Jim Cramer: Hyperscalers ‘Wrecked Their Balance Sheets’, But Apple Carries Twice Alphabet’s Debt

Jim Cramer: Hyperscalers ‘Wrecked Their Balance Sheets’, But Apple Carries Twice Alphabet’s Debt Rich Duprey Wed, September 2, 2026 at 12:47 PM GMT+2 3 min read AAPL GOOG GOOG Quick Read Cramer called AAPL's balance sheet "pristine," but AAPL carries $112B in debt versus GOOG's $59B, at debt-to-equity ratios of 1. 52 versus 0. 14.

Apple's $124B liquidity cushion and 0. 5 net debt-to-EBITDA explain why markets reward AAPL with a 42x P/E, triple Alphabet's 14x. If Apple accelerates AI infrastructure spending under John Ternus, its massive buyback program and 'pristine' balance sheet face their first real stress test.

Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor) On Tim Cook's final day as chief executive, Jim Cramer delivered a verdict that reframes the entire hyperscaler debate. Speaking on Mad Money on August 31, 2026, he called Apple's balance sheet "pristine... the envy of the industry, maybe any industry" while accusing the AI infrastructure giants of the opposite sin.

24/7 Wall St. "The hyperscalers have wrecked their balance sheets to build these data centers. They're the ones to worry about, not Apple.

" Apple ( NASDAQ:AAPL ) closed FY2025 with $112. 377 billion in total debt, $73. 733 billion in equity, and retained earnings of negative $14.

264 billion. Alphabet ( NASDAQ:GOOG ), the poster child for AI capex excess, closed the same year with $415. 265 billion in equity and only $59.

291 billion of debt. Reading the Filings Side by Side Apple carries nearly twice the total debt Alphabet does, and its debt-to-equity ratio sits at 1. 5241 versus Alphabet's 0.

1428. The negative retained earnings are the direct arithmetic of the buybacks Cramer praised in the same breath: Apple has repurchased $62. 094 billion of stock in the nine months through June 27, 2026, on top of $90.

711 billion in FY2025. Alphabet's leverage jumped fast this year. Long-term debt more than doubled from $46.

547 billion at year-end 2025 to $98. 165 billion by June 30, 2026, funding CapEx guided to $175 billion to $185 billion for 2026. The buyback program was suspended in Q2 2026.

Free cash flow flipped to negative $5. 86 billion. A $1,000,000 Income Portfolio If you've saved over $1,000,000, this guide is for you.

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(sponsor) Why the Market Isn't Punishing Apple Cramer's framing survives scrutiny for a reason: liquidity. Apple holds $39. 544 billion in cash and $84.

118 billion in long-term investments, a cushion that dwarfs the near-term maturities. Net debt to EBITDA sits at 0. 528, and interest coverage on Alphabet's side remains at 175.

3x. Both companies remain financially sound. Story Continues Investors have voted with their wallets.

Apple is up 16. 87% year to date through September 2, 2026, versus Alphabet's 8. 56% gain.

Apple trades at a 42 P/E multiple, roughly triple Alphabet's 14. AAPL Price Target — 24/7 Wall St. GOOG Price Target — 24/7 Wall St.

What to Watch as Ternus Takes Over Bloomberg reports the John Ternus era begins after Cook's 2,300% stock gain, with CNBC flagging AI challenges and a memory crunch ahead. If Apple accelerates its own AI infrastructure build, the buyback pace will collide with capex needs, and the "pristine" label will face its first real test. All that hyperscaler spending has to be powered, cooled, and networked by someone, and we pulled together seven suppliers doing exactly that in a free AI infrastructure report.

A $1,000,000 Income Portfolio If you've saved over $1,000,000, this guide is for you. The last thing you want in retirement is to run out of money, you want your money to generate lasting income while you enjoy your life. Now you can learn the strategies wealthy retirees use to fund their retirement with The Definitive Guide to Retirement Income from Fisher Investments.

Download the guide today! (sponsor) Contact editorial@247wallst. com for any questions or corrections.