Description
By the time it's in the news, it's too late. Short seller Laks Ganapathi, whose new fund Michael Burry advises, says the AI selloff is just the beginning, and the real risk is in the debt, not the stocks.
Ganapathi, founder of Unicus Research and Minerva Investment Management, joins Jeremy Szafron to explain what her team found driving across Texas to AI data centers, why a bank is selling $500 million of data center loans, why the bond market is flashing red on AI borrowers while stocks rally, and how private credit can end up inside the insurers behind retirees' annuities. She also explains why she only trusts physical gold, never paper gold.
Recorded Nov. 9, 2026.
Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)
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Follow Laks Ganapathi on X: @UnicusResearch (https://twitter.com/UnicusResearch)
Chapters
00:00 Michael Burry Signs On to Advise a New Short Fund
02:35 The AI Selloff and Spooked Investors
04:08 How a Short Seller Builds a Case
06:57 Texas Data Centers Waiting on Power
10:15 Who Pays the Interest While Data Centers Wait
11:42 Banks Start Selling AI Data Center Loans
14:17 Credit Cracks Before Stocks Do
16:16 Collateral Risk and Double-Pledged Loans
18:05 The Bond Market Is Flashing Red on AI Borrowers
19:54 Nvidia and Key-Man Risk
23:32 Private Credit and Your Annuity
27:05 Bermuda Insurers and Systemic Risk
31:34 Withdrawal Gates and Retail Private Credit Funds
34:42 Questions to Ask Your Financial Advisor
36:00 Physical Gold as a Hard-Asset Hedge
39:29 1929 Parallels and Disaster Preparedness
41:48 Closing Thoughts
Data sources cited: Bloomberg, Reuters, CNBC, Insurance Journal, S&P Global Market Intelligence, PitchBook, Robert A. Stanger & Co., National Organization of Life & Health Insurance Guaranty Associations.
#PrivateCredit #MichaelBurry #Gold
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