On this episode of The Weekly Wrap, Steve Eisman breaks down the explosive SpaceX IPO, growing concerns around AI economics, and the emerging bull and bear cases for the AI sector. He also examines the Iran situation, private credit stress, and Anthropic's setback with the U.S. government. Plus, Steve answers mailbag questions on inflation, European markets, and the legal debate surrounding addiction-based business models.

00:00 - Intro

01:44 - Iran War Updates

02:29 - Kevin Warsh's First Fed Meeting

02:44 - SpaceX Goes Public

03:18 - Homebuilders

04:02 - Private Credit Updates

04:20 - Anthropic Gets Shut Down

06:10 - Where We Stand with AI

12:25 - Fiserv

13:40 - Fox Buys Roku

14:15 - Mailbag: Inflation

15:15 - Mailbag: Suing Addiction Models

16:25 - Mailbag: European Stocks & Bonds

18:40 - Outro

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Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

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On episode 64 of The Real Eisman Playbook, Steve Eisman brings in Tom Gallagher, life insurance analyst at Evercore, to offer a second opinion on the controversial role private equity is playing in the life insurance sector. Tom walks through the history of private equity's entrance into life insurance, and why companies like Apollo and KKR are taking on more risk. They also dig into the sector's low valuations and why aggressive buybacks are more complicated than it seems.

00:00 - Intro

01:59 - The Role of Private Equity in Life Insurance

05:40 - Does Private Equity Take On More Risk?

10:54 - The Role of Reinsurance

18:09 - How the Sector Has Changed

31:23 - Why Aren't Companies Buying Back Their Stock?

38:30 - Long-Term Care

48:15 - Outro

Watch our interview with Tom Gober here: https://youtu.be/a7MM0UnQ4o4

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→ Follow on socials, watch episodes, and get the latest updates — all in one place.

Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service.

Copyright ©2026 Steve Eisman

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On this episode of The Weekly Wrap, Steve Eisman breaks down the recent market correction, rising inflation, and why AI may be transforming tech from a capital-light industry into one that requires trillions in ongoing investment. He also examines major developments involving Google, OpenAI, Oracle, SoftBank, Apple, private equity, and private credit, while exploring the growing role of addiction-driven business models across technology and consumer products.

00:00 - Intro

00:58 - Why We Record on Thursdays

02:10 - The Recent Market Correction

03:55 - Google Raising $85 Billion

05:34 - SoftBank, Oracle, & Supermicro

09:19 - My Personal Portfolio

09:42 - AI Capex Spending & OpenAI Cutting Prices

11:20 - Our Deep Dive Into Citigroup

11:49 - Inflation Numbers & K-Shaped Economy Updates

12:56 - Iran War Updates

13:28 - Anthropic, OpenAI, SpaceX, & Google

14:14 - Apple's AI Strategy

15:03 - AI Addiction

18:05 - Private Equity Updates

21:30 - Outro

Watch my Financial Literacy Masterclass video here: https://youtu.be/u8chA7LC8lU

Watch my Masterclass on the 2008 Financial Crisis here: https://youtu.be/4bSCdJTbR8I

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Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

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On episode 63 of The Real Eisman Playbook, Steve Eisman sits down with Stacy Rasgon, semiconductor analyst at Bernstein, to break down the AI semiconductor boom that has sent the sector up 60% year to date. They explain who is winning, who is playing catch-up, and they close with the most important question in markets right now: what would actually have to happen to derail this boom?

00:00 - Intro

02:17 - What's Happened in the Last 7 Months?

06:02 - Nvidia & GPU vs CPU

19:46 - Michael Burry's Argument

22:29 - AMD

27:50 - Intel

32:38 - Broadcom & Qualcomm

39:06 - ASML, Lam, KLA, & Other Companies

42:27 - What Could Derail the Boom?

50:24 - Power

52:27 - Outro

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→ Follow on socials, watch episodes, and get the latest updates — all in one place.

Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

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On this episode of The Weekly Wrap, Steve Eisman revisits his SpaceX analysis and explains why he's skeptical about the company's valuation. He also covers Microsoft's move to token-based pricing for GitHub Copilot, addiction lawsuits against OpenAI, Nvidia's entrance into the PC market, and why private credit redemptions are now spreading from credit funds into the broader alternatives space. He also answers a mailbag question regarding whether or not now is a good time to buy a home.

00:00 - Intro

02:05 - Why the SpaceX Valuation is Crazy

07:30 - Anthropic's Future IPO

07:49 - OpenAI Sued & AI Addiction Concerns

09:45 - Agentic AI & Hidden Costs

12:22 - Microsoft Moves to Token-Based Pricing

12:50 - Nvidia Enters the PC Market

13:39 - Overall Market Thoughts

15:24 - Homebuilding Sector Update

17:02 - Private Credit Updates

18:24 - Earnings: Palo Alto & Broadcom

20:08 - Mailbag: Owning or Renting a Home

21:25 - Outro

Watch my Financial Literacy Masterclass video here: https://youtu.be/u8chA7LC8lU

Connect with Steve Eisman and access all things The Eisman Playbook:

Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service.

