Late Take Off

[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.

[Softfork Mechanic #BIP-110 @GrassFedBitcoin]

If Bitcoin is not optimized for financial activity, people will transact off chain using trusted third parties, and the blockchain will increasingly consist of junk data no one wants to store.

The assertion that Bitcoiners will out-price spammers is contrary to all evidence.

[Late Take Off @late1take2off]

@EchoesofEmpire_ Master and Commander

[Late Take Off @late1take2off]

@Rhysab1 @HodlMagoo 😂

[Alex Tabarrok @ATabarrok]

Really annoys me that @Uber just lies through its teeth when it comes to wait times.

[Late Take Off @late1take2off]

@athenaeumbc Place my pen silently on the table and quietly leave the room …

[Monica Smit / Reignite Democracy @reignitedem]

Aussies: “We need to minimise immigration.”
Gov: “No, we aren’t doing that.”

Aussies: “Rent is too expensive.”
Gov: “Good point. We’ll increase costs for landlords so they have to charge you more.”

Aussies..."Electricity is too expensive"
Gov..."We're committed to net zero...regardless of the cost to you!"

Aussies: “I can’t keep up with the cost of living.”
Gov: “Too bad. We can’t stop spending more than we’re making, so inflation will keep rising.”

Aussies: “The NDIS is scamming taxpayers out of millions every year.”
Gov: “Yeah, but we don’t want to offend the NDIS scammers — they might call us racist.”

Aussies: “Okay fine, we gave you a chance. We’re voting @OneNationAus.”
Gov: “You filthy, uneducated racist.”

[Nancy Pelosi Stock Tracker ♟ @pelositracker]

And this is why we do it✍️

Back in November 2024, we flagged Debbie Schultz's buy of $VSAT

At the time, she sat on the House Military Construction Subcommittee

And Viasat... They focus on military communications equipment for the U.S. military

Since we posted, it's up around +759%

[J.K. Rowling @jk_rowling]

If you believe free speech is for you but not your political opponents, you're illiberal.

If no contrary evidence could change your beliefs, you're a fundamentalist.

If you believe the state should punish those with contrary views, you're a totalitarian.

If you believe political opponents should be punished with violence or death, you're a terrorist.

[KAFA Sports @sportskafa]

Luis Nani: "Çatısız bir evde büyüdüm, yağmur yağdığında çöpten topladığımız plastiklerle evimizi korumaya çalışırdık.

Bir gün babam yeni bir ev için yeterli parayı biriktirdiğini söyledi ve inşaata başladı. İnşaatın sonlarına doğru yaklaşırken Yeşil Burun Adaları'na bir seyahata gitti. Herhalde kalan son malzemeleri temin edecekti.

Aradan aylar geçti ve babam geri dönmedi. Belki de orada yaşayan çocuklarını ziyaret etmişti. Kim bilebilirdi? Ne olduğunu hala bilmiyorum ama onsuz hayat bizim için çok zor oldu.

9 kardeştik, annem bize bakmak için şarkı söylüyor, bir restoranda çalışıyor ve itfaiye servisinde çalışıyordu. Bunların hepsi onun için çok fazlaydı, o sebeple evlendi.

Yeni eşi, babamın inşa ettiği evde yaşamak istemedi ve bizi zorla kendi evine götürdü. Bir odada 10 kişi kalıyorduk, kertenkele ve fareler hayatımızın vazgeçilmez bir parçasıydı. Açtık.

Bir gün ağabeyimin aklına bir fikir geldi. Lizbon'a gidecek, insanlara aç olduğumuzu söyleyecek ve bize yardım edip edemeyeceklerini soracaktık. Bu plandan şüpheliydim ancak denediğimizde hemen hemen herkesin yardımcı olduğunu gördüm.

Bu şekilde yaşamaya devam ederken bir pizzacıya gittik. Bize pizza verdiler, o pizzanın tadını anlatamam. Gerçekten açlık çekmeyen kimse o tadı alamaz.

Pizzalarımızı yerken orada çalışan bir kadın boş zamanlarımızda ne yaptığımızı sordu. Ağabeyim de futbol oynadığımızı söyledi. Kadın, öbür gün yine buraya gelmemizi, bizi futbol oynarken görmek istediğini söyledi.

Biz de öbür gün gittik ve kadının gözünün önünde futbol oynadık. Kadın benim futbolumu çok beğendi ve bana şunları söyledi: 'Profesyonel futbolcu olan bir tanıdığım var, belki sana yardımcı olabilir.'

Arkadaşı beni Sporting Lizbon seçmelerine götürdü. O gün hayatım değişti."

[Michael Saylor @saylor]

Last night’s CLARITY Act markup would unlock the next wave of Digital Capital, Digital Credit, and Digital Equity in the U.S. and globally — institutional validation for $BTC, a framework for $STRC -powered digital yield markets, and broader adoption of $MSTR.

[Bernie Moreno @berniemoreno]

🚨 The banking cartel is in full panic mode. 🚨

While Americans were celebrating Mother’s Day with their families, the CEO of the American Bankers Association sent a frantic alert to every bank CEO in the country, demanding “immediate engagement” to lobby Senators and kill stablecoins that would finally let everyday Americans earn real yields on their own money.

This line in the letter sticks out: “we believe committee members may not be fully aware of the risks to the economy by the stablecoin loophole.” That’s both intellectually dishonest and simultaneously demeaning. First, there is no “loophole.” This entire issue was litigated during the GENIUS Act debate. @BillHagertyTN worked tirelessly on this issue and this statement is an insult to his and others work.

For decades, these banks have treated your deposits like their personal piggy bank, paying you next to nothing while lending YOUR money out for massive profits and executive bonuses.

