The Real Eisman Playbook — Is AI a Bubble? Gary Marcus on What Could Break the Story | The Real Eisman Playbook Ep 62

- NVIDIA’s May 2023 earnings beat and $11 B Q2 outlook sent its shares up 24%, marking the catalyst for the current AI investment wave. - Google and Amazon will spend $90 B (2025) and $220 B (2026) on AI infrastructure, yet Oracle’s $550 B backlog, half tied to OpenAI, exposed a slowdown and stock dip below $2.00. - Networking and CPU/memory makers such as Arista, Cisco, and Micron have rallied, pushing chip exposure to roughly 17% of the S&P 500 as data‑center demand spikes. - Power‑equipment giants GE Vernova, Mitsubishi, Siemens and utilities like Quanta and Bloom Energy are now essential for AI data‑center builds, creating a new industrial bottleneck. - SaaS companies are experiencing a “SaaSpocalypse,” with stocks falling on any earnings news as AI reduces software moats and heightens hallucination risks. - Private‑equity‑backed software acquisitions have seen valuations cut by more than half, leaving private‑credit lenders facing potential refinancing crises. - Community resistance to AI data‑center construction threatens the supply chain, risking delays that could slow the entire AI ecosystem. - Anthropic reported a $559 M profit on $10 B revenue after receiving a massive Musk‑discount on compute, underscoring the looming shift to token‑pricing and the fragility of venture‑funded AI models. Watch on YouTube