Steve Eisman warned the artificial-intelligence boom hinges on the success of just two companies, OpenAI and Anthropic.
Eisman, the investor known for his role in "The Big Short," told CNBC that the pair account for roughly 70% of AI-related revenue at Microsoft, Amazon, Alphabet’s Google and Oracle and represent about 25% to 35% of their cloud revenue.
"The Achilles' heel of this whole story ... is if something bad happens to Anthropic and OpenAI," Eisman said on CNBC's "Fast Money."
He added the biggest revenue threat could come from China, where cheaper Chinese open-source AI models and open-weight offerings appear to be gaining share and could trigger a price war.
Eisman's warning joins a broader sceptical chorus, including Michael Burry, who has placed bearish bets against some AI beneficiaries, notably Nvidia.
Markets are also tracking Anthropic's public plans, with betting exchanges pricing roughly a 62% chance of an IPO by the end of October.
