Cramer explains the divergence in tech stocks – and why software may continue to lag

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CNBC’s Jim Cramer on Thursday marveled at the divergent fates of technology stocks — the hardware winners and software losers — and suggested it may remain this way for a while longer.

This divide had been one of the market’s dominant themes in 2026 before the Iran war broke out Feb. 28. And now, even with the conflict paused in a “fragile truce,” Cramer said the buy hardware, sell software trade has returned in full force.

“I’m talking about the enterprise software empire that’s being toppled by hardware stocks and AI,” the “Mad Money” host said. “This war in tech, more than the actual war in Iran, has captivated Wall Street.”