Jim Cramer says the AI trade has shifted — and these stocks are leading now

CNBC's Jim Cramer on Tuesday offered up a straightforward framework for Wall Street's current approach to the artificial intelligence trade.

"Wall Street's now rewarding tech companies with products in high demand and punishing their customers," the "Mad Money" host said.

The shift comes as the "Magnificent Seven" collectively shed roughly $2.3 trillion in market value during the month of June as investors questioned whether the group's enormous AI spending will ultimately generate enough earnings and free cash flow to justify their decisions. The Mag 7 consists of Apple, Google parent Alphabet, Amazon, Microsoft, Meta, Nvidia and Tesla.

The biggest spenders on AI data centers in the group are Amazon, Alphabet, Microsoft and Meta. Now, Cramer said these so-called hyperscalers have become victims of their own AI ambitions. The companies have the financial resources to keep pouring billions into AI, Cramer said, but demand for compute infrastructure has outstripped supply, driving up the cost of critical components such as memory chips and networking equipment. That dynamic, Cramer said, has rewarded the companies selling the picks and shovels of the AI boom rather than the compan

Fuente original: CNBC Top News (https://www.cnbc.com/2026/06/30/jim-cramer-ai-trade-shifted-stocks-leading-now.html)