Analyst Jim Cramer warned that several hyperscaler stocks are at risk if AI capital expenditure (capex) spending slows down in 2026, attributing recent market selloffs to a hyperscaler signaling a capex freeze or a re-evaluation of OpenAI's credit. Oracle is identified as the most exposed, with its shares down over 50% year-over-year, negative free cash flow of nearly $24 billion in FY2026, and $219 billion in liabilities. Alphabet's shares have also shed over 7% in the past week after raising its 2026 capex guidance to $195-$205 billion, while its Q2 free cash flow turned negative. Amazon and Meta Platforms are also listed among the most exposed, with Microsoft deemed the least exposed due to its strong operating margin and long-term GPU contracts.