CNBC’s Jim Cramer said Monday that investors should not get scared out of the stock market by bearish calls from billionaire hedge fund managers. “Please be careful listening to any billionaire,” Cramer said on ” Squawk on the Street. ” “They made billions, and it’s not for you.” Cramer’s warning was in response to remarks from prominent fund manager Paul Tudor Jones, who said the current market setup feels like that of late 1999, just before the dot-com bubble burst. During an interview earlier on ” Squawk Box ,” the founder of Tudor Investment cited dramatic surges in Big Tech names and heightened speculative behavior. Most recently, some Wall Street have been mulling the longevity of the generative AI trade. “My guess is that I think all the ingredients are in place for some kind of a blow off,” Jones said. “History rhymes a lot, so I would think some version of it is going to happen again. If anything, now is so much more potentially explosive than 1999.” Jones added, “The circularity makes me nervous,” in a veiled affirmation of how AI bubble proponents have described last month’s OpenAI deal with Nvidia . Individual investors should ignore Jones’ call, Cramer said, arguing it’s too early to entertain a dot-com bubble comparison. “If you use these analogies, you’re going to get scared out. I’m saying don’t get scared out.” Over the years, Cramer has been warning against the doom-and-gloom calls from billionaire investors. In fact, his new book, “How to Make Money in Any Market,” has an entire chapter on it. Cramer elaborated on the reason why in a story he wrote for CNBC’s Make It . “They already have their money. They won’t risk it unless failure is nearly impossible, which means they’ll never offer useful stock ideas. Their perspective is completely different from yours.” Instead, Cramer believes the current market is in its early innings when it comes to the AI boom. Advanced Micro Devices announced a huge deal Monday with OpenAI. AMD shares surged more than 30% on the news. Nearly two weeks ago, OpenAI also announced a $100 billion equity-and-supply agreement with AMD rival Nvidia . Cramer has said time and time again that Nvidia should be owned, not traded. The AI chipmaking powerhouse is a major longtime position in his Charitable Trust holdings, the portfolio used by the CNBC Investing Club. “This is the fourth industrial revolution,” Cramer said. Nvidia CEO Jensen Huang has been “very right,” Cramer added. Concerns about the stock market’s seemingly unstoppable move higher are not completely unwarranted. As Cramer explained in his Sunday column for Investing Club members , he has one rule to follow during times like these.
