[
  {
    "part": 1,
    "story_slug": "nvidias-demand-insatiable-or-manufactured",
    "story_headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.",
    "published": "2026-08-10",
    "value": "$38B",
    "label": "Apollo debt",
    "context": "Apollo transaction in late May, described by Michael Burry"
  },
  {
    "part": 1,
    "story_slug": "nvidias-demand-insatiable-or-manufactured",
    "story_headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.",
    "published": "2026-08-10",
    "value": "$35B",
    "label": "AI XPU tranche",
    "context": "Apollo and Blackstone first tranche; Invest In Assets, ten weeks later"
  },
  {
    "part": 1,
    "story_slug": "nvidias-demand-insatiable-or-manufactured",
    "story_headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.",
    "published": "2026-08-10",
    "value": "20GW",
    "label": "Broadcom compute",
    "context": "Broadcom-designed capacity promised through 2028; Invest In Assets"
  },
  {
    "part": 1,
    "story_slug": "nvidias-demand-insatiable-or-manufactured",
    "story_headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.",
    "published": "2026-08-10",
    "value": "$30B",
    "label": "Quarterly AI orders",
    "context": "Broadcom orders booked in one quarter; Invest In Assets, mid-2026"
  },
  {
    "part": 2,
    "story_slug": "spacex-after-the-ipo-exit-liquidity",
    "story_headline": "SpaceX Is Funding an AI Bet Before the Proof",
    "published": "2026-08-13",
    "value": "$75B",
    "label": "IPO proceeds",
    "context": "Raised June 12 at near $1.75T valuation"
  },
  {
    "part": 2,
    "story_slug": "spacex-after-the-ipo-exit-liquidity",
    "story_headline": "SpaceX Is Funding an AI Bet Before the Proof",
    "published": "2026-08-13",
    "value": "54%",
    "label": "Peak-to-low drawdown",
    "context": "$225.64 to $104.83 by early August"
  },
  {
    "part": 2,
    "story_slug": "spacex-after-the-ipo-exit-liquidity",
    "story_headline": "SpaceX Is Funding an AI Bet Before the Proof",
    "published": "2026-08-13",
    "value": "0.4 GW",
    "label": "Compute deployed",
    "context": "Kakashii’s first-quarter reading, August 2026"
  },
  {
    "part": 2,
    "story_slug": "spacex-after-the-ipo-exit-liquidity",
    "story_headline": "SpaceX Is Funding an AI Bet Before the Proof",
    "published": "2026-08-13",
    "value": "$1.25B",
    "label": "Monthly Anthropic contract",
    "context": "Through May 2029, as documented by Kevin Gee"
  },
  {
    "part": 3,
    "story_slug": "the-debt-behind-the-machines",
    "story_headline": "The Machines Will Work. The Debt Might Not.",
    "published": "2026-08-15",
    "value": "$500B",
    "label": "Wall Street-arranged chip facility",
    "context": "Headlines, August 12, 2026"
  },
  {
    "part": 3,
    "story_slug": "the-debt-behind-the-machines",
    "story_headline": "The Machines Will Work. The Debt Might Not.",
    "published": "2026-08-15",
    "value": "$250B",
    "label": "Nvidia Ohio-campus guarantee",
    "context": "Vitaliy Katsenelson, August 6, 2026"
  },
  {
    "part": 3,
    "story_slug": "the-debt-behind-the-machines",
    "story_headline": "The Machines Will Work. The Debt Might Not.",
    "published": "2026-08-15",
    "value": "21%",
    "label": "Modeled compute internal return",
    "context": "Market Sentiment, August 8, 2026"
  },
  {
    "part": 3,
    "story_slug": "the-debt-behind-the-machines",
    "story_headline": "The Machines Will Work. The Debt Might Not.",
    "published": "2026-08-15",
    "value": "6%",
    "label": "AI paper investment-grade share",
    "context": "JunkBondInvestor, August 9, 2026"
  },
  {
    "part": 4,
    "story_slug": "the-market-stops-paying-for-faith",
    "story_headline": "AI Spending Has Met Its First Real Bill",
    "published": "2026-09-04",
    "value": "$800B",
    "label": "Combined annual capex",
    "context": "Four companies, disclosed in late July"
  },
