Jim Cramer, of CNBC, warned on Tuesday that investors may be prematurely asserting that artificial intelligence trading has returned to track.

After a group of banks and Blackstone announced providing $63 billion in financing for Anthropic to purchase Broadcom's computing hardware, AI-related stocks rose for the second consecutive trading day. The previous day's rise was also partly driven by Anthropic submitting the S-1 document. However, Kramer reminded that this renewed optimism has not alleviated the pressures faced by data center exchanges during the significant decline last weekend.

“I’m glad that people think technology stocks are doing well, as funds are flowing back into them,” said the host of Mad Money, “but I don’t think that means everything is fine. I believe it means we should also look at other sectors of the economy.”

Cramer's doubts mainly focus on three risks that have not yet been eliminated.

Firstly, he remains concerned about those small AI infrastructure companies known as “neoclouds”, which are carrying a large amount of debt to fund data center expansions. Rising interest rates have exacerbated market concerns regarding whether these companies can afford the borrowing costs. Kramer specifically mentioned CoreWeave, whose bond yield once reached as high as 15%, and also referred to Nebius and Iren. Despite the CoreWeave stock price rebounding by nearly 8% on Tuesday, he still warned that a new round of negative news surrounding CoreWeave could emerge again.

“I’ve learned that whenever there’s good news in the data center sector, a lot of negative news about certain issues emerges, including CoreWeave,” said Kramer.

Secondly, Kramer questions whether the financing transactions of Broadcom and Anthropic are as reassuring as investors believe. Although this $63 billion financing plan indicates that lenders are still willing to provide funds for large-scale investments in AI, Kramer is concerned that Anthropic is borrowing money to purchase Broadcom's technology rather than using its own business profits to pay for it. “It seems that people don’t realize that [Anthropic] is getting the money in the financing transactions arranged by Broadcom to buy Broadcom’s equipment,” he said.

Finally, Kramer stated that the relatively calm bond market on Tuesday may just be a temporary phenomenon. The decline in oil prices and the 10-year U.S. Treasury yield falling below 5% have alleviated the pressure on those AI companies that need to borrow heavily to finance data center investments to some extent. However, these conditions could reverse, especially as the Federal Reserve is scheduled to announce its latest interest rate decisions on Wednesday afternoon, followed by a post-meeting press conference chaired by Chairman Kevin Warsh. Next week's mid-term elections, as well as any potential escalation of the situation in the Middle East, could also become additional sources of volatility.

"Besides NVIDIA, these data center companies don't have much cash. So they have to borrow money," said Kramer. "The interest rates are getting increasingly absurd, and the returns have become uncertain. That hasn't changed at all."

Kramer emphasized that he remains a "firm supporter of the construction by AI." However, he is not prepared to announce that the risks have been eliminated until the financing difficulties across the industry have been alleviated.

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