In this article, we will look at the stocks Jim Cramer commented on, as he explained that tech stocks cannot be trusted to lead anymore. The host of CNBC’s Mad Money said on Tuesday that technology stocks are starting to lose many of the traits that once made the sector the market’s clear leadership group.

A real bull market has leaders, and those leaders have terrific characteristics. They make a lot of money. There’s a limited number of them, and there aren’t too many shares around because these companies constantly buy those shares back. Something they can do, why? Because they’re spewing cash and have beautiful balance sheets. As recently as a few months ago, that described pretty much all the mega-cap tech stocks, but now we’re searching for new leadership because tech can no longer be trusted.

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Explaining why he has become more cautious, Cramer pointed to several concerns. First, he highlighted Bitcoin’s continued decline and said investors should reduce leverage and step away from margin borrowing. He also expressed concern about the growing number of initial public offerings and secondary stock offerings, and called that wave of new issuance “the real poison.” He also noted that the ongoing war is another factor weighing on his outlook.

Moreover, Cramer raised the question of how artificial intelligence companies such as OpenAI and Anthropic reached such elevated valuations during private fundraising rounds. He said that if more of these highly valued private companies eventually come to market, the influx of new shares could absorb investor money that previously flowed into publicly traded technology companies.

The bottom line: Let’s get off margin. Let’s stop the gunning and the speculating. Let’s raise some cash in the strength. You won’t regret it.

Our Methodology

For this article, we compiled a list of 15 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on June 9. We listed the stocks in the order that Cramer mentioned them.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).

Jim Cramer Discussed 15 Stocks, Including Broadcom, Netflix, and His Skepticism Toward Tech Stocks

15. Carnival Corporation & plc (NYSE:CCL)

Carnival Corporation & plc (NYSE:CCL) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. Toward the end of the lightning round, when a caller asked about the stock, Cramer remarked:

Okay, so this is very complicated for me because I like Carnival. It’s low multiple, but I think Viking is the one you can sail home in. I think come sail away with Viking for the next five years.

Carnival Corporation & plc (NYSE:CCL) runs cruise lines and offers vacation trips. The company also manages ports, hotels, lodges, and tours that support its cruise business. During the March 27 episode, a caller mentioned owning CCL and RCL and asked for Cramer’s opinion on the cruise line industry. He responded:

Okay, I only recommend Viking because I think Viking is insulated. They have a higher margin ship, and they’re in certain places that are not as easily disrupted, just like you described. And that’s the only one I like right now. I also like Disney cruises, but that’s very within the big confines of Disney, and that stock has been a very tough stock to own.

14. Wix.com Ltd. (NASDAQ:WIX)

Wix.com Ltd. (NASDAQ:WIX) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. When a caller posed their inquiry about the company, Cramer said:

Okay, I got a guy, Zach, upstairs, and he can duplicate whatever Wix does, and he comes at a fraction of the cost, and they charge $10 a thing. Just kidding. And Zach’s worth a lot more than Wix.

Wix.com Ltd. (NASDAQ:WIX) provides a cloud-based web development platform with visual editing environments, application building tools, a user marketplace, and specialized business applications. The company also supplies integrated payment systems, mobile site management tools, and multiple artificial intelligence applications for automated content, design, and website creation. Lakehouse Capital stated the following regarding Wix.com Ltd. (NASDAQ:WIX) in its fourth quarter 2025 investor letter:

Wix.com Ltd. (NASDAQ:WIX) delivered another strong and consistent quarter, with bookings and revenue in constant currency both accelerating 13% year-over-year to $515 million and $504 million. Growth was supported not only by new users but also by higher-quality customers coming through Wix’s partner network who show stronger commercial intent, adopting higher subscription tiers and using more value-adding services such as payments. Underlying operating profit was broadly flat on the prior year as management reinvested in scaling the recently acquired Base44 business. Even with the reinvestment, free cash flow margins excluding acquisition-related transaction costs expanded 3 percentage points year-over-year to 32%, leaving the business comfortably above the Rule of 40 and trading at an attractive ~10 times 2026 free cash flow.

With the core business performing well, attention this quarter shifted to Base44, Wix’s newly acquired visual coding platform that enables users with limited or no coding experience to build standalone applications. Although visual coding has at times been flagged as a potential disruptor to website development tools like Wix, adoption to date has largely centred on application development rather than websites. In our view, the acquisition broadens Wix’s reach into the adjacent no-code application development category, complementing its core website-building offering.

Early traction has been encouraging. In less than six months under Wix’s ownership, Base44’s user base has grown sevenfold to more than 2 million users, and its annual recurring revenue has increased more than tenfold, with expectations of reaching about $50 million by the end of 2025. The product is already emerging as a category leader with more than 10% of audience traffic, and management has increased investment in marketing and AI compute capacity to support this momentum. This rapid uptake creates a short-term drag on margins, as users are mostly billed monthly while new cohorts consume more compute resources early in their usage cycle. While this may weigh on margins through 2026, investment levels remain within management’s control, and as Base44 scales alongside continued growth in Wix’s core business, we believe the company is well placed to return to margin expansion over time.

