April 7, 2024 11:53 PM | 2 min read |
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Noted investor Steve Eisman, famous for his ‘Big Short’ bet, is now favoring infrastructure over AI investments.
What Happened: Eisman, a senior portfolio manager at Neuberger Berman, expressed his views on the Odd Lots podcast on Saturday. He identified four key factors that will drive the infrastructure sector: AI, electric grid investing, industrial onshoring, and green energy, reported Business Insider.
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Eisman considers infrastructure a safer investment than AI, which he believes is concentrated in a few elite firms. He sees a genuine secular story in infrastructure, with cyclical elements and long-lasting secular tailwinds.
“Everything else at this point seems to me to be hype, or potential and we don’t own those companies. We own what’s obvious,” he said.
These tailwinds include the post-COVID shift towards onshoring as economies disentangle, which Eisman predicts will be a decade-long development. The industrial implications of AI, with new microchip technology requiring more electricity, will also boost electric grid improvements and spending.
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Eisman also sees the move towards green infrastructure as a lasting tailwind for the sector. However, he is selective about his green energy investments, citing poor fundamentals for residential solar.
Despite his bullishness on AI, Eisman is skeptical about the potential of crypto, viewing it as a purely speculative market.
Why It Matters: Eisman’s shift towards infrastructure comes after a series of warnings about potential market bubbles. Last week, he expressed concerns about a potential stock market bubble if the Federal Reserve decided to cut rates. Earlier in January, he raised a red flag on rising market optimism.
His move to infrastructure was first hinted at in June when he started betting on U.S. infrastructure. This was a significant shift for Eisman, who had previously sounded the alarm on a potential commercial real estate crisis in October.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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