@GovernorSteph

Governor Steph

[Stacin Goins @LCyance]

Black kids ain't been watching Black Classic movies and been calling soul samples slave music, y'all let y'all black kids grow up thinking they're white

[@GovernorSteph @GovernorSteph]

@LAbutyeah @MikeVanriel2 Read this again dummy - “Why are they blaming Los Angeles Mayor Karen Bass for the Pacific Pallisades wildfires.”

[one dozen rats at a keyboard @PanasonicDX4500]

I know it’s become pretty cliche and cringey to talk about at this point but if you’re under like 25 I cannot stress enough how one time Obama wore a tan suit and people spent a week arguing over whether or not it was demeaning to the Oval Office and they were serious about it.

[Former Congresswoman Marjorie Taylor Greene🇺🇸 @FmrRepMTG]

The United States of America is a sovereign nation.

Section 224 of the 2027 National Defense Authorization Act must be removed.

Our military should not be integrated in any capacity with a foreign country’s military.

Nor should we be funding it.

[@GovernorSteph @GovernorSteph]

@RexxLifeRaj 🤣

[vids that go hard @vidsthatgohard]

Los Angeles if Spencer pratt becomes mayor

[@GovernorSteph @GovernorSteph]

@afrochuuya Birasian

[Open Up My Eyes ﾒ⁰ @nutmegbygfk]

Top 5 songs so far of 2026

[𝓐𝓮𝓫𝓸𝓵𝜗ৎ @thedreamingdork]

@nutmegbygfk This Jill Scott album surprised me so much; it's very enjoyable. I have to listen to the rest of her discography someday because I loved this album so much.

[Open Up My Eyes ﾒ⁰ @nutmegbygfk]

@thedreamingdork It surprised me because I wasn't expecting an album THIS good that late into her career. She's just so cool and hasn't lost any of her swagger.

Her "words and sounds" trilogy of albums are all great, you'll have a great time oomf

[#Lemonade10 🍋 @aliensgroove]

can we start campaigning for Jill Scott to be the 5th? her new album is AOTY worthy!!!!!!!!

TO WHOM THIS MAY CONCERN!!!!!!

[@GovernorSteph @GovernorSteph]

@fadde @spencerpratt

[Amber Woods @AmberWoods100]

Trump announces Ambassador to Türkiye is billionaire Tom Barrack (yes, the same Tom Barrack from the Epstein files)

[MAL💰 @MAL___]

I was home watching game 7. 💰💰💰

[@GovernorSteph @GovernorSteph]

@beyoncegarden "It was on my heart" Type Shit

[Thierry from arvy 🇨🇭 @ThierryBorgeat]

Imagine you spent 40 years doing the boring, responsible thing.

You opened a 401k at 23. You contributed every paycheck. You ignored the noise. You bought the index because Bogle told you to, because Buffett told you to, because every honest piece of financial advice for 30 years told you the index was the safest, most diversified, most rules-based way to own America.

The whole point was the rules.

The rules said: a company must trade for 12 months before joining the S&P 500. The rules said: it must show four consecutive quarters of GAAP profitability. The rules existed because in 1999 the index quietly bought a lot of stocks at the top, and pensioners paid the bill.

After the dot-com crash, S&P tightened the rules. Nasdaq tightened the rules. FTSE Russell tightened the rules.

For 23 years, those rules held.

Then SpaceX filed for IPO.

And the rules changed.

The S&P 500 waived the profitability requirement. Nasdaq cut its trading-history window from 90 days to 15. FTSE Russell cut its to 5.

Bloomberg Intelligence estimates the major index funds will absorb between 19% and 24% of SpaceX's float within six months. That's over $30 trillion of passive 401k and retirement money, mechanically buying a single newly public company at IPO valuations, because the rules said they had to.

Except the rules used to say they didn't.

Here's the thought exercise:

If you spend 40 years building a system designed to protect ordinary savers from buying overpriced stocks, and then you waive the protections the moment a sufficiently large stock asks you to, what was the system actually protecting?

Most of investing is about understanding what's a rule and what's a guideline.

A rule binds the rule-maker.

A guideline binds the saver.

You're allowed to find out which is which only after the fact.

[Hedgeye @Hedgeye]

Rule changes for the SpaceX $SPCX IPO:

Index providers waived the profitability requirement and cut the seasoning window from 90 days to 5.

This forces over $30 trillion in passive 401k and retirement money to buy SpaceX at IPO valuations.

Bloomberg Intelligence estimates S&P 500 funds must absorb 19% of SpaceX's float within 6 months.

Russell 1000 and Nasdaq 100 funds will absorb 24%.

The rules built to protect passive investors:

1. S&P 500 has required 12 months of trading and 4 quarters of GAAP profitability since 2002. Both waived.

2. Nasdaq cut its inclusion window from 90 trading days to 15.

3. FTSE Russell cut its to 5.

All three benchmarks are now structured to buy SpaceX at IPO pricing.

[Lawrence McDonald @Convertbond]

This is the moment. As a former Lehman trader I feel it’s the time speak up. We all have that responsibility, enough hubris. We must STOP this. Your 401k is on the line. I know deep down @elonmusk @chamath and @DavidSacks agree — at a $2T valuation, passive investors (the S&P 500, the Nasdaq) deserve better.

[Bull Theory @BullTheoryio]

🚨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.