Steve Eisman grows more conservative on AI trade

He expresses concern that frontier AI models are exploiting market fears to build regulatory moats and obscure weak fundamentals, citing Anthropic's lack of revenue data and declining revenue-to-expense ratios. The AI sector remains deeply intertwined with the broader market, making a clear bearish bet difficult. Google noted reduced monetization in AI mode and is testing ad experiments to address it.

Summarised from the original article by an open-source model, then checked automatically: every number and English name must appear in the source. The original article is authoritative.