Investor Steve Eisman, known for accurately calling the 2008 financial crisis, is sounding the alarm once again, this time on the growing disconnect between America’s booming tech sector and its stagnating broader economy.
GDP Growth Entirely ‘Composed of Large Tech Companies’
On The Real Eisman Playbook podcast last week, Eisman pointed to new GDP estimates and said what’s fueling growth is far narrower than headlines suggest.
“It’s become clear that the 1.8% estimated growth in US GDP this year is almost 100% composed of large tech companies,” he said, adding that their capex related to AI makes up a bulk of this growth, while noting that “the rest of the US economy is barely growing.”
See Also: Cooking At Home, Reusing Clothes And Going To Libraries Saves Money, But If Everyone Did It, ‘It Would Cripple Our Economy’
He called it “a tale of two economies,”…
