Arabic version: كرامر يتحدى سردية انهيار مراكز البيانات

According to Cnbc, Jim Cramer argued that last week’s market selloff, which hit semiconductors and data-center-linked stocks, may have reflected an unwinding of leveraged positions rather than the end of the artificial intelligence buildout. He said the market treated the data-center story as though it were over, while defensive names drew buyers.

Cramer said the selling was concentrated in components of the data center and AI thesis, which he estimated represent about 25% of the market’s market capitalization. He suggested the decline could be tied to firms unwinding positions and possibly a hedge fund collapse, though he said the details of any such event were not known.

A central concern for bearish investors, he wrote, is CoreWeave’s debt, after its corporate bond yields rose above 15%. The bearish case holds that Nvidia-funded activity resembles vendor financing from the telecom era, with CoreWeave borrowing to buy Nvidia chips for data centers. If new data-center construction slows, the argument goes, Nvidia orders could weaken.

Cramer rejected that comparison, saying Nvidia is not Lucent and CoreWeave is not Lucent-era telecom companies. He pointed to Nvidia CEO Jensen Huang’s comments that conditions at CoreWeave were better than expected, and argued that Nvidia chips retain value for years. He said CoreWeave has already borrowed against the chips at lower rates than those available in public markets.

He maintained that the AI and data-center expansion remains intact and said the ultimate buildout could reach $10 trillion to $12 trillion, citing a figure raised by Morgan Stanley CEO Ted Pick. Cramer also said future public offerings by Anthropic and OpenAI could help ensure participants in the ecosystem are paid. Still, he cautioned that investors should not become complacent and said the bears could continue pressing their case.