Jim Cramer sees signs of life in tech stocks — but not from the usual winners

CNBC's Jim Cramer said Tuesday that a new group of technology stocks may be emerging as market leaders.

While heavyweights such as Nvidia, Microsoft, Alphabet and Meta have struggled to sustain rallies in recent weeks, other companies are showing signs of strength. That was evident during Tuesday's session as gains from Broadcom and Micron supported the major averages — a sign that investors may be shifting toward a different set of tech winners.

"Tech's trying to make a stand here. It's just not the tech that's led us for the last few years," the "Mad Money" host said.

Cramer pointed to chipmaker Advanced Micro Devices and networking company Arista Networks — both of which reported strong quarterly results after the bell Tuesday — as examples of technology companies that could help lead the sector's recovery. He also highlighted Oracle, whose shares jumped nearly 6% in Tuesday's session.

"I want to believe that non-magnificent tech can lead us," he said. "But I also know that there are concerns we must be aware of before we get too cocky about one session's set of positives."

One concern is growing opposition to data center development, as local communities push back due to fears about rising electricity costs and the facilities' water consumption. He said smaller developers such as Iren, Nebius and CoreWeave could be particularly vulnerable if projects are canceled or forced to relocate, while larger companies like Amazon have more resources to secure alternative locations.

The ongoing war with Iran is another source of uncertainty. Oil prices turned lower Tuesday on hopes there could be progress in U.S.-Iran negotiations. But Cramer cautioned that Wall Street has repeatedly underestimated the risk of further escalation, making it difficult to declare the conflict no longer a threat to markets.

He stopped short of saying that the sector had reached a lasting bottom. After months of failed rebounds, Cramer said he "would like to wait for the crescendo before I commit too much money back into tech."