저자: JimCramer · 외국인
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오픈AI·스타게이트 등 AI 데이터센터 투자가 막대한 현금흐름으로 이어질지 논의. 오라클·엔비디아 등 AI 밸류체인 주가 조정 언급, 팔란티어 목표가 상향 관련 코멘트, 애플의 중국 칩 조달 협상 보도 소개. 후반부는 엔비디아 밸류에이션 압축을 '세일 중인 최고 기업'으로 보며 마이크론·SK하이닉스 등 밸류체인 대안을 제시. 특정 목표가·매매 지시는 제시되지 않음.
다듬은 글
Open AI and SpaceX. David, let me tell you about yesterday's remarkable performance at Computex. You heard Jensen Huang say that these projects are starting to bring people a lot of money. Is it that once it's completed, they'll be able to monetize the computing power it generates? I think developers and shareholders certainly expect good returns, as does PIMCO.
After all, you understand that your credit risk is Oracle, right? And we talked about it a lot. This goes back to the original Stargate plan, announced at the dawn of the Trump administration from the White House. We are already, I think, close to $500 billion. Oracle itself is investing 300 billion.
SoftBank is also part of this. We'll hear fragments of that interview with Masayoshi Son. Yes, Jim, that's definitely part of the deal. Lately, we've been getting a lot of questions about computing, the need for it, its uses, and what's being used effectively and what's perhaps not at the corporate level .
We talked about this a lot last week , but it's certainly a key element of the overall idea that this will provide significant cash flow for these companies. Oracle shares, by the way, as you know, Jim, rose significantly on Friday . Of course, we focused on Dell's performance due to their incredible quarter.
But don't forget —and you just mentioned it—that Oracle has also increased significantly in price . Yes, it was a huge leap that went unnoticed. David, I see you have Sam Altman visiting. In my opinion, this is a person who has to take advantage of all these computing resources, because it's no longer enough to just say, "Listen, we're very popular," because the payback is coming soon.
Will you be able to find out from him what's really going on behind the scenes regarding the company's prospects of ever starting to make money? I hope so. You know, we'll focus, I think, given the current situation, on the construction of data centers, the status of Stargate and their computing capabilities, but I hope we get as much time as possible with Mr.
Altman, who is a central figure in many of these key issues. Jim, I wouldn't like to make predictions. It's always hard to know for sure where we'll go or what we 'll discuss, but being here will definitely be the center of attention. You know, you can sit with Sam Altman for hours and the questions will never end, as you well know.
But let's start with David at the Stargate data center in Michigan. Great day, David. What do you have? Yes, we have a lot of different people to interview, of course, but we also want to get a feel for the scale of these projects, guys. We talk about this so often. A lot of what we discuss in the context of the stock stories we constantly analyze ultimately relates to what will be hosted here in the huge data center.
You can see drone footage of the area I am currently in. This is in the village of Seline, Michigan. 250 developed acres. It's a thousand-acre site, but 750 acres will remain undeveloped. But you can appreciate the scale by looking at this and maybe me, and the large amount of construction equipment around.
Jim, by the way, the price of the question is $16 billion. We had Jeff Blau from Related Digital with us, who will be joining us on the show again soon to discuss this deal. Remember, they did this through a Rule 144A placement, where PIMCO acted as the lead lender. Blackstone and Related Digital act as shareholders here.
But the size , the scale, the dollars—all of this, of course, is invested in a facility that will consume up to 1.4 gigawatts of energy. This is about as much as a typical nuclear power plant produces. Jim, just so you understand what we're talking about: energy, data centers, and then all the things that go into them that we talk about so often.
I'm really glad you're there, because I feel like part of the story that's been lost is what's actually happening at these facilities, and also, frankly, what Oracle is doing, because their stock has gone up a lot. We're just focusing on Anthropic and focusing on... Yeah, some consolidation before the long weekend, Diana.
