Jim Cramer warns excess supply could be the next biggest threat to the bull market

Key points

• CNBC's Jim Cramer warned Wednesday that a wave of capital raises tied to the artificial intelligence boom could create a near-term headwind for stocks.
• "Bull markets can be killed by business conditions or interest rates or geopolitical turmoil, but the thing that most easily leads them to the slaughterhouse is an excess of new supply," the "Mad Money" host said.
• "Like any market, when supply outstrips demand, prices go right down." Cramer pointed to a growing pipeline of companies are seeking capital to fund massive AI infrastructure buildouts, including highly anticipated IPOs from SpaceX, Anthropic and OpenAI, as well as Alphabet's recent $80 billion stock sale.
• While Alphabet's deal was absorbed smoothly by the market, Cramer worries the market could eventually become saturated if too many companies attempt to tap shareholders at the same time.
• "I get concerned that stock supply will overwhelm investor demand," he said.