CNBC’s Jim Cramer said Wednesday that while Wall Street was focused on re-escalating tensions between the U.S. and Iran, he is more concerned about a flood of new stock and bond issuance that could threaten the bull market.

“At least when it comes to the stock market, I’m a lot more worried about supply — specifically, the flood of new equity and bonds that have inundated this market, sopping up a lot of sidelined capital,” the “Mad Money” host said.

Companies have issued staggering amounts of equity and debt in the last month, Cramer noted, including Alphabet’s big stock sale, SpaceX’s $85 billion initial public offering and $25 billion bond sale, as well as large debt offerings from companies including Amazon. While the market has absorbed that supply so far, Cramer warned demand may be approaching its limits.

“I fear it’s getting to be too much,” he said. “If the issuers and their investment banking minions don’t rein things in, I think the bull is going to get hurt.”

Two recent deals raised concerns for Cramer: Rivian’s discounted stock offering and South Korea-based SK Hynix’s planned $28 billion Nasdaq listing. He said electric vehicle maker Rivian’s discounted share sale suggests the market may no longer be willing to absorb new equity at lofty valuations. Cramer also questioned whether institutions will have to sell existing holdings to make room for the SK Hynix offering, potentially creating additional selling pressure elsewhere in the market.

Still, Cramer said the market has not yet reached a breaking point. He pointed to a rebound in semiconductor stocks during Wednesday’s session, led by Nvidia, which had shed almost $1 trillion in market value from its peak. Nvidia’s stock got a boost after The Information reported that China will allow a handful of AI companies buy a limited amount of H200 chips.

“We are still at equilibrium,” he said. “The buyers still have some spare cash.”

However, Cramer warned that balance could quickly disappear if companies keep tapping investors for capital at the current pace.

“We haven’t reached the danger zone yet, but if these offerings keep coming, we will not be safe from oversupply,” he said. “We need to see a break in the IPO and secondary action. IPO abstention and M&A activity can still save the bull. But if we keep getting this level of supply for a few more weeks? The bull will suffocate under the weight of all that new paper.”