Steve Eisman
Investor known for betting against the subprime mortgage market before the 2008 financial crisis, a story told in Michael Lewis's book The Big Short.
“I predicted the end of the world once, and believe me, it was no fun. I am in no rush to predict to the end of the world again unless I am really convinced that it's going to happen.”
The Real Eisman Playbook · September 2026
Context
Eisman opens his weekly wrap by listing what he will cover, including what he calls the insatiable need for commentators to predict a dystopian ending to the AI bubble, and then, next on the list, why he is not there yet. He spends the rest of the episode arguing that OpenAI's troubles could tip the US into a recession, so the reluctance is not disbelief. It is the man who called 2008 declining to spend that credit twice.
Transcript
…months, we've gotten several requests from subscribers to interview Ed Zitron, the Substack newsletter writer, who is one of the most famous critics of the entire AI story. So I'm pleased to announce that this coming Wednesday, September 9, on premium, we will post an interview with Ed Zitron.
It's OpenAI and Anthropic to account for 48% of all of Google Cloud's revenues next year. Which is huge. That's crazy. That means that Google Cloud's growth is based on whether these companies survive
…on the show, every universe Stewart jumps to is just another form of dystopia. Show is quite funny, but captures something essential. There is something about imagining a dystopian future that people find captivating. I've noticed that over the years, since the GFC, whenever I am interviewed, the interviewer is almost begging me to predict the end of the world. How do I feel about that? Well, I predicted the end of the world once, and believe me, it was no fun. I am in no rush to predict to the end of the world again unless I am really convinced that it's going to happen. But I'm not going to make such a prediction just because it will get a lot of press. There is no question in my mind that the entire U.S. economy hinges on the success of AI. The amount being spent is just so large that were it to stop, the economy would go into a recession almost immediately. There are several commentators who are making exactly that prediction. They could be right, but right…
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According to Ed Zittron, our guest in Week, to survive, OpenAI will have to raise $100 billion per year for the next several years. Now, when you lose billions upon billions, appearances matter a lot. OpenAI is completely dependent on the kindness of strangers funding its cash flow needs. When a…
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