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这个帖子用文字解释了M.Burry的图

送交者: new3T 于 2026-06-01 10:36:39

回答: Michael Burry：退休金被用于AI的具体例子由于 2026-06-01 06:24:22

This is a Scion Asset Management (Michael Burry) diagram titled "The Retiree/Apollo/Nvidia/Bermuda/AMAPS/xAI Pipeline" — essentially mapping out how retiree annuity money flows through a complex financial structure to fund xAI\'s GPU cluster.

The Flow, Step by Step

a. US Retirees buy Athene fixed/indexed annuities (marketed as "safe")
b. Athene US holds $74.2B in reserves, then cedes $217B in assets via Modified Coinsurance (ModCo) to Athene Annuity Re — a Bermuda captive insurer, moving the assets and risk offshore
c. Athene Annuity Re now sits at 16.6x leverage, with 34.7% of assets ($103B) classified as "Level 3" — meaning no market price, essentially illiquid and hard to value
d. Apollo (which owns Athene, $1.03T AUM) directs those captive Bermuda assets into AMAPS — Apollo Multi-Asset Prime Securities — its own credit/asset-backed finance vehicle
e. AMAPS raises $3.5B in debt + uses $1.9B equity from Nvidia to fund Valor (VCI), a $5.4B Special Purpose Vehicle
f. VCI buys Nvidia GB200 GPUs ($5.4B worth, 100,000+ chips) — chips only, no land, power, or cooling included
g. xAI leases the GPUs from VCI via a 5-year triple-net lease (xAI pays all running costs — power, cooling, maintenance)
h. Nvidia sells $5.4B in chips AND invests $1.9B as LP equity — effectively boosting its own revenue while getting an equity stake back

Burry\'s Critique

a. Retirees bear ultimate credit risk while Apollo collects fees at every layer
b. The structure moves credit risk off balance sheets and away from market pricing
c. Level 3 assets mean the risk is essentially invisible to regulators and the public
d. Every step is legal and disclosed — but the complexity obscures who ultimately bears the loss if xAI/Grok fails
e. It\'s Burry\'s argument that Wall Street has built a daisy chain connecting grandma\'s annuity to Elon Musk\'s GPU cluster

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