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Cramer says Nvidia, Salesforce earnings upend two big bear narratives

Jim Cramer says strong Nvidia and Salesforce earnings shattered bear narratives, sending shares up 8% and 22%.

AI News Feed · 2026-08-28 11:06

Salesforce rose 22% and Nvidia gained 8% after reporting results Wednesday evening. Cramer said on CNBC's "Mad Money" that the reports forced investors to rethink concerns weighing on both stocks.

For Salesforce, investors had worried that increasingly capable AI models could let businesses do more with fewer traditional software subscriptions, undermining the industry's pricing model. Cramer said the software giant delivered its strongest sales growth in four years, with seats across its sales, service and Slack products growing year over year. Customer attrition stayed near historic lows, and bookings for its AI-focused bundles more than doubled from the prior quarter.

The expanded partnership with Anthropic further undercut the bear case, according to Cramer. Anthropic's Claude users can now tap Salesforce data via Claudeforce to perform tasks like composing emails and updating records.

For Nvidia, Cramer said the results challenged concerns about slowing hyperscaler demand, competition from custom chips, rapidly depreciating GPUs, potential delays to its Vera Rubin platform and risks around financing AI customers. He pointed to an increasingly diversified customer base, with hyperscalers now accounting for roughly half of its business and sovereign AI projects, neoclouds and other customers making up the rest.

Cramer noted that Nvidia's next-generation Vera Rubin chip remains on schedule, and CEO Jensen Huang said older infrastructure can remain productive for years. Amazon Web Services plans to buy 2 million Nvidia GPUs and potentially millions of Vera CPUs, despite developing its own chips, underscoring strong demand.

Most important, Cramer said, was Nvidia's outlook: revenue could grow roughly 70% in fiscal 2028, well above the 45% Wall Street expected.

Cramer said the rallies demonstrated the danger of letting popular narratives overshadow actual company performance. "The short-pocalypse hedge funds got annihilated by Salesforce and Nvidia," he said.