and $35 billion respectively in the last two important trading days, and their exposure is now lower than in January 2026; trend-following funds (CTAs) have turned net short, and volatility strategy leverage has decreased from the 65th percentile historically to the 30th percentile, but approximately $50 billion may still be available for sale. Corporate announcements of a $1.2 trillion stock buyback program are expected to provide support.