Steve Eisman said the AI trade is vulnerable because OpenAI and Anthropic account for roughly 70% of AI-related revenue at Microsoft, Amazon, Alphabet's Google and Oracle, and about 25% to 35% of cloud revenue at those companies, leaving the largest US tech groups exposed if cheaper Chinese open-source models keep gaining customers and trigger a price war. He said he sold his Google stake last month and moved to cash to reduce his "exposure to AI." The warning extends a broader debate over how AI will reshape business and markets: Paul Graham argues startups may be better placed than large companies to adapt because they can change direction faster, while Michael Burry has built short positions across semiconductors and AI-linked stocks and forecast a 1987-type crash. BitMine Chairman Tom Lee and Mad Money host Jim Cramer have taken the opposite view, saying fears around AI capital spending may be bullish and that the AI data center trade is regaining market leadership.