Retail investors have reached an all-time high in their participation in the U.S. equity options market, now accounting for over 20% of total options volume, according to JPMorgan. This share, approximately 21%, surpasses the previous peak observed during the 2021 meme stock frenzy by about five percentage points. The surge in retail options activity has occurred rapidly within recent weeks, signaling increased speculative behavior among individual investors. Meanwhile, the broader U.S. stock market has hit record levels, with the S&P 500 index reaching 6,400 for the first time. Despite this, market sentiment shows signs of caution, with 91% of fund managers considering U.S. stocks overvalued and the VIX volatility index at yearly lows. In related market developments, Robinhood ($HOOD) shares have declined 4.3% amid mixed investor sentiment, though some traders remain bullish and are looking for support levels to reload positions. Additionally, India’s stock market is experiencing a rise in female participation, with women now comprising 24.5% of equity investors nationally, a steady increase reshaping the investor landscape.