Deleveraging feedback loop turns an AI dip into an index drawdown Record leverage and record index concentration sit beside a loop in which a mega-cap AI dip forces leveraged selling into the same names, escalating into a broad index drawdown. margin debt above dot-com peak top-10 weight 40.7% of index leveraged ETFs ≈400 · daily rebalance stored leverage largest AI names dip mega-cap · heavy weight forced selling leveraged rebalancing margin calls · same names index falls further broad index drawdown feedback concentration 5% mega-cap move outweighs small-cap Korea AI-heavy composite circuit breakers hit no earnings miss price dip alone drives the loop same plumbing either way