{
  "generatedAt": "2026-10-22T15:41:06Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "person",
  "slug": "steve-eisman",
  "name": "Steve Eisman",
  "role": "Steven Eisman",
  "url": "https://deepstack.ltd/people/steve-eisman/",
  "api": "https://deepstack.ltd/api/v1/entities/people/steve-eisman.json",
  "summary": "Steve Eisman is named in 13 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 4 (Voices that cross sides), Part 6 (Scarcity as a warning), Part 7 (Debt: 99% of GDP, up from 35%), Part 8 (Guarantees, not faith), Part 10 (Not the customers, yet), Part 11 (A backlog is a promise), Part 11 (Shipping is not earning), Part 11 (Voices that cross sides), Part 12 (Open weights set the price), Part 12 (The filing sets the price), Part 15 (The two shocks compound), Part 16 (The seller funds its demand), Part 16 (Two labs carry the chain), Part 16 (Voices that cross sides), Part 17 (The lease is already debt).",
  "parts": [
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "headline": "OpenAI and Anthropic Are Not the Same Business",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "headline": "The Fed Hiked. The Long End Still Climbed.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "headline": "Habit Was the Moat. Agents Are Draining It.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "headline": "The Backlog Is Not the Quarter",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "headline": "The Model Is Not the Price",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "headline": "The Cash Arrives Unevenly",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 15,
      "headline": "Oil Is the Headline. The Real Yield Is the Bill.",
      "url": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 16,
      "headline": "The Seller Holds the Paper",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    },
    {
      "part": 17,
      "headline": "The Guarantee Has No Date",
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 4,
      "section": "Defense has a case",
      "excerpt": "Steve Eisman, in The Real Eisman Playbook, relays the case that the industry is only in year three of an eight-to-ten-year buildout, comparable to building the Las Vegas Strip in the 1950s.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "The tape picks winners",
      "excerpt": "Steve Eisman writes that investors rewarded whoever spent the most for two years, then started asking who would earn a return.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "section": "Lede",
      "excerpt": "Steve Eisman reported the same gap a fortnight later, with a brutal addendum: OpenAI’s costs rose about $3bn against roughly $1bn of new revenue.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "section": "Scarcity has three faces",
      "excerpt": "Steve Eisman, in a conversation with Ed Zitron, draws the darker inference: data centers are harder and costlier to build than planned, gigawatt projects are late, and every month of slippage gives customers who already lose money more time to stumble.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "section": "The calm is real",
      "excerpt": "Treasury buybacks of long bonds, $4 billion and then $6 billion, held yields down for one day, Steve Eisman points out.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 7,
      "section": "Three prices for 5%",
      "excerpt": "George Noble, speaking with Steve Eisman, starts from roughly $40 trillion of federal debt and concludes that no Treasury secretary can talk rates down against that weight.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "section": "Cash, or a loop",
      "excerpt": "Steve Eisman estimates that about 70% of the AI revenue hyperscalers book comes directly or indirectly from those two labs.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "section": "The first bill",
      "excerpt": "A rate hike and an oil shock moved markets in the same weeks, and Steve Eisman argues that nothing but oil and interest rates matters right now.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "section": "Who writes the checks",
      "excerpt": "Against that growth sits the loss-making base of the chain: Steve Eisman, in an episode with Ed Zitron, cited OpenAI’s $20.9 billion loss in 2025 on $13.07 billion of revenue.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "section": "The bill raises the rate",
      "excerpt": "Steve Eisman calls 5% the Rubicon, while noting that oil and the 10-year are the two variables that matter and neither is predictable.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "section": "The margin the book does not show",
      "excerpt": "George Noble, on Steve Eisman's program on September 21, reads the same demand from the other end: a vendor funding its customers' purchases is not evidence that the money underneath is solid.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "section": "Open weights set the price",
