The Real Eisman Playbook Google Surges Past OpenAI and AI Faces a Bigger Crisis That Could Break the Boom | The Weekly Wrap
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Nov 28, 2025 Steve Eisman dives into the thrilling market dynamics as Google’s Gemini 3 surges ahead of OpenAI, likening the competition to the historic railroad revolution. He also dissects Dell's latest earnings and Michael Burry's caution over accounting practices that could signal risks for big tech. The pressing issue of power shortages threatens the AI boom, prompting discussions on innovative solutions like small nuclear plants. Plus, insights into leadership pitfalls and the entrepreneurial spirit in Europe add depth to the conversation.
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Google Has Caught Up In AI
- Google’s Gemini 3 has closed the lead that OpenAI once held in generative AI capabilities.
- Google’s massive cash flow lets it fund AI at scale in ways OpenAI cannot match without enormous outside funding.
Dell Gains From AI But Lacks Moat
- Dell benefits from AI server demand but sells commodity hardware without strong proprietary moats.
- That lack of exclusivity keeps Dell’s valuation low despite solid revenue and EPS guidance.
AI Mirrors The Railroad Overbuild
- The AI boom resembles the 1870–1895 railroad expansion with overbuilding and bankruptcies likely.
- Competing 'railroads' (big incumbents vs upstarts) can create overcapacity and cyclical crashes.