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Las Vegas A’s Stadium Financing Update: While ironwork continues to rise at the Las Vegas A’s stadium site, there’s also a major development surrounding the Fisher family itself. Doris Fisher, co-founder of Gap and the matriarch of the Fisher family, passed away on May 2, 2026, at age 94....

42,452 Aufrufe • vor 3 Monaten •via X (Twitter)

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The US is about to charge $30 million per tanker to cross the Strait of Hormuz. Trump just declared the US the "Guardian of the Hormuz Strait" and said it will take a 20% cut on all cargo passing through. Here is what that actually means. A fully loaded supertanker carries about 2 million barrels of oil. At $75 a barrel, that cargo is worth roughly $150 million. A 20% fee on that is $30 million. Per ship. Per crossing. Now compare that to what Iran was charging. Iran's toll has been running at $1.5 million to $2 million per vessel. On a $150 million cargo, that is about 1.3%. Trump called that toll unacceptable. His replacement is roughly 15 times more expensive. The scale of this is what nobody is talking about. Before the war, 20.3 million barrels of oil crossed Hormuz every single day. At $75 oil, that is $1.52 billion of crude moving through the strait daily. A 20% cut on that comes to roughly $304 million a day. That is about $111 billion a year. For comparison, Iran's entire toll system was projected to earn $1 billion to $2 billion a year at best. The US plan would collect more than 50 times that. There is no precedent for this anywhere in global trade. The Suez Canal charges roughly $300,000 to $700,000 per vessel. The Panama Canal is similar. Both are man-made canals that countries built and maintain. Hormuz is a natural waterway. Under international law, ships have a right of transit passage through it. That is the exact legal argument the US used against Iran's toll. And the cost does not land on the US. It lands on Saudi Arabia, the UAE, Qatar, Kuwait, and Iraq, who ship the oil. And on China, India, Japan, and South Korea, who buy it. A $30 million fee per tanker works out to $15 per barrel. That gets passed straight into the price of crude. Oil is already up over 4% today. The strait that was supposed to reopen and lower prices is now being turned into the most expensive stretch of water on earth.

The Macro Paper

63,688 Aufrufe • vor 1 Monat

Jensen Huang just revealed his $500 BILLION financing scheme with 6 of the biggest money managers on Earth. Here's the deal they signed: Nvidia and those 6 firms are mobilizing more than $500 billion of outside capital to finance AI infrastructure. The money goes to Nvidia's own customers so they can build data centers and buy Nvidia chips. Nvidia is not putting up a single dollar. The CHIPS themselves become the collateral. This is like "buying a GM car and getting the financing from GM." Jensen clarified that none of it is Nvidia's money. That part is technically true. But then Larry Fink explained what they are actually building... Fink runs BlackRock, the largest asset manager on Earth. Asked about financing data centers, he said this is the very beginning, the way it was when he started out in the mortgage backed securities market in the 1970s. Then he called it the "next frontier of financial engineering." He compared the AI buildout to the machine that CRASHED the world economy in 2008. Then KKR's global head of digital infrastructure laid out the mechanics: He said the revenue coming off those chips can be securitized, the risk divided up, and the slices sold to investors who want exposure anywhere in the stack. So the GPU is the house, the compute bill is the mortgage payment, and the slices get sold to whoever wants them. Blackstone's John Gray made the comparison himself. He said when you buy a house the bank underwrites you and also looks at the value of the home. When an airline buys a plane, they look at the credit of the airline and at the plane. The chips are the plane. But a plane holds its value because Boeing cannot make your plane obsolete on purpose. Nvidia can, and it does it roughly every year. KKR's own man spent part of that panel praising Vera Rubin, calling the jump in tokens per watt a step change. Every leap like that makes the previous generation worth less. And the price per token has already fallen 99%, so the collateral behind these loans depreciates on a schedule Nvidia controls, while the revenue those chips earn keeps getting cheaper. So what happens if the AI companies run out of cash? Jensen said somebody else can take the machines over and operate them. "There will always be a customer for that computing platform." He planned the repossession before the first loan even closed. Then who ends up holding this paper? Fink answered that one himself: He said they will be working with pension funds across the world. David Solomon pointed at the $9 trillion sitting in US money market funds. Fink pitched moving that cash into longer dated returns and said investors who are overweight equities will rotate in too. And $500 billion is only the opening bid. Fink said the US alone needs over 70 gigawatts of power for this, and every gigawatt costs $50 to $60 billion to build. That works out to more than $3.5 TRILLION for America by itself. Six days earlier, Apollo had called its $35 billion Broadcom financing the largest of its kind ever done. This deal is literally more than 14x bigger. Solomon was the only guy on that panel who mentioned the risk. He admitted the returns will NOT all be ample, that capital will get allocated to things that do not work, and that there will be winners and losers. Jensen's case is that the machines print money. He said AI tokens are incredibly profitable. Within months everyone will realize the AI labs are extremely profitable, and that when those labs go public it will be the biggest IPOs in history. None of that has happened yet. The financing is being built right now, ahead of the proof. So this is either the largest infrastructure buildout in history, or Wall Street just turned the AI bubble into bonds and handed them to the pension funds.

