Cramer's Morning Take: Nvidia 8/14/23

SPEAKER_1 (0:00)

What do you see on the horizon for financial markets?

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Jim Cramer (0:33)

Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting. I've got to tell you, Jeff, we are in one of the situations where I think the Nasdaq have been many doubters. Today, I went on a forceful campaign to say, go sell your Nvidia if you want to.

I have had it with defending Nvidia after the incredible runners had, and just because it's had this recent downturn, I'm not defending it. I want everybody out of it who doesn't like it, so that we only have strong hands coming into the quarter.

Jeff Marks (1:05)

Yeah, absolutely. And the stock has come down quite a bit. You have Morgan Stanley defend it today, saying to buy the dip, reiterate, is one of the top pick. There have been some macro concerns, some supply constraint concerns over the last couple of weeks, which is why it's declined. But I think one can argue the reason why they'd be supply constrained is because they just cannot, there's just so much demand for them.

Jim Cramer (1:27)

I know, and I mean, you did remember, Jensen told me, listen, we'll catch up to demand by the end of the year. Why should I doubt this man? Now, I will point out once again, this is a very highly valued stock.

I did a piece, working on a piece this morning for No Huddle, which talks about, okay, look, here's the problem. You can't necessarily prove that anything's being done better because of AI.

But there's certainly a tremendous demand for the chips. You know, the Chinese would take every chip they could. If it weren't banned. So let's not forget. I mean, you may think that demand is fanciful, but the Chinese would take everything.

Jeff Marks (2:03)

It does sound like they're even trying to get as many of the slower, I don't know the correct term, but the slower chips that they're all trying to get their hands on.

Jim Cramer (2:12)

How do we call them that? Now, I did talk about that you need to be patient. This is very much a derivative of what Lawrence Larry Williams said when he was on our show. But in my Sunday think piece, I made the point, I tried to make things a little bit less personal and rough by talking about a mythical $150 stock that needs to go to $135 before I feel like I got to go commit capital. Also feel that constrained by it's only minus one on the oscillator, which is not the level I want to jump up and down and tell people to buy.

There are stocks out there that I just can't believe, and I mention them passively, like the banks, just no traction whatsoever. And oils, all the traction, if anything, I want to lighten up on the oils.

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