AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap

More from The Real Eisman Playbook

1. 

   7 Sep 2026 · 47 min

   P&C Stocks Worth Owning: The AI Hedge with Ryan Tunis | The Real Eisman Playbook Episode 74

   Sign up for The Real Eisman Playbook Premium at https://realeismanplaybook.substack.com/ On episode 74 of The Real Eisman Playbook, Steve Eisman sits down with Ryan Tunis, property and casualty insurance analyst at Cantor, for a comprehensive deep dive into personal lines, commercial lines, reinsurance, and insurance brokers. Ryan explains why he's cautious on personal lines as new driver assistance technology drives down accident rates and pricing, why the commercial lines market is entering a soft cycle that favors travelers over Chubb, and why AIG is the most interesting self-help story…

2. 

   4 Sep 2026 · 26 min

   Is OpenAI the Achilles’ Heel of the US Economy? | The Weekly Wrap

   Sign up for The Real Eisman Playbook Premium at https://realeismanplaybook.substack.com/ On this episode of The Weekly Wrap, Steve Eisman breaks down the economy’s growing dependence on AI spending. He explains why OpenAI could be the Achilles’ heel of the AI trade, and what its potential failure could mean for the broader economy. Plus, Steve discusses Meta’s latest settlement, where investors could find safety, and more. 00:00 - Intro 02:53 - War, Oil, & Interest Rate News 03:48 - The Dystopian AI Ending, CapEx, & OpenAI 16:41 - Nvidia 18:33 - OpenAI's ARR 19:38 - Meta 22:22 - Book…

3. 

   17 Aug 2026 · 45 min

   The AI Trade, Rising Rates, and Why the Market Is Still Standing | The Real Eisman Playbook Ep 73

   Sign up for The Real Eisman Playbook Premium at https://realeismanplaybook.substack.com/ On episode 73 of The Real Eisman Playbook, Steve Eisman sits down with Jason Trennert & Chris Verrone from Strategas for a wide-ranging mid-year reality check on a tumultuous 2026. They cover the AI capex debate, the war in Iran, private equity's monetization problem, and why the market has proven far more resilient than most expected. 00:00 - Intro 01:37 - The Year So Far 09:06 - The Fed, Leadership, & Private Equity 13:58 - The War in Iran, Oil, & China 16:55 - AI, Software, Meta, Amazon, & Microsoft…

4. 

   10 Aug 2026 · 51 min

   Private Credit's Clock is Ticking w/ Glenn Schorr & Ken Worthington | The Real Eisman Playbook Ep 72

   Sign up for The Real Eisman Playbook Premium at https://realeismanplaybook.substack.com/ On episode 72 of The Real Eisman Playbook, Steve Eisman sits down with Glenn Schorr of Evercore and Ken Worthington of JP Morgan for a sweeping deep dive into the ticking time bomb in private credit software loans, agentic AI's impact on retail brokers, crypto use cases and Bitcoin's fading relevance, and a summary of bank earnings. 00:00 - Intro 03:12 - Retail Brokers, Cash, Agentic AI, & Banks 15:00 - Private Equity & Private Credit 28:15 - Crypto 36:06 - Stablecoins 42:21 - The Big Banks Reported…

5. 

   7 Aug 2026 · 21 min

   SpaceX Disappoints, AI's Free Cash Flow Shrinks, Meta Struggles | The Weekly Wrap

   Sign up for The Real Eisman Playbook Premium at https://realeismanplaybook.substack.com/ On this episode of The Weekly Wrap, Steve Eisman breaks down the week in markets, including SpaceX's highly anticipated earnings, the growing impact of AI spending on free cash flow, and why Meta continues to struggle while Palantir, Microsoft, and Amazon tell a different story. He also examines the collapse of the Situational Awareness hedge fund, private credit, and the biggest earnings reports of the week. Plus, Steve shares his personal TV recommendations. My full list of TV show recommendations:…

6. 

   3 Aug 2026 · 52 min

   250 Years of American Capitalism: Hamilton, the GFC, & the AI Boom | The Real Eisman Playbook Ep 71

   Sign up for The Real Eisman Playbook Premium at https://realeismanplaybook.substack.com/ On episode 71 of The Real Eisman Playbook, Steve Eisman sits down with Adrian Wooldridge, journalist and co-author of Capitalism in America with Alan Greenspan, to mark the 250th anniversary of American independence with a sweeping tour of U.S. economic history, from the Hamilton vs. Jefferson debate that shaped the country's trajectory, to the causes of the Great Depression and the Great Financial Crisis. You can purchase "Capitalism in America" here:…

7. 

   9 Oct 2026 · 26 minNew

   Q3 2026 Market Recap: Energy Up, Utilities Crushed, and Software Flipped | The Weekly Wrap

   Sign up for The Real Eisman Playbook Premium at https://realeismanplaybook.substack.com/ On this episode of The Weekly Wrap, Steve Eisman delivers a comprehensive Q3 2026 market breakdown. He discusses why energy was the best performing sector, why utilities got crushed, and why the SAASpocalypse narrative flipped. Steve also acknowledges that over 65% of the S&P 500 is now a single bet on AI and closes with updates on FICO and Glass House Brands. 00:00 - Intro 01:53 - War in Iran, Interest Rates, & Oil Prices 02:38 - Snapshot of the Economy & Key Weaknesses Emerging 04:27 - An Analysis of…

8. 

   5 Oct 2026 · 51 min

   5% Rates, Bessent's Failed Gamble & What Comes Next w/ Krishna Guha | The Real Eisman Playbook Ep 78

   On episode 78 of The Real Eisman Playbook, Steve Eisman sits down with Krishna Guha, Evercore's Fed watcher, to break down why the ten-year yield has marched from 4.5% to over 5%. He explains that it's a perfect storm of AI debt issuance crowding out Treasuries, war-driven oil prices, the massive deficit, and Kevin Warsh's deliberate withdrawal of the forward guidance guardrails that previous Fed chairs used. They also discuss Scott Bessent's bond buyback program and close with a fun ranking of Fed chairs. 00:00 - Intro 00:42 - Why Were Rates Raised? 03:31 - Kevin Warsh’s Changes 11:43 - The…

9. 

   2 Oct 2026 · 27 min

   Why Private Equity's Software Bet Is Going to Zero | The Weekly Wrap

   Sign up for The Real Eisman Playbook Premium at https://realeismanplaybook.substack.com/ On this episode of The Weekly Wrap, Steve Eisman covers a dramatic week for FICO, in which its decades-long mortgage monopoly effectively broke. Steve then delivers a deep dive into private equity's overexposure to software buyouts, why the SAASpocalypse has cut valuations by 50% or more, and why the refinancing wall coming in 2027 will likely wipe out equity in many of these deals. He closes with three mailbag questions covering oil-driven inflation, AI regulation, and how the Moody's securitization…

10. 

    28 Sep 2026 · 46 min

    What the AI Boom Looks Like From Inside Cisco with Sam Badri | The Real Eisman Playbook Ep 77

    On episode 77 of The Real Eisman Playbook, Steve Eisman sits down with Sam Badri, Head of Investor Relations at Cisco, for an inside look at what the AI boom actually looks like from within a major technology company. Sam explains why he believes we are still very early in AI adoption, with roughly 90% of users stuck at the basic prompt stage and very few having progressed to skills files or AI agents. 00:00 - Intro & Sam’s Background 03:35 - What Cisco Does 05:58 - Cisco Revenue Growth & What’s Changed 12:40 - How AI Factors In 14:18 - Cisco vs Arista 16:04 - The Negativity Surrounding the…

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