41–50 of 232 posts
LOL "The entity is named “Beignet,” presumably because “Off-Balance-Sheet Leverage Vehicle No. 5” tested poorly with focus groups."
Earlier quoted context omitted.
This might be the first time an explicit ChatGPT response survived being the top comment I personally think it’s a great response and makes it clearer what’s happening Times are changing quickly!
One year ago was taboo to say you were using LLM to help you code, today is the other way around...
It is definitely not taboo to say you’re writing your own code.
It’s buried in the article but this about a debt vehicle created to finance a “2.064 GW hyperscale data center campus”. That’s approximately equivalent to a One-Third-Gorges Dam (one tenth of the Three Gorges Dam.) Downstream of the capex to build the data centre is, presumably, a sister capex to build a power station. At what stage do these come hand in hand? Or does this financing include provisions to pay the elec…
Pedantically, that's one ninth of the Three Gorges Dam. One tenth would be the 0.3 Gorges Dam.
This is hardly a secret. Matt Levine blogged about it: https://www.bloomberg.com/opinion/newsletters/2025-10-29/put...
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Earlier quoted context omitted.
Is Meta actually obligated to repay the loans or not? That’s how you can decide if this is disingenuous or not. If Meta is obligated to repay the loan and used to synthetic means to get it off the balance sheet that’s a problem. If they have in fact successfully transferred risk to other parties then that’s what deals like this are for. It’s the whole reason the concept of limited liability exists. I am fully willing…
Even if they aren't obligated to repay, they have to in practice because it'll impact their ability to get loans in the future. If the shell company declares bankruptcy and gets the loans off Meta's books no one will ever loan money to Meta again.
Basically, if we’re reading about it from substacks and Matt Levine’s newsletter then it’s already fully common knowledge in the finance world.
LOL "The entity is named “Beignet,” presumably because “Off-Balance-Sheet Leverage Vehicle No. 5” tested poorly with focus groups."
This entire thing was a masterpiece I love it.
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