Steve Eisman, the investor known for The Big Short, dismissed fears of runaway artificial intelligence as garbage and challenged companies warning that the technology is advancing too quickly to postpone their initial public offerings or capital raises. Eisman said he has stopped adding to his AI positions and trimmed some exposure, while warning that weakness at leading AI labs could spread to Nvidia Corp. and the wider AI trade. Nvidia is considering investing as much as $10 billion as an anchor investor in Anthropic's planned IPO. His comments came days after Anthropic CEO Dario Amodei called for slower frontier AI development. Eisman said token maxing, the costly expansion of model usage, is ending as open-weight models—models developers can download and run themselves—take market share. He argued that AI companies lack durable competitive barriers and may be trying to encourage regulation that would help create them, while acknowledging that he does not know their motives. Anthropic is preparing an IPO that could raise as much as $100 billion at a valuation of about $2 trillion, roughly twice its $965 billion valuation from a May funding round, Reuters reported. Polymarket gives the company an 87% chance of listing by Dec. 31, based on about $3.2 million traded in the timing market. A separate market assigns roughly a 73% chance that Anthropic will finish its first trading day with a market capitalization of at least $2 trillion. Eisman said Nvidia, hyperscalers and the broader AI infrastructure buildout depend on OpenAI and Anthropic remaining healthy businesses. He called OpenAI the weaker of the two and linked Sam Altman's statement that OpenAI will not go public in 2026 to that weakness. Eisman warned that problems at either company could cause the broader AI investment chain to fall apart.