Steve Eisman
speaker
277 appearances
2 recordings
1 series
first heard Mar 2026
last heard 6 Aug
Steve Eisman’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Aug 2026 with 1.
Appearances
But Gary was like the lone, you know, July of last year, Gary Marcus was like the only person on planet Earth who had anything negative to say about AI.
You know, you have Ed Zitron as well.
But, you know, if you compare this to 08, so Michael and I both had the same thesis.
which was mortgage underwriting standards have deteriorated dramatically.
And then what was good about the thesis was every single month, securitization data came out showing credit quality of hundreds upon and billions upon billions of mortgages.
And so you could see, you could actually see the deterioration every single month.
You had a data set that was incredibly robust that came out every single month and said to you, you're right.
So you had this reinforcement.
You know, if you're going to construct a negative AI story, well, you don't have a securitization database that's going to help you.
So what's the negative story?
So let me tell you what I think is potentially the negative story, but it's not here yet.
So...
What's made the AI story more complicated is the following.
Number one, there's no question that the business is much more capital intensive than anybody possibly could have imagined.
So, you know, companies like Microsoft and Google and Amazon, you know, companies who once threw off cash like it was water have negative cash flow.
So that's a big change.
Now, that doesn't mean that these companies are on the verge of anything bad.
It just means that the dynamics of their business have really shifted.
They're investing massively.
Whether they'll get great returns, we don't know yet.
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