Cramer's Morning Take: Apple 6/7/24

Jim Cramer (0:02)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting.

Jeff Marks (0:08)

Some other events happening Monday. You also have the NVIDIA stock split, 10 for one. I know yesterday, the stock was lower on some antitrust concerns.

Jim Cramer (0:15)

Now, that was a canard, okay? A lot of people were selling data, they were selling Eaton, the Vertiv.

Jeff Marks (0:19)

That whole data infrastructure buildup, like Eaton, Vertiv.

Jim Cramer (0:23)

That was a belief that Justice Department can slow them down. And that was a total misread. The Justice Department is trying to figure out what Nvidia is doing to stop and frustrate competition.

And the answer is nothing. So it's not a nothing burger. They can spend a lot of money and time and waste Jensen's time. But that's all it is, wasting Jensen's time.

Jeff Marks (0:42)

And Apple's Worldwide Developers Conference. Yeah, a lot of anticipation into the event.

Jim Cramer (0:47)

I want people to understand that Apple is not, what you're going to hear are what people are doing to write code and develop companies that use Apple products.

Hence why they typically sell off after this. So I do not encourage, you know, own Apple, don't trade it. I do not encourage buying Apple today ahead of this conference.

Jeff Marks (1:08)

Yeah, it's interesting because Bernstein, Tony Sacanegu, he pulled some data around how Apple historically trades around WWDC. It's usually a non-event. If you look from 2014 to 2023, on average, it actually was down 0.1% in the days after event. It's been a little bit better, but there is some more anticipation this time. People wondering about a revamped Siri, a partnership with ChatGBT.

Will new functionality be backwards compatible to new phones because if it's not, that's gonna entice a lot of people to upgrade. So a lot of debates heading into the meeting.

Jim Cramer (1:45)

You may not get the answers you want. You might get people saying, ooh, that could be and that could not be.

We do need to see very badly. If people are not writing for the Vision Pro, then I'm wrong. Vision Pro is gonna be not important. And that's what's going on. Start your day with my outlook on the daily market every morning at 10, 20 a.m. Visit cnbc.com/morningtake to access all the benefits of being a CNBC Investing Club member.

SPEAKER_3 (2:16)

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