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Squawk on the Street

Cramer's Morning Take: Apple 6/11/24

Jim and Jeff discuss the aftermath of this mega-cap tech event. 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:
3m
Broadcast on:
11 Jun 2024
Audio Format:
mp3

Jim and Jeff discuss the aftermath of this mega-cap tech event. 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

What's on the horizon for financial markets? At PJIM, it's a question that over 1,400 investment professionals relentlessly research in pursuit of your long-term goals. Specialised across asset classes, but united in collaboration, our teams provide global and local expertise. Our investments shape tomorrow, today. Pursue your tomorrow with PJIM, a leading global asset manager. And this is my morning take on the market from today's CBC Investing Club morning meeting. We do have not a soggy day, a down day. It's a solid down day and it's led by the banks and a lot of it is still over from what we had yesterday with Huntington Bank, but a lot of it is also the interpretation of what's going to happen tomorrow with the Fed. I have been surveying things and telling Jeff that I think we've got to look for something to buy when it's down this much, but it is still tricky to buy right now. Well, it's always tricky ahead of the Fed meeting. That's why I was surprised by how up the market is yesterday. If you take the two days together, around even or so, maybe flat to slightly down, but we'll see we do have, again, CPI tomorrow, Fed meeting tomorrow. The action would look a lot worse on an index level if it weren't for Apple. Which is actually much higher today after WWDC and follow the old playbook where it goes down on WWDC, everyone, right? So as expected, you know, whatever and then the source the next day. Well, it's a great note yesterday about how this is upgrading soon. Yeah. No, I think that's so key because if you're working on a generation prior to the 15, you're going to need to upgrade. So if you think about all those new phones that were bought during COVID, if you want these AI features, you're going to have to buy a new one. So that supports this upgrade. And I want to call it super cycle thesis. No, because that's the reality of just saying, but a strong up cycle, which they sorely need to drive earnings higher. There's too much verbiage about, is this good AI or not? Because what happens is until yesterday, AI was about Salesforce, is about ServiceNow, is about Workday, is about enterprise software. This is personal software. You can't ask, nobody wants a cell phone that's filled with enterprise software. That's what Jim Cook knows. Start your day with my outlook on the market every morning. Visit cbc.com/morningtake to become a CVC Investing Club member at a special rate today. All opinions expressed by Jim Kramer on this podcast and in connection with the CNC and BC 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. [BLANK_AUDIO]