Arabic version: كرامر يحذّر من مخاطر التمويل في تجارة مراكز بيانات الذكاء الاصطناعي
According to Cnbc, CNBC’s Jim Cramer said investors may be moving too quickly to declare the artificial-intelligence trade back on track. AI-related stocks rose for a second consecutive session after banks and Blackstone announced $63 billion in financing for Anthropic to buy Broadcom computing hardware, following a rally partly linked to Anthropic’s S-1 filing.
Cramer said the renewed enthusiasm did not remove the pressures facing the data center trade, which had been hit hard late last week. While he said he was pleased money was flowing back into technology, he argued that investors should not interpret the move as an all-clear signal and should consider other parts of the economy.
His first concern was the financial position of smaller AI infrastructure businesses known as neoclouds. These companies are taking on substantial debt to support data center construction, and higher interest rates have increased concern over whether they can sustain borrowing costs. Cramer cited CoreWeave, whose bonds have yielded as much as 15%, as well as Nebius and Iren. CoreWeave shares rebounded nearly 8% Tuesday, but Cramer said negative developments could still emerge.
Cramer also questioned how reassuring investors should find the Broadcom-Anthropic financing arrangement. The $63 billion package showed lenders remained willing to finance large AI investments, but he noted that Anthropic was borrowing to purchase Broadcom equipment rather than funding the purchase with profits from its business.
Finally, he said easier conditions in Tuesday’s bond market might not last. Falling oil prices and a 10-year Treasury yield below 5% reduced pressure on companies that need debt for data center investments. However, Cramer pointed to the Federal Reserve’s interest-rate decision and Chairman Kevin Warsh’s press conference, as well as next week’s midterm elections and potential Middle East flare-ups, as possible sources of volatility. He said he remains an “unabashed believer” in the AI build-out but is not ready to declare its financing challenges resolved.
