Cramer: AI Stocks Borrow 'At Their Leisure' — SkimNews
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- Jim Cramer said rising rates are dividing the market between credit-constrained sectors (finance, housing, utilities, retail, autos, industrials) and AI companies that 'seem to be able to borrow at their leisure'
- Wednesday's $39 billion 10-year Treasury auction drew strong demand, but the benchmark yield briefly hit 5.365% — its highest since April 2002 — and stocks ended the day lower
- SpaceX is reportedly seeking to borrow $40 billion to buy Nvidia chips for data centers and resell compute power, a deal Cramer expects to clear at attractive terms despite SpaceX's BBB credit rating
- Skydance issued a similar-sized bond to fund its Warner Bros. Discovery acquisition, but those bonds quickly fell as investors weighed cord-cutting and ad pressure on media
- Data center builders, semiconductor firms, power providers and cybersecurity companies face few credit constraints because lenders remain eager to finance their growth, according to Cramer
- AI stocks have driven the S&P 500 back to record highs this week, making the market unusually concentrated and leaving the rest of corporate America dependent on Treasury auction results Cramer calls a 'new variable'
Why it matters: Cramer's bifurcation thesis is already visible in bond market pricing: SpaceX can raise $40 billion at BBB on AI capex plans, while Skydance's media-backed bonds dropped on similar-sized issuance. Lenders are treating AI infrastructure as a distinct credit class, crowding out traditional borrowers and concentrating equity gains in a narrow set of AI-linked names.
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