Cramer's Morning Take: Semiconductor Stocks 9/3/24

Jim Cramer (0:02)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club Morning Meeting. We're off to a very weak start, except for when it comes to the consumer packaged goods stocks were just on fire. The semi-industry is getting rocked, even though the yields are a little bit lower. And I've got to tell you, I tell you, Jeff, with yields this low and the semis revisiting their lows, getting interesting. Getting interesting, why? Because what we have is a market that I think tests where Nvidia was at the most ugly moment. Micron trading through where it was when they have $92 buyback right now. We know that Qualcomm, they can always talk a very big game. And I do come back to Marvell Tech saying that they think that cell phone semis are on an upswing. So you do have a lot of areas that are up. Against that, you have an incredible piece by Mike Semblis who calls into question the idea of all the AI spending and says that it could be like the 1990s. I think the piece is too critical, but I pointed out that I think it's rocking the markets.

Jeff Marks (1:01)

Yeah, I mean, I think Nvidia got to around 95 back when the Yen Carrier trade was blown up. So along the line of that thinking, it's still some ways to go. But it is the first trading day of September. September, historically a horrible month. A weaker month for the market. I shouldn't say, I shouldn't give a high. How about a week? A week more. A horrible, but a weaker month. We have been raising cash ahead of that. We're around 9, 10%.

Trim some low in today.

Jim Cramer (1:28)

10%, we're ready. Yeah, we're ready for the sale. I want people to understand, we are actually, I spoke to Jeff, I gave behind the scenes. I was talking about buying some Disney, maybe I'm buying some AMD. I think that I want to buy weak this year. Why? Because yields are surprisingly low. And because I think we're in a period where I just, we reassembled this by the way, where we still have a huge amount of spending in tech. I'm going over what Marvell said, this is really attractive stock. I'm going over what Marvell said. And Marvell made a point of saying that end markets are strong. I'm not going to go against someone who knows more than I do. This is Matt Murphy, saying that end markets are strong. At the same time, I do know that Nvidia is way too powerful still, in terms of the mindset, just too powerful.

Jeff Marks (2:11)

You mentioned yields, a lot of economic data this week, the jobs report Friday. Obviously, the jobs report last time was one of the triggers of that early August decline. So we'll see there. And we're coming in a little bit overbought still. Have been that way for a while, though it is coming down.

Jim Cramer (2:27)

Well, don't you think that Friday's closing was so ridiculous? You knew there would be some selling. And then on top of that, you have September selling. You don't have any counteraction today.

But I do again. I am thinking that you can buy something here. Now, I would love to take some of those Lily Pro-C's and buy it when I felt that the market is suitably oversold, but we do not have that. Start your day with my outlook on the market every morning. Visit cnbc.com/morningtake to become a CNBC Investing Club member at a special rate today.

SPEAKER_3 (3:02)

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