Steve Eisman, former hedge fund manager and short seller, has become one of the more prominent critics of the AI phenomenon that is sweeping the markets and, according to some, endangering the world.

Yet Eisman, who initially shot to fame for his trades in the 2008 financial crisis and his subsequent portrayal in Michael Lewis’ “The Big Short,” is hesitant to commit capital to his AI criticism. “I am not ready to make a big short call here,” he told me.

For now, he’s paying a lot of attention to Nvidia, the mother of the AI trade, and its relationship supplying chips to Anthropic and OpenAI. “It’s like the entire chain is dependent upon two companies that lose a ton of money,” he said. He’s waiting to see if OpenAI does actually go public anytime soon: “When you’re a company that bleeds cash—like these companies bleed cash—narrative is very important because you’ve got to raise money all the time.” So if OpenAI keeps delaying its IPO, that might be the catalyst for him to make a short call on AI, Eisman said.