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• Michael Burry quotes Jim Cramer’s bullish take on Nvidia and calls the situation “Fugazi,” claiming complex structures allow tens of billions in NVDA GPUs to vanish from balance sheets through 8-12 byzantine SPV steps.
• The attached diagram maps a “Retiree/Apollo/Nvidia Bermuda/AMAPS/xAI Pipeline,” showing how US retirees’ annuity premiums flow through Athene’s Bermuda captive, Apollo-managed funds, and a Valor SPV to finance and lease Nvidia GB200 GPUs for xAI’s Grok data centers.
• The structure involves Nvidia selling chips and investing equity in the SPV, high leverage at Athene, off-balance-sheet risk transfers, and fees to Apollo, with GPUs legally titled to VCI while powering xAI under a multi-year lease.
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