Retail investors have purchased a record $150 billion of U.S. equities in the first five months of 2025, according to data from JPMorgan and market observers. Despite a slowdown in May, when retail buying totaled $23 billion compared to $40 billion in March and April, retail inflows remain at levels not seen since the 2021 meme stock mania. This sustained retail demand contrasts with institutional investors, who have been selling stocks for five consecutive weeks, marking the largest cumulative institutional selling in recent data history, as reported by Bank of America. Market analysts note that retail investors are increasingly willing to take on more risk, continuing to buy equities even amid warnings from Wall Street.