Prof G Markets · Friday, October 2, 2026
Steve Eisman identifies concentration risk as the primary concern regarding a potential AI bubble, noting that a significant portion of AI revenue is concentrated in a few companies like OpenAI and Anthropic. He likens the current situation to past market bubbles but emphasizes that the AI narrative is currently a powerful force.
“What worries me is the concentration risk.”
“You know, if you look at the hyperscalers, 70% of their AI revenue is from OpenAI and Anthropic. The whole chain basically flows differently. to Anthropic and OpenAI. If those two companies succeed, you know we'll be back in a year from now and saying wow ai is really really triumphing. But if there's a problem with those two companies, then I think the whole chain is in trouble.”
“I think that narrative is a far more powerful force in valuation so if the ai narrative continues the stock market will go up and if the ai narrative breaks the stock market will have a huge correction and what and and that it wouldn't matter what the valuations are high or low”