As Above So Below

[As Above So Below @LoudOak]

@XEthan_Carter @Erdayastronaut That's a drug addict lol

[As Above So Below @LoudOak]

@25YearsAgoLive @nascarcasm

[As Above So Below @LoudOak]

@TimRunsHisMouth Lmfao it was privately funded. Cope harder.

[NTT INDYCAR SERIES @IndyCar]

Road America is the place to be 📍

[NTT INDYCAR SERIES @IndyCar]

Studying the details of the park 🕵️‍♂️

[As Above So Below @LoudOak]

@AaronLikens @indy44 Not to mention it literally acts as a "park". No assigned seating. You drive in, park pretty much wherever you want, and watch wherever you want.

[Aaron Likens @AaronLikens]

If there’s one track besides IMS I think everyone needs to visit once in their life, it’s the stunningly beautiful Road America. Television does not give this majestic place justice.

[As Above So Below @LoudOak]

@heatdaddy69420 Should I go out for one? I have to work at 6AM but there's still one more football game on.

[As Above So Below @LoudOak]

@AGHamilton29 Even more frustrating when this was all completely not predictable.

[Motorsport @Motorsport]

Le Mans at night. You’ve gotta love it. 🫶 #LeMans24

[🇯🇲Ty🇧🇪🇲🇽🇭🇹🇺🇾🇦🇹🇨🇿🇳🇴 | 🚨World Cup🚨 @Perbachi11]

Genuinely in love with this shot🤤🤤🤤

[KP 🦩 @Andrettism]

we're at *that* part of the race

[As Above So Below @LoudOak]

@PardonMyTake One time I ordered a skillet from a diner; took a a bite and in it there was one of those plastic tabs for closing bread bags. Spit it out, didn't bother to tell my server, and quietly ate the rest of the skillet. @BarstoolBigCat @PFTCommenter

[As Above So Below @LoudOak]

@StephenM You stinky.

[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.

[Ian McMillan, CMT @the_chart_life]

Listen, I’m a big “the index is the index” guy, but they are openly looting the coffers.

This is 100% fraud.

[Jim Stewartson, Decelerationist 🇨🇦🇺🇦🇺🇸 @jimstewartson]

Pension funds and retirement accounts are going to be exit liquidity for a bunch of Elon’s friends.

This is the biggest scam in the history of the stock market.

[As Above So Below @LoudOak]

@JohnCornyn Here's a novel thought: DO YOUR JOB and remove the "scorpion"

[As Above So Below @LoudOak]

@BizNasty2point0 is the best NHL guy in TV and it's not even close

[As Above So Below @LoudOak]

@25YearsAgoLive A birthday for ya to call out @PFTCommenter