Steve Eisman says he cut Alphabet stake and lowered AI exposure

According to CNBC, investor Steve Eisman said he reduced his exposure to artificial intelligence after selling his longtime Alphabet stake, saying he wanted to cut back on AI risk. He said he sold Google a couple of months ago and has not redeployed the proceeds into defensive sectors, arguing that investors remain focused on AI rather than consumer staples such as Clorox. Eisman warned that if AI fails to live up to expectations, the market could see a sharp correction. He said he is not betting against the broader market, but believes investors have become too concentrated in one theme and added that he is holding a lot of cash until he decides what to do.