CNBC·2025-12-17 20:03Core Viewpoint - Jim Cramer warns Amazon against engaging in speculative AI deals reminiscent of the 1990s dotcom bubble, particularly a potential $10 billion investment in OpenAI for the use of its custom AI chips [1] Group 1: Investment Concerns - Amazon is reportedly in discussions for a $10 billion investment in OpenAI, which raises concerns about the necessity of selling Trainium chips [1] - Cramer expresses disbelief that Amazon would participate in such deals, labeling them as "not real" [1] - The current trend of high AI-related spending by major companies is alarming, as it mirrors the speculative behavior seen before the dotcom crash [1] Group 2: Market Predictions - Cramer predicts that the stock market will not support excessive speculative investments, referencing the historical crash of the tech-heavy Nasdaq after the 2000 peak [1] - He describes the interconnected investment activities in AI as a potential bubble, drawing parallels to the year 2000 [1] Group 3: OpenAI's Activities - OpenAI has been aggressively securing computing power from various firms, including Nvidia and Oracle, amounting to $1.4 trillion in infrastructure commitments recently [1] - Cramer characterizes OpenAI's current deal-making as "2000 in a nutshell," indicating a pattern of leveraged bets that could lead to a bubble [1]