Steve Eisman: One Company Could Break The AI Boom

Eisman warns that if either Anthropic or OpenAI falters, the entire AI-driven hyperscaler and debt ecosystem—representing ~86% of S&P value—is at risk.

• 'Manufacturing a crisis': Eisman argues Anthropic and OpenAI, nervous about zero moats and open-weight models taking share, are hyping existential AI risk to trigger regulation that locks in a duopoly.
• Anthropic financials: 2025 revenue was $4.6B (up 1,000%+) but operating losses exceeded $8B (net loss ~$42B including non-cash charges); Eisman says 2025 numbers are irrelevant—watch 1H vs 2H 2026.

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