Two Startups, One Trillion-Dollar Bet: Is the AI Boom Built on Shaky Ground?

Investor Steve Eisman questions whether the AI investment boom rests on too narrow a foundation: major chipmakers and cloud providers may be exposed if OpenAI and Anthropic fail to deliver lasting growth. He points to concentration risk, fierce competition among language-model companies, and the enormous energy needs of data centers, while also flagging wider economic pressures. Eisman favors a “picks-and-shovels” approach—investing in the infrastructure behind AI—while remaining skeptical of...