Jim Cramer says this could be the biggest threat to the market’s rally

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CNBC’s Jim Cramer said one of the biggest overlooked risks to the market is a coming wave of massive initial public offerings that could drain liquidity from stocks.

“A bull [market] can also be killed by excess supply — too many big IPOs and it collapses under its own weight,” said the “Mad Money” host on Monday.

Investors have been eagerly awaiting potential IPOs from OpenAI, SpaceX and Anthropic later this year, which are expected to draw enormous institutional and retail demand. With hype around artificial intelligence still running high, Cramer said these offerings could attract a disproportionate share of investor capital, pulling money out of the S&P 500