Jim Cramer rejected Citrini Research's AI doomsday report as "science fiction" after it triggered a market sell-off. The "Mad Money" host pushed back against Alap Shah's predictions of massive job losses, calling them unfounded amid contradictory economic data.

The Feb. 22 report sparked immediate turmoil, with the Dow dropping 1.66% as the S&P 500 Software & Services Index plunged 23% for the year. Nearly 30% of S&P 500 stocks moved at least 20% over three months, double the 20-year average. Enterprise software now trades at 15 times forward earnings versus a five-year average of 35 times.

Contradicting the AI apocalypse narrative, a NBER survey found 90% of executives reported no employment impact from AI. Cramer warns narratives can suppress pricing but urges selective buying of AI pioneers like Nvidia and power-demand players while avoiding overvalued stocks and private credit firms facing redemptions.