Jim Cramer Sees Tech Leadership Shifting Beyond Nvidia and Microsoft

Mad Money host Jim Cramer said Tuesday that technology stocks outside the sector’s recent leaders may be gaining ground, even as data center opposition and the war with Iran complicate a sustained recovery.

Broadcom and Micron gained during Tuesday’s session and helped support major U.S. stock indexes. Oracle shares climbed nearly 6%. Advanced Micro Devices and Arista Networks reported strong quarterly results after the close, adding to the group Cramer sees as possible leaders.

“Tech’s trying to make a stand here. It’s just not the tech that’s led us for the last few years,” Cramer said. Recent rallies in Nvidia, Microsoft, Alphabet and Meta have been difficult to sustain, while Tuesday brought gains elsewhere in the sector.

The change in emphasis follows his earlier view of a technology selloff as an opportunity. At the time, he argued that broad selling had swept up strong and weaker companies alike. His latest comments focused on which companies might lead if technology stocks recover.

Cramer said local resistance to data centers remains a barrier. Communities have raised concerns about electricity costs and water use. Canceled projects or moves to new sites could create greater problems for smaller developers such as Iren, Nebius and CoreWeave, while larger companies such as Amazon have more resources to find other locations.

The war with Iran also weighed on his assessment. Oil prices turned lower Tuesday amid hopes for progress in U.S.-Iran negotiations, but Cramer cautioned that further escalation remains a risk.

The gains did not convince Cramer that technology stocks had reached a lasting bottom. After rebounds failed to hold over recent months, he said he “would like to wait for the crescendo before I commit too much money back into tech.”