13. Nebius Group N.V. (NASDAQ:NBIS)

Nebius Group N.V. (NASDAQ:NBIS) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. A caller sought Cramer’s thoughts on the stock, and he stated:

Okay, until this market turned ugly, Nebius was one of my favorite stocks. Now, I gotta pull back because the facts of this entire market have changed. It’s no longer got the right coloration to be able to speculate on Nebius. Let that… come down, and then we’ll take a look. Let it come down.

Nebius Group N.V. (NASDAQ:NBIS) provides AI-focused infrastructure, including GPU-based cloud platforms and tools that support the development of advanced models. Cramer highlighted NVIDIA’s investment in the company during the May 8 episode, as he commented:

Wednesday, we hear from a company called Nebius, and that’s a company that NVIDIA poured $2 billion into because they want Nebius to help develop knowledge factories. This is a big deal for this relatively unknown AI company, and it’s part of a constellation that NVIDIA’s put together to ensure that clients can take advantage of NVIDIA’s best chips.

12. Ondas Inc. (NASDAQ:ONDS)

Ondas Inc. (NASDAQ:ONDS) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. During the lightning round, a caller inquired about the stock, and Cramer commented:

Oh my god…. this is a meme stock. It’s just a meme stock; it’s about the autonomous system meme, and I can’t get behind a meme stock. This market’s too horrible. I mean, a meme stock could rip your lungs out. I’m not going to let that happen to me.

Ondas Inc. (NASDAQ:ONDS) delivers private wireless networks, autonomous drones, and data systems through its Ondas Networks and Ondas Autonomous Systems units. The company provides tools such as counter-drone platforms, autonomous security drones, robotic systems, and loitering munitions, alongside its FullMAX software-defined radio technology. It also offers maintenance, licensing, and support services. A caller asked about the stock during the April 28 episode, and Cramer replied:

Well, Ondas is a me-too company. It’s a company that is losing a lot of money, that does intelligent or autonomous systems like every other company. I’d rather have to find something new and different that is distinct, and I don’t see anything distinct about Ondas.

11. Xeris Biopharma Holdings, Inc. (NASDAQ:XERS)

Xeris Biopharma Holdings, Inc. (NASDAQ:XERS) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. When a caller mentioned that XERS is their speculative investment, Cramer said:

I know it because it’s injectables… But I will tell you this: that’s precisely what I want you to do. That’s precisely what you need. But one of them, just one that takes care of all the jonesing you’re doing with speculation. None of that 2, 3x, and the leverage and stuff. Just one spec will do it for you. I like that attitude.

Xeris Biopharma Holdings, Inc. (NASDAQ:XERS) develops therapies for chronic endocrine and neurological diseases, including treatments for severe hypoglycemia, primary periodic paralysis, and endogenous hypercortisolemia. In addition, it is developing a once-weekly subcutaneous injection for hypothyroidism, which is currently undergoing a phase 3 clinical trial.

10. Thomson Reuters Corporation (NASDAQ:TRI)

Thomson Reuters Corporation (NASDAQ:TRI) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. A caller asked if Wall Street is wrong to price the stock “like a legacy publisher.” Cramer replied:

I’ll tell you the truth… Look, I understand why you think that Wall Street is wrong, but the problem is that this is media, and media has been decimated by all things AI, and I can’t get behind it. It’s just too hard for me. I don’t want to do it.

Thomson Reuters Corporation (NASDAQ:TRI) provides information and technology tools for legal, corporate, and tax professionals. The company delivers workflow solutions, generative AI applications, and international news services. Cramer noted the impact of AI on the stock during the April 1 episode. He remarked:

The eighth-worst name in the Nasdaq 100 was Thomson Reuters, down nearly 32%. And this is another example of a business services play getting hit by AI competition fears. Thomson makes software that compiles financial data, which we use here at Mad Money, and they also own Westlaw, a similarly essential online legal research service. You don’t need Westlaw, though, if you have a system that can comb through all the decisions they’ve written in just a few seconds. Can Claude do all the things these platforms do? Wrong question. The right question is, do you want to stick with Thomson Reuters while we wait to find out? Money managers won’t do that.

9. Entergy Corporation (NYSE:ETR)

Entergy Corporation (NYSE:ETR) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. Cramer was quite bullish on the stock, as he stated:

Thanks to the great data center buildout, business is booming for some of the electric utilities. Take Entergy, a regulated electric utility based in New Orleans with a stock that’s up more than 18% year-to-date, 32% over the past 12 months. Proud that we’ve been recommending it ever since my daughter went to Tulane. The company held its investor day today where management laid out some bullish long-term financial targets, thanks in part to Meta’s big data center project in northeast Louisiana, but also some other big projects.

