Shares of CoreWeave, an operator of artificial intelligence data centers, were listed on the Nasdaq in late March and have since gained over 300%.

As CoreWeave, Inc.’s (CRWV) shares closed Wednesday’s session at a fresh record, CNBC Mad Money host Jim Cramer saw the surge as meme traders’ handiwork.

In a post on X, formerly Twitter, Cramer said, “I do think that Coreweave is a meme stock in that some hedge funds got short it and now they are being skinned alive by memesters.”

Cramer’s comments may not be way off. Short interest in the stock held steady at 3.10% since the start of June after it spiked by a full percentage point at the end of May, according to Koyfin data.

CoreWeave, an operator of artificial intelligence (AI) data centers, went public on March 28, and since its listing, the stock has gained over 300%. Optimism regarding AI spending and AI frontrunner Nvidia’s (NVDA) stake in the company have been the main stock drivers.

Cramer also made an interesting point about the declines in Palantir Technologies, Inc. (PLTR), another AI play, on Wednesday. 

“There may not be enough money from meme people to keep chasing coreweave without dumping some palantir. I think that's what happened today,” he said.

Palantir, also a high-flying stock, shed 2.37% to $130.01 on Wednesday. Notwithstanding the drop, the stock is up over 70% this year.

The renewed optimism toward CoreWeave is driven by a new long-term lease deal the company struck with digital infrastructure solutions company Applied Digital (APLD).

Cramer, however, was about CoreWeave in the not-so-distant past. Following the company’s quarterly results in mid-May, the stock picker said he was impressed with the results. 

“The demand for their computing power is clearly there, and that was not a given at the time of the IPO, when everyone assumed the AI infrastructure story was about to collapse,” he had said then.

Some retail investors also cried foul. “Both APLD and CRWV somehow keep pumping their stock when money is just going around their pockets,” they said, referring to the former disclosing a 5.5% stake buy by CoreWeave.

A few users also remained wary of a potential sell-off in the stock following lockup expiry.

Sell-side analysts, on average, hold a downbeat view on CoreWeave, with the Koyfin-compiled consensus price target for the stock at $69.97, implying nearly 60% downside potential.

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