‘It’s so horrible that I want to buy it’ — Jim Cramer likes these 2 crushed tech stocks that are still posting white-hot revenue growthThe market doesn’t seem able to find a bottom.
The S&P 500 has fallen about 20% year to date, while the tech-centric Nasdaq is down 30% over the same time frame.
But CNBC’s Jim Cramer sees plenty of opportunity amid the market downturn. In fact, the Mad Money host recently revealed two stocks that he wants to buy right now.
Here’s a quick look at each one of them.
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Apple (AAPL)Cramer has been a fan of Apple for years.
He says that he’s been ‘long’ on the company ever since his daughter owned a blue and a pink iPod. And due to the recent drop in Apple’s share price — the tech giant is down 20% year to date — Cramer thinks it's time to hit the buy button once again.
“I want to buy it. I upgraded for the charitable trust. It’s been straight down,” he says.
In the latest earnings conference call, Apple CEO Tim Cook said that the company hasn’t been immune to supply chain disruptions. CFO Luca Maestri added that supply constraints — resulting from COVID-related disruptions and silicon shortages — could impact sales by $4 billion to $8 billion.
That said, Cramer thinks the iPhone maker will be fine, citing his recent interview with Micron Technology CEO Sanjay Mehrotra.
“He said phones are good,” Cramer recalls. “Higher-end phones? Good.”
In the most recent quarter, iPhone sales grew 5.5% year over year to $50.6 billion and accounted for 52% of Apple’s total sales.
Nvidia (NVDA)As a leading manufacturer of graphics cards, Nvidia shares have had a solid bull run over the past decade. But that rally came to an abrupt end in November 2021. Since reaching a peak of $346 in late November, the stock has fallen about 55%.
Nvidia’s plunge is substantial even when compared to other beaten-down stocks in the semiconductor sector. And Cramer has taken notice.
“Nvidia has been cut in half,” he says on CNBC. “It’s the worst chart I’ve seen. Honestly, it’s so horrible that I want to buy it.”
Nvidia’s business is performing well, making it a particularly intriguing contrarian idea. The chipmaker generated $8.29 billion of revenue in its fiscal Q1. The amount not only represented a 44% increase year over year, but also a new quarterly record.
Revenue from data center — Nvidia’s largest segment — increased 83% year over year to a record $3.75 billion. Meanwhile, gaming — the company’s second-largest segment — saw revenue spike 31% to a record $3.62 billion.
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