That's not surprising, you know, after the pretty solid growth this week. A slight rebound after some weakness and volatility in June. But, you know, I think you'll see some liquidity, maybe the depth of the market will change a little bit because there will be fewer traders in the market before the long weekend.
But yeah, it's nice to see some consolidation. Remember, yesterday we weakened towards the close and ended the session with a slight downside. The Dow and Russell retreated from their intraday all-time highs yesterday, and this was mainly driven by a pullback in the information technology and chip sectors.
If you look at the Philadelphia Semiconductor Index, SMH, they were both down five to six percent yesterday as we saw a sharp sell-off among some of the leaders. So, investors locked in profits in companies such as Intel, AMD, Micron, and some other memory chip and semiconductor equipment manufacturers, pouring funds into MAG7.
They actually performed quite well, with the exception of Nvidia, which ended the day down about 1.25%, but we see a continuation of rotational trading ahead of Thursday . So yes. Some consolidation may be warranted at this point, but the VIX index remains at very low levels. The price of crude oil is around $67 per barrel.
This provides some support and stability to the stock market. And we are at oil price levels not seen since late February. So this is a positive point from an inflation perspective. But yeah, I don't expect any big surprises today, although the employment report could add some volatility. I think the pun on " fireworks" was unintentional.
But let's talk a little more about the technology sector . It seems that the same bifurcation and division into winners and losers still exists. Wells Fargo is adjusting its price targets for MAG 7, or as some call it, " Lag 7," but Meta rose significantly yesterday. Tell us about the recent price target changes from Wells Fargo and your thoughts on companies like Amazon, Google, Meta, etc.
So, as I said, yesterday we saw some strength in these stocks, and you mentioned Meta Platforms. They will probably start selling computing power at this stage. Maybe they will start competing with CoreWeave and Nebius. And that's probably a positive for the company. It's worth remembering that these are three large companies whose price targets Wells Fargo only slightly adjusted, but they all continue to increase capital expenditures, and they are expected to continue to grow in 2027.
So, we don't see any reduction in investment in building this AI infrastructure. I thought one of the interesting notes was that he lowered his price target on Alphabet from $435 to $416. They maintain an "outperform" rating on these stocks. But, you know, this growing tension that investors are feeling with this group of companies is, "Hey, you're spending all this money on AI." Your profits are still very good, but how are you going to monetize what you're spending money on at this point?
And I think that's one of the key themes that investors will have to figure out: will profits continue to grow and support the narrative that "it's okay, they're taking on debt and spending all this money on building AI infrastructure." So, yeah, it was nice to see that, because remember, these three stocks are in a correction zone.
They have fallen more than 10% from their record highs. Meta has fallen even lower from its all-time highs. I think one of the key points when you look at these companies, Diana, is who is the first to say that they will not increase capital expenditures in 2026 or 2027. When will this rollback happen?
When they start to realize that maybe it won't make as much money as they initially expected. And that could be one of the catalysts that would make one of these stocks go up when we maybe see cost cuts, but, you know, none of the companies have announced that yet. Okay, let's talk a little bit about Palantir.
Today, their shares are rising again. This was at the premarket. They made a big leap yesterday. We talked about this. Interview with Alex Karp. DA Davidson likes this company. They see opportunities here. Tell us about the latest news. Yes, a little late, because the stocks jumped yesterday after that Alex Karp interview where he was quite emotional.
He was quite hot-tempered. We saw this increase in Service Now ratings yesterday . So I think the main theme here is what companies will become essential for the development of AI, right ? Companies may not spend as much on implementing internal agents and processes, and it is important to understand who exactly benefits from this.
Well, Palantir has no real competitor in this niche . Uh, 85% revenue growth last quarter. Yes. But their revenue is only 1.6 billion, uh, Diana. So that already suggests, and we discussed this with Folio yesterday on Fast Market, that their overall target market is just huge. Not only in the government sector, but the commercial part of their business has really grown.
