Wall Street's Biggest Bubble (No, Not AI) Appears Ready to Burst

While AI has driven stock market gains to record highs, a larger threat looms: outstanding margin debt has reached $1.5 trillion, surging 77% in 14 months. Historically, such rapid margin debt increases have preceded major market crashes, including the dot-com bubble (2000), financial crisis (2009), and 2022 bear market. If investors reduce risk exposure, the overvalued AI-driven market could face significant declines.