Jim Cramer Names the One Deal AI Stocks Can’t Recover Without

Jim Cramer said Monday that a genuine recovery in AI stocks depends on Anthropic's IPO, but that evening Reuters reported Anthropic had withdrawn the share price range it had sent to bankers. Crypto traders reacted first, with Anthropic's pre-IPO perpetual futures contract on Hyperliquid, a decentralized derivatives exchange, falling on the news. The retraction casts doubt on the timing and pricing of a deal Cramer framed as the catalyst the AI trade needs to rebound. The episode highlights how Hyperliquid's pre-IPO perps have become a real-time price discovery venue for private-company listings ahead of traditional markets.