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CNBC’s Jim Cramer said the market has essentially only two sectors: data center stocks and everything else. Speaking on “Mad Money,” he argued that the data center buildout is increasingly driving broad gains across the S&P 500, which closed at another all-time high on Thursday.
Cramer said the pattern is clear: many of the market’s biggest winners are connected, directly or indirectly, to data centers. He described the current phase as moving “mainstream,” with a broad group of stocks benefiting from the massive buildout of artificial intelligence infrastructure.
He highlighted Quanta Services as an example. The company builds power lines and grid infrastructure, which Cramer said have become critical as utilities scramble to meet soaring electricity demand. He characterized data centers as “giant mouths that must be fed with never-ending electricity,” creating opportunity beyond semiconductors.
Cramer said Eaton and Vertiv are benefiting from power management and cooling needs, while Carrier Global is seeing a turnaround tied to data center cooling. “This quarter may be the beginning of a multi-year move,” he said.
He also pointed to Teradyne, which has rallied as increased chip production requires more of its testing services. Cramer noted that Qualcomm, long associated with the smartphone market, is breaking into the data center market with a new, unnamed customer.
Beyond chips and power, Cramer said networking firms are gaining as data centers require more connectivity to move massive amounts of data. He cited Ciena, Arista Networks, and Cisco.
Cramer’s comments were framed around the S&P 500 closing at another all-time high on Thursday, with gains attributed to a broad group of stocks tied to data center and AI infrastructure expansion.
Cramer said the data center boom is no longer a narrow technology trade, but a full-scale industrial expansion. He cited Caterpillar, saying it is seeing strong demand for its turbines, which are increasingly used to power data centers.
He also referenced Iron Mountain, a real estate investment trust known for physical document storage, saying it is now leasing space to hyperscalers seeking more computing power.
Cramer concluded that the breadth of winners suggests a wide-ranging economic effect. “What do we see? A manufacturing mosaic,” he said, adding that “the data center is a windfall for almost every slice of the economy.”
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