Cramer: Broadcom's Anthropic Deal Avoids Nvidia-Level Scrutiny

The CNBC Mad Money host Jim Cramer described Broadcom's $63 billion pact with Anthropic as “excellent for all involved.” But he argued that Nvidia would encounter relentless media “hectoring” had it entered into an identical arrangement.

In this agreement, Wall Street financiers purchase Broadcom chips, which Anthropic subsequently leases. The chipmaker also assumes a portion of the lenders' risk, meaning its shareholders are vulnerable to Anthropic's capacity to repay.

How the Broadcom Anthropic Deal Moves Risk Onto Chipmakers

According to Bloomberg, the financing was assembled over a number of weeks prior to its Monday announcement by Bank of America, Blackstone, Citigroup, and Morgan Stanley. The funds move via a special purpose vehicle (SPV), an independent entity established for this transaction.

The SPV purchases Broadcom chips and data center gear, subsequently leasing the equipment to Anthropic.

Broadcom's artificial intelligence chips are largely customised for individual clients, for instance Google's Tensor Processing Units (TPUs). Nvidia, in contrast, markets standard processors to a wide range of customers.

Additionally, Broadcom provides residual value support to the lenders. In effect, the semiconductor firm bears a portion of any loss if the hardware's value falls short of expectations upon lease expiry.

This deal comes after a prior commitment. Broadcom committed to lending Anthropic as much as $42 billion, according to a Reuters report on October 1, which cited the AI company's IPO prospectus. Neither article clarifies how that loan connects to the new bank-financed package.

Lending to Anthropic also involves heightened risk. The firm's junk credit rating is positioned one level below investment grade.

Would Nvidia Really Face Harsher Scrutiny?

Cramer commented on the Broadcom-Anthropic deal in a post on X on Tuesday.

I think this broadcom deal is excellent for all involved but the press would never stop hectoring Nvidia if it did this deal

— Jim Cramer (@jimcramer) October 27, 2026

The parallel is valid. Nvidia has been subject to such scrutiny for months. Its stock declined in August after a reported $500 billion Wall Street AI arrangement emerged, with critics pointing out circular financing.

This term refers to suppliers providing funding to customers, who then purchase their products. Critics contend that this practice obscures the true level of demand.

In the same month, Nvidia committed to guaranteeing as much as $105 billion in OpenAI data centre leases.

Nevertheless, Broadcom encounters a comparable criticism. Observers point out that Broadcom, Amazon, Microsoft, and Google each provide funding to Anthropic, which subsequently spends on their services. Consequently, a portion of the money returns to the supporters.

This line of criticism indicates that Broadcom is not entirely free from the scrutiny Cramer mentions.

Semiconductor companies are more frequently functioning as lenders, as AI laboratories require more hardware than they can afford up front. As a result, the Broadcom-Anthropic agreement links chip shares to the creditworthiness of their largest clients.

This risk is widespread across the industry. In May, OpenAI reportedly encountered a chip financing difficulty connected to its own partnership with Broadcom.

In Cramer's view, that risk seems manageable at Broadcom, whereas the same strategy continues to draw criticism for Nvidia.