Jim Cramer Sees Anthropic IPO as Key to AI Sector Rebound
Jim Cramer said AI stocks need Anthropic's IPO to recover. But Anthropic retracted its IPO pricing range, causing a drop in pre-IPO futures.
Restaurant and snack stocks like Cheesecake Factory have outperformed bitcoin and Nvidia over six months, with BTC falling near $76,000.
Four restaurant and snack stocks are weathering market swings better than bitcoin and Nvidia.
Over the last six months, Cheesecake Factory shares alone have risen more than 70%, while Nvidia dropped by double digits.
As of Friday's close, Cheesecake Factory climbed 72.86% in six months. The restaurant chain's shares have also more than doubled over the past year.
Wingstop rose 20.47% over the same six-month span. Still, the chicken wing chain is down more than a third on a 12-month basis.
Krispy Kreme added 14.25%, boosted by a 31% jump on Thursday. The donut maker had raised its full-year revenue outlook a day earlier.
Monster Beverage rose 8.22% over six months. The energy drink maker is up more than a third over 12 months.
By comparison, the bitcoin price ranked near the bottom. Only Nvidia performed worse, losing more than 12%.
The same sell-off hit both chips and crypto this week. Fears of tighter rules for AI data centers triggered Thursday's Nasdaq selloff after Democrats won both chambers of Congress.
Senator Bernie Sanders has already called for a data center moratorium. Nvidia fell 9.26% on Thursday and lost its position as the world's most valuable company to Apple.
Bitcoin mirrored the tech rout. Its post-election rally collapsed, and the asset now trades near $76,000.
Crypto stocks had already struggled before the midterms. Shares of Coinbase, Circle, and Robinhood have fallen 40% to 56% in a stealth bear market. Angel investor Jason Calacanis has even predicted a bitcoin crash to $57,000.
Nvidia reports quarterly earnings on November 17. A weak report could add pressure on the bitcoin price after bitcoin's shocking 48 hours this week.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
Jim Cramer said AI stocks need Anthropic's IPO to recover. But Anthropic retracted its IPO pricing range, causing a drop in pre-IPO futures.
Goldman Sachs CEO David Solomon warns blocking US data center growth would push AI capacity overseas after Democratic midterm wins.
Asia's AI and chip stocks rallied, lifting the Nikkei and KOSPI and recovering much of Friday's sharp selloff.
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