News Summary

• "The important story is not whether the bubble pops, but who pays when it does," says Scott Ortkiese, CEO & President of Faulkner Capital Holdings.
• The apparent equity bubble is really a credit structure that connects NVIDIA's AI infrastructure ambitions to annuity holders and, eventually, state taxpayers.
• Private equity firms didn't merely raise credit funds – they acquired or partnered with life insurers and annuity providers, gaining access to long-duration reserves that don't redeem like hedge-fund capital.