BREAKING: US margin debt jumped +$26 billion in September, to $1.48 trillion, the 2nd-highest level on record. Since the start of 2026, margin debt has surged +$255 billion, or +21%. As a % of GDP, this metric is up to a record 4.5%, surpassing the previous peak of 3.6% set in 2021. At the same time, the margin debt-to-M2 money supply ratio is up to 6.3%, the 3rd-highest level on record. By comparison, this ratio peaked at 6.4% during the 2000 Dot-Com Bubble. Leveraged investing has never been more popular.

Tokenized equities are breaking records, and we are still early. The total market cap of onchain tokenized stocks is now up to a record $3.5 billion. That marks another +33% increase in this month and +860% growth year-over-year. Growth has accelerated after the SEC's recent Innovation Exemption was announced. This grants onchain platforms a 5-year "sandbox period" to legally trade tokenized versions of real US stocks. As a result, Jupiter, the largest onchain platform which is leading the push into tokenized assets, has seen a +104% surge in tokenized equity trading volume this month. The push toward tokenization is in full-swing.

JUST IN: Apple CEO John Ternus is reportedly considering a major overhaul to “accelerate product development” by cutting management layers and moving toward a more engineering led structure.

Trump moves to ban student loans for useless liberal arts degrees. Follow: @AFpost

BREAKING: Oracle stock, $ORCL, falls -5% after declaring "force majeure" on a massive data center being built in New Mexico. Oracle has reportedly made the move in order to shield itself from rapidly rising expenses on the project.

Women accounted for 98% of U.S. job gains in August. Women gained roughly 158,000 jobs compared with just 4,000 for men, making up nearly all of the month’s net employment growth.