Steve Crooks

Climate and coastal scientist advancing nature-based solutions around the world. #naturebasedsolutions #climateresilience #bluecarbon

[Steve Crooks @Steve_Crooks]

@PhilipJohnston @SpaceX $1.2t

[Steve Crooks @Steve_Crooks]

@LessIsMoreTrdr @BBCWorld Your English is pretty good.

[Steve Crooks @Steve_Crooks]

@unusual_whales Avoid.

[Steve Crooks @Steve_Crooks]

@AK20092025 @CloudyBRM @unusual_whales Need to understand momentum stock dynamics.

[Steve Crooks @Steve_Crooks]

@evilduck92 @JonathanCohn That’s a weak cop out argument.

[Steve Crooks @Steve_Crooks]

@Mike60725635933 @DdayIsHere2026 @BlankExpressio1 He is.

[Steve Crooks @Steve_Crooks]

@ryanmclane @AmericanAir I can’t imagine ever choosing to fly @AmericanAir. Every time I’ve tried them it has been a regrettable experience. Always avoid.

[Steve Crooks @Steve_Crooks]

@idealust If market heads into a correction can transfer to money market to preserve value.

[JerryRigEverything @ZacksJerryRig]

The richest guy on the planet is about to rob your 401K. 👍

[Steve Crooks @Steve_Crooks]

@unusual_whales Credit card delinquencies up. Hassett says not a risk for credit card companies. No thought for the people struggling.

[Steve Crooks @Steve_Crooks]

@mnolangray @razibkhan I was just in Palm Springs. Last orders 8.30pm.

[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.

[Steve Crooks @Steve_Crooks]

@s9_l6 72

[Steve Crooks @Steve_Crooks]

@escapetcm @AbsNotALarp @MurrayHillGuy1 Even there, this is false.

[Steve Crooks @Steve_Crooks]

@unusual_whales The future of society with growth of AI is more a moral than technological question. Right now, we are driving under the influence.

[Steve Crooks @Steve_Crooks]

@WallStreetApes Yosemite was super quiet last Thursday.

[Steve Crooks @Steve_Crooks]

@ayuda_CC @pelositracker Dodgy added needless bureaucracy which has kicked projects in the efficiencies making everything more costly to do.

[Steve Crooks @Steve_Crooks]

@AConcernedPare2 I imagine many hold this space so that family have place to gather and bring their grandkids. ‘Aging out’ and property passing on to next generation is likely transition

[Steve Crooks @Steve_Crooks]

@MassieforKY You should file for a recount on this one before anything else.

[Steve Crooks @Steve_Crooks]

@NMasculine7 Still living with your mother?