Some stocks deserve a higher premium, says Jim Cramer

Market Overview - The stock market is experiencing a downturn, with the Dow dropping 251 points and the S&P losing 1.17% [1] - The NASDAQ also saw a decline, with Palantir's stock tumbling 2.04% [2] Market Segmentation - The market can be divided into three segments: high growth high-tech, the real economy, and speculative markets [2] - The tech/data center economy is a significant part of the high growth high-tech market, encompassing various companies involved in the fourth industrial revolution [3] Valuation Metrics - Companies in the tech/data center sector typically have high price-to-earnings (P/E) multiples, with the average S&P 500 stock trading at 23 times next year's earnings [4] - Notable companies in this sector include Amazon (32 times), Apple and Microsoft (around 33 times), and Nvidia (about 30 times), all trading at a premium compared to the average [4][5]