  {
    "part": 4,
    "story_slug": "the-market-stops-paying-for-faith",
    "story_headline": "AI Spending Has Met Its First Real Bill",
    "published": "2026-09-04",
    "value": "$165B",
    "label": "Quarterly hyperscaler capex",
    "context": "Prof G Markets; three months, August 4"
  },
  {
    "part": 4,
    "story_slug": "the-market-stops-paying-for-faith",
    "story_headline": "AI Spending Has Met Its First Real Bill",
    "published": "2026-09-04",
    "value": "-$6B",
    "label": "Alphabet Q2 free cash flow",
    "context": "Hayden Capital; Q2, first negative since 2004 IPO"
  },
  {
    "part": 4,
    "story_slug": "the-market-stops-paying-for-faith",
    "story_headline": "AI Spending Has Met Its First Real Bill",
    "published": "2026-09-04",
    "value": "$3.5T",
    "label": "2026–30 hyperscaler capex",
    "context": "Oscar Hattink via Kevin Gee; 2026–2030"
  },
  {
    "part": 5,
    "story_slug": "anthropic-grew-142-percent-openai",
    "story_headline": "OpenAI and Anthropic Are Not the Same Business",
    "published": "2026-09-11",
    "value": "142%",
    "label": "Anthropic quarterly growth",
    "context": "Quarter on quarter, Q2 2026"
  },
  {
    "part": 5,
    "story_slug": "anthropic-grew-142-percent-openai",
    "story_headline": "OpenAI and Anthropic Are Not the Same Business",
    "published": "2026-09-11",
    "value": "18%",
    "label": "OpenAI quarterly growth",
    "context": "Quarter on quarter, Q2 2026"
  },
  {
    "part": 5,
    "story_slug": "anthropic-grew-142-percent-openai",
    "story_headline": "OpenAI and Anthropic Are Not the Same Business",
    "published": "2026-09-11",
    "value": "$20.9B",
    "label": "OpenAI 2025 loss",
    "context": "Steve Eisman; 2025"
  },
  {
    "part": 5,
    "story_slug": "anthropic-grew-142-percent-openai",
    "story_headline": "OpenAI and Anthropic Are Not the Same Business",
    "published": "2026-09-11",
    "value": "$559M",
    "label": "Anthropic adjusted income",
    "context": "Michael Spencer; preliminary June quarter 2026"
  },
  {
    "part": 6,
    "story_slug": "power-doesnt-depreciate",
    "story_headline": "Power Doesn’t Depreciate. Its Premium Moves.",
    "published": "2026-09-19",
    "value": "$20–25M",
    "label": "Nebius one-to-three-year price",
    "context": "Michael Burry, August 12 trading post"
  },
  {
    "part": 6,
    "story_slug": "power-doesnt-depreciate",
    "story_headline": "Power Doesn’t Depreciate. Its Premium Moves.",
    "published": "2026-09-19",
    "value": "$40–50M",
    "label": "Nebius six-month price",
    "context": "Michael Burry, August 12 trading post"
  },
  {
    "part": 6,
    "story_slug": "power-doesnt-depreciate",
    "story_headline": "Power Doesn’t Depreciate. Its Premium Moves.",
    "published": "2026-09-19",
    "value": "23 GW",
    "label": "NVL72 deployment need",
    "context": "Daniel Romero, 2027 estimate at full use"
  },
  {
    "part": 6,
    "story_slug": "power-doesnt-depreciate",
    "story_headline": "Power Doesn’t Depreciate. Its Premium Moves.",
    "published": "2026-09-19",
    "value": "-7.9%",
    "label": "Construction ex-data centers",
    "context": "Michael Burry citing Apollo, June year over year"
  },
  {
    "part": 7,
    "story_slug": "the-fed-hiked-the-long-end-kept-climbing",
    "story_headline": "The Fed Hiked. The Long End Still Climbed.",
    "published": "2026-09-27",
    "value": "5.18%",
    "label": "10-year Treasury yield",
    "context": "FRED, six trading days after September 16"
  },
  {
    "part": 7,
    "story_slug": "the-fed-hiked-the-long-end-kept-climbing",
    "story_headline": "The Fed Hiked. The Long End Still Climbed.",
    "published": "2026-09-27",
    "value": "$1.97T",
    "label": "Federal deficit",
    "context": "TSCS, cumulative through August 2026"
  },
  {
    "part": 7,
    "story_slug": "the-fed-hiked-the-long-end-kept-climbing",
    "story_headline": "The Fed Hiked. The Long End Still Climbed.",
