Jim Cramer Says Oil Surge, Higher Rates Are ‘Convenient Excuses’ To Sell Semis as QQQ, SOXX Drop and Investors Question Data Center Spending

Jim Cramer highlighted a recent technology sell-off, particularly in the Invesco QQQ Trust (QQQ) and iShares Semiconductor ETF (SOXX), attributing it to rising oil prices and interest rates rather than inherent weaknesses in the semiconductor sector. On October 7, QQQ closed at $757.73, down 0.25%, and fell to $752.15 in pre-market trading, while SOXX dropped 1.12% to $582.82 and further declined to $570.94 pre-market. Cramer suggested that investors are incorrectly linking macroeconomic pressures to a peak in data center spending, leading to the sell-off in semiconductor stocks.