Geospatial FM

The only one indexing all geospatial stocks in the GEO500.

[Geospatial FM @geospatialfm]

Listening for Whales with @GeoByENVI, by @geospatialfm

https://t.co/K6Jr772OSs

[Geospatial FM @geospatialfm]

Utterly glorious

[Ed Zitron @edzitron]

Free newsletter: The dawn of token-based billing has shown that generative AI doesn’t have a return on investment. It's too unpredictable, too unreliable, you can't easily measure the cost of tasks, and organizations are already pulling back.
https://t.co/wmI82zWdcq

[Geospatial FM @geospatialfm]

@observablehq Love it

[Geospatial FM @geospatialfm]

@gnoble79 @realsteveeisman

[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.

[Geospatial FM @geospatialfm]

Good one

[Dami-Defi @DamiDefi]

https://t.co/ksvC4bKpZ7

[Geospatial FM @geospatialfm]

Brilliant on the cult angle

[Geospatial FM @geospatialfm]

Why does this guy speak so much sense?

[David Pocock @DavidPocock]

Approximate passports costs:
🇨🇦 Canada = ~$170
🇬🇧 United Kingdom = ~$195
🇺🇸 United States = ~$180
🇳🇿 New Zealand = ~$225

Australian 🇦🇺 passport cost...$422

Passport fees and charges are expected to generate $1.12 billion for the 2029/30 FY. In the same FY, expected revenue for PRRT is projected to be $1.25 billion

[Andrew Kuhn @FocusedCompound]

Finally got my hands on the sell-side analysis that explains why SpaceX is worth $1.75 trillion

[Geospatial FM @geospatialfm]

Me in the Middle East

[Young Bull @LongGameGhost]

@jimcramer

[Bernie Sanders @BernieSanders]

I will soon be introducing a bill to give the public a 50% ownership stake in the largest AI companies in America.

This would guarantee that the trillions created by AI are used to improve the lives of all of us — and block oligarch decisions that harm the American people.

[Codetaur @codetaur]

I think it's done. did I dataviz?

[Yonan @yonann]

Pelosi Tracker founder says Anthropic could’ve turned his $10K into $180K, but insiders got the 18x before retail was allowed in

"Anthropic was worth probably $100B max, I could have put in $10,000 and that 10 grand would be worth 18x, that would be worth $180,000"

"but these companies stay private, they don't allow anyone to invest"

"Anthropic, SpaceX, and OpenAI are all about to IPO"

"they're creating carve outs to get into the S&P 500, the QQQs, and people's retirement accounts much faster"

"because they're so high, now they go to retail and we're buying the top"

[Geospatial FM @geospatialfm]

@DavidPocock David you’re across everything

[Geospatial FM @geospatialfm]

@KazmiSSG1 @worqas Elmu
Nice

[Geospatial FM @geospatialfm]

@johncoogan All right bro

[Geospatial FM @geospatialfm]

@MicroCapHound @majgeoinvesting @InfoArbMonitor There is a lot of potential here for a location data-centric stock analysis platform. It could become a one stop shop for spatial analysis of a company such as trends in local demographic data around the places you have or trends around the locations a business is spread across

[Geospatial FM @geospatialfm]

@DavidPocock You can do so much great work as a senator. Thank you for showing the way

[Geospatial FM @geospatialfm]

Fuck me

[@Sky @Sky_Tradez_]

@askslim People said the internet was a bubble too.

Turns out the technology changed everything, but a lot of the stocks still got crushed.

Maybe AI ends up being both.

[🇺🇸 Ronald Carter @USronaldcarter]

MICHAEL BURRY JUST PUBLISHED THE EXACT PIPELINE THAT MOVES RETIREE SAVINGS INTO ELON MUSK'S AI DATA CENTER WITHOUT THEM KNOWING

Not vague allegations. Not "we have concerns." NAMED ENTITIES. SPECIFIC DOLLAR AMOUNTS. Step by step.

🇺🇸 Nvidia — sold $5.4B in GB200 GPUs to a shell company called Valor. Booked it as REVENUE. Chips gone from balance sheet.
🏭 Valor (VCI) — a special purpose vehicle that exists for ONE purpose: hold legal title to 100,000+ chips and nothing else. Not a real business.
🤖 xAI — Elon Musk's AI company. Using ALL 100,000+ chips RIGHT NOW to run Grok. Owns ZERO of them on paper.
💰 Nvidia — also injected $1.9B of its OWN equity directly into Valor on top of the sale. Skin in the game. Off balance sheet.
🏦 Apollo — provided $3.5B in debt to fund the structure. Packaged it into securities. Sold those securities to its OWN insurance company.
📋 Athene — Apollo's insurance subsidiary. Sells fixed and indexed annuities to ordinary American retirees. Now holds this debt.
🌍 Bermuda — where Athene routes $217B in assets into captive insurers OUTSIDE normal US insurance regulation and oversight.
🇺🇸 American retirees — sitting at the bottom. Holding annuities they believe are in safe, stable investments.
📊 $103B — the portion of Athene's portfolio classified as Level 3 assets. No observable market price. No independent verification of value.
💀 16x
💀 That is the leverage ratio sitting on top of $103 billion in assets with no market price
💀 ZERO of this shows on Nvidia's balance sheet
💀 ZERO of this shows on xAI's balance sheet

Every entity on this list is legally disclosed. Burry's word for the overall structure: "Fugazi."

Nvidia books the revenue. Apollo collects the fees. xAI gets the computing power. Retirees carry the risk without knowing it exists.

Burry's 8-to-12-step pipeline is still running. These are the entities holding the bag.

I'll keep you updated. Turn on notifications. 🚨

[nicolas, 30 ans @nic_carter]

@Hedgeye So this is what kills index funds. Cult of passive finally coming to an end