Michael Burry just called it "Fugazi". The whole thing is a masterclass in legal fraud. Nvidia sells $5.4B in chips to Valor, a shell company that doesn't actually exist as a real business. Those chips are physically at xAI's data center right now, running Grok. But legally, neither Nvidia nor xAI owns them. Nvidia books it as revenue. xAI gets the hardware. Risk vanishes into thin air. Then Apollo, the trillion-dollar asset manager, loans Valor $3.5B and packages that debt into securities. Who buys it? Athene, Apollo's own insurance company that sells annuities to American retirees. So your grandmother's retirement savings are sitting at the bottom of a 16x leveraged Bermuda insurance structure holding $103B in "Level 3 assets" (accounting-speak for "we have no idea what these are actually worth"). Every step is technically legal and disclosed. The entire structure was engineered across 8-12 steps specifically to hide credit risk off balance sheets and away from any market that could price it. Nvidia gets the revenue. Apollo gets the fees. xAI gets the chips. Retirees get the risk.