Will this become one of those firms that are needed? Stocks have been weak right now and hit, basically, you know, a yearly low, uh, just last week. Why is that? Well, the UK said, " Hey, maybe we won't, uh, renew our contract with Palantir." I've heard that France and the EU may also be reviewing, you know, their contract negotiations with Palantir.
This is one of those companies where if you want to use and monetize AI in the future, they are at the forefront of it. And I think this note from DA Davidson, you know, is probably taking advantage of the price dynamics that we've seen as the stock has retreated quite significantly from its historical highs.
They are still down about 39% from the record highs we saw last fall. So, yeah, not a bad, you know, uh, forecast here, but maybe a bit late, because they would have gotten a nice jump if they had released it yesterday. Yes, a day later. We wouldn't call it a " failure" because we're seeing a slight uptick right now.
Let's stay in the technology sector and talk about Apple. We don't see much change in the stock, but there's a Bloomberg report that says they're trying to, uh, negotiate a potential chip purchase from Chinese semiconductor manufacturers. They are now on the Pentagon's blacklist. Tell us about the latest news.
Yes, a couple of, uh, Chinese chip manufacturers that are currently blacklisted . I don't know if it would be illegal for Apple to buy them, but they went to the administration, Apple CEO Tim Cook went to Scott Bessette, essentially saying, "Hey, we have a chip shortage here ." "Uh, and that would really help us." I don't know if this will work.
I think they're trying to diversify, uh, their supply chain right now. And remember, they just raised the price of their Macs and, uh, iPads by a hundred bucks because of a memory chip shortage , right? They're just, uh , they're going to have to pass it on to consumers. I think one of the most interesting things we have to watch for in the fall when they release their upcoming iPhone 18 is how much they're going to raise the price of these iPhones, because they're probably going to have to do that because component prices have skyrocketed.
So, I understand why they're trying to do this. They are trying to diversify their supply chain and maybe not raise the price of the iPhone by $150-200. These phones have a lot of components. So they are looking for ways to maintain their profitability. Yesterday, a report from Mac Rumors surfaced that they are going to cut production of the iPhone 17 at this stage in order to ramp up production of the iPhone 18.
But this could also be a consumer demand issue. Because if you start raising phone prices by $100-200, it could limit or create some barriers to future sales, and maybe the supercycle would end. OK. And Tom, briefly about your thoughts on the employment report. I know he's ahead. Can he become a catalyst today?
Maybe, but I'm not sure. OK. I hope you are doing well today and staying calm in this market . Today we need to talk about Nvidia because something extremely interesting is happening with the stock. Despite Nvidia losing a huge chunk of its market value following the recent hype, analysts remain extremely bullish on the company, and yet the stock continues to trade at a valuation that was almost unimaginable just a few years ago.
This is a strange situation that investors are dealing with right now. Nvidia's business continues to grow, and demand for AI infrastructure remains high. The company continues to dominate the GPU market , and Nvidia remains at the center of the entire artificial intelligence ecosystem. But the stock is struggling, and this is an important question: Does Nvidia's weakening create one of the biggest buying opportunities in the AI market, or is Nvidia stock sending investors a warning about what's next?
Let's figure this out. One of the most important things investors need to understand is that Nvidia is not just another semiconductor company. Nvidia has become the center of the AI infrastructure ecosystem. Around Nvidia, there is a whole network of companies that benefit from the growth of artificial intelligence: computer and , networking companies, data center operators, energy infrastructure, cloud providers, and dozens of other businesses.
That's why some investors believe there may be better opportunities in other parts of the AI ecosystem right now. Not because Nvidia's business is getting worse, but because Nvidia's success creates huge opportunities for other companies. Micron is one of the most prominent examples. The artificial intelligence revolution cannot continue without memory.
Every Nvidia GPU needs access to a huge amount of memory. Training large models requires more memory, and performing increasingly complex data inference tasks requires even more. And as AI infrastructure continues to expand, memory has become one of the most critical " bottlenecks" across the entire supply chain.
