📊 𝐈𝐍𝐕𝐄𝐒𝐓𝐎𝐑 𝐍𝐎𝐓𝐄: Steve Eisman Warns A

📊 𝐈𝐍𝐕𝐄𝐒𝐓𝐎𝐑 𝐍𝐎𝐓𝐄: Steve Eisman Warns AI Boom Hinges Heavily on OpenAI and Anthropic - $NVIDIA(NVDA.US) $Amazon(AMZN.US) $Microsoft(MSFT.US) $Oracle(ORCL.US) $Alphabet(GOOGL.US)

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗦𝘁𝗲𝘃𝗲 𝗘𝗶𝘀𝗺𝗮𝗻 says AI boom largely depends on 𝗢𝗽𝗲𝗻𝗔𝗜 and 𝗔𝗻𝘁𝗵𝗿𝗼𝗽𝗶𝗰.

➤ Startups represent roughly 𝟳𝟬% of AI-related revenue at major cloud companies.

➤ They account for about 𝟮𝟱%–𝟯𝟱% of those companies' cloud revenue.

➤ Exposure includes 𝗠𝗶𝗰𝗿𝗼𝘀𝗼𝗳𝘁, 𝗔𝗺𝗮𝘇𝗼𝗻, 𝗔𝗹𝗽𝗵𝗮𝗯𝗲𝘁's Google, and 𝗢𝗿𝗮𝗰𝗹𝗲.

➤ Eisman identifies cheaper 𝗖𝗵𝗶𝗻𝗲𝘀𝗲 𝗼𝗽𝗲𝗻-𝘄𝗲𝗶𝗴𝗵𝘁 𝗔𝗜 models as a key threat.

➤ Growing Chinese model adoption could trigger an 𝗔𝗜 𝗽𝗿𝗶𝗰𝗲 𝘄𝗮𝗿.

➤ 𝗠𝗶𝗰𝗵𝗮𝗲𝗹 𝗕𝘂𝗿𝗿𝘆 has separately questioned the sustainability of AI demand.

➤ Burry has disclosed bearish positions involving 𝗡𝘃𝗶𝗱𝗶𝗮 and broader semiconductors.

👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

➤ Eisman's estimates suggest significant 𝗔𝗜 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 concentration among two startups.

➤ A model price war could pressure 𝗰𝗹𝗼𝘂𝗱 𝗔𝗜 economics and margins.

➤ Slower OpenAI or Anthropic growth could affect major 𝗰𝗹𝗼𝘂𝗱 providers.

➤ The warning highlights potential risks to elevated 𝗔𝗜 and semiconductor expectations.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀:

𝗦𝘁𝗲𝘃𝗲 𝗘𝗶𝘀𝗺𝗮𝗻:

"The futures of these massive companies, in a sense, are a bet that OpenAI, Anthropic are going to succeed,"

𝗦𝘁𝗲𝘃𝗲 𝗘𝗶𝘀𝗺𝗮𝗻:

"The Achilles’ heel of this whole story ... is if something bad happens to Anthropic and OpenAI ... the Chinese open-end models, open-weight models are much cheaper. And if they start really taking a lot of market share and it sounds like, from what I’m hearing, that they’re starting to, you could have a big price war. And then we have a problem,"