Cramer: Capital markets are nearly tapped out on supply
As seen on the 24/7 Wall St. homepage on October 26, 2026.
Mad Money w/ Jim Cramer 10/26/26
- Cramer's bear case: a flood of IPOs and secondaries, $148B raised so far this year, drains the money that funds stocks
- Applied Materials down from $739 to $387: buy 25 shares now, add on the pattern, finish in the 200s
- Moderna after a parabolic move: let it come in before earnings, no buying parabolic charts
- Thermo Fisher CEO on a beat-and-raise, BlackBerry's turnaround, and CrowdStrike cyber worries on deck
The call that matters for holders here is supply: Cramer argues the equity and debt markets are nearly tapped out after Meta, Alphabet and SpaceX raisings, with Anthropic's S1 now in line. He stops short of calling a top while pushing for buybacks and takeovers over further deals, favoring staged buying in Applied Materials and patience on Moderna.
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Jim Cramer's central concern on this episode is supply, specifically the sheer volume of capital being pulled from investors by a relentless parade of equity and debt deals. With Meta, Alphabet, and SpaceX already having raised money, and Anthropic's S1 now in the queue, Cramer argues the markets are approaching a saturation point where there simply isn't enough fresh money left to keep lifting stocks.
The aggregate figure tells the story: $148 billion has been raised so far this year in IPOs and secondary offerings. Cramer's view is that every dollar directed into a new deal is a dollar not sitting in existing stocks, and that cumulative drain is what investors holding current positions need to understand. He stops short of calling a market top but makes clear his preference: buybacks and takeovers over additional capital raises.
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Applied Materials is his most specific trade idea in this episode, with the stock having fallen from $739 to $387. Cramer's staged approach calls for buying a starter position now, adding on a recognizable chart pattern, and finishing in the 200s. That phased entry reflects his message about not chasing moves.
Moderna gets the opposite treatment: after a parabolic run, Cramer's advice is to stand down ahead of earnings and let the chart come in before committing capital, because he never buys a parabolic chart. Also on the agenda are a beat-and-raise quarter from Thermo Fisher's CEO, an update on BlackBerry's turnaround, and an examination of CrowdStrike amid ongoing cybersecurity concerns.
Mentioned: MSFT, JNJ, IBM, WFC, TMO, AMAT, CRWD, MNST, CELH, MRNA, GBCI, BB