I made a League of Legends esports browser game.
Draft your team from iconic league rosters.
Win Worlds and Complete the Golden Road 🏆
https://t.co/zh77qhk1Io
#lolesports#msi#worlds#goldenroadlol#lck#lcs#lec#lpl
You caught them. Mom and Dad were going to sell bibles and cell phones, golden sneakers, and NFTs, Chinese watches and cologne but wouldn’t you know someone beat them to the punch. They were left with only one choice write two books like every former First Lady and President has done in modern history.
Gratitude isn’t just for the good times. The real practice is finding it in your worst moments.
And I promise you, it’s there.
Gratitude can turn what you thought broke you into the very thing that made you whole.
Perguntaram ao presidente Biden quantos gêneros existiam. "Pelo menos três". A mulher então pediu para ele nomear os gêneros, ao que ele respondeu "Não fode, irmão"
AI é como um amigo cronicamente online nerd autista que sabe absolutamente tudo o tempo todo. Se eu pedir pra esse amigo fazer arte vai ser uma merda, claro.
July 4th 1826 (50th birthday of US): Thomas Jefferson and John Adams both die
July 4th 2026 (250th birthday of US): Donald Trump and Joe Biden both die
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?