Investors have borrowed about $1.4 trillion（約220兆円） to amplify their stock bets, with leverage concentrated heavily in AI companies. This creates market risk because forced sales to cover losses could trigger sharp declines across equities. Goldman Sachs warns that Japanese margin borrowing has also hit its highest level since the 2008 financial crisis.
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Net margin borrowing in U.S. equities has reached about $1.4 trillion（約220兆円）, equivalent to 1.8% of all U.S. stocks, according to Goldman Sachs analysts. Investors are using borrowed money to magnify their bets. Separately, margin purchases of Japanese equities have climbed above $30 billion（約4.8兆円）, the highest level since the Great Financial Crisis.
Why it matters
When leveraged traders are forced to cover losing bets, they must sell other stocks to raise cash, which can magnify selling pressure across markets. Goldman Sachs notes that investor leverage remains very concentrated in the AI ecosystem, creating concentration risk. This matters because a sharp move against AI stocks could trigger broader market stress.
What to watch
The stability of AI-focused positions and whether margin calls in that sector spill into broader equity selloffs. The article also highlights that the Magnificent Seven tech stocks have underperformed the S&P 500 so far this year, suggesting some cooling in the rally that has driven much of the leverage buildup.
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