🚨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.

POV @AustinCampbell @DavidZMorris : SpaceX IPO has a P/E ratio ~50 (P/E of Nvidia, ~30). Hyperinflated multiple. W/o a clear forward revenue path. At a top-of-market valuation = nearly negative sign for future returns. POV their @zkzeroknowledge intern w/ 40 SpaceX IPO shares:

It's rare that AI video makes me feel any emotion. But these "nostalgiamaxxing videos" really do capture what it's like to grow up in the 90's Credit: homeforchristmasofficial

I put my entire life into Cardano. My time, my expertise, my savings. I’ve literally gone all in, and for over 5 years now. No salary for 3 years, along with my co founder, and every payroll was paid on time. This isn’t meant as a guilt trip just context towards my reality. I forced my cofounders to envelope the ‘entrepreneur mindset’ and make sacrifices to make our vision of Anvil work. I thought we were in good company in Cardano. A bunch of scrappy, smart people who are building the future financial rails of the world. Unfortunately, not everyone was living like starving entrepreneurs and looted our community/treasury while keeping cushy salaries. Now the price is in the teens…and we can’t even get contracts on Cardano to sustain our business, with no indication that change is coming, all community business proposals are not passing atm. I gave up my 30s for this. I had a great career trajectory making solid money. I don’t regret the decision I just wish it went different. Believe it or not, we didn’t make many stupid decisions, we were responsible with salaries, and ran very lean operations. Did we fail? Or did Cardano fail to flourish and create real opportunity? I bought Ada, I believed in the token. I dropped my 401k on it. Held it religiously for 5 years, all to sell at .16 so I don’t lose my house? It’s insane lol was I supposed to sell on everyone’s heads? I thought being a believer was the whole point now I just feel like a sheep. I don’t even have the 100k Ada required anymore to go straight to the treasury. The only thing I can think of that hurt worse were my kidney stones. This is the most defeated I have felt in a long time. And now I’m watching 8 months of hard work and relationship building get thrown away. Can’t get a hold of half the DReps otherwise you come off as annoying. Didn’t do a Japan tour? Good luck! I had to waste 6 days explaining to one of our top DReps why the product needs Cardano. He basically said we didn’t need to use blockchain or cardano. Instead of explaining the value we create I gotta convince our top DReps why a project chose to build on Cardano? 🤯 Im not perfect but I damn sure tried to be! Answered everyone promptly, reached out to DReps, and did our best to listen/apply feedback. I show up everyday. Can someone explain to me why I should keep trying to build here? I’ve legit lost everything but my wife who isn’t getting any happier with me. Today is the first day I work towards getting my life back. IDK exactly what that means but I’m done feeling like this for nothing.

You do understand what I do for a living? I literally make decentralized central banks and rebuilt Wallstreet on a blockchain

ELON MUSK: “We’re going to have universal high income. We’ll basically just issue money to people." "AI and robots are going to make so much stuff and provide so many services that they’ll run out of things to do for humans." "Money will stop being relevant at some point in the future." "AI won’t use human currency. It will care about power and mass: wattage and tonnage.” ME: “So just as you’re becoming a multi-trillionaire, money starts to have less value?” ELON: “Yeah, pretty much.”

We are just tired of dealing with you faggots

The most important SpaceX detail nobody is talking about: the lockup is staggered. There is no single 180-day cliff. Insiders get to sell in tiers, starting MUCH earlier than a standard IPO. Here’s exactly when insiders can start selling: After Q2 2026 earnings (around August 11): Up to 20% unlocks. Another 10% on top if SPCX trades 30% above the $135 IPO price (so $175.50 ) for 5 of the prior 10 sessions. Five time-based tranches at 70, 90, 105, 120, and 135 days post-IPO. Each releases 7% of eligible shares. After Q3 2026 earnings (late October to early November): Another 28% unlocks. 180 days post-IPO (around December 9): Everything else unlocks. Elon and certain major investors get a longer 366-day lockup. They stay locked until around June 2027. Some context on the size: The IPO sold around 555.6M shares, representing roughly 4.2% of total shares outstanding. The other 95.8% was locked pre-IPO. The staggered pool (employees and early backers) is where the early releases happen. The structure is smart. It spreads selling pressure instead of concentrating it on one day. Still, watch August earnings closely. That is the first real wave of potential selling, up to 30% of eligible shares. After that it drips steadily through fall. Float is tiny right now, so volatility cuts both ways. Not financial advice. This is the lockup mechanics from the S-1 and reporting.