      "excerpt": "Steve Eisman, on September 11, read OpenAI's cut on its GPT model, with a reported tenfold jump in usage, as the beginning of a price war in AI services; by September 28 he called a price war among the two labs and the Chinese models the chief risk to the AI story.",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    }
  ],
  "sides": [
    {
      "part": 4,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "If AI becomes cheaper and commoditized, spending hundreds of billions of dollars becomes much harder to justify economically.",
      "date": "2026-07-24",
      "url": "https://realeismanplaybook.substack.com/p/googles-negative-cash-flow-and-the",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/",
      "sidesUrl": "https://deepstack.ltd/sides/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "The bullish case compares current AI infrastructure buildout to building the Las Vegas Strip in the 1950s, arguing that enormous upfront investment creates an eventually valuable economic ecosystem.",
      "date": "2026-07-27",
      "url": "https://realeismanplaybook.substack.com/p/the-ai-revolution-who-wins-who-loses",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/",
      "sidesUrl": "https://deepstack.ltd/sides/the-market-stops-paying-for-faith/"
    },
    {
      "part": 6,
      "question": null,
      "side": "scarcity-as-warning",
      "sideLabel": "Scarcity as a warning",
      "claim": "Data centers are proving more difficult and costly to build than expected, with gigawatt-scale projects running behind schedule, and every delay gives an already-unprofitable customer base more time to encounter financial strain.",
      "date": "2026-09-09",
      "url": "https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/power-doesnt-depreciate/",
      "sidesUrl": "https://deepstack.ltd/sides/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "question": null,
      "side": "debt",
      "sideLabel": "Debt: 99% of GDP, up from 35%",
      "claim": "Treasury Secretary Bessent's $4 billion to $6 billion effort to buy long Treasuries and push rates down failed, as rates went up anyway, and his speaking at a partisan political convention undermined his credibility with the bond market.",
      "date": "2026-09-11",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/",
      "sidesUrl": "https://deepstack.ltd/sides/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 7,
      "question": null,
      "side": "debt",
      "sideLabel": "Debt: 99% of GDP, up from 35%",
      "claim": "Ten-year Treasury yields have broken through 4.8% and then 4.9%, the highest level since November 2023, driven by the Iran war pushing oil prices above $100.",
      "date": "2026-09-11",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/",
      "sidesUrl": "https://deepstack.ltd/sides/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "George Noble's bear case for AI rests on the question of actual return on investment; he argues that Nvidia announcing massive funding packages just to keep customers like OpenAI able to keep buying chips shows the money underneath the boom is not…",
      "date": "2026-09-21",
      "url": "https://realeismanplaybook.substack.com/p/stock-picking-in-difficult-times",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "George Noble cites an estimate from Julien Garran at MacroStrategy putting AI malinvestment at roughly twenty four times what was seen during the dot com bubble.",
      "date": "2026-09-21",
      "url": "https://realeismanplaybook.substack.com/p/stock-picking-in-difficult-times",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "not-the-customers-yet",
      "sideLabel": "Not the customers, yet",
      "claim": "Nvidia's top five customers accounted for seventy percent of accounts receivable for the quarter, and some of those customers including OpenAI are not in especially healthy financial condition.",
      "date": "2026-09-14",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "not-the-customers-yet",
      "sideLabel": "Not the customers, yet",
      "claim": "Bessent's announced program to buy $4 billion, later raised to $6 billion, in long term Treasuries worked for one day before rates marched higher, so he needs a much bigger bazooka or an alternative buyer.",
      "date": "2026-09-18",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "question": null,
      "side": "a-backlog-is-a-promise",
      "sideLabel": "A backlog is a promise",
      "claim": "There is a chain where NVIDIA sells chips to hyperscalers, hyperscalers' capital spending depends on the future health of OpenAI and Anthropic, and both are currently losing substantial sums, with OpenAI's revenue growth having slowed relative to…",
      "date": "2026-09-09",
      "url": "https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "question": null,
      "side": "shipping-is-not-earning",
      "sideLabel": "Shipping is not earning",
