CNBC's Jim Cramer warned investors not to be fooled by the latest rally in artificial intelligence (AI) stocks, stating it does not mean the data center trade is out of the woods. His skepticism centers on three lingering risks: smaller AI infrastructure companies (neoclouds) like CoreWeave, Nebius, and Iren face significant debt burdens amid rising interest rates; the $63 billion Anthropic-Broadcom financing deal involves Anthropic borrowing to buy equipment rather than paying from profits; and the current calm in the bond market, with 10-year Treasury yields falling below 5%, may be short-lived ahead of the Federal Reserve's interest rate decision and potential geopolitical volatility.