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🚨 Michael Burry just dropped a bomb on NVDA.
He documented a Bermuda-based scheme where US retirees unknowingly fund NVDA’s own revenue:
👴 Retiree buys “safe” Athene annuity
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🏝️ Athene ships $291B to Bermuda at 16.6x leverage
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💼 Bermuda money → Apollo’s $1T private credit
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💰 Apollo creates $3.5B debt for VCI (SPV)
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🚨 NVDA invests $1.9B as LP into VCI
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🛒 VCI buys $5.4B of GPUs from NVDA
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📈 NVDA books it as REVENUE
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🤖 100K+ GPUs leased to xAI
The math:
NVDA is self-funding 35% of this revenue.
Retirees absorb all the real risk.
Apollo extracts 6x fees.
34.7% of the Bermuda balance sheet is “Level 3” (no market price).
This is Enron-style circular revenue, but at AI bubble scale.
Burry’s positioning: $1.1B notional in puts, 80% bearish.
When this structure unwinds, the AI bubble repricing will be violent.
Source: @michaeljburry , May 2026 / Scion Asset Management
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