Jim Cramer says tech stocks are losing the qualities that made them the leaders of the rally

TL;DR

Technology stocks are losing the qualities that made them market leaders, such as strong earnings, limited supply, and consistent buybacks.
The wave of AI-related fundraising and upcoming IPOs (e.g., SpaceX, Anthropic, OpenAI) is expected to flood the market with new stock supply.
Major tech companies are increasing spending on AI infrastructure, leading to less pristine balance sheets and potential future equity offerings, similar to Alphabet's recent $80 billion raise.
Cramer believes an oversupply of stock is detrimental to a bull market and that the market is only in the early stages of this correction.
The cure for too much supply is lower prices, which he believes will eventually occur, but the market is not there yet.

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