UhOhCapital

"Credulity is always greatest in times of calamity."

Staying humble since 1968

[Michelle Celarier @mcelarier]

Left is demanding a mistrial. Judge left in his instructions a charge of lying that had been dropped. That’s why I did not mention in it in my pre trial coverage here ⏬

[George Noble @gnoble79]

NVIDIA IS BUYING ITS OWN CHIPS AND CALLING IT REVENUE

And your retirement account is secretly holding the bag.

This scheme is literally straight out of the Enron playbook...

In January 2026, a special purpose vehicle called Valor Compute Infrastructure was created with one purpose:

Buy Nvidia's chips so Nvidia could book the sale as revenue.

Valor raised $5.4 billion and purchased over 100,000 of Nvidia's GB200 GPUs.

But $1.9 billion of that money came FROM Nvidia itself.

Nvidia invested $1.9 billion into the shell company, then sold that same shell company $5.4 billion worth of its own chips and booked every dollar as revenue.

It's the Girl Scout whose dad bought all the cookies and then she wins the sales contest because Dad was the customer. Except this Girl Scout is a trillion-dollar company and the cookie sale is $5.4 billion.

But it gets MUCH worse:

The remaining $3.5 billion in financing came from Apollo Global Management. Apollo structured the debt, packaged it into securities, and then sold those securities to Athene.

And guess who Athene is? Apollo's OWN insurance subsidiary. The one that sells fixed annuities to American retirees as safe, conservative retirement products.

Follow the chain:

Nvidia funds a shell company with $1.9 billion. The shell company buys $5.4 billion in Nvidia chips. Apollo finances the remaining $3.5 billion. Apollo sells the debt to its own insurance arm. That insurance arm packages it into annuity products and sells them to retirees who think they're buying something safe.

The retirees have no idea that their retirement savings are now backed by 100,000 computer chips sitting in some data center that will be worth pennies on the dollar in three years.

Now look at what's happening inside Athene:

$74.2 billion in US reserves but $217 billion in assets have been shifted to a Bermuda-based captive insurer, outside normal US regulatory oversight.

$103 billion of that portfolio (roughly 35%) is classified as Level 3 assets. That means there is no observable market price.

These assets are valued by internal models, not by actual markets.

And sitting on top of all those unpriced assets? 16.6x leverage.

If you're getting flashbacks to 2008, you should be.

Back then it was mortgages bundled into securities that nobody understood, sold to investors who had no idea what they were holding, rated as safe by agencies that never looked under the hood.

Today it's GPU-backed securities. Computer chips bundled into structured credit instruments, routed through an offshore insurance subsidiary, and sold to you as a retirement product.

The collateral is 100,000 GPUs leased to a single customer through an xAI subsidiary. If xAI stops making lease payments for any reason - financial distress, a pivot in strategy, anything - the entire structure unravels.

And Nvidia releases new architectures every year, so each generation delivers dramatically more compute per watt. A 5 year lease on technology that's obsolete in 2 years creates a mismatch that should terrify every annuity holder in America.

Every single step in this chain is technically legal. The SPV is legal, the lease is legal, Nvidia's equity stake is legal, the securitization is legal, and the Bermuda transfer is legal.

But legality and legitimacy are not the same thing.

I've seen every trick Wall Street has ever pulled in my 45 years of doing this.

And what I'm looking at right now is a pipeline that takes AI infrastructure risk, launders it through 8 layers of financial engineering, and deposits it in the retirement accounts of Americans who never agreed to fund Elon Musk's data centers.

In 2008 it was mortgage-backed securities.

In 2026 it's GPU-backed securities.

Different asset. Same greed. With the same ending.

[Michelle Celarier @mcelarier]

Will the Andrew Left verdict kill activist short selling? My update here: https://t.co/pJjHX7xDGo

[Michelle Celarier @mcelarier]

Andrew Left was found guilty of several counts of securities fraud. Read the back story here 🔽

[UhOhCapital @UhOhCapital]

@muddywatersre @alphavestcap @Carson_C_Block The hagiography & beatification continues for the reverse merger SPAC of academia.

[MuddyWatersResearch @muddywatersre]

@UhOhCapital @alphavestcap @Carson_C_Block Mitts is a fraud.

[UhOhCapital @UhOhCapital]

@climate "Green" boondoggle and wealth transfer scam.

[UhOhCapital @UhOhCapital]

@mamboitaliano__ Dunning-Kruger effect fail.

Profoundly ill-advised dive plan.