    "published": "2026-09-27",
    "value": "8.25%",
    "label": "CleanSpark note coupon",
    "context": "JunkBondInvestor, September 18, 2026"
  },
  {
    "part": 7,
    "story_slug": "the-fed-hiked-the-long-end-kept-climbing",
    "story_headline": "The Fed Hiked. The Long End Still Climbed.",
    "published": "2026-09-27",
    "value": "$2.3T",
    "label": "Hyperscaler backlog",
    "context": "Apollo via DeepValue Capital, September 2026"
  },
  {
    "part": 8,
    "story_slug": "the-scarcity-is-the-collateral",
    "story_headline": "AI Lenders Are Financing the End of Scarcity",
    "published": "2026-09-29",
    "value": "227 bps",
    "label": "Oracle five-year CDS",
    "context": "Record that week, according to Seeking Alpha"
  },
  {
    "part": 8,
    "story_slug": "the-scarcity-is-the-collateral",
    "story_headline": "AI Lenders Are Financing the End of Scarcity",
    "published": "2026-09-29",
    "value": "1,146 bps",
    "label": "CCC spread over Treasuries",
    "context": "September 28, 2026; FRED"
  },
  {
    "part": 8,
    "story_slug": "the-scarcity-is-the-collateral",
    "story_headline": "AI Lenders Are Financing the End of Scarcity",
    "published": "2026-09-29",
    "value": "$2T",
    "label": "Hyperscaler cash-flow target",
    "context": "Torsten Slok’s 2030 assumption"
  },
  {
    "part": 8,
    "story_slug": "the-scarcity-is-the-collateral",
    "story_headline": "AI Lenders Are Financing the End of Scarcity",
    "published": "2026-09-29",
    "value": "$2.7T",
    "label": "Off-balance-sheet commitments",
    "context": "Burry estimate across five hyperscalers"
  },
  {
    "part": 9,
    "story_slug": "habit-was-the-moat",
    "story_headline": "Habit Was the Moat. Agents Are Draining It.",
    "published": "2026-10-03",
    "value": "18%",
    "label": "Meta stock gain",
    "context": "Closing prices, Financial Modeling Prep, Sep 8-Oct 2, 2026"
  },
  {
    "part": 9,
    "story_slug": "habit-was-the-moat",
    "story_headline": "Habit Was the Moat. Agents Are Draining It.",
    "published": "2026-10-03",
    "value": "33%",
    "label": "AMD stock gain",
    "context": "Closing prices, Financial Modeling Prep, Sep 8-Oct 2, 2026"
  },
  {
    "part": 9,
    "story_slug": "habit-was-the-moat",
    "story_headline": "Habit Was the Moat. Agents Are Draining It.",
    "published": "2026-10-03",
    "value": "3%",
    "label": "Paid consumer AI adoption",
    "context": "Moses Sternstein, first quarter estimate"
  },
  {
    "part": 9,
    "story_slug": "habit-was-the-moat",
    "story_headline": "Habit Was the Moat. Agents Are Draining It.",
    "published": "2026-10-03",
    "value": "61%-70%",
    "label": "Booking in AI recommendations",
    "context": "Oguz Erkan, September 2026"
  },
  {
    "part": 10,
    "story_slug": "the-bubble-is-in-the-denominator",
    "story_headline": "The Bubble Is in the Denominator",
    "published": "2026-10-07",
    "value": "19.0x",
    "label": "S&P 500 forward multiple",
    "context": "FactSet, as of Oct 2, 2026"
  },
  {
    "part": 10,
    "story_slug": "the-bubble-is-in-the-denominator",
    "story_headline": "The Bubble Is in the Denominator",
    "published": "2026-10-07",
    "value": "29.5%",
    "label": "Expected Q3 earnings growth",
    "context": "FactSet, as of Oct 2, 2026"
  },
  {
    "part": 10,
    "story_slug": "the-bubble-is-in-the-denominator",
    "story_headline": "The Bubble Is in the Denominator",
    "published": "2026-10-07",
    "value": "$250B",
    "label": "Hyperscaler high-grade bonds",
    "context": "Apollo presentation via Leyla Kunimoto, through August 2026"
  },
  {
    "part": 10,
    "story_slug": "the-bubble-is-in-the-denominator",
    "story_headline": "The Bubble Is in the Denominator",
    "published": "2026-10-07",
    "value": "5.31%",
    "label": "10-year Treasury yield",
    "context": "CNBC, closing yield on Oct 5, 2026"
  }
]