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The Real Eisman Playbook · 2 min · Nov 2, 2026

AI exposure spans 65% of the S&P and much of bond issuance

Steve Eisman · The Real Eisman Playbook

Steve Eisman counts tech, hyperscalers, utilities, lenders and data-center suppliers as AI exposure, putting it at 65% of the S&P.

In this episode

Full analysis
  1. 33:22Software losses could leave private equity unable to refinancePro pick 7 min
  2. 27:28AI agents could threaten banks’ deposit funding6 min
  3. 19:36CoreWeave’s 15% debt cost threatens data center economics3 min
  4. 17:02AI exposure spans 65% of the S&P and much of bond issuance2 min
  5. 42:37Eisman says Walter routed policyholder money to a controlled entity6 min
  6. 23:41AI firms may use safety rules to block cheaper Chinese models3 min
“40% of the S&P is tech. And then if you add up all the companies like Google and Amazon”
Steve Eismanat 17:50 · The Real Eisman Playbook
17:50

Takeaways

  1. Eisman counts several sectors beyond tech as AI-exposed.
  2. He estimates the linked share at 65% of the S&P.
  3. He says AI-related debt is half of this year's issuance.

About this segment

Steve Eisman counts tech, hyperscalers, utilities, lenders and data-center suppliers as AI exposure, putting it at 65% of the S&P. He says AI-related debt is 15% of investment-grade bonds and half of this year's issuance.

Steve Eisman, Host

The Real Eisman Playbook

From “Why Young Americans Feel Locked Out with the Lemonade Stand Podcast | The Real Eisman Playbook Ep 82”, Nov 2, 2026. Watch the full episode

Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

  1. 17:08

    that's an a high and they don't know what does that mean what is it's concentrated you know it's actually worse than that okay it's actually worse people don't understand this might be a dark episode yeah i really really put you like under the table yeah so like some people i mean used to think if i own the sm S&P 500. I'm diversified. So here's your problem now. And then if you would go to, let's say you had some money, so you went to JP Morgan as your wealth advisor. So JP Morgan would take down all your information and spit out the same thing that they spit out to anybody, regardless, which would be you should more or less 60% S&P 500, 40% bonds. Now you're really diversified. Okay, here's your problem. It's so crazy, it's almost comedic, which is 40% of the S&P is tech. And then if you add up

  2. 18:02

    all the companies like Google and Amazon, which are technically not an infotech anymore, they used to be, but they move to communication services or consumer discretionary or whatever, you add up all those types of companies, you're at 50%. Then, wait, then add utilities because they're supplying all the power. Sure. That's another 3%, 453. Then add all the investment banks and the alternative asset managers who are lending all the money.

  3. 18:26

    Then add all the industrial companies that are building the data centers and all the industrial companies. You get where I'm going. All the industrial companies that supply all the power. Yeah. And you're at 65% of the S&P. Yeah. That sounds diversified. So you own an index. It's basically AI. Right. That's it. And bonds have been doing so well. And bonds. And wait, no, but the problem with bonds is 15% of investment-grade bonds are AI-related, and 50% of all issuance this year is AI-related.

  4. 19:04

    So you're living in this fantasy world where you say, oh, I got a diversified index, 60%, and I own bonds, 40%. If something bad happens, I'm okay.