“Big Short” Investor Steve Eisman Isn’t Calling a Crash—But He Sees One Big Risk

Eisman stays net long AI names like NVIDIA while warning the S&P 500 is now an 86%-concentrated AI bet, not a diversified index.

• S&P concentration: Eisman says 86% of the S&P 500 is tied directly or indirectly to AI, with infotech alone at 40% and tech-related names over 50%—calling the index "versified," not diversified.
• Chain of dependency: NVIDIA's revenue grew 110% last quarter but 70% of its receivables come from just five accounts; 70% of hyperscaler AI cloud revenue traces to OpenAI and Anthropic; Oracle, rated BBB-, has over half its backlog from OpenAI alone.

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