“How to make tens of $billions worth of $NVDA GPUs disappear from balance sheets in 8-12 byzantine steps”
Burry's chart shows NVIDIA selling $5.4B of chips to Valor (VCI) SPV while simultaneously investing $1.9B equity into it — then the SPV leases the chips to xAI. NVIDIA is partly funding its own demand. The Apollo/Google TPU deal for Anthropic now signals the biggest AI buyer is switching to rival chips.
“Apollo's $38 billion debt raise for Google's TPUs (not NVIDIA's GPUs) for Anthropic”
Burry's chart exposes how Apollo routes retiree annuity capital through a Bermuda captive (Athene Annuity Re) into AMAPS SPVs that fund GPU clusters. The systemic edge: 34.7% of Athene's portfolio has no observable market price at 16.6x leverage — a structure designed to move credit risk off balance sheets and away from regulatory scrutiny.
“Broadcom provided residual-value guarantees on the senior tranches, backstopping the deal”
Burry's post flags that Apollo's $38B deal chose Google TPUs over NVIDIA GPUs. Broadcom co-designs those TPUs and backstops the $31B senior tranche with residual-value guarantees — the entire deal's investment-grade quality derives from Broadcom's credit, not Anthropic's.