Squawk on the Street

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

Jim and Jeff discuss today's Tech rebound and news that Nvidia is preparing a version of its new Blackwell chips for the Chinese market. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake CNBC Investing Club Disclaimer

Duration:: 4m
Broadcast on:: 22 Jul 2024
Audio Format:: mp3

CNBC Investing Club Disclaimer

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Learn more at chevron.com/meetingdemand. Hey, it's Kramer. And this is my morning take on the market from today's CMC 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. 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 megacap tech stocks, meta, alphabet, a little bit of a reverse of that today? 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 owner. Yeah. And stocks are coming off a really rough stretch, yes, right? 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. Right, last year, that's a China plan, which is the globalist plan is to keep China open a little bit, hence the NVIDIA chip that they're making for China, the nativist plan is to shut down everybody. The nativist plan just says, listen, America first, we don't care about our allies. If you 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, it looks like in the last year, we didn't really deal with Biden, we were dealing with his assistance, and that's coming out over and over again, most of which are a 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 got to buy AMD, you got to buy NVIDIA, you got to buy KLA-10, 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. Start your day with my outlook on the market every morning. Visit cbc.com/morningtake to become a CNBC investing club member at a special rate today. All opinions expressed by Jim Kramer on this podcast and in connection with the CNBC investing club are solely Kramer's opinions and do not reflect the opinions of CNBC, NBC, Universal, or their parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, internet, or another medium. No specific outcome or profit is guaranteed in connection with your reliance upon or other use of the content from Kramer. The opinions offered in connection with this podcast and the CNBC investing club are not an attempt to induce any particular trading behavior, investment or strategy. You should be aware of the risk of loss in following any strategy or investment discussed in the content from Kramer. To view the full CNBC investing club disclaimer, please visit cnbc.com/investingclubdisclaimer. Want a website with unmatched power speeding control? Try Bluehost Cloud, the new web hosting plan from Bluehost, built for WordPress creators by WordPress experts. 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