Steve Eisman, the investor famous for predicting the 2008 subprime mortgage crisis, is warning about the risks linked to the concentration of artificial intelligence revenues. OpenAI and Anthropic together account for roughly 70% of AI-related revenue flowing to major hyperscalers including Microsoft, Amazon, Alphabet, and Oracle, a level of concentration he describes as the « Achilles’ heel » of the sector. AI-driven revenue represents between 25 and 35% of total cloud revenue for these companies, which have collectively invested hundreds of billions of dollars in AI infrastructure. Eisman also fears that the emergence of cheaper Chinese open-source AI models could trigger a price war and undermine the profitability of these massive investments. The investor has also revealed that he has reduced his personal exposure to AI-related stocks.
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