With the conclusion of the first earnings season of 2024, Jim Cramer expressed its assessment of the latest financial reports of the Magnificent Seven mega-cap companies, with NVIDIA Corp NVDA AND Amazon.com Inc AMZN receiving special recognition.
What happened: On Wednesday, Cramer praised Nvidia for its record revenues, which saw a 265% increase due to strong demand for its AI products. He also praised Amazon for its growing advertising and web services business, CNBC reported.
“For me, what’s needed is a long-term vision,” Cramer said.
“Too bad success or failure is all we ever hear during earnings season.”
Nvidia was the first to receive praise from Cramer for its record revenues, which increased 265% due to high and sustained demand for its artificial intelligence products. Cramer then praised Amazon as “the ultimate summation of all,” noting its thriving advertising business and expanding web services industry.
The CNBC host also offered praise Meta Platform Inc. HALF for its robust advertising and WhatsApp business, and Microsoft Corporation MSFT for its strong cloud business. However, he noted that Microsoft’s AI product, Co-Pilot, has received mixed reviews.
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While The Apple company. AAPL did not receive “high honors” according to Cramer, he argued that Wall Street was excessively harsh. She also had mixed opinions about Alphabet Inc. GOOGLE, praising its cloud business but criticizing the advertising industry. He gave Tesla Inc. TSLA a “gentleman’s C,” expressing uncertainty about the company’s prospects for the year.
“Overall, the seven did really well,” he said.
“Some of these mega-cap companies have done their best, achieving what I can only describe as ‘summas,’ at least in their orals, meaning conference call.”
Because matter: Cramer’s assessment of the Magnificent Seven’s earnings comes after suggesting that investors should look beyond these tech stocks for potential high-return investments. In a previous article, Cramer acknowledged the significant influence of mega-cap technology companies on the market, but also highlighted other stocks that could offer substantial returns.
Earlier in the year, Cramer also made a bold prediction about one of the Magnificent Seven stocks, suggesting that Tesla could be the first to fall. He proposed that if Tesla lost his position, Eli Lilly could be a strong contender to take his place.
Read next: NVIDIA Earnings Imminent; These more accurate analysts review forecasts before the earnings call
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