CNBC host Jim Cramer has a blunt message for anyone eyeing AI infrastructure plays: run the other way. He's particularly concerned about Nebius Group N.V. (NBIS), the Dutch AI infrastructure company, and others like it that are burning through capital at an alarming rate.

The Capital Destruction Problem

In a Thursday post on X, Cramer didn't mince words. "The pain in the NBIS's is not over," he wrote, referring to the Amsterdam-based company and its peers—firms that continue posting operating losses even as their capital expenditures balloon and their stocks rally on hype.

"I can't believe the capital destruction," Cramer said. Here's the pattern he's criticizing: these AI infrastructure companies pour massive amounts of money into capex to land deals with tech behemoths like Microsoft Corp. (MSFT). Then they blast out flashy press releases about those partnerships, which sends their stock prices soaring in the short term.

The problem? None of this seems designed to actually generate tangible profits or create long-term shareholder value. It's a concern that several prominent analysts have been raising for months now. Cramer's takeaway was crystal clear: "In other words, stay away."

Nebius Takes A Beating

The warning comes at a rough time for Nebius (NBIS). Even after reporting what looked like a strong third-quarter performance last week, the stock has been in freefall throughout this month. Shares dropped 10.97% on Thursday alone, closing at $84.64, and fell another 1.23% in overnight trading. All told, the stock is down more than 37% from its all-time high just last month.

Interestingly, Nebius still scores high on momentum metrics in some stock rankings, with a favorable long-term price trend. But Cramer's point is that momentum and hype aren't the same thing as a sustainable business model—and when the music stops, shareholders are left holding the bag on all that "capital destruction."