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&#x27;s Happened in the Last 7 Months? 06:02 - Nvidia &amp; GPU vs CPU 19:46 - Michael Burry&#x27;s Argument 22:29 - AMD 27:50 - Intel 32:38 - Broadcom &amp; Qualcomm 39:06 - ASML, Lam, KLA, &amp; Other Companies 42:27 - What Could Derail the Boom? 50:24 - Power 52:27 - Outro Subscribe 👉🏻https://www.youtube.com/@RealEismanPlaybook?sub_confirmation=1 Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https://linktr.ee/realeismanplaybook → 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&#x27; carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it&#x27;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 Learn more about your ad choices. Visit megaphone.fm/adchoices

The AI Semiconductor Boom and What Could End It with Stacy Rasgon | The Real Eisman Playbook Ep 63

The Real Eisman Playbook

# Full Transcript

**Podcast:** The Real Eisman Playbook

## Participants

- **Steve Eisman** (None)
- **Stacey Rasgon** (Bernstein)

## Transcript

Hi, Steve Eisman here. On my weekly wrap, I try to both teach and convey information as objectively as possible. But in today's media, on any important story, if I read about it in a newspaper with a leftist slant, I'll get one depiction of the story. But if I read about the same story from a more conservative publication, I'll get a very different take. What's the news and what's opinion is increasingly hard to differentiate. That's why when I look into news events, I first go to Ground News.

Ground News is my solution for getting to the facts of important stories, but also to see how left, right, and center are seeking to convey the same exact story. Take, for example, the headline, Trump Axes Biden-Era Lobbying Restrictions. To understand the story, I went to groundnews.com and clicked on that particular story headline. There, I immediately saw four tabs, left, center, right, and bias comparison.

When I clicked on the center tab, a series of headlines appeared, all from center-leaning sources. I could then click on any of those headlines and read the story at the source. The same happened when I clicked on the left tab and on the right tab. The bias comparison tab showed Ground News' own analysis of how all three political leanings conveyed the same exact story. I find the Ground News system enormously helpful because it allows me to easily separate the facts from opinions.

I use Ground News, and I recommend you try it out. Go to groundnews.com slash real to get 40% off their Unlimited Access Vantage subscription. That's groundnews.com slash real, groundnews.com slash real. And if you don't mind, use this link to get this discount so they know I sent you. Study and play. Come together on a Windows 11 PC. And for a limited time, college students get the best of both worlds.

Get the Unreal College Deal. Everything you need to study and play with select Windows 11 PCs. Eligible students get a year of Microsoft 365 Premium and a year of Xbox Game Pass Ultimate with a custom color Xbox Wireless Controller. Learn more at windows.com slash student offer. While supplies last, ends June 30th. Terms at aka.ms slash college PC. Hi, this is Steve Eisman.

You know, in the great financial crisis, people sometimes ask me, why did I foresee what was going to happen? And the answer in some ways is that the center of the universe back then was the entire financial sector. And that was my area of expertise. So I knew what was going on. The financial sector has not been the center of the universe for a very, very long time.

The center of the universe right now is semiconductor and semiconductor equipment companies because that is where the entire AI infrastructure is being built out. And so today we're going to talk to a recurring guest, Stacey Rasgon of Bernstein, who covers semiconductors and semiconductor eq...

The AI Semiconductor Boom and What Could End It with Stacy Rasgon | The Real Eisman Playbook Ep 63

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

The AI Semiconductor Boom and What Could End It with Stacy Rasgon | The Real Eisman Playbook Ep 63

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.