SPY — Bearish bets against US stocks climb to record highs amid rally concerns

Short interest in US stocks has surged to record levels, signaling widespread investor anxiety about the durability of the current market rally. Short positions in S&P 500 Index stocks are approaching an all-time high of 3.79% of free float, while short interest in the broader Russell 3000 has hit a record 6.3%. The trend reflects growing concerns over AI-related spending and economic uncertainty, despite the S&P 500's 18% gain since late March.