{
  "generatedAt": "2026-10-08T17:44:57Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "apollo-global-management",
  "name": "Apollo Global Management",
  "ticker": "APO",
  "url": "https://deepstack.ltd/companies/apollo-global-management/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/apollo-global-management.json",
  "summary": "Apollo Global Management appears in Part 1, Part 4, Part 6, Part 7, Part 8, Part 9, Part 10 of The Buildout. Part 1: Nvidia’s Demand Is Real. Its Financing Is Fragile.; Part 4: AI Spending Has Met Its First Real Bill; Part 6: Power Doesn’t Depreciate. Its Premium Moves.; Part 7: The Fed Hiked. The Long End Still Climbed.; Part 8: AI Lenders Are Financing the End of Scarcity; Part 9: Habit Was the Moat. Agents Are Draining It.; Part 10: The Bubble Is in the Denominator.",
  "parts": [
    {
      "part": 1,
      "headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.",
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "headline": "The Fed Hiked. The Long End Still Climbed.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "headline": "Habit Was the Moat. Agents Are Draining It.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "numbers": [
    {
      "value": "$38B",
      "label": "Apollo debt",
      "context": "Apollo transaction in late May, described by Michael Burry",
      "part": 1,
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "value": "$35B",
      "label": "AI XPU tranche",
      "context": "Apollo and Blackstone first tranche; Invest In Assets, ten weeks later",
      "part": 1,
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "value": "-7.9%",
      "label": "Construction ex-data centers",
      "context": "Michael Burry citing Apollo, June year over year",
      "part": 6,
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "value": "$2.3T",
      "label": "Hyperscaler backlog",
      "context": "Apollo via DeepValue Capital, September 2026",
      "part": 7,
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "value": "$250B",
      "label": "Hyperscaler high-grade bonds",
      "context": "Apollo presentation via Leyla Kunimoto, through August 2026",
      "part": 10,
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "mentions": [
    {
      "part": 1,
      "section": "Lede",
      "excerpt": "In late May, Apollo was raising $38 billion of debt to put Google’s TPUs, not Nvidia’s GPUs, behind Anthropic.",
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "part": 1,
      "section": "Lede",
      "excerpt": "Ten weeks later, Apollo and Blackstone were assembling a $35 billion first tranche of an “AI XPU platform”: twenty gigawatts of Broadcom-designed compute through 2028.",
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "part": 1,
      "section": "Private credit, public appetite",
      "excerpt": "Apollo and Blackstone can assemble capital for an AI XPU platform without asking any single balance sheet to carry the full future.",
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "part": 4,
      "section": "Arithmetic sets the test",
      "excerpt": "Big Tech now spends more each year on AI than the United States spent on the Apollo program after inflation.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 6,
      "section": "The megawatt premium",
      "excerpt": "Michael Burry, citing Apollo’s Torsten Slok, says private non-residential construction excluding data centers fell 7.9% year over year in June.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "section": "AI meets the rate",
      "excerpt": "Apollo, relayed by DeepValue Capital, assumes hyperscaler operating cash flow triples from $600 billion to $2 trillion, with OpenAI and Anthropic accounting for more than half of a $2.3 trillion backlog.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "section": "Who writes the checks",
      "excerpt": "Torsten Slok, Apollo’s chief economist, turns the revenue question into an accounting test.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Who writes the checks",
      "excerpt": "Apollo’s analysis makes the mismatch difficult to wave away.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Who writes the checks",
      "excerpt": "Apollo’s credit analysis captures a debt price dependent on a large improvement.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "section": "The first bill",
      "excerpt": "Apollo put the question plainly; the checkout supplies the cash.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "section": "Who writes the checks",
      "excerpt": "Torsten Slok of Apollo says adding technology analysts’ forecasts roughly doubles the sector’s operating cash flow to about $2.4 trillion by 2028, a gain of more than $1.2 trillion.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "section": "The bill raises the rate",
      "excerpt": "Leyla Kunimoto, citing an Apollo presentation, reports that hyperscalers sold close to $250 billion of high-grade bonds in 2026, more than in the previous ten years combined.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "sides": [
    {
      "part": 10,
      "question": "what-does-5-percent-do",
      "side": "long-end-nobody-caps",
      "sideLabel": "A long end nobody caps",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    }
  ],
  "coverage": {
    "creators": 35,
    "claims": 247,
    "texts": 184,
    "asOf": "2026-10-08"
  },
  "lastUpdated": "2026-10-08",
  "market": {
    "price": 115.445,
    "change": -0.105,
    "changePercent": -0.0909,
    "marketCap": 66493063236,
    "pe": 24.9881,
    "nextEarnings": "2026-11-03",
    "exchange": "NYSE",
    "currency": "USD",
    "asOf": "2026-10-08T14:30:42.000Z",
    "source": "Financial Modeling Prep",
    "sourceUrl": "https://financialmodelingprep.com",
    "note": "Delayed quotes."
  }
}