Jim Cramer, of CNBC, warned on Monday that a wave of large-scale initial public offerings (IPOs) and financings could threaten the bull market.

Anthropic —— The companies behind Claude submitted their IPO prospectuses on Monday, taking one step closer to public listing for one of Wall Street's most anticipated companies. Investors have been waiting for a long time for the listings of leading artificial intelligence companies Anthropic and OpenAI, but Kramer stated that their potential large-scale financing needs could put pressure on an already crowded market. He said that as of now, $148 billion has been raised through IPO this year, and he is concerned that the influx of new shares may exceed investor demand, thereby undermining this upward trend.

"Politics will weaken the bull market, and higher interest rates will strangle it, but if you want to completely destroy it, then use the IPO spear to stab it over and over again," said the host of "Mad Money." "It will only get weaker and weaker until it is so weak that it can be easily ended by a poor quarterly report, a raise in interest rates, and a bank run on margin accounts."

Kramer emphasized that his concerns are not directed at the feasibility of artificial intelligence itself. Unlike those speculative internet startups during the dot-com bubble burst in 2000, many leading technology companies today have established mature businesses and there is a genuine demand for their products.

"This time, these companies truly exist. They are often able to make a lot of money. We trusted them before this moment, and we will continue to trust them after this moment as well," he said.

But克莱默认认为，两个时期之间存在一个令人担忧的相似之处：筹集资金的规模极其庞大。在互联网泡沫时期，股票发行潮最终耗尽了投资者的购买力，并促成了市场崩盘。供给超过了投资者需求。

He is concerned that as companies including Meta, Alphabet, SpaceX, and Oracle enter the capital market, a similar situation may arise. Cramer warns that these large-scale financings could draw away investor funds that might otherwise flow into the S&P 500 index and other stocks, putting pressure on the broader market even if the fundamentals of these companies remain strong. Cramer's charitable trust – the portfolio managed by the CNBC Investment Club – holds shares in Meta and Alphabet.

“I think both the debt market and the equity market are running out of money,” he said.

This means that before investors see any returns, the market may first deplete the funds needed for the company to achieve its ambitions. “I’m not saying that the market has reached its peak,” he said. “I’m just saying that I don’t like what I’m seeing.”

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