Mad Money w/ Jim Cramer 6/3/26

**SPEAKER_1** (0:01)
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**SPEAKER_2** (0:30)
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**Jim Cramer** (0:58)
My mission is simple, to make you money.
I'm here to level the playing field for all investors. There's always a bull market somewhere, and I promise to help you find it. Mad Money starts now.

**Jim Cramer** (1:15)
Hey, I'm Cramer.

**Jim Cramer** (1:16)
Welcome to Mad Money. Welcome to Cramerica. Other people make friends, I'm just trying to save you some money. My job is not just to entertain you, but to educate you, get you through some of these tough days. Call me at 1-800-743-CBC-TWIT-MACH-CREMER.
Bull markets can be killed by business conditions or interest rates or geopolitical turmoil. But the thing that most easily leads them to the slaughterhouse is an excess of new supply. Too many new shares, not enough buyers. Like any market, when supply outstrips demand, prices go right down as buyers get overwhelmed, and they go home. So what I read today that Anthropic is picking brokers to come public at the same time that Alphabet just placed a gigantic slug of stock right on top of the pending SpaceX IPO next week. I get concerned that stock supply will indeed overwhelm investor demand. Plus, there's plenty of talk about OpenAI doing an IPO right on top of the others. You know what, I think that's maybe the major reason why the Dow lost 621 points today. The S&P shed.74% and the NASDAQ dropped.89%.
It was a very ugly session. Listen, I don't blame any of these companies for wanting to raise money. In fact, if I were their competitor, say Amazon or Microsoft, I'd probably want to raise some money too. If only to stay competitive, although I should add neither companies communicated that they might issue stock.
As Chuck Robbins, the CEO of Cisco told us last night, these companies have no choice. It's existential. They need to build out their footprint, they need to compute or else they might wither on the vine and certainly get beat by the others. So they have to raise money just to get the job done or else.

**Jim Cramer** (2:59)
I get why they feel that way.

**Jim Cramer** (3:01)
I just wonder if there's enough money to support all these IPOs and secondary girlfriends without knocking back this market to maybe even much lower levels.
Now we should be heartened by what happened to the stock of Alphabet today. They were able to raise some $45 billion out of 85 billion they want to raise totally, pretty much in a snap. And the stock even traded up briefly after the pricing. Perhaps that's because Berkshire Hathaway bought $10 billion worth, good and immemorial, even if it's the Greg Abel brought Berkshire and not the Warren Buffett version. I think Goldman Sachs did a remarkable job placing that deal. Point is, Alphabet could raise serious money and look at the action in the stock and you probably barely notice. It was the first though in the shoot for these companies. That was a really smart move. I'm heartened by the way that the SpaceX deal is being talked about, at least to a point, more on that later. I bet there'll be plenty of money around to make that IPO a success. You know, I'm a big fan of Anthropic. It looks like this company can make a lot of money as a business to business AI play with many lucrative revenue streams.
If it was the only big IPO this year, I'd be all over it, but sandwich between SpaceX and perhaps OpenAI, I got to be a little less enthusiastic.
Then you have to start worrying that OpenAI will see how easy it is to raise money and decide to take advantage of the moment. That company loses a ton of money. Could be a real surprise, not necessarily a good one. Again, I also fear that Microsoft and Amazon will sell some stock like Alphabet did. They're spending so much building these data centers that they may need to raise equity in order to pay for it. That said, okay, I got some good news here. I'm going to put this in context. I don't want to scare you or anything, but once these companies are done with their issuance, we'll have gotten through the big fundraisers for 2026 and the bull can come back. Right now, though, looking at the calendar, I don't know how we're going to afford all these deals without taking the market lower. It's too much capital at once. It's going to lead to multiple follow-on offerings, many more stock both from the insiders and the companies themselves. Now, let me go over what could happen here if you're one of these companies. You're now in a race. That's right. You have to get your deal done before the other guy. It's too crucial if they want to keep spending on AI, have enough money, and if they wait too long, they won't get a good price for their stock. That's what this is really about. It's a foot race. We only have a few companies that are in the hunt, Alphabet, Amazon, Anthropic, Microsoft, OpenAI, and SpaceX. Six companies. Six companies. Between them, I think they possibly need to raise $600 billion to cover the next phase of the data center rollout, though. $600 billion. Maybe more.