Wednesday, May 22, 2024
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Cramer ranks each of the Magnificent Seven’s latest quarters

As the first earnings season of 2024 draws to a close, CNBC’s Jim Cramer gave his take on the most recent reports from the Magnificent Seven mega caps, awarding particular kudos to Nvidia and Amazon.

However, he reminded investors that a company’s future does not usually hinge on one quarter alone.

“To me, a longer-term vision is what’s required,” Cramer said. “Too bad make or break is all that we ever heard during earnings season.”

He first lauded Nvidia, which reported record revenue up 265% thanks to continued high demand for its artificial intelligence products. He then called Amazon “the most definitive summa of all,” with a hot advertising business and growing web services sector.

Cramer also awarded Meta a “summa,” praising its advertising capabilities and WhatsApp business. He gave Microsoft a “magna,” saying its cloud business was very strong, but its AI product, Co-Pilot, received mixed reviews.

According to Cramer, Apple did not receive “high honors,” but Wall Street was too tough on the stock, stressing the unique nature of its products like the new Vision Pro. He was mixed on Alphabet, celebrating its cloud business, but noting that its advertising sector wasn’t up to par with competitors. And Tesla earned a “gentleman’s C,” Cramer said, uncertain about how this year will shape up for the company.

“Overall, the seven truly did acquit themselves well,” he said. “Some of these mega cap companies aced their report cards, getting what I can only describe as ‘summas,’ at least in their orals, meaning the conference call.”

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Nvidia, Apple, Amazon, Meta, Microsoft and Alphabet.

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