Cramer's Morning Take: Tech Rebound 7/22/24

Jim Cramer (0:01)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club Morning Meeting.

We are still dealing with an overbought market, but against that, we've got a new presidential candidate who I've got to tell you, Jeff, is much more pro-tech than either Biden or Trump, and that's because that's where she comes from. She knows the landscape, she got many friends in Silicon Valley, different person.

Jeff Marks (0:28)

So do you think today is a little bit of a... So last week, obviously, market fell a lot of concerns about tariffs, a crackdown on mega cap tech stocks, meta, alphabet, a little bit of a reverse of that today?

Jim Cramer (0:40)

Well, I think that this is more of a factor of, you know what, anyone was better candidate than Biden because we saw that Biden, for instance, in a debate was pathetic. There's no way that Harris is going to be as pathetic as Biden because he may be the benchmark of pathetic.

So, what I see here is people saying, you know what, got to be careful being so negative on Megacap because I do believe that she's a better candidate than he is. But let's not forget, Trump is the front runner.

Jeff Marks (1:06)

Yeah, and stocks are coming off a really rough stretch yesterday. S&P trying for its first positive day since last Tuesday.

So, we have come down, but as you pointed out, oscillator is still a little bit overbought. I want to hit on the semis because obviously the semis were probably the center of the sell-off.

Jim Cramer (1:24)

Right, well, that's China, that's the China plan, which is to, the globalist plan is to keep China open a little bit, hence the Nvidia chip that just, that they're making for China. The nativist plan is to shut down everybody.

The nativist plan is just to say, listen, America first. We don't care about our allies. If you want to have, want to do business in America, you have to pay the price. Now, against that is a much more globalist candidate in Harris. Now, I think people don't understand. We didn't, it looks like in the last year, we didn't really deal with Biden. We were dealing with his assistants, and that's coming out over and over again. Wall Street Journal, really good piece about that.

And I come back and I say, well, wait a second. If I get not worried about China anymore, you gotta buy AMD, you gotta buy Nvidia, you gotta buy KLA 10 core, you can buy applied materials. And that seems to be what's happening. AMD being one that we have to be careful of because we like it on the way down. Why? Because we think that they've got a very good, credible alternative to Nvidia. Right now, people feel like they don't.

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SPEAKER_3 (2:34)

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