During the Biden era, these same banks worked hand-in-glove with @SenWarren and her allies to debank Americans, including President Trump’s own family. They shut down accounts of conservatives, patriots, and anyone who dared challenge the regime, all while regulators applied pressure under schemes like Operation Choke Point 2.0. It wasn’t about risk. It was about political control.

Now that innovative stablecoins threaten to break their monopoly and give you actual financial freedom? They’re running to Congress again, screaming about “threats to economic growth and financial stability.”

Translation: Protect the racket at all costs.

The Senate Banking Committee votes on landmark crypto legislation this Thursday.

As a member of that committee, my message is clear:

Hands off the people’s money. Let Americans choose real competition and better returns. No more shielding Wall Street from the future. The banking elite’s days of rigging the system and debanking their political enemies are over. Innovation, freedom, and the American people will win.

I’m voting to break the cartel.

[ADF International @ADFIntl]

BREAKING: Christian Finnish parliamentarian Päivi Räsänen, who was criminally convicted for “hate speech” by her country’s Supreme Court for a church booklet she wrote decades ago, has today announced that she will appeal her case to the European Court of Human Rights.

[J.K. Rowling @jk_rowling]

I didn’t compare him to one. He IS one.

[Sebastián Lukomski @lukomski_sebito]

People are waking up to the fight against digital totalitarianism.

Join the largest Europe-wide campaign against the Digital Euro NOW!

Sign the petition, share, and protect your money before it's too late:
https://t.co/XxxOs4fuSl

[حسين الفضلي @Huseinalfdl]

ماذا نسمي مثل هؤلاء الأشخاص⁉️
👇
رئيسة كرواتيا التي خطبت في شعبها قائلة :
لن نقترض من البنك الدولي ولو متنا جوعا.
_ قامت ببيع (الطائرة الرئاسية) الخاصة
_ و بيع عدد ( 35 ) سيارة نوع (مرسيدس) لنقل الوزراء
_ و أودعت عوائدها لخزانة الدولة
" و رفضت بيع وتخصيص مؤسسات القطاع العام الاستراتيجية
_وخفضت راتبها الى( 30% ) ليتساوى مع متوسط مرتبات عامة الناس
_ و ألغت الضرائب على محدودي الدخل
_ و حاربت الفساد في كل دوائر الدولة
" وألغت العلاوات والحوافز للوزراء والسلك الدبلوماسي في الدولة
_ و قلصت (سفارات /وقنصليات/ وممثليات ) بلادها في الخارج للحد من الاسراف وتوفير العملة الصعبة
_ و عندما تسافر في مهامها الخارجية تحجز في رحلات الطائرات العادية ؟

[Steffen Unger @unger2701]

💥RECHTSGUTACHTEN SCHAFFT KLARHEIT - BARZAHLUNG MUSS GRUNDRECHT SEIN💥

Ein neues Rechtsgutachten von Prof. Dr. Christian Waldhoff von der Humboldt-Universität in Berlin macht deutlich, dass Einschränkungen bei Bargeldzahlungen in die Grundrechte eingreifen könnten.

Das berichtete die Bundesvereinigung deutscher Geld- und Wertdienste (BDGW). Laut Waldhoff gehört die Entscheidung, wie bezahlt werden kann, zur persönlichen Freiheit.

https://t.co/G1vkhsmyrI

[Pato Bonato @patobonato]

🇸🇪 Suecia acaba de aprobar que para obtener la ciudadanía se exija:

- 8 años de residencia
- Ingresos estables
- NO haber recibido ayudas sociales
- Examen de sueco
- Examen de valores y sociedad sueca

Si no hablas el idioma o no demostras que entendes cómo funciona Suecia → no te dan la ciudadanía.

Será el fin de la Suecia progre?

[🇫🇷 fred le gaulois 🇫🇷 Uniondesdroites 🐱🐱 @FredGaulois]

Ecoutez bien cet ancien PDG d’EDF, M.Proglio pour comprendre l’arnaque du coût actuel de l’électricité :
Logique implacable, les français ont consenti des efforts financiers colossaux pour produire de l’électricité et assurer leur souveraineté électrique, entre les centrales nucléaires, les barrages hydrauliques et les réseaux, c’est entre 1500 et 2000 milliards d'€, aujourd’hui les français aurait du profiter de ces investissements considérables et avoir une électricité moins chère qu’il y a 15 ans.
Oui, mais depuis, l’UE est passée par là avec cette idéologie débile des énergies renouvelables et de leurs coûts considérables pour une énergie électrique dont les français n’ont pas besoin, la France produit plus qu’elle ne consomme.
Le plus scandaleux est d’avoir accepté le diktat de l’UE et du marché européen de l’électricité avec EDF qui produit une électricité l’une des moins chère au monde qui la vend à des sociétés qui spéculent (qui ne produisent rien) et que EDF doit racheter bien plus chère.
Sérieux, comment peut on accepter ceci plus longtemps ! Pensez-y en votant en 2027 !

[Anlık Haber Analiz @Anlik_Analiz]

#SONDAKİKA
DARBE!

Küresel finans dünyasında taşlar yerinden oynuyor! Avrupa Merkez Bankası (ECB) Başkanı Christine Lagarde ve dijital para savunucularını şoke eden haber İsviçre’den geldi.

Halk, dijital dayatmalara karşı "Nakit Paramız Özgürlüğümüzdür" dedi.
​
Referandumdan Tarihi Karar: %73 DESTEK!

​İsviçre’de gerçekleştirilen referandumda halkın %73 gibi ezici bir çoğunluğu, nakit paranın kullanımının anayasal güvence altına alınmasını onayladı