Web money

These three Big Tech stocks have ‘nowhere else to go but to go up’

CNBC’s Jim Cramer told investors on Tuesday that some stocks have fallen so far from their highs that they will inevitably rally.

“While they may remain losers, the bottom line is that they’ve fallen so far that I think they’ve become metaphors for a whole host of stocks that are now poised to rally because they don’t have nowhere to go but up,” the “Mad Money” host said.

Calling several tech giants “colossal losers,” Cramer identified Amazon, Facebook parent Meta Platforms, and Google parent Alphabet — three members of its now-discontinued FAANG acronym — as names that will bounce back. Other FAANG companies include Apple and Netflix.

Here’s why Cramer thinks these three “losers” will rally:

Amazon

Cramer said he believes the company could boost its stock valuation if it eliminates warehouses and workers, takes a more aggressive approach to retail advertising and keeps its Amazon web services strong.

“Amazon is a company that could make $82 a share in 2024. Now, before you laugh at me using 2024 estimates, remember that 2022 is almost halfway done,” he said.

Metaplatforms

Cramer said he trusts Zuckerberg’s vision for the Metaverse, noting that other executives, including Nvidia chief executive Jensen Huang, are also betting big on it.

Alphabet

Knowing that Google is the “best way to advertise”, Cramer said the company is immune to being dragged down when other tech companies such as Snap aren’t performing well.

Disclosure: Cramer’s Charitable Trust Ouchns shares of Alphabet, Amazon, Apple, Meta and Nvidia.