CNBC Investing Club: Cramer’s Morning Take on Anthropic & OpenAI 7/20/26

**SPEAKER_1** (0:00)
The board recommends approving.

**SPEAKER_2** (0:01)
Regarding that seat on the committee, we're promoting to most quarterly earnings.

**SPEAKER_1** (0:04)
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**Jim Cramer** (1:02)
Jim Cramer here to share a short preview of my take on the market from today's members only CNBC Investing Club Morning Meeting. Join the club for full access to the morning meeting every day at 10:20 a.m. Visit cnbc.com/morningtake to sign up today. That's one word, morning take.
Now, we have a very tough day here, because the stocks that have been most volatile are up.
We do own some of them. These are some of the techs. At the same time, people are anxious to try to tell people and figure out why the Chinese are hurting some of these companies. I think you and I have gone back and forth, and the answer is, they're really hurting Anthropic and they're really hurting Open AI, because they're forcing them to cut price for what they offer.

**Jeff Marks** (1:54)
Yeah, we're talking about this Chinese moonshot, Kimi K3. It's a Chinese model. It's said to be an open-source model, competitive to the best Frontier Labs, Anthropic's best model, competitive to Open AI's best model. Caused some frustration, some confusion in the tech trade last week.
Some are calling it similar to a deep seek moment. A lot of people mentioning Jevons Paradox again, which essentially means that when costs get more efficient and come down, consumption increases, demand increases, which is positive for the complex.

**Jim Cramer** (2:32)
A lot to work through.

**Jeff Marks** (2:34)
Can't say definitively if there's an answer.

**Jim Cramer** (2:35)
I think the problem is what I said on Sunday's piece, which is that I don't have the attention span to deal with this.
I spent a huge amount of time on it, and I've decided that the average person who owns these really doesn't understand any of this. So it doesn't matter what you think, it matters what they think. They think that it's, I got to get out, I need the money, and it's an unwind. An unwind does not sit there and say, well, you know what, alphabet could be hurt, or maybe it's anthropologically hurt. It just says, hey, get me back, get me, you know, let's raise money, let's sell what we can. And so what they're selling is Nvidia, what they're selling is Microsoft. So you can own those stocks, but you have to expect that at some point during the day, they might be down.

**Jeff Marks** (3:23)
And they've went up semi-specifically on a lot of leverage as well, and that's being unwound in the group.

**SPEAKER_5** (3:32)
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**SPEAKER_1** (4:04)
Courage.

**Jim Cramer** (4:04)
I learned it from my adoptive mom.

**SPEAKER_1** (4:07)
Hold my hand.

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**SPEAKER_2** (4:15)
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