Cory Wagner

Washed up hockey coach. @Investopedia emeritus. Problem solver. Designing & building places for those who create, support, and enjoy amazing food @hesco_edm

[Cory Wagner @wagsSC]

@maxwellhouse99 Seems perfectly normal, a NCIB to backstop the purchase.

[Cory Wagner @wagsSC]

Normal market headline 🙃🌋😬

[Cory Wagner @wagsSC]

Why is everyone trying so hard to keep this SpaceX IPO alive 👀

[Cory Wagner @wagsSC]

Bailout alert! Top!

[Cory Wagner @wagsSC]

Bailout alert! Top!

[unusual_whales @unusual_whales]

Trump says that the government will seek equity stakes in top AI companies, per CNBC

[Cory Wagner @wagsSC]

Sell tech, buy soup. $CPB $QQQ

[Cory Wagner @wagsSC]

Amazing how hard Wall Street is trying to keep the stock market alive for the SpaceX IPO…

[Today in History @TodayinHistory]

Today in 1973, the greatest horse race in history was run.

Secretariat won the Belmont Stakes by 31 lengths to become the Triple Crown winner and set a world record time that has never been beaten!

🎥: CBS Broadcast

[Cory Wagner @wagsSC]

Blue line giveaways are killers

[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.

[Cory Wagner @wagsSC]

@PierrePoilievre If you bust your ass, work, go to school, and actually contribute to society it is pretty good.

If you’re a career politician and complain from the high heaven - it’s not good.

[Cory Wagner @wagsSC]

Canada shouldn’t be shy either!

[Visual Capitalist @VisualCap]

Ranked: The World’s Household Debt by Country 💳

https://t.co/oSWDedZhsi

[Hedgeye @Hedgeye]

Crude oil reserves in U.S. and Canada

[Cory Wagner @wagsSC]

👀

[PGA Championship @PGAChampionship]

Hole Locations for the Final Round of the 2026 PGA Championship at Aronimink 🏆

#PGAChamp

[Dashy™️🦥 @Dashytwo]

bartender here. guess what: robots are never going to be programmed to take a beer off your tab because they feel sorry for you after your wife took the kids

[Cory Wagner @wagsSC]

Let's borrow money, double down on the current deficit to start a sovereign fund. This is the most insane thing ever. We are doomed, I hope my kids don't take financial advice from the current administration 🇨🇦

[Cory Wagner @wagsSC]

Canada under @MarkJCarney is launching a $18B sovereign fund. Meanwhile AIMco in Alberta is already managing $150B. Bravo Mark and @liberal_party

[Jason Kenney 🇨🇦🇺🇦🇮🇱 @jkenney]

What is he talking about?

Resource companies pay $ tens of billions in taxes, including federal corporate taxes.
Those revenues are redistributed to Canadians.

Canadians who want to profit more directly from resource companies can buy shares in them, and take on both the risk and reward.

And every Canadian who is eligible for the CPP (and most other public sector pension schemes) already owns shares in resource companies through pension funds.

[Cory Wagner @wagsSC]

Holy cow! I actually hate that @MarkJCarney is an Oilers fan and panders this shit.

[Heather Exner-Pirot @ExnerPirot]

OK I am panicking now
“Where there is at the heart of all these projects, including resources, provincial jurisdiction; where the federal government is catalyzing, helping to make the project happen through a tax or other incentive - regulatory support - and at the core there is a commercial business making a profit, it is fair, right, just, smart for Canadians to have a share directly in those profits.”

[SportsCenter @SportsCenter]

The joy of a hockey stick 🥹🏒

[Cory Wagner @wagsSC]

So no more MMIWG2SLGBTQQIA+?

[New York Post @nypost]

Disney fans rejoice as parks restore gendered greetings after 'inclusive' scrub: 'We're so f- -king back' https://t.co/Nq4BXP6d1O