Today on Prof G Markets, Ed Elson is joined by Steve Eisman to discuss why he thinks Anthropic and OpenAI are manufacturing a crisis. Steve explains why he wouldn’t invest in the Anthropic IPO and what he’ll be looking for when the S-1 finally drops. He also breaks down why he thinks high yields could result in a market correction, which company he is shorting, and what his investment strategy currently looks like.

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Timestamps:

00:00 Preview

00:40 Interview with Steve Eisman

01:30 What did you mean in your CNBC clip?

08:06 What can we learn from the information we have about how the business is doing?

09:05 Do you think these companies are actually in trouble, or just think they are?

09:59 Where do you stand on the possibility of an AI bubble?

10:59 Do you think investors understand these risks and are pricing them in?

12:18 Would you say that in 2008, you knew there were risks the market hadn’t priced in?

13:59 How systemic could the debt behind the AI buildout become?

16:44 How large of an issue is that?

17:38 Depending on how large that number is, what will that mean for your analysis?

18:05 Ad break

20:30 Why is it that these high yields could result in a market correction?

22:17 Do you see AI debt as the biggest economic risk from rising yields?

23:49 What did you make of that news?

24:35 Would you say Oracle has the weakest balance sheet in the AI trade right now?

24:59 How close to those levels do you think some of these larger tech companies are?

25:41 What were your takeaways from the rate hike?

26:50 Could you spell out what that would be the case?

28:11 What do you make of his comments about that buyback program?

29:52 Have you been surprised at all by the resiliency of this market despite these risks?

31:55 How have you reduced your risk in the past year or so?

32:15 Would you recommend that as a hedging strategy?

32:35 What do you make of valuations across the market at this point?

33:55 How do you personally analyze and check the narrative?

34:17 Ad break

36:25 Looking back over the past three quarters, what have been your biggest takeaways?

37:29 Is there anything that investors can do or act on as it relates to oil prices and interest rates?

38:30 What does your investment strategy look like these days?

39:12 Could you tell us about your FICO short?

41:28 How do you identify short positions?

42:30 To what extent does sleeping fine play a role in your investment strategy at this point?

43:23 How did you sleep in 2008?

44:20 Is there anything that you would expect to see if we were to get to that moment?

45:04 Could they become too big to fail, with government protection?

46:09 What do you make of Anthropic’s potential valuation, and would you invest?

47:59 What advice would you give investors heading into the final quarter of 2026?

49:36 Credits

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