Ricardo

33,128 Aufrufe • vor 10 Tagen

Private Home Ownership Is At EXTREME RISK In America New Reports Show Economists Have Been Lying To All Of Us About The Rate Financial Firms Have Been Buying Up Single Family Homes They said only 18-23% of homes were being purchased & by 2030 they would own 60% That was a lie, in 2023, private equity firms purchased 44% of all of the single family homes in America, which means death for our middle class Estimates for 2024 private equity firms are again predicted to purchase another 44% of single family homes. “Now America has a lot of problems, but this should be a unifying problem that every single person who is not part of one of those private equity firms cares about, including current homeowners.” “Private equity firms have been buying up all the single family homes. So up until very recently, we didn't actually have the numbers to say just how many homes they've been buying up. And most politicians across the f***** board, Democrat, Republican, whatever, have been saying, well, they're really only buying, like, 18% of single family homes. And then economists chimed in and said that if private equity firms are buying up anywhere from 18 to 20 to 23% of single family homes in this country. That by 2030, they would own 60% of all of the homes in America. Well, we just got the final numbers. Um, in 2023, private equity firms purchased 44% of all of the single family homes in America, which means death for our middle class. Our generation will not be homeowners. They will have us permanently renting from, like, 2 or 3 companies. Now America has a lot of problems, but this should be a unifying problem that every single person who is not part of one of those private equity firms cares about, including current homeowners. They bought 44% of all of the single family homes in America last year, and they are set up to purchase an even higher percentage of them this year. Unless we have major reform, almost all of the single family homes in this country will be owned by these private equity firms in a very, very short amount of time.”

Wall Street Apes

1,652,543 Aufrufe • vor 2 Jahren

Every Wall Street giant that owns an AI data center is suddenly looking for a buyer. And NONE of them want to be the last one holding it. Three of them made their move in the last two weeks: Vantage Data Centers is exploring an exit. Its owners, Silver Lake and DigitalBridge, are weighing a listing at around $100 billion, or a sale, or a stake sale. It would be the largest data center IPO ever done. Three days earlier, CyrusOne started the same process. KKR and Global Infrastructure Partners met Goldman Sachs and Morgan Stanley, and the banks pitched for roles on a listing that could come as early as 2027. Last month, Switch hired Goldman and JPMorgan to take it public at close to $80 billion including debt, possibly by the fourth quarter. Three different companies moved inside the same 14 days, and the same handful of investment banks took every call. And these are the exact same firms that BOUGHT these companies off the public market four years ago. Between June 2021 and early 2022, private equity took the data center industry private. Blackstone bought QTS. KKR and Global Infrastructure Partners took CyrusOne private in a deal worth about $15 billion. DigitalBridge and IFM took Switch private for about $11 billion. Together those deals ran past $35 billion. By 2023 there were only two pure-play data center companies left on the public market. The logic at the time was that data centers burn cash for years before they pay, and public shareholders hate that. But private money was patient, and private money could wait. Four years later, the AI boom arrived and every one of those buildings became a gold mine. So follow this: Switch went private at about $11 billion in 2022. Its owners now want close to $80 billion for it. That is roughly 7x, in four years, on the same buildings. And DigitalBridge sits on both sides of this. It owns a piece of Vantage and it took Switch private. It is now looking for the door on BOTH. The question now is who is supposed to buy. There is no bigger private buyer left to sell to. These are already the largest infrastructure funds on Earth, and the price tags now run to $100 billion. The only pocket deep enough is the public market, which means anyone with a brokerage account or an index fund. The people who bought low from the public are now organizing to sell high back to the public. And they are doing it while telling everyone the buildout is just getting started. KKR raised a record $19.2 billion for its newest infrastructure fund this month, and in June launched a separate company with over $10 billion committed to finance more construction. So one hand raises fresh billions to build more data centers, and the other hand sells the finished ones to whoever will take them. None of this proves anyone thinks the boom is ending. Selling into strength is what these firms are paid to do, and every one of these deals is early stage and might never happen. But the timing tells you something: The most sophisticated infrastructure investors alive spent four years accumulating these assets in private, and all decided in the same two weeks that now is the moment to find someone else to own them. Four years ago these firms decided the public market was too impatient to own data centers. Now they want the public market to own them again, at 7x the price. Quite suspicious.

Ricardo

70,813 Aufrufe • vor 8 Tagen