Copyright ©2025 Steve Eisman

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On episode 62 of The Real Eisman Playbook, Steve Eisman opens with a sweeping overview of the entire AI landscape before sitting down with Gary Marcus to discuss the issues surrounding the industry. Gary breaks down why LLMs hallucinate, why scaling is no longer driving progress the way it used to, and why the economics of token pricing could be the thing that finally breaks the AI story.

00:00 - Intro & The Story of AI

09:25 - Start of Gary Marcus Interview

10:15 - The Limitations of LLMs

16:24 - What is AI Good For Right Now?

22:20 - Where AI Struggles & Why LLMs Hallucinate

26:50 - The Costs of Tokens

39:38 - The $2 Trillion Spending

43:19 - Will AI Break?

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Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

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On this episode of The Weekly Wrap, Steve Eisman breaks down the SpaceX IPO, how Nasdaq changed its own rules to fast-track SpaceX into indices, and why Elon Musk is reserving 30% of the offering for retail investors. He also covers Salesforce's mixed quarter and Dell's explosive 39% revenue growth, and answers a viewer mailbag on whether Bank of America is still worth owning.

00:00 - Intro

02:24 - Iran War Updates

02:40 - SpaceX's Record Breaking IPO

11:12 - Salesforce

12:46 - Dell

13:16 - Mailbag: Bank of America

17:09 - Outro

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Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

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On episode 61 of The Real Eisman Playbook, Steve Eisman sits down with Peter Arment, aerospace and defense analyst at Baird, to break down how Silicon Valley's $66 billion bet on defense tech is disrupting the industry and why defense stocks are selling off during an active war. Peter makes the case for breaking up Lockheed Martin, explains why cheap drones are beginning to challenge the F-35, and walks through the nuclear renaissance powering overlooked names like Curtis Wright and BWX Technologies.

0:00:00 - Intro

0:01:19 - What's Happening in Defense?

0:08:44 - Real Eisman Playbook Premium Preview

0:09:49 - The Impact of the War in Iran

0:12:35 - Is the US Low on Munitions?

0:16:08 - The Pentagon's Perspective

0:18:00 - The Primes

0:22:55 - Lockheed Martin, Drones, & F-35s

0:31:50 - Which Prime Has the Best Portfolio

0:33:00 - Non-Prime Companies

0:41:16 - Why Russia Still Can't Beat Ukraine

0:44:40 - Boeing

0:52:20 - Curtis Wright & BWX Technologies

1:01:44 - Outro

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Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

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On this episode of The Weekly Wrap, Steve Eisman breaks down a week full of warning signs from disappointing results at Walmart and Target to the Ten Year Treasury yield hitting 4.6%. He also covers NVIDIA's blockbuster quarter, the state of software, and closes with two mailbags: one on private credit and another on how his hedge fund actually closed the famous Big Short trades from 2008.

00:00 - Intro

01:02 - Next Week's Real Eisman Playbook Premium Preview

02:45 - Iran War Updates

03:00 - Why I Lightened Up

05:05 - NextEra Buys Dominion Energy

06:17 - Target & Walmart

07:45 - Salesforce

08:40 - Intuit

09:16 - NVIDIA

12:06 - Home Depot & Lowe's

13:30 - Toll Brothers

13:38 - Mailbag: Private Credit

17:22 - Mailbag: The Big Short

19:12 - Outro

Watch my Financial Literacy Masterclass video here: https://youtu.be/u8chA7LC8lU

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Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

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On episode 60 of The Real Eisman Playbook, Steve Eisman sits down with Bob Brackett, the energy and mining analyst at Bernstein, to break down the energy landscape and discuss why energy stocks are down even as oil sits near $100 a barrel in the wake of the Iran war. Bob also explains where the opportunities are, which companies are best positioned, and why the forward curve is confusing even the most seasoned investors. They also explore the AI connection to energy demand, the UAE leaving OPEC, and much more.

0:00:00 - Intro

0:00:55 - Bob's Background

0:01:50 - What's Happening in This Sector?

0:07:15 - Exxon, Oil Prices, & The Forward Curve

0:18:52 - UAE Dropping Out of OPEC

0:22:04 - Natural Gas

0:35:12 - Miners & Copper

0:40:32 - Lithium

0:46:10 - Analyzing the Main Groups & Companies of the Sector

0:55:14 - Drillers

1:02:00 - Which Companies Does Bob Like?

1:06:20 - EOG

1:08:40 - Back to Miners

1:10:15 - L&G

1:14:32 - Outro

Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service.

Copyright ©2025 Steve Eisman

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