Wall Street's Biggest Bubble Looks Ready to Burst, and I Don't Mean AI or Quantum Computing

Margin debt has hit $1.5 trillion, up 77% since April 2025, and one analyst argues that leverage pile poses a bigger threat to equities than any AI or quantum computing bubble.

The warning rests on pattern recognition. According to the article, the current surge in borrowed money to buy stocks mirrors the buildup that preceded three prior drawdowns: the dot-com crash, the financial crisis, and the 2022 bear market. A 77% jump in roughly a year is the spine of the bearish case. Interpretation: leveraged positions can force selling when prices fall, which is why traders watch margin debt as an amplifier of downside rather than a trigger on its own.

The article does not call for abandoning stocks. It points to a long-term counterweight: all 107 rolling 20-year periods for the S&P 500 since 1900 were profitable. The author uses that record to argue that patient investors should treat any downturn as a buying opportunity.

For ONEQ holders, the tension is between near-term leverage risk and long-horizon history. The margin data speaks to fragility; the 107-for-107 record speaks to endurance. Both can be true at once.