BREAKING: US margin debt surged +14.6 billion in July, to a record 1.02 trillion. This follows the largest monthly increase in history of +87 billion in June. Margin debt has risen by +400 billion, or +67%, over the last 2 years, even outpacing the market's rally. Adjusted for inflation, margin debt is now only below its October 2021 peak. As a % of GDP, margin debt has also surpassed its previous highs, including the 2000 Dot-Com Bubble, except for 2021. The rally is being built on margin.(The Kobeissi Letter)