Those who carefully follow each stock prediction CNBC's Jim Cramer makes, should take note: His passion for Nvidia (NVDA) -) has burned out.
On the morning of Aug. 14 Cramer tweeted about the high-profile graphics-chip maker, saying, "We are finally seeing some articles about how "toxic" Nvidia is.. I like that..."
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We are finally seeing some articles about how "toxic" Nvidia is.. I like that...
— Jim Cramer (@jimcramer) August 14, 2023
This year Cramer has swung wildly back and forth on Nvidia, saying on CNBC in late May that he's "had faith in Nvidia for years." In the same month, he also said the chipmaker has "zero competitors."
Some commenters were surprised by Cramer's turnaround.
What!! You covet Nvidia
— Tommy Young (@ACLOCKWRKORANGE) August 14, 2023
However, a few agreed with him.
Yup! $NVDA great company but over value at current price.
— Trading Facts & Psychology (@ITradeSimple) August 14, 2023
It’s one of the most toxic companies on the planet and in regards to how they treat their customers. They don’t care about you or think about you.
— DreadyBear (@DreadyBear) August 14, 2023
Cramer came back with another Nvidia tweet later in the afternoon to clarify his position.
Let's be clear. I think that Nvidia should be owned and not traded. OWNED. I am tired of being hectored by people who say i hurt them in Nvidia. That is RIDICULOUS. Own it, don't trade it!
— Jim Cramer (@jimcramer) August 14, 2023
Nvidia has had its share of critics. But the AI boom has pushed the company into the spotlight in a whole new way, driving its stock price to a high of $474.94 in June from the mid-100s at the beginning of 2023. At last check the stock was trading around $408.
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Nvidia Chief Executive Jensen Huang said on Aug. 8 that the AI technology powered by Nvidia's chips will "reinvent the computer itself." Computing platforms as they are currently known, Huang said, will soon be replaced by powerful new AI platforms.
Nvidia joined the $1 trillion valuation club in May.
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