Big Short Investor Explains How the AI Bubble Could Burst
Steve Eisman argues the AI boom rests on a handful of companies and hundreds of billions in infrastructure spending, risking recession and a sharp market correction.
Monday, November 9, 2026
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SouthernValue on X
Who had Hyperscalers accelerating to fastest growth rates since Covid at the same time Anthropic massively decelerates on their bingo card for 3Q26? I think very few 3-6mo ago, but here we are! $MSFT $GOOG $AMZN
A Capital on X
The asset base is too large and diversified to ever underwrite loan by loan. The thesis is that the private credit apocalypse is exaggerated, $OWL became the poster child given its reliance on the HNW channel, and the market is assigning far too little value to its non-credit assets and durable fee-generating franchise.
George Noble on X
@FrenchV33921 Already there with $CRWV and $IREN IS $NBIS worse?
A Capital on X
@kingdomcapadv People aren’t convinced $MNRO gets sold
Farmer on X
@pansareV ChatGPT estimates it's lagged $VT by 5% since then.
Calvin Blissett on X
@sidecarcap This is exactly what I think is happening with $SLM $KSPI and maybe $YB. $KNSL too
A Capital on X
@Pembrokestcap But isn’t $OWL reputation, and by extension their ability to raise capital, permanently impaired? Who cares if they own valuable GP stakes and real estate businesses that never tapped the high-net-worth channel? Isn’t the entire franchise structurally compromised?
Investor Letters
All letters- 1851 Capital October 2026
- Spheria — Global Smaller Companies Fund month ended 31 October 2026 SFM $4.8BSN $31B
- Forager Funds Management October 2026 OFX $70MPLT $96M
- Rathbones October 2026 SBGSF $143BSIEGY $233B
- FCL Capital October 2026 453950 ANPDF $28B
- Brummer & Partners October 2026
- Protean Funds October 2026 AAK $4.8BLFABF $13B
- QuantStreet Capital October 2026
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