The Real Eisman Playbook Google Wins Antitrust Case, Is AI The Next Bubble? | The Friday Market Wrap!
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Sep 5, 2025 Steve Eisman discusses the recent Google antitrust ruling that spares the tech giant from hefty penalties. He delves into the implications of Apple’s urgent call for an AI strategy and Kraft Heinz splitting into two companies. The conversation shifts to the booming AI investment landscape, drawing parallels to the late 90s internet surge, while examining the risks involved. The financial health of major companies like Salesforce and Broadcom also comes under scrutiny, presenting a dynamic picture of current market trends.
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Google Wins, Status Quo Preserved
- The federal district court ruled decisively for Google in its antitrust case, preserving major default search deals and the status quo.
- The judge cited changed facts due to AI competition, making harsher remedies unnecessary.
Apple’s Overhangs Mostly Removed
- Google still faces AI-driven competition but avoids fighting on two legal fronts after the ruling.
- Apple’s stock pressure eased after the decision and tariff exemptions, leaving AI strategy as the main overhang.
Kraft Heinz Split Illustrates M&A Fads
- Kraft Heinz announced a split into two companies, reflecting M&A cycles of build then break-up.
- Steve notes investment bankers profit both creating and later undoing conglomerates like this.