An exploded diagram of the RTX 5090 showing heatsinks, circuit board, heat pipes and fans.
Investor relations

Introducing VRAM-Backed Securities.

We take thousands of 30-year graphics card mortgages, bundle them together, slice them into tranches and sell them to you.
The opportunity

Graphics cards: the new housing market

Housing used to be the asset every family owned and every family borrowed against. We believe graphics cards are next: scarce, expensive, held for decades, and impossible to buy without help. That makes their mortgages a whole new asset class.

Our underwriting is the most relaxed in the industry, and every security we issue is rated AAA.

AAA Rating, issued by our own 8-Ball
0 Loans in the pool
100% Approval rate
2008 Year of our last stress test
Products

Choose your tranche

Senior, AAA

Founders Edition Tranche

First to be paid, last to burn. Backed by borrowers who put 20% down and own a 1000 W power supply. Target yield: 4.1%.

Mezzanine, BBB

Partner Card Tranche

Paid after the seniors. Backed by our Adjustable Connector and Scalper Special borrowers. Higher yield, higher temperature. Target yield: 9%.

Equity, unrated

Open Box Tranche

Takes the first loss. Backed by Payday Advance borrowers and anyone who has ever said "I'll undervolt it later". Target yield: 31%. Smells faintly of burning.

Structured products

For the sophisticated investor

VBS-Squared

The Open Box tranches of other VRAM-Backed Securities, bundled together again and re-rated AAA, because diversification.

Frame Drop Swaps

Insurance that pays out when borrowers default. We sell it to anyone, including people who own no GPU loans at all. They seem very excited about it.

The Short

Bet against the 5090 ever coming back in stock. Currently our best-performing product, by a distance.

Risk factors

Things that could go wrong

A Super refresh

A new card would make our collateral obsolete overnight. Fortunately, every Super refresh to date has been cancelled.

Supply returns

If cards come back in stock at MSRP, our borrowers will be badly underwater. We regard this as unlikely.

Connector events

A single melted connector is a bad day. A correlated wave of melted connectors is a systemic risk. We have modeled this using the Magic 8-Ball. It said "Outlook good".

Data centers

Our main competitor for collateral is every AI company on Earth. They are not price-sensitive.

Quarterly results

Join our earnings call

Hear our CEO, a leather jacket on a chair, walk through the quarter. Register below. We don't take your name or email. We just count you, which is more due diligence than we've done on any loan.

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Not a joke

Not an offer of securities

Fannie VRAM does not issue, sell or arrange securities or investments of any kind, and nothing here is an offer or a solicitation to buy or sell anything, or investment advice. There is no fund, no pool and no tranche. The registration button counts clicks and does nothing else.