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【Kramer: AI Stock Sell-off May Not Have Bottomed Out Yet, Don't Panic, I Advise Holding Cash】 (1) CNBC's Jim Kramer predicted on Thursday that the sharp sell-off in AI stocks may still have room to fall, but he urged investors not to panic. (2) Following the midterm elections, opposition to building new data centers has intensified, and the market is skeptical about future AI infrastructure spending, causing related infrastructure companies' stock prices to plummet; Micron fell 17% on Thursday, GE Vernova fell 7%, and SanDisk fell 22%, all three stocks also suffered heavy losses on Wednesday. (3) Kramer said he hopes the sell-off on that day was the bottom, but warned that there may still be room to fall; however, he does not believe this is a repeat of the dot-com bubble, and today's AI companies are fundamentally different from the speculative companies of that time. (4) He believes that many technology stocks, especially semiconductor stocks, have risen too much and seem to have no support; but unlike in 2000, this is more like an orderly decline, because most companies are profitable, but their stock prices are too high. (5) Cramer said that investors had previously assumed that the rapid construction of data centers would continue indefinitely, pushing AI stocks too high; smaller developers such as CoreWeave, Iren, and Nebius are particularly risky because their borrowed projects may face regulatory delays. (6) He said the main concern is the debt associated with new cloud companies, but there are currently no major institutional debt defaults that are enough to devastate the market; a rapid sell-off may be more effective at absorbing the AI bubble than a prolonged decline, and he would like to see "the band-aid ripped off." (7) For investors, Cramer advised keeping plenty of cash; although semiconductor stocks may fall further, lower interest rates, signs of easing inflation, and the possibility of an end to the Iran war are all reasons for optimism. (8) He concluded that having cash prevents panic and complacency, allowing one to remain clear-headed, which is the way to minimize losses before things improve, "things will get better."