Prof G Markets · Friday, October 2, 2026
Steve Eisman emphasizes that the AI narrative is currently the dominant force in the market, overshadowing valuation concerns. However, he highlights the extreme concentration risk within the AI sector, particularly with OpenAI and Anthropic being critical to the ecosystem. He believes this concentration is the primary vulnerability.
“So the remaining 86 of the S&P to one degree or another is AI-ish. So, That's the only narrative that matters.”
“My nervousness about the story is the incredible concentration.”
“If anything bad happens to one of those two companies... within the next year... given the concentration levels you know again something like 70 percent of ai hyperscaler revenue comes purely from Anthropic and OpenAI.”