By Jim Cramer
Publication Date: 2026-08-30 23:26:00
$229 to $217. Twenty-four billion shares. Five hours. Gone. Just gone. I’m talking about what happened to the stock of Nvidia when I left the office at 11 a.m. ET Friday for a day off to spend time in the final throes of my garden. It touched $229.26 at the highs of the day, before closing at $217.55, down 4.6% for the day. I am glad I didn’t see it unfold. It might have been how sickening I felt back in July after watching Intel unravel in the wake of that great quarter that coincided with the unraveling of Situational Awareness, the AI-focused hedge fund run by boy wonder Leopold Aschenbrenner. If you remember that moment, we saw how quickly those downward moves could evolve. Intel jumped in extended trading the night it reported, only to sink the following day during regular trading. The sell-off in Nvidia came in the wake of a magnificent quarter , like Intel, where the move up was so powerful but not as powerful as the move down. Intel happened faster, but the pattern was ridiculously similar. One key difference: the selling hit Intel during the first session after reporting. With Nvidia, we saw a nearly 9% pop Thursday after reporting Wednesday night; it was Friday’s session when the sellers pounced, erasing more than half of Thursday’s gain. Oddly, the Situational shorts didn’t unravel until last week, when Salesforce had a celebratory gallop. It made me wonder how many people really believed in the “SaaSpocalypse” theory — the belief that software-as-a-service…