Mad Money w/ Jim Cramer 6/9/26

**SPEAKER_1** (0:01)
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**SPEAKER_2** (0:30)
Hey Fidelity, can I get a second opinion on stocks in the Fidelity app?

**SPEAKER_3** (0:35)
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**SPEAKER_2** (0:40)
And then?

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When you're ready, trade US stocks and ETFs with no commissions.

**SPEAKER_2** (0:45)
That's right.

**SPEAKER_3** (0:46)
I am always right.

**Jim Cramer** (0:48)
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**SPEAKER_2** (0:55)
See details at fidelity.com/commissions.

**Jim Cramer** (0:57)
Fidelity Broker Services LLC member NYSESFBC.
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** (1:17)
Hey, I'm Cramer. Welcome to Mad Money.
Welcome to Cramerka. Oh, my friends, I'm just trying to make a little bit of money. My job is not just to entertain you, but to teach. So call me at 1-800-743-CNBC. Tweet me at Jim Cramer. A real bull market has leaders, and those leaders have terrific characteristics. They make a lot of money. There's a limited number of them, and there aren't too many shares around because these companies constantly buy those shares back. Something they can do. Why? Because they're spewing cash and have beautiful balance sheets.
As recently as a few months ago, that described pretty much all of the mega cap tech stocks. But now we're searching for new leadership because tech can no longer be trusted. That's how you get a day like today where the Nasdaq spent most of the session deep in the red for a late after rebound. Dow finished up 86 points, S&P declined 0.26%, but even after the rebound, the Nasdaq sunk 0.97%.
Just think about it. Tech stocks have been the key leaders of this market ever since the mini bank crisis in the spring of 2023 Ever since. We tend to forget, but that's when the Magnificent 70 merged. That's when we began to see the semiconductors roar. It's when the enterprise software soared. Everything tech saved the commodity chip makers just took off. They had perfect leadership qualities, good growth, fantastic balance sheets, steady buybacks, scarcity value.
But now we're in a very different moment, aren't we?
There's no longer a scarcity of tech. We have some of the biggest IPOs of all time coming, first SpaceX, then Anthropic, OpenAI, Heddy, M3R. The only consistent techs are the ones that were the worst back then, the commodity semis. As usual, they bounced back hard today because they are a huge shortage, but Hot Money loves a shortage.
Back in the heydays of the Magnificent 7, everybody loved that these tech titans were immensely profitable, but the new big three that we revere, SpaceX, Anthropic and OpenAI, they are losing bazillions of dollars. SpaceX will have to do multiple rounds of fundraising if the company is going to keep paying for its great ambitions of space. That's fine, but it's not what we liked about tech back in 2023 The other two, who knows? They don't have time for profits. The hallmark of the Magnificent 7, bulletproof balance sheets. That's what allowed them to have these robust buybacks. They were tight. They tended not to cascade. These were huge companies, but there wasn't ever a lot of stock for sale. Secondaries, are you kidding me? Now with the exception of Apple and Nvidia, we have stretch balance sheets galore. Alphabet, if you're using buying back stock, issued stock. They might not be the only one of the seven that needs to raise money. Look, I can make a case that Amazon, Meta, Microsoft, all might want to sell some equity. If I were running the show, I don't know. I don't want to show up at a hyperscaler gunfight with a penknife.
Is there still scarcity value to big tech? Not after SpaceX, then Anthropocene opening. I went after another. We don't really know when the latter two will come public, but I think those deals could happen sooner than we think. They need the money. Bloomberg says there's a $3.6 trillion AI pipeline. That's just no good, no good at all. No scarcity value here whatsoever. I've said over and over and over again that higher interest rates can certainly hurt a bull market, but nothing kills a bull market like oversupply of stock. We're about to have supply coming out of our ears.