How OpenAI Could Cause a US Recession With Steve Eisman

Eisman says concentrated AI-lab exposure across Nvidia, hyperscalers, and Oracle means an OpenAI stumble could trigger a recession, not a 2008-style crisis.

• No moats, AI labs scared: Eisman says OpenAI and Anthropic's calls for AI regulation stem from fear of cheap open-weight models ending token maxing-driven revenue growth, not safety concerns.
• Concentration is the real risk: Nvidia derives 70% of accounts receivable from five customers; those hyperscalers get 70% of AI revenue from OpenAI/Anthropic; Oracle's backlog is half OpenAI.

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