According to CNBC, Jim Cramer said rising borrowing costs are dividing the stock market between companies constrained by the bond market and artificial intelligence businesses that appear largely insulated from higher rates. He said Wednesday's $39 billion Treasury auction drew strong demand, helping pull yields off multidecade highs, but stocks still finished lower after the benchmark 10-year yield briefly rose to 5.365%, its highest level since April 2002.

Cramer said higher rates weigh on sectors including finance, housing, utilities, entertainment, retail, autos and industrials, while AI-related companies such as data center builders, semiconductor makers, power providers and cybersecurity firms remain easier to finance. He cited SpaceX as one example, saying the company could secure relatively attractive borrowing terms despite its BBB credit rating because of enthusiasm around AI. He contrasted that with Skydance, which recently issued a similar amount of debt as part of its acquisition of Warner Bros. Discovery, and said those bonds quickly fell as investors assessed pressure on the movie and television businesses.