I think about it like a chain. So you've got Nvidia selling the chips. Nothing wrong with selling chips. You've got the hyperscalers buying the chips. Nothing wrong if somebody buys the chips. Where it starts to get squishy is something like 70% of AI revenue of the hyperscalers is just from OpenAI and Anthropic, and that's about 25% to 35% of their entire cloud revenue. So basically, if you follow the entire chain down, the entire ecosystem is dependent on two companies - to say that they lose billions is a euphemism - and one of them I think is in trouble, which is OpenAI.
~ Steve Eisman, "Stock Picking in Difficult Times with George Noble," The Real Eisman Playbook, 16:40 mark, September 21, 2026
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