Entergy even came up with a plan for data centers to pay more for electricity in order to offer a fair deal to ratepayers. Thanks to their electric service agreements with the heavy hitters, they should be able to deliver $7 billion worth of savings to the customers over the next two decades… Guys, if you want a utility, you can do a lot worse than ETR. It’s one that we’ve liked since 2012.

Entergy Corporation (NYSE:ETR) produces and distributes electricity and natural gas, generating power from gas, nuclear, coal, hydro, and solar sources.

8. Cloudflare, Inc. (NYSE:NET)

Cloudflare, Inc. (NYSE:NET) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. Cramer highlighted the stock’s erratic movement, as he commented:

Well, it’s been a whirlwind few weeks for Cloudflare, the internet infrastructure play with a major cybersecurity business. When the company reported in early May, the numbers were excellent. It was a textbook beat-and-raise quarter, but they also announced some big layoffs, amounting to roughly 20% of the workforce. It was done sadly, but they had to do it… Stock’s sold off hard, down over 27% in a three-day losing streak thereafter, the quarter. Then it snapped right back.

I would argue it should never have been down. By last week, Cloudflare was setting fresh all-time highs. But with the tech-led sell-off that started last Friday, it’s now getting hit again, down almost 15% from its highs. This stuff is very hard to keep track of. Today, Cloudflare held a very successful investor day event here at the New York Stock Exchange… Don’t look at the ups and downs; look at the longer-term direction because it’s pretty fabulous.

Cloudflare, Inc. (NYSE:NET) provides cloud-based security, performance, and networking solutions for businesses, including website protection, Zero Trust security, content delivery, and developer tools.

7. Broadcom Inc. (NASDAQ:AVGO)

Broadcom Inc. (NASDAQ:AVGO) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. During the episode, a caller asked Cramer’s thoughts on the company’s earnings, and he said:

Let’s, okay, Broadcom’s earnings were not good. And my Trust lost a huge amount of money, and I feel really badly about it. It can make a comeback. I hope there’s some insider buying. They did miss the numbers. But if you want to ask what Broadcom was like for me, Broadcom was like a weekend of hell. I got home, and I just said, I screwed up, I screwed up on Broadcom. It was just like 1982 when I got something wrong in the market. Nothing’s changed. I don’t like that.

Broadcom Inc. (NASDAQ:AVGO) supplies semiconductor devices and infrastructure software, including networking, connectivity, and storage solutions. The company’s products are used for applications in data centers, telecommunications, broadband, smartphones, industrial systems, and AI networking. Cramer mentioned the stock during the June 4 episode and remarked:

… The disappointing earnings may not be as crushing as we think. This is not the first time that Broadcom, which by the way, is a gigantic company, has offered a measured forecast only to crush the numbers next quarter. The stock had gone parabolic into the quarter, and as we told CNBC Investing Club members when we sold some stock ahead of this quarter this week, a parabola is never a good sign.

Plus, when we speak with George Kurtz, the CEO of CrowdStrike tonight, I think we’re going to get a much better sense of how well the cybersecurity company’s doing. And the notion of an earnings or a forecast disappointment, it may be misplaced… The disappointments really weren’t all that disappointing.

6. Netflix, Inc. (NASDAQ:NFLX)

Netflix, Inc. (NASDAQ:NFLX) was among the stocks Jim Cramer commented on, saying that tech stocks cannot be trusted to lead anymore. A caller inquired about the company’s biggest headwinds and whether the stock is a buy, sell, or hold. Cramer replied:

Okay, I want to buy Netflix. The biggest headwind is that they went and got involved with trying to buy the Warner Brothers Studio, and everyone thinks, oh, they don’t know what they’re doing. I think they took the optionality that they had. They debated it. They made a decision, then they decided not to do it, because they’re going to do fine. I think we’re going to look back and think, wow, I bought it down 13%, not bad.

Netflix, Inc. (NASDAQ:NFLX) provides streaming entertainment, including TV series, films, documentaries, and games. During the June 2 episode, a caller inquired about what was holding the stock back, and Cramer responded:

Okay, so here’s what’s amazing… You and I are thinking alike. I saw it today at $83, and I said to myself, alright, I gotta do a piece about how this stock got down to $83. It shouldn’t be, it shouldn’t be down 11%. You are on to something. I am going to do it. I can’t just say, yeah, I agree with you, because obviously that’s not rigorous. But I think you’re on to something, and I’m going to follow up on it, and we’re going to get down to the bottom of it.

Click to continue reading and see Jim Cramer Discussed 5 Stocks, Like Meta, NVIDIA, and His Skepticism Toward Tech Stocks.

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