(https://www.cnbc.com/2026/07/15/buying-stock-with-borrowed-money-reaches-level-of-past-market-tops.html)—sure, that *sounds* bearish. But the margin-debt-to-market-cap ratio misses the actual story: earnings power has expanded since those prior tops. In 2000 and 2007, leverage was financing narratives. In 2026, it's financing real capex—AI infrastructure spending that's yielding measurable returns.

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