No. Jim Cramer’s comments are not a reason to sell AI holdings, and they do not establish whether AI investments are overpriced. The remarks come from a Futurism article by Victor Tangermann, published September 30, 2025, more than a year before this piece. They describe Cramer’s view at that time, not his current position, and not the market in October 2026.
What follows separates what Cramer reportedly argued from what the argument can and cannot tell you, explains what “bubble” means in investor-education terms, and gives you a checklist for judging your own AI exposure.
What the September 2025 report actually says
- Source and date: Futurism, by Victor Tangermann, published September 30, 2025. Yahoo Finance republished a syndicated version. That is a republication, not separate reporting.
- Format: A news feature with a critical, humorous tone toward Cramer and some of his past calls. It is commentary on a broadcast remark, not an investment recommendation.
- Scope: It covers one interview-style argument about the 2025 AI infrastructure buildout. It does not assess any specific stock, fund, or valuation.
Cramer’s core argument: why he sees 2025 as different from the dot-com era
Futurism reports that Cramer rejected a direct comparison between the AI buildout and the dot-com boom. His reasoning was that large technology companies have more resources to absorb losses or redirect spending than many dot-com companies did. The article attributes this to him directly: “Speaking as an internet pioneer, what I see now is the polar opposite of what we were seeing 25 years ago,” and “When the dot-coms made bad investments, nearly all of them went under.”
The contrast he drew can be laid out like this:
| Factor | Dot-com era (as Cramer described it) | 2025 AI buildout (as Cramer described it) |
|---|---|---|
| Who was making the bets | Many companies with fewer resources | Large companies such as Google, Amazon, and Meta |
| Ability to absorb losses | Limited; nearly all bad investments went under | Able to absorb losses or pivot if AI proved less useful than expected |
| Outcome if the trend disappoints | Failure of most weak companies | Not stated for the current cycle; Cramer did not rule out a dot-com-like downside |
| Role of skepticism | Not addressed in the article | Described by Cramer as something that “keeps things in check” |
This is an argument about balance-sheet strength. It says large firms are less likely to be wiped out by a bad bet. It does not say the bets will pay off, or that the prices investors pay for AI-linked shares are reasonable.
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The caveat he did not drop
The same report says Cramer was not willing to write off a “dot-com bomb scenario” entirely. He framed skepticism as a stabilizing force: “See, the skepticism keeps things in check. If there weren’t such a negative bent to the story right now, everyone would be in this pool, and we’d all drown.”
Futurism also quotes Bloomberg analyst Jay Goldberg: “It’s kind of like having your parents co-sign on your first mortgage.” The article’s wording does not make clear exactly what he was describing, so treat that line as color on the debate rather than as a precise measurement.
The Nvidia–OpenAI figure and “circular financing”
Futurism reports that Nvidia announced a $100 billion investment in OpenAI in the week before its September 30, 2025 publication, and that analysts characterized the arrangement as “circular financing.” Both the amount and the label come from that article. The original announcement, its terms, and any later changes are not reproduced in the piece.
Before you rely on the figure, check Nvidia’s own disclosures or filings. Circular financing, in general terms, refers to a situation where money flows between companies that depend on each other’s purchases or investments, which can make demand look stronger than it is from the outside. Whether that describes this deal is a judgment the article reports from analysts, not one it establishes.
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The SEC’s Investor.gov bulletin describes a bubble as a rapid rise in an investment’s price, driven by collective enthusiasm, that is usually followed by a price contraction. The same material highlights behavioral pitfalls that matter in any boom: familiarity bias (buying what you already know and use), noise trading (reacting to short-term price movement and headlines), and inadequate diversification. It states that concentration in a particular investment type increases portfolio risk exposure.
That framework is useful for judging your own position. It is not evidence that AI is in a bubble today. Investor.gov does not assess AI valuations, and neither does this article.
Why a 2025 remark cannot settle a 2026 decision
The Futurism piece does not include current valuations, earnings, capital spending, or financing terms for AI companies. Without those, nobody can say from this article whether AI prices are high or low now. Market conditions can change quickly, and commentators revise their views. If you want Cramer’s latest position, look for his most recent statements rather than the September 2025 report.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Questions to answer before changing your AI holdings
Selling or holding should follow from your own circumstances, not from a headline. The table below lists the questions that matter most. Use it to take stock of your position; it does not tell you what to buy or sell.
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| Question | Why it matters | What to check |
|---|---|---|
| How much of your portfolio is tied to AI? | Concentration in one theme raises risk, per Investor.gov’s guidance on diversification | Add up direct stock holdings and the AI-linked share of any funds you own |
| Do you own single companies or diversified funds? | A single company can fall far more than a broad fund if its bet fails | Review each holding’s share of the portfolio and whether one name dominates |
| What is your time horizon? | Money needed within a few years carries different risk than retirement savings | List the dates you expect to need the money |
| Do you have liquidity needs? | Forced selling during a downturn can lock in losses | Confirm you have an emergency fund that does not depend on selling investments |
| What is your capacity for loss? | Risk tolerance and financial ability to absorb a decline are different things | Estimate how much you could lose without changing your plans |
| What would selling trigger? | Realized gains can create tax bills, and selling can be irreversible in timing | Check your tax position and any holding-period rules before acting |
Watch for AI-themed investment pitches
Investor.gov’s 2026 handout warns that AI and other new technologies are being used in investment scams. Be cautious if an AI-themed opportunity shows any of these signs:
- Promises of high returns with little or no risk
- Pressure to act quickly before you can check the details
- Appeals to fear of missing out on a trend everyone else is reportedly profiting from
These warning signs concern the pitch, not the technology sector. A legitimate AI company can still be overvalued, and a scam can still use AI language.
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