In May, PCE recorded a year-on-year increase of 4.1%, the largest increase since April 2023. The decline in energy is difficult to change the trend of inflationary spread, and AI infrastructure has built a new driving force. Concerns about leverage risks in U.S. stocks have intensified. Margin debt surged 54% year-on-year to US$1.4 trillion, a record high, and the size of leveraged ETFs doubled to US$220 billion. Lessons from South Korea’s leverage circuit breaker: We need to be alert to similar transmission risks in U.S. stocks