The AI stock rally continued for a second session on October 27, 2026, but market commentator Jim Cramer warned that renewed enthusiasm had not resolved the financing pressures facing data center companies.

Key Takeaways

  • A $63 billion financing package for Anthropic’s purchase of Broadcom hardware helped revive enthusiasm for AI stocks.
  • Cramer pointed to the borrowing costs of smaller AI infrastructure providers, including CoreWeave.
  • The Federal Reserve was due to announce its next interest rate decision on October 28.

What fueled the AI stock rally

AI-related shares rose after a group of banks and Blackstone announced the financing package for Anthropic to purchase Broadcom computing hardware. The gains followed a rally on October 26 that was sparked in part by Anthropic’s S-1 filing.

Cramer said the return of money to technology stocks was not enough to declare the sector clear of risks. He described himself as a believer in the AI build-out but remained concerned about how companies would finance it.

Debt costs remain a concern

Cramer highlighted smaller AI infrastructure companies, often called neoclouds, that are borrowing heavily to fund data centers. He named CoreWeave, Nebius and Iren, noting that CoreWeave’s bonds had yielded as much as 15%.

CoreWeave shares rebounded almost 8% on October 27, but Cramer cautioned that further negative developments could emerge. He also questioned whether the Anthropic financing was as reassuring as investors believed, because it involved borrowing to buy equipment rather than paying with profits from Anthropic’s business.

Rates could change the financing picture

Oil prices fell and the 10-year Treasury yield dropped below 5% on October 27, easing some pressure on companies that need to borrow. Cramer cautioned that those conditions could reverse.

He also identified the following week’s midterm elections and potential flare-ups in the Middle East as possible sources of volatility.

Next milestone

The next confirmed milestone is the Federal Reserve’s interest rate decision on October 28, followed by Chairman Kevin Warsh’s press conference.

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