Retail investors are fueling a new meme-stock mania, driving 6 million daily options contracts in unprofitable small-cap stocks while most of the market barely participates. Fund managers are running almost no cash.

Appetite for risk is incredibly strong: Options trading volumes in loss-making Russell 2000 stocks have risen to ~6 million contracts per day, an all-time high. Volumes have more than doubled since April and surpassed the previous record set during the 2021 meme-stock mania. By comparison, options activity in profitable stocks is only 33% as large. …

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Poor people getting poorer. Unprofitable datacenters getting…unprofitabler. We are all subsidizing this nonsense.

Two things shown in this chart.1. Poor people getting poorer.2. Unprofitable datacenters getting…unprofitabler.#AiMania https://t.co/RFe9ukQGAf — Nobody Special (@JG_Nuke) September 21, 2025 pic.twitter.com/EEXeqZLRFg — Nobody Special (@JG_Nuke) September 21, 2025 Trump certainly hasn't helped any of these things, and has made some of them worse. But everything you just listed was a problem either caused, ignored, …

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40% of Russell 2000 companies are unprofitable, nearly matching the 2008 crisis peak.

Nearly 40% of Russell 2000 companies are losing money, bringing back memories of the worst days of the 2008 crisis. This shows there is serious trouble brewing beneath the surface. By the second quarter of 2025, 42% of these firms reported negative earnings, way up from 14% twenty years ago. But it’s not just about …

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The Fed lost control of the bond market, with Cryptos, MicroStrategy, and unprofitable companies still thriving. The 1920s saw the greatest stock rally, followed by the worst crash in history.

This scenario isn’t just about market dynamics; it’s a warning sign. With the Fed seemingly powerless over the bond market, and with investments in everything from digital art to unprofitable tech ventures defying gravity, we might be in for a rude awakening, much like the one that followed the 1920s. Im just going to call …

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