ColinLeesang

@BullTheoryio And there's a lot of people who after reading this will say "Bitcoin is a scam". SMH.

🚨Michael Burry just said Elon Musk and Nvidia's deal is built on fake numbers. Burry published a detailed breakdown calling the entire structure "Fugazi", his word for fake. He is alleging that billions of dollars in Nvidia chips are being hidden off balance sheets, and that American retirees are unknowingly funding the whole thing. Nvidia, the world's largest AI chip company sold $5.4 billion worth of its most advanced GPUs, the GB200, to a company called Valor. Valor is not a real operating business. It is a special purpose vehicle, a shell company created specifically to hold these chips and nothing else. Nvidia also invested $1.9 billion of its own money directly into Valor on top of the sale. Those 100,000+ chips are now physically inside xAI's data center. xAI is Elon Musk's artificial intelligence company, the one that builds Grok. xAI is using every single one of those chips right now to run its AI models. But here is what Burry is flagging. Neither Nvidia nor xAI owns those chips on paper. Valor, the shell company holds legal title. That means $5.4 billion in GPU assets do not show up on Nvidia's balance sheet as inventory. They do not show up on xAI's balance sheet as assets. They are legally invisible to both companies. Nvidia gets to book the $5.4 billion as a completed sale and record it as revenue. xAI gets full use of the chips without owning them. And the risk disappears into a shell company in the middle. Now here is where American retirees enter the picture. Valor needed $3.5 billion in debt to fund this structure. Apollo provided it. Apollo is one of the largest asset managers on earth with $1.03 trillion under management and $834 billion specifically in private credit. Apollo raised the $3.5 billion, packaged it into debt securities, and sold those securities to Athene. Athene is Apollo's own insurance company. It sells fixed and indexed annuities, retirement savings products, to ordinary Americans. When a retiree buys an Athene annuity, they believe their money is sitting in safe, stable investments. That money is now inside a structure funding Elon Musk's AI data center. The numbers inside Athene are most alarming. Athene holds $74.2 billion in reserves. It has moved $217 billion in assets into a captive insurer based in Bermuda, meaning those assets sit outside normal US insurance regulation and oversight. Of the entire portfolio, 34.7%, equal to $103 billion, is classified as Level 3 assets. Level 3 is an accounting classification that means there is no observable market price for these assets. No outside party can independently verify what they are actually worth. The leverage sitting on top of those unpriced assets is 16 times. Burry's says: Every step of this structure is technically legal and publicly disclosed. But the entire thing was deliberately engineered across 8 to 12 steps to move credit risk off balance sheets and away from any market pricing. - Nvidia books the revenue. - Apollo collects the fees. - xAI gets the computing power. - And retirees sitting at the bottom of a 16x leveraged Bermuda insurance structure, holding $103 billion in assets with no market price carry the risk without knowing it exists.

@FluentInFinance One is there to disrupt the other.

Anthropic valuation: $965 billion Berkshire Hathaway valuation: $1 trillion Anthropic revenue: $47 billion Berkshire revenue: $371 billion Most of us know what happens next

@TechOperator Not me, he's from Tennessee. 😂

Who wants to tell him?

@BullTheoryio And there's a lot of people who after reading this will say "Bitcoin is a scam". SMH

@AlexesNakamoto He will NEVER learn to STFU. 😂

Raoul Pal’s investment track record is truly unmatched: 🚩 2020: Calls BlockFi & Silvergate "most trusted" 🚩 2021: Calls Terra Luna "risk-free" 🚩 2025: Goes "massively overweight" SUI ❓ May 2026: Just announced he bought Zcash

@ClownWorld 🤔 makeup 💄 🤔 or filters?

This should be a crime

@PlanetOfMemes The car replies "who hurt you?" 😂

😂

@AlexFinn @yonann True

@yonann nah its because windows laptops suck

Kevin O'Leary says Apple's genius is making people pay 5x more for a laptop they could buy for $350 "you can buy an Apple laptop, average price about $1,800, or you can buy the same functionality for $350 on a Windows laptop" "but you still pay $1,800. Why? Brand" "you're paying a 5x multiple in some cases for something that is exactly like a Windows machine" "I put that out to people, they say, yeah, but it's not an Apple. So there is the genius of Jobs"

@SimplyBitcoin The signals telling you to buy more Bitcoin, is getting stronger each day.

Scott Bessent, on putting Trump's name on U.S. currency: "No more powerful way to recognize our country's achievements than dollar bills bearing his name." Now they're drafting a $250 bill with his face on it. You don't print bigger bills when the money's getting stronger.

@thepowerfulHRV Nice 👍

West Main just dashed 0.129 people’s dreams of ever owning a whole bitcoin.

@Kaylavosss Birds of a feather flock together

Yeeeeah! You go girl

@maestrorogers Went from Italian design to American design. Smh

The Ferrari Luce has a huge supercar advantage that I haven’t seen any person mention yet: As a personal supercar owner, i was once pulled over by a cop just because he wanted to see the car. The Ferrari Luce will never have this problem.

@theoccasian 🤣

And no self-respecting man wants to come home to this:

@CathyReisenwitz Are you married?

Marriage rates are down because no woman who works any amount wants to come home to a man who expects her to be his full-time, unpaid babysitter, sex worker, and maid

@TeslaKing420 You know exactly what's wrong with him. 🤣

What happened to Jonny Ive? First he’s hanging around a scam artist, now he’s designing one of the most horrendous looking automobiles I’ve ever seen.

@ReviewsPossum Future - she belongs to da streets.

If your husband is paying for you to live in a house like that, you don't get to complain about him leaving a drawer open.

@TiffanyFong Not true, but it does help. I would say that number is way too high. Maybe 30% 🤔

is this true boys?

@ColJamesLittD @russellcrowe He handed them like "A Boss" 👍

This is my problem with the social media and click bait culture: @russellcrowe settled a paparazzi fan mob frenzy and then proceeded to sign every autograph and take every selfie. If you read anything else, it’s false.

@mamboitaliano__ 👏 👏 😅

My husband knew I’d always dreamed of a Ferrari 🏎️ And he finally decided to surprise me… So this morning I ended up like this 😂

@MarioNawfal The YU7 GT is much better looking.

This might be an unpopular opinion, but Ferrari's new Luce EV is a massive letdown It just looks too generic, as if it was designed without any passion