Individual retail investors in the United States purchased a record $155.3 billion worth of stocks and exchange-traded funds (ETFs) during the first half of 2025, marking the highest semi-annual retail investment ever recorded. This buying activity averaged approximately $1.3 billion daily, representing a 22% increase compared to the first half of 2024. Notably, net retail purchases of single-stock leveraged ETFs reached $2.9 billion in the same period, up 208% year-over-year and $650 million higher than the second half of 2024. The resurgence of interest in meme stocks and speculative investments in money-losing companies has contributed to a market rally pushing stock prices to record highs. Market analysts observe that retail investors are engaging in increasingly speculative trading behaviors, reminiscent of the 2021 meme stock frenzy.