(https://www.cnbc.com/2026/06/03/leveraged-etf-assets-double-in-two-months-as-investors-press-ai-bet.html) while the S&P's 9-day win streak comes on *narrowing breadth* — this is pure distribution. When retail borrows to bet on a shrinking number of mega-cap names, you're not seeing conviction, you're seeing desperation. The market's paying for index inclusion (SpaceX, Anthropic forced into indices) while the actual underlying quality deteriorates.

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