Steve Eisman says he’s taking a wait-and-see approach to the stock market right now.

In a new interview with CNBC, the famous investor notes he’s dialed down the risk in his personal portfolio.

“I’m waiting. I think we’re going to have volatility for quite a while. The Trump Administration has set up a situation where they’re going to be negotiating with multiple countries on multiple issues. It’s not going to take a couple of weeks, it’s going to take a few months, so I think, for the time being, volatility’s going to be here for a while.”

Eisman, who’s known primarily for betting against the housing market prior to the American subprime mortgage crisis, says stocks like Nvidia (NVDA) and Apollo Global Management (APO) have “strong long-term fundamentals” and are primed to make investors money over multi-year timeframes, though he’s less certain about the shorter term.

“I would not even hazard a guess as to what any stock will do over the next few months, simply because we’re in the type of market where… there’s only one variable that matters, and right now the variable that matters is the president of the United States, and I can’t handicap that right now.”

In terms of NVIDIA specifically, the famed investor says it’s only “the early innings of the AI revolution,” and he predicts the tech giant still has room to grow.

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