Cramer’s week ahead: AI data center stocks face another hurdle and so does the Fed

CNBC's Jim Cramer on Friday said that next week's earnings from leading neoclouds could test investor confidence in the battered data center trade.

Stocks rebounded to end a turbulent election week, which saw investors dumping companies tied to the artificial intelligence infrastructure build-out after Democrats flipped the House and Senate and some key gubernatorial seats. Following the worst day on Wall Street in 19 months, Friday's gains were welcome but not to be trusted. Cramer remained skeptical of any recovery, as he also had been about what proved to be Wednesday's short-lived midterm rally.

Cramer argued that concerns about data center spending and financing have yet to be resolved. "It felt like a dead cat bounce," the "Mad Money" host said, referring to Friday's largely positive market. "I know we are never going to get an all clear. But it still feels like there are plenty of sellers lurking, just waiting for stocks to make a bigger recovery so they can get out."

With that backdrop, Cramer turned to the week ahead.

Monday

Constellation Energy reports before the bell, offering an early look at how political uncertainty could affect the power infrastructure supporting AI data centers.

Tuesday

On Holding reports earnings, but Cramer remains cautious on the athletic footwear. He said the industry feels increasingly crowded. "I am going to pass on this one," he said.

The consumer price index also arrives Tuesday morning, with Cramer looking for a meaningful slowdown in inflation. He warned that persistently high prices could prompt Federal Reserve Chairman Kevin Warsh to raise interest rates again. The Fed hiked rates in September for the first time in three years.

After the close, neocloud CoreWeave reports in what could be one of the week's most consequential earnings releases. Cramer said the heavily indebted neocloud needs to explain how it plans to finance its expansion and manage its borrowing costs.