      "claim": "Nvidia's top five customers accounted for seventy percent of accounts receivable for the quarter, and some of those customers including OpenAI are not in especially healthy financial condition.",
      "date": "2026-09-14",
      "url": "https://realeismanplaybook.substack.com/p/the-big-short-partners-reunite-rates",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Off-balance-sheet AI financing is back because costs are exploding: Nvidia raised prices 15%, data centers are expensive and slow to build, and the big cloud companies that used to be capital-light cash machines will spend something like $700…",
      "date": "2026-09-25",
      "url": "https://realeismanplaybook.substack.com/p/the-enron-era-tricks-are-back-in",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "question": null,
      "side": "open-weights-set-the-price",
      "sideLabel": "Open weights set the price",
      "claim": "OpenAI's price cut on its GPT model, combined with a reported tenfold jump in usage, looks like the beginning of a price war in AI services.",
      "date": "2026-09-11",
      "url": "https://realeismanplaybook.substack.com/p/ai-terminator-fears-grow-and-rates",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/",
      "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/"
    },
    {
      "part": 12,
      "question": null,
      "side": "open-weights-set-the-price",
      "sideLabel": "Open weights set the price",
      "claim": "Steve says the AI story probably continues as long as token growth keeps rising, and identifies a price war between Anthropic, OpenAI and the Chinese models as the main risk that could change it.",
      "date": "2026-09-28",
      "url": "https://realeismanplaybook.substack.com/p/what-the-ai-boom-looks-like-from",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/",
      "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/"
    },
    {
      "part": 12,
      "question": null,
      "side": "the-filing-sets-the-price",
      "sideLabel": "The filing sets the price",
      "claim": "Anthropic looks likely to file for an IPO soon, and it will want to do that while token usage numbers are still near their peak, before the picture gets less flattering.",
      "date": "2026-09-21",
      "url": "https://realeismanplaybook.substack.com/p/stock-picking-in-difficult-times",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/",
      "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/"
    },
    {
      "part": 15,
      "question": null,
      "side": "the-two-shocks-compound",
      "sideLabel": "The two shocks compound",
      "claim": "Only two things matter for the market day to day: oil and the Ten Year yield; when they rise, the market falls.",
      "date": "2026-10-09",
      "url": "https://realeismanplaybook.substack.com/p/the-weekly-wrap",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/",
      "sidesUrl": "https://deepstack.ltd/sides/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 16,
      "question": null,
      "side": "the-seller-funds-its-demand",
      "sideLabel": "The seller funds its demand",
      "claim": "Steve raises the concern that Nvidia had an insane quarter yet seventy percent of its receivables come from five accounts, and that much of the food chain depends on the health of Anthropic and OpenAI.",
      "date": "2026-09-28",
      "url": "https://realeismanplaybook.substack.com/p/what-the-ai-boom-looks-like-from",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 16,
      "question": null,
      "side": "two-labs-carry-the-chain",
      "sideLabel": "Two labs carry the chain",
      "claim": "The visible, Nvidia-funded circular financing in AI (Nvidia investing in or lending to companies that then buy Nvidia chips) is out in the open and funded from Nvidia's own cash flow, and is not what disturbs the speaker; what disturbs him is the…",
      "date": "2026-09-25",
      "url": "https://realeismanplaybook.substack.com/p/the-enron-era-tricks-are-back-in",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 16,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Anthropic and OpenAI together account for roughly 70% of hyperscaler AI revenue and 25-35% of total cloud revenue, with Microsoft, Amazon, and Google's growth substantially dependent on these two companies.",
      "date": "2026-08-14",
      "url": "https://realeismanplaybook.substack.com/p/the-ai-achilles-heel-why-everything",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-lease-is-already-debt",
      "sideLabel": "The lease is already debt",
      "claim": "Steve Eisman supports Jason's dilution worry with figures: Meta's quarterly cash flow was $785 million, Microsoft's was about $19 billion but down roughly 25% year over year, and Amazon's trailing-twelve-month cash flow was negative.",
      "date": "2026-08-17",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    }
  ],
  "coverage": {
    "creators": 0,
    "claims": 844,
    "texts": 149,
    "asOf": "2026-10-22"
  },
  "lastUpdated": "2026-10-22"
}