Taiwan's stock market is showing classic bubble signs, and the rush by brokerages to raise cash is the clearest warning yet — bad news for late buyers.

• Taiwanese brokers have raised as much money in six months as they normally would in three years.
• That cash grab usually means firms expect a flood of margin lending from investors buying on borrowed money.
• Heavy borrowing to chase stocks is what turns an ordinary rally into a bubble.
• Retail investors piling in at the top are the ones most exposed if the market turns.
• Taiwan's market is heavily tied to chip stocks, so any cooling in AI demand would hit hard.

Outlook: The rally can keep running while cheap credit flows, but the buildup of borrowed money makes a sharp pullback more likely.