My theory is simple, margin debt is pushing up stock prices on the back of growth, the high stock prices allow datacenter companies to fund their debt that fuel

My theory is simple, margin debt is pushing up stock prices on the back of growth, the high stock prices allow datacenter companies to fund their debt that fuels the growth. Two types of debt are cycling and reinforcing each other. If datacenter company stock prices fall then it will be harder for them to borrow, which will slow down growth, which will cause the stock to fall more. Situational Awareness was one of the largest buyers of these stocks using margin. One leg of the cycle is demonstrably failing.