Apollo Said to Net $250 Million in Paper Profits on xAI Debt

Apollo Global Management Inc. has netted roughly $250 million in paper gains so far from a bet it made in recent months to support Elon Musk’s xAI. The gains came as part of an investment Apollo made that will give the artificial-intelligence startup access to Nvidia Corp.’s graphics processing units, according to people familiar with the matter. Apollo has invested $7 billion in xAI debt, the people said, asking not to be identified discussing confidential information. Most Read from Bloomberg Represe ...