{"id":38527,"date":"2026-06-01T01:55:53","date_gmt":"2026-06-01T01:55:53","guid":{"rendered":"https:\/\/www.duck9.com\/blog\/?p=38527"},"modified":"2026-05-31T21:56:18","modified_gmt":"2026-06-01T01:56:18","slug":"fugazi-fiat-faker","status":"publish","type":"post","link":"https:\/\/www.duck9.com\/blog\/fugazi-fiat-faker\/","title":{"rendered":"Fugazi Fiat Faker"},"content":{"rendered":"
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There are good reasons for this Jim. It is all Fugazi. How to make tens of $billions worth of $NVDA GPUs disappear from balance sheets in 8-12 byzantine stepspvs.<\/div>\n<\/td>\n<\/tr>\n
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Cassandra Unchained (@michaeljburry) 1K likes \u00b7 126 replies<\/font><\/a><\/div>\n
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\u2022  Michael Burry quotes Jim Cramer\u2019s bullish take on Nvidia and calls the situation \u201cFugazi,\u201d claiming complex structures allow tens of billions in NVDA GPUs to vanish from balance sheets through 8-12 byzantine SPV steps.<\/p>\n

\u2022  The attached diagram maps a \u201cRetiree\/Apollo\/Nvidia Bermuda\/AMAPS\/xAI Pipeline,\u201d showing how US retirees\u2019 annuity premiums flow through Athene\u2019s Bermuda captive, Apollo-managed funds, and a Valor SPV to finance and lease Nvidia GB200 GPUs for xAI\u2019s Grok data centers.<\/p>\n

\u2022  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.\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n

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There are good reasons for this Jim. It is all Fugazi. How to make tens of $billions worth of $NVDA GPUs disappear from balance sheets in 8-12 byzantine stepspvs. Cassandra Unchained (@michaeljburry) 1K likes \u00b7 126 replies x.com \u2022  Michael Burry quotes Jim Cramer\u2019s bullish take on Nvidia and calls the situation \u201cFugazi,\u201d claiming complex […]<\/p>\n","protected":false},"author":1,"featured_media":38528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-38527","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/38527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/comments?post=38527"}],"version-history":[{"count":0,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/38527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media\/38528"}],"wp:attachment":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media?parent=38527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/categories?post=38527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/tags?post=38527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}