Michael Burry Calls Nvidia’s $5.4B GPU Deal ‘Fugazi’
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Michael Burry alleges Nvidia sold $5.4B in GPUs to a shell called Valor to hide chips off both balance sheets and calls the multi‑step, technically disclosed arrangement “Fugazi,” implicating Apollo, Athene and xAI. Apollo packaged $3.5B of debt sold to Athene, which holds $103B in Level 3 assets with 16.6x leverage in Bermuda, raising concerns about off‑balance‑sheet credit risk, leverage and potential market contagion that could prompt regulatory scrutiny and affect crypto, DeFi and investor security.
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- Burry says Nvidia sold $5.4B in GPUs to a shell company, Valor, hiding chips off both balance sheets.
- Apollo packaged the $3.5B debt and sold it to Athene, which sells annuities to American retirees.
- Athene holds $103B in Level 3 assets with no market price under 16.6 times leverage in Bermuda.
Michael Burry, the investor who predicted the 2008 housing collapse, has published a detailed breakdown calling a $5.4 billion Nvidia GPU transaction deliberately engineered to make assets disappear across eight to twelve steps.
“It is all Fugazi,” Burry wrote, using his term for fake structure.
His target involves Nvidia, a shell company called Valor, Apollo Global Management, Athene Insurance, and Elon Musk’s xAI. Every step, Burry acknowledges, is technically legal and publicly disclosed. His argument is that the entire architecture was built to move credit risk off ba…
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