A young AI hedge fund manager, Leopold Aschenbrenner, saw his $45 billion fund soar 1,000% before crashing to $10 billion as Citadel swooped in — all thanks to reckless 400% leverage that turned market dips into catastrophic losses. But his collapse is just a warning shot: Wall Street’s margin debt has surged 77% to an all-time high of $1.5 trillion — a dangerous pattern that preceded every major market crash since the dot-com bubble. Aschenbrenner’s fall might be the tip of the iceberg.
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