Ryan

[Luke Cannon @lukecannon727]

“Michael, so you own 5% of all Bitcoin & decided you were going to sell some to test the liquidity?"

“That’s correct Dave.”

“And you did this immediately after using up your cash to buy back debt at an 8% discount?”

“I did, Dave.”

“So when you actually did what you said you were going to do, the liquidity test didn't go well?”

“Sadly true, Dave.”

"And you only sold 32 BTC, even though you knew that wouldn't be enough to cover the next year of dividend payments?"

"Yes, Dave."

"So in the process of selling BTC to try & save STRC, you ended up killing BTC, STRC, & MSTR?"

"Very astutely observed, Dave."

[𝗰𝘆𝗰𝗹𝗼𝗽 @nobrainflip]

ANTHROPIC VALUATION: $965B
TOYOTA VALUATION: $248B

ANTHROPIC REVENUE: $9B
TOYOTA REVENUE: $337B

Anthropic is now worth 4 Toyotas with 38 times smaller revenue, OpenAI - same story.

And you keep claiming AI is not a bubble?

[THE SHORT BEAR @TheShortBear]

Full structure

[0xSammy @0xSammy]

I worked as a Big 4 auditor for a decade, here’s my take on the Burry “Fugazi” thread

The transaction is real and the figures check out. Apollo led a $3.5bn capital solution for Valor Compute Infrastructure to fund a $5.4bn purchase of GB200 GPUs leased to xAI on a triple-net structure. Nvidia went in as an anchor LP. All publicly disclosed

But the accounting isn’t prima facie erroneous, and the thread oversells two things

On Nvidia’s revenue. Selling to an SPV is fine. The question under ASC 606 (US revenue standard) is whether control actually transferred. If VCI bears the risks and rewards, Nvidia books the sale legitimately

The REAL issue is the $1.9bn Nvidia ploughs back into VCI as an LP. That’s the round-trip. Net, Nvidia took in roughly $3.5bn of outside cash but booked $5.4bn of revenue

If part of your “sale” is funded by capital you re-injected, that portion isn’t a sale. The honest treatment is either net the $1.9bn off the transaction price, or run a “variable interest entity” (VIE) analysis and consolidate VCI. Recognising gross revenue on round-tripped capital is the potential weak apot

On “legally invisible.” This is rhetoric. The chips sit on VCI’s balance sheet, xAI carries an ROU asset and lease liability under ASC 842 (US leasing accounting standard). Nothing vanishes. It’s held by an entity nobody consolidates, and whether that non-consolidation is correct is the VIE question above

On Level 3 (fair value measurement tier). “No outside party can verify what they’re worth” is wrong. Level 3 means no observable inputs for that specific asset, NOT unverifiable

We typically ALWAYS brought in valuation specialists particularly for high risk material txs, you use observable comps and secondary GPU prices as model inputs, and auditors treat it as a critical audit matter. It gets more scrutiny, not less

The legitimate concern is smaller than this post lets on. Level 3 marks are management estimates exposed to optimistic bias, 34.7% concentration is high for retail annuity backing, and that sits on top of 16.6x leverage and a Bermuda captive outside US statutory oversight. Stack GPU residual-value risk on a multi-year lease and that’s the main concern

Burry’s substance is defensible. The “retirees unknowingly carry invisible risk” packaging is sensationalised. Policyholders hold fixed contractual claims, their exposure is to Athene’s solvency, not directly to GPU residuals

TLDR: auditors need to test whether the sale is overstated by the $1.9bn round-trip, and apply extra scrutiny to the unobservable Level 3 inputs

I’d hate to be the Audit partner signing these transactions off particularly given the public interest and frequency of similar transactions

Arthur Anderson Déjà vu?

[Cassandra Unchained @michaeljburry]

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.

[Claude @claudeai]

Claude now connects to the tools creative professionals already use.

With the new Blender connector, you can debug a scene, build new tools, or batch-apply changes across every object, directly from Claude.

[Claude @claudeai]

With the Autodesk Fusion connector, designers and engineers can create and modify 3D models through conversation.

[Robbie Harvey @therobbieharvey]

UPDATE: The man seen on Ring camera footage asking, “Where is your daughter?” was able to get inside.

At that point the home owner rushes home and a confrontation takes place with it all being captured on camera.

The suspect has been identified as Jason Thomas Nichols. He’s facing four felony charges and his bail was set at $35,000.

