Good Morning! SpaceX is looking to borrow $40 billion to buy chips from Nvidia. A third of some PE firms are demanding "super carry" in new funds. And First Brands' brothers say they'll blame each other at trial.

A former White House AI advisor is raising a $500 million VC fund. Partners Group is getting creative to fix funds hit by redemptions. Citi's co-head of IB also says PE firms are still aggressively poaching junior bankers, despite last year's promises from firms like Apollo to slow down.

Plus: Ray Dalio warns the AI bubble could soon burst, the wine industry is dealing with an oversupply problem, and how to spot toxic productivity.

There is now a card that allows you to borrow and spend as the wealthy do. Learn more about Stelrix here.

AI companies are increasingly turning to Wall Street to finance chip purchases, as the cost of building out data centers outgrows what balance sheets and public bond markets can absorb.

Broadcom is working to arrange more than $50 billion in financing for OpenAI's custom AI chips, which the two companies are developing together, and has held talks with Apollo and Blackstone about participating.

Oracle is separately in talks with Apollo and Goldman Sachs to finance a large chip purchase, and SpaceX has approached lenders about a $40 billion financing for Nvidia chips. Talks are early and deal sizes could change, but Broadcom and Oracle are both aiming to close before year-end.

Cloud providers like AWS and Oracle have historically funded hardware from operating cash flow, then turned to the bond market, issuing hundreds of billions of dollars of debt for their AI build-outs.

Now a new group of buyers has emerged. AI labs such as OpenAI and Anthropic, which used to rent most of their compute from cloud providers, want to own more of their infrastructure to lower costs, but they lack the balance sheets to buy it outright.

The structures look more like asset finance than corporate borrowing. Oracle's deal would likely have investors fund a separate entity that buys the chips and leases them to Oracle over time. That bridges the gap between paying for hardware and earning cloud revenue from it, without adding debt to Oracle's balance sheet. For context, Nvidia chips for a single 1-gigawatt data center can cost tens of billions of dollars.

Takeaway: GPU purchases have become capital markets transactions. For Apollo, Blackstone and Goldman, these deals offer a way to put large amounts of private credit to work in a single transaction. Lenders still have to judge how fast chip values depreciate as new generations arrive and how creditworthy the lessees are, and that will determine how this financing gets priced.

There are now over 8,000 single family offices worldwide, up 31% in five years, and Deloitte projects 10,720 by 2030. “Single Family Offices” are private firms that exist to serve exactly one family.

Beyond picking investments, a family office’s real job is running the family balance sheet like a corporate treasury. Liquidity comes from credit, not sales. Real estate, tax bills, and new deals get funded by borrowing against the portfolio which allows it to continue compounding untouched. It’s why the ultra-wealthy rarely show up as sellers.

Stelrix brings that treasury function, in the form of an investment-backed credit card, to individual investors without the nine-figure minimum.

Learn more about how the wealthy spend through their Instagram and sign-up for their gold card waitlist today.

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Description:
Brianna Wiest brings together 101 essays exploring self-awareness, emotional intelligence, personal growth, relationships, and the mental patterns that shape how we experience our lives. Rather than offering conventional self-help formulas, Wiest challenges readers to reconsider deeply held assumptions about success, happiness, purpose, failure, and identity. She explores ideas such as choosing purpose over passion, embracing negative experiences, recognizing cognitive biases, changing destructive patterns, and becoming more intentional about how we spend our time and attention. The essays are short, accessible, and highly reflective, making the book particularly easy to return to at different stages of life. Its enduring appeal comes from a simple premise: changing the way you interpret your circumstances can fundamentally change the way you experience them.

Book Length: 448 pages
Release Date: November 14, 2016

Ideal For:
Anyone interested in personal growth, psychology, self-awareness, emotional intelligence, relationships, productivity, and developing a more intentional approach to life.

“Changing your life often begins with changing the assumptions you use to understand it.”

A decade of underwriting leaves behind thousands of memos, models, and credit files, and most firms never open them again. F2 structures that history into Institutional Knowledge your team can query on every live deal:

"Epic product. Akin to hiring out an entire additional underwriting team," says a VP at a $20B private credit fund.

Compounding intelligence for global credit.

Schedule a Demo with the F2 Team.

In 1906, at a livestock fair in Plymouth, England, 787 people guessed the weight of an ox. The statistician Francis Galton collected the entries expecting to prove the crowd was foolish. The average guess landed within a pound of the true weight of 1,198.

The crowd worked because the guesses were made independently. Each person's errors were different, so they canceled out.

Put people in a room, let the loudest voice go first, and the errors line up instead. You get one confident guess repeated, not hundreds of independent ones.

Before your next forecasting meeting, have everyone write their number privately, then average them. The average will often beat most of the individuals who contributed to it.

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