New Tech Leaders Emerge as Oracle Jumps 6% and Megacaps Lose Momentum

3 articles · Updated · CNBC · Nov 3

Broadcom and Micron helped lift major averages Tuesday, reinforcing Jim Cramer's view that a different group of tech stocks is starting to lead while Nvidia, Microsoft, Alphabet and Meta struggle to extend rallies.
AMD and Arista Networks added to that case with strong quarterly results after the bell, and Oracle rose nearly 6% in the session as Cramer argued "non-magnificent tech" could drive a sector recovery.
Data-center opposition remains a key risk, with local resistance over power costs and water use threatening smaller developers such as Iren, Nebius and CoreWeave more than cash-rich companies like Amazon.
Iran war uncertainty is another overhang: oil fell Tuesday on hopes for U.S.-Iran talks, but Cramer said Wall Street has repeatedly underestimated escalation risks.
After months of failed rebounds, Cramer said he is not ready to call a durable bottom in tech and wants a clearer "crescendo" before committing more money.