Arabic version: إيزمان يخفض مخاطر محفظته مع اقتراب تداولات الذكاء الاصطناعي من نقطة تحول

According to Cnbc, Steve Eisman believes the artificial intelligence trade is approaching a “tipping point,” while stopping short of making an outright bearish wager. The investor, known for “The Big Short,” said he has adopted a more conservative stance in his own portfolio.

Eisman said he has “shorted against the box” a significant number of positions, reducing his risk substantially, but said he is not net short. He described the AI trade as too intertwined with the broader market and economy to isolate technology from the rest of equities.

His main concern centers on frontier algorithm models. Eisman said he believes they are using fear surrounding their technologies to create a competitive regulatory moat against more cost-efficient products while obscuring weakening fundamentals. He pointed to Anthropic’s initial IPO filing, which left its latest revenue figures blank, and said he expects a significant slowdown from the previous quarter.

Eisman also cited an analysis showing Anthropic’s ratio of revenue to equipment expense fell from 2.08 in the second quarter to 1.7 in the third quarter. He said portions of the company’s recently filed S-1 appeared “extremely negative” because they lacked many metrics that could offer a clearer view of the upcoming quarter.

He said Alphabet’s earnings results unsettled investors after its stock declined following a pullback in its core advertising business as AI queries replace internet search across its products. Google chief business officer Philipp Schindler said strong growth in AI Mode queries affected results because monetization in AI Mode is lower, while ad experiments have produced promising results.