That's why Micron has attracted so much investor attention. The company continues to talk about extremely strong demand, while supply remains flat. Customers are trying to secure memory capacity for years to come, and despite the extraordinary growth of the business, Micron shares continue to trade at relatively low earnings multiples.
But here the story gets even more interesting. If Micron can't produce enough memory to meet demand, it won't just disappear; other memory manufacturers will benefit, and the most important company in this discussion is SK Hynix. This is one of Nvidia's most important suppliers. The company is a dominant player in high- bandwidth memory—a cutting-edge technology essential for artificial intelligence accelerators—and wider access to SK Hynix shares for U.S.
investors could be another way to get in on the AI infrastructure boom. This creates an interesting situation, and Nvidia will remain the center of the ecosystem. Micron provides access to growing memory demand, while SK Hynix provides the opportunity to focus on high-bandwidth memory . So investors are starting to ask whether they should continue to buy Nvidia, or whether they should pay attention to the companies around Nvidia.
And I think the answer depends on what you're trying to achieve. If you're looking for the highest quality company with the strongest AI platform , then Nvidia remains extremely hard to ignore. The company has a dominant market share. It has a huge software ecosystem . It has a strong pricing policy.
It has the most complex supply chain in the technology industry , and the company continues to expand into the enterprise artificial intelligence sector. AI is impacting robotics automation systems, networking technologies, and potentially opening up much greater opportunities for generating regular income.
That's why Nvidia's current valuation has attracted so much attention. The shares went through a significant compression of multipliers. In other words, Nvidia's earnings have continued to grow faster than its stock price, and when that happens, the stock becomes cheaper relative to the amount of profit the company generates.
Some investors believe that Nvidia is currently trading at one of the most attractive valuations in recent years, and this has led investors who did not previously own the stock to start buying it. One portfolio manager recently called Nvidia "best in class on sale," and I think that phrase perfectly captures the current debate.
The company has not stopped growing. Competitive advantage has not disappeared. Demand has not fallen, Nvidia continues to generate huge amounts of cash, but the market is in no hurry to give the shares the valuation multiples they used to have . Why? Because investors are skeptical. They are worried about specialized chips for artificial intelligence.
They are concerned that hyperscalers are developing their own accelerators. They are concerned about Nvidia's customer concentration. They are concerned about capital costs and competition. And, most importantly, they fear that extraordinary growth cannot last forever. This is unstable. But when a company gets this big and grows so fast, investors naturally start to ask how long this growth will last.
However, the situation here is unusual. Companies don't rely on just one product cycle. Nvidia is expanding the size of its sales market. The first big phase of the AI boom was model training. Companies have spent huge sums of money purchasing Nvidia GPUs to train increasingly powerful models. But now the artificial intelligence market is entering the next phase—the inference phase.
Enterprise artificial intelligence, AI agents, robotics, automation systems, and artificial intelligence applications that could eventually reach billions of users. Each of these markets creates additional demand for computing infrastructure, and Nvidia is positioning itself to participate in each of them.
That's why some investors believe the market is underestimating Nvidia's future growth. One investor recently made an extremely bold prediction. He believes Nvidia can continue to grow revenue by 50–60 or even 70% annually. And if that happens, he believes investors will one day wake up after the earnings report and see a colossal revaluation of value.
I wouldn't base investment decisions on predictions of a stock doubling within a month. No one can reliably predict short-term stock prices. But the arguments behind this prediction are worth understanding. Nvidia has something that investors may be underestimating . The power of the supply chain. Creating the world's most advanced artificial intelligence systems requires more than just designing powerful GPUs.
Memory, substrates, advanced packaging, networking equipment, semiconductor manufacturing facilities , power systems, cooling infrastructure, and a vast network of suppliers are required. Many of these resources remain scarce now, and Nvidia has spent years building relationships throughout the semiconductor supply chain, giving the company a significant advantage.
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