⚠️ INVESTORS ARE INCREASING THEIR SHORT EXPOSURE TO US STOCKS AT AN UNPRECEDENTED PACE: Short interest in the S&P 500 has climbed to ~3.7% of free float, close to the highest level recorded since 2010, according to S3 Partners. Meanwhile, short exposure in the Russell 3000 has increased to ~6.1% of free float, also hovering near a record high. Both measures have been trending higher since the beginning of 2025, signaling a growing bearish stance among investors. Across all NYSE-listed companies, short interest reached a record 9.0% of shares outstanding in late June, based on data compiled by Reynolds Strategy LLC. For comparison, this measure peaked at ~5.0% during the GREAT FINANCIAL CRISIS and ~6.0% during the 2020 crash. Meanwhile, among individual names, SpaceX ranks as the 9th-most shorted stock in the US market, with ~$25 billion in bets against it, representing nearly 29% of its float. Bears are betting big.