[Grizzly Research @ResearchGrizzly]

We are Short Ottobock SE & Co. KGaA $OBCK $OBCK.DE

How Hans Georg Näd er’s Margin Loan and Russia Business Endanger Public Shareholders

https://t.co/E0UhoUt8Vh

[Kerrisdale Capital @KerrisdaleCap]

We are short $MRAM (Everspin Technologies), a niche industrial memory chipmaker whose stock has soared 300%+ as speculative investors pile into anything remotely associated with “memory” and AI. Report at https://t.co/aGmiOgZgnh (1/8)

[FuzzyPanda @FuzzyPandaShort]

New: We are Short T1 Energy (TE)

Investors confused T1 as an AI play. It's Not. It is another China Hustle

We'll reveal the dirty little secrets of its key IP transfer that hide T1's deep ties to China

T1 is FEOCk’ed. Expect major accounting restatements coming soon

[FuzzyPanda @FuzzyPandaShort]

NEW: We are Short Fermi $FRMI

CEO Toby Neugebauer 'departed' Friday

We uncovered accusations of C-level executives involved in Fraud Schemes w/ Toby

Bulls are set to be slaughtered by Matador, Fermi’s a field of dirt that's going to run blood red like the movie "The Departed"

[UhOhCapital @UhOhCapital]

@pennycheck @leduke188 @chitrader After milking the last bagholder, I thought they'd died. I guess not... resuscitated and the shenanigans continue. Remarkable.

[UhOhCapital @UhOhCapital]

@DeItaone Unconventional response / asymmetric domestic threat are the things of most interest. https://t.co/Pz47UPUdKG

[dan linnaeus @DanLinnaeus]

IRGC Aerospace Force optimizing ballistic missile payloads for chemical and biological delivery, and this effort has accelerated. Israel’s defense establishment is factoring the threat of unconventional warheads into target planning and US consultations.

Informed military sources close to the regime told Iran International in Dec last year that "the use of unconventional weapons can be justified in situations of existential threat.” Senior military adviser to the Israeli government Brig. Gen. (ret.) Amir Avivi shared on Israel’s Defense and Security Forum and with Free Beacon that an unconventional Iranian threat "worries the Israeli defense establishment" and shared that Israel is "providing targets and discussing the different capabilities that need to be dealt with" in conversations with the US.

This has been an ongoing concern. ODNI’s ‘24 ATA states that “Iranian military scientists have researched chemicals, toxins, and bioregulators, all of which have a wide range of sedation, dissociation, and amnestic incapacitating effects” State’s April ‘24 ACCR states “Iran has engaged in dual-use activities with potential for BW applications. Iranian biotechnology entities, particularly military-affiliated institutions, continued to pursue dual-use technologies.” In July ‘24 the US announced sanctions against Iran’s Hakiman Shargh Research Company under Executive Order 13382 for contributing to Tehran’s chemical weapons proliferation.

—-
1, Iran International. (2025, Dec 29). Iran developing unconventional warheads for ballistic missiles, sources say.
https://t.co/BZAcp4TwOf
2, Kredo, A. (2026, Feb 23). Not just nukes: Iran producing ballistic missiles with “chemical and biological” warheads. Washington Free Beacon.
https://t.co/TUlQg8ta0T
3, Levitt, M. (2024, Oct 7). Tehran’s tactical knockout: Weaponized pharmaceutical-based agents. Combating Terrorism Center at West Point. https://t.co/rgWTziSqff
4, U.S. Department of State. (2024, April). 2024 Arms Control Treaty Compliance Report. https://t.co/I4lBtktIUh
5, Virtual Embassy Tehran. (2024, July 13) UNITED STATES IMPOSES SANCTIONS TARGETING IRAN’S CHEMICAL WEAPONS RESEARCH AND DEVELOPMENT. https://t.co/5smShzFR4a

[UhOhCapital @UhOhCapital]

@StanphylCap You do not deploy 2 aircraft carrier battle groups + air assets + logistical support and turn away.

This is going down, soon.

[UhOhCapital @UhOhCapital]

@WSJ The more interesting question relates to the timing of the CJNG hit prior to sustained military action against Iran.

[Gotham City Research @GothamResearch]

Carvana: New Information Reveals that BridgeCrest is the lienholder - $CVNA must explain How and How Much

link to our new report:
https://t.co/JPz3sYa59T

[Gotham City Research @GothamResearch]

Below 👇 is a must read on $CVNA in our opinion.

[Gotham City Research @GothamResearch]

Carvana: Bridgecrest and the Undisclosed Transactions and Debts
- Last year: both @HindenburgRes and @RealJimChanos lamented at the limited
transparency into $CVNA related parties, DriveTime and Bridgecrest.

- Last week: $CVNA refused to release financial details about DriveTime in a closely watched lawsuit against Carvana and its executives, alleging they carried out a fraudulent “pump and dump scheme”

- TODAY: We are releasing the DriveTime 2024 Annual Report and the GoFI LLC Annual Report we obtained via Freedom of Information Act request, along with our report.

for our full report, DriveTime's 2024 Annual Report, and GoFi LLC Annual Report
visit here: https://t.co/OhCijj2EzG