March 21, 2024 7:21 AM | 2 min read |
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CNBC’s “Mad Money” host Jim Cramer expressed optimism about the prospects of Micron Technology, Inc. (NASDAQ:MU) and NVIDIA Corporation (NASDAQ:NVDA), suggesting that their stock prices have the potential to rise further.
What Happened: In a post on Thursday, Cramer highlighted Micron’s upward trajectory and recommended buying Nvidia and Broadcom (NASDAQ:AVGO) as well.
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Cramer’s comments came amid a positive outlook for several tech stocks heading into the week. His endorsement of Nvidia also follows his recent spotlight on the company’s non-technical partners, which could benefit from Nvidia’s advanced AI technology.
Cramer also added that Micron has an important role in the AI space. He emphasized that the “hot stuff” at Micron, which is currently on allocation, is their high bandwidth business. This segment is vital for AI accelerators, such as those used in Nvidia’s Tensor Core H 200 and Blackwell.
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Why It Matters: This came after Micron last month initiated large-scale production of its high-bandwidth memory (HBM) semiconductors, intended for integration into Nvidia’s newest artificial intelligence chip. Nvidia intends to incorporate the chip into its upcoming H200 graphic processing units, slated to commence shipments in the second quarter. These units are anticipated to surpass the current H100 chip, which has driven significant revenue growth for the chip designer.
Cramer’s bullish stance on Micron aligns with the broader market anticipation ahead of the company’s earnings report. U.S. stock futures were trading higher with investors eyeing Micron among other stocks for potential gains.
Moreover, Cramer’s positive sentiment towards Nvidia is backed by his identification of several non-tech partners that stand to gain from Nvidia’s AI advancements. As reported, these partners, which include companies like Getty Images Holdings, could see significant benefits from their collaborations with Nvidia.
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