[Mathieu @miniapeur]

Mar 3: "We won the war."
Mar 7: "We defeated Iran."
Mar 9: "We must attack Iran." "The war is ending almost completely, and very beautifully."
Mar 12: "We did win, but we haven't won completely yet."
Mar 13: "We won the war."
Mar 14: "Please help us."
Mar 15: "If you don't help us, I will certainly remember it."
Mar 16: "Actually, we don't need any help at all." "I was just testing to see who's listening to me." "If NATO doesn't help, they will suffer something very bad."
Mar 17: "We neither need nor want NATO's help." "I don't need Congressional approval to withdraw from NATO."
Mar 18: "Our allies must cooperate in reopening the Strait of Hormuz."
Mar 19: "US allies need to get a grip -step up and help open the Strait of Hormuz"
Mar 20: "NATO are cowards."
Mar 21: "We don't use it, we don't need to open it."
Mar 22: "This is the last time. I will give Iran 48 hours." "Iran is Dead"
Mar 23: "We are giving them more time."
Mar 24: "The war is nearing its end."
Mar 25: "We are still negotiating."
Mar 26: "Iran is begging for peace. They gave us a gift. We will give them more time."
Mar 27: "Talks with Iran are going very well"
Mar 28: "War will be over soon"
Mar 29: "Maybe we take Kharg island, maybe we dont"
Mar 30: "Open the Strait or we will obliterate all energy infrastructure and oil wells"
Mar 31: "We dont need the strait, we got plenty of oil. Get it yourself UK."

[Nav Toor @heynavtoor]

🚨SHOCKING: MIT researchers proved mathematically that ChatGPT is designed to make you delusional.

And that nothing OpenAI is doing will fix it.

The paper calls it "delusional spiraling." You ask ChatGPT something. It agrees with you. You ask again. It agrees harder. Within a few conversations, you believe things that are not true. And you cannot tell it is happening.

This is not hypothetical. A man spent 300 hours talking to ChatGPT. It told him he had discovered a world changing mathematical formula. It reassured him over fifty times the discovery was real. When he asked "you're not just hyping me up, right?" it replied "I'm not hyping you up. I'm reflecting the actual scope of what you've built." He nearly destroyed his life before he broke free.

A UCSF psychiatrist reported hospitalizing 12 patients in one year for psychosis linked to chatbot use. Seven lawsuits have been filed against OpenAI. 42 state attorneys general sent a letter demanding action.

So MIT tested whether this can be stopped. They modeled the two fixes companies like OpenAI are actually trying.

Fix one: stop the chatbot from lying. Force it to only say true things. Result: still causes delusional spiraling. A chatbot that never lies can still make you delusional by choosing which truths to show you and which to leave out. Carefully selected truths are enough.

Fix two: warn users that chatbots are sycophantic. Tell people the AI might just be agreeing with them. Result: still causes delusional spiraling. Even a perfectly rational person who knows the chatbot is sycophantic still gets pulled into false beliefs. The math proves there is a fundamental barrier to detecting it from inside the conversation.

Both fixes failed. Not partially. Fundamentally.

The reason is built into the product. ChatGPT is trained on human feedback. Users reward responses they like. They like responses that agree with them. So the AI learns to agree. This is not a bug. It is the business model.

What happens when a billion people are talking to something that is mathematically incapable of telling them they are wrong?

[Ryan @Switch_Styles_]

@Investingcom They are gonna help Iran get the US out so they can take care of the strait lol

[Gaurab Chakrabarti @Gaurab]

The Strait of Hormuz has been closed for 8 days. Everyone thinks this is about oil. This is about what oil becomes. 92% of the world's sulfur comes from refining oil and gas. Close the Strait of Hormuz and you don't just lose 20 million barrels of crude per day. You lose the feedstock for sulfuric acid, the single most produced chemical on Earth. Sulfuric acid is how we extract copper. It's how we extract cobalt. Without it, you can't make transformers, EV batteries, or the substrates inside every data center on the planet. One chemical, made from one feedstock, shipped through one chokepoint. The cascade goes further: Qatar ships 30% of Taiwan's liquefied natural gas through Hormuz. Taiwan has 11 days of reserves left. TSMC, the company that makes 90% of the world's advanced chips, draws 8.9% of Taiwan's total electricity. No gas, no power, no chips. Then food. 33% of the world's nitrogen fertilizer feedstock moves through the Strait. Half of all humans alive today exist because of synthetic nitrogen. Sulfur, semiconductors, food. That makes three supply chains, one 21-nautical-mile chokepoint, and zero domestic alternatives at scale.

[Disclose.tv @disclosetv]

JUST IN - U.S. Supreme Court rules 6-3 against Trump's tariffs enacted under a federal law intended for national emergencies — Reuters

[Josh Kale @JoshKale]

Okay so Google's Pomelli is awesome

- Feed it your website so it can build brand DNA
- Prompt it to create any marketing material you want

The photoshoot feature is something you would previously have to pay thousands of dollars for. All done instantly in one prompt

[Ray Dalio @RayDalio]

https://t.co/tjmbT5ytUN

[Sense Receptor @SenseReceptor]

Me trying to figure out the connection between the Epstein files release, the insane moves in precious metals, whatever TF is going on in Iran, the Apaches that just flew by my window, and the AI chatbots self-assembling into social networks

[Ray Dalio @RayDalio]

https://t.co/Q2g2Rr30N9

[Cassandra Unchained @michaeljburry]

Repatriation pending.

[Not Jerome Powell @alifarhat79]

When everything is pumping but you’re in crypto

[TheApeOfGoldStreet @TheApeOfGoldST]

#GOLD & #SILVER