A warning that triple-leveraged funds like TQQQ could eventually get wiped out is bad news for aggressive traders betting on leverage.

• Triple-leveraged funds are too risky to hold because one bad shock could destroy them.
• The danger is a credit event — some hidden blowup that hits the market hard.
• The likely trigger is all the off-balance-sheet borrowing used to build AI data centers, tied to Meta, Blue Owl, and other big players.
• If those firms overbuild, the debt could implode and drag the whole market down.
• A fund like TQQQ could fall all the way to zero, and there is no recovering from zero.

Outlook: Regulators are already tightening up — the SEC just banned 5x leverage funds before they could even launch — but the underlying data-center debt risk is still building.