CNBC’s Jim Cramer on Thursday said Wall Street should be less jaded, saying that to see gains it is necessary to trust certain deserving market-moving figures.
He specifically said he has faith in Federal Reserve Chair Jerome Powell, Nvidia’s Jensen Huang and Apple CEO Tim Cook, even as some on Wall Street have negative sentiments about them.
“Don’t scoff when I tell you to have faith in these people who’ve made us all fortunes,” Cramer said. “It’s the skeptics who’ve been wrong — the skeptics — year after year after darn year.”
To Cramer, Powell is pragmatic and hasn’t gotten the trust he deserves. He praised the way the Fed chair has handled the last several turbulent years, saying he’s been able to create “a very positive situation where business is good, and many of the key inflation inputs will come down naturally on their own.”
Cramer added that he thinks Powell will be able to “fly the plane wherever it has to go.”
Nvidia stock dipped earlier this week as investors worried that its Big Tech peers will develop graphics chips that threaten the company’s dominance, Cramer said. But he doubled down on his belief that the chipmaker is in good hands with Huang, saying the company won’t be crushed by the competition. Cramer said he thinks Nvidia can work with many of these companies, who will also remain its clients.
Cramer rebuked the narrative that Apple is “stuck in a no-growth mode,” saying Cook will come up with a winning strategy. He also cited a report from Bloomberg that suggests the iPhone maker plans to overhaul its Mac line with artificial intelligence chips.
“If my positive track record on ‘Jay’ Powell, or my ‘own it don’t trade it’ philosophy on Apple and Nvidia, have lost you fortunes, you can knock me all you want,” he said. “But right now, I think I’m money good with these calls. And the critics? I say to them, show me the money.”
A spokesperson for the Fed and a spokesperson for Nvidia said they didn’t have a comment on Cramer’s remarks. CNBC has reached out Apple for comment.
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