Steve Eisman, the investor known from "The Big Short," said this week marked the moment investors stopped rewarding runaway AI spending, with Alphabet Inc. the biggest casualty. Google’s revenue climbed 24% and Cloud revenue hit $24.8 billion, up 82%, but the company raised its 2026 capex guidance to as much as $205 billion, above the roughly $186 billion analysts expected, and free cash flow swung to negative $5.9 billion, its first quarterly outflow since 2004. The stock fell more than 6% Thursday, while Tesla Inc. dropped 14.5% on its own negative cash flow, dragging the Nasdaq down more than 2%. Polymarket’s “AI bubble burst” market, with over $2.3 million in volume, prices just a 16% chance the bubble pops by the end of 2026. Intel Corp. slid despite its best revenue growth in 15 years, weighed down by its own $20-billion capex plan. ServiceNow grew revenue 24%, yet the stock is down 38% this year. Blackstone boasted it is the biggest financier of AI data centers, which Eisman said “may or may not prove to be a great bet.” Eisman argued that owning Morgan Stanley, Goldman Sachs, and Bank of America “is just one more aspect of the AI trade.”