Michael Burry alleges that Nvidia is using a shell company, Valor, to hide $5.4 billion in GB200 GPU assets off its balance sheet while booking the revenue from sales to Elon Musk's xAI. The deal is reportedly funded by $3.5 billion in debt from Apollo, which was securitized and sold to Athene retirees, creating a 16x leveraged structure with $103 billion in unpriced "Level 3" assets. Sentiment is highly bearish, with a prediction that Nvidia could crash 50% if these accounting allegations are verified.