NVIDIA Risk, Anthropic IPO Test, and Texas Roadhouse Rally
- Cramer says Nvidia is a less attractive stock than a week ago, with AMD a steadily more capable rival
- Anthropic's IPO called the market's next big test, with talked-about valuations slipping toward $1.1T-$1.3T
- Told a caller to hold Caterpillar at 22 times earnings, arguing the quarter was communicated poorly
- Texas Roadhouse back on the buy list as live cattle prices fell about 15% from April highs
The call that matters for anyone long AI hardware: Cramer is scaling back on the entire data center theme, citing financing risk and voters rejecting data centers in 40 of 41 ballot measures. He wants money rotated toward consumer and restaurant names, and he is explicit that the Anthropic deal pricing determines whether AI stocks recover at all. His advice into today's rally: do not chase.