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Francis Fukuyama highlights declining American state capacity by comparing the Apollo program to the modern Artemis program. NASA took eight years to land on the moon in the 1960s, whereas modern space initiatives miss deadlines by decades.
Saagar Enjeti notes Apollo founder Leon Black is suing the United States House of Representatives to block a subpoena. Black is refusing to give a deposition alongside other billionaires named in files related to Jeffrey Epstein.
William Cohan notes Leon Black surrendered his roles as CEO and chairman of Apollo but remains its largest shareholder with 85 million shares. This equity stake secures Black a net worth valued between $15 billion and $20 billion.
William Cohan explains that regulatory limits under the Dodd-Frank Act forced traditional banks to move long-term loans off their balance sheets. This policy vacuum allowed private credit providers like Apollo, Blackstone, and KKR to dominate the corporate lending space.
William Cohan reports that Apollo manages $1 trillion in assets, with $850 billion dedicated to private credit. Apollo funds these investments using capital from Athene, its insurance and annuity business, creating a long-term capital flywheel.
Global financial institutions actively finance these GPU buildouts. Gavin Baker notes that firms like Blackstone, KKR, and Apollo extend low-cost capital because the useful life of Nvidia chips keeps extending.