Cramer calls blistering rally in chip stocks 'worrisome.' How he's protecting his portfolio

CNBC's Jim Cramer said the blistering rally in semiconductor and AI-related stocks may be sending a warning signal about the broader market. "Lately, we've been seeing parabolic moves all over the market" said the " Mad Money " host. "Those are worrisome." His caution comes after a historic run in the Philadelphia Semiconductor Index , often called the SOX, which surged for 18 straight sessions — its longest win streak ever — before pulling back on Monday. During that winning streak, the index jumped more than 47%. Cramer believes that kind of move is rare and potentially troubling. Even with Monday's dip, the index is up 37% in April. If the month ended at current levels, Cramer noted that it would mark the second-best month in the index's history, trailing only February 2000, just before the dot-com bubble burst. That comparison has not gone unnoticed on Wall Street. Analysts at Goldman Sachs recently said the index traded about 50% above its 200-day moving average, a key momentum indicator used by technical strategists. That's its most extended level since 2000, according to Goldman. Meanwhile, Morgan Stanley flagged semiconductors as among the most overbought in history, warning the group could be due for a near-term pullback. For Cramer, the bigger concern is how widespread the rally has become. A range of stocks tied to AI infrastructure and data centers have posted similarly sharp gains in a short period. …