Jim Cramer Evaluates Nvidia, Amazon And Other Magnificent 7 Earnings: 'The Seven Truly Did Acquit Themselves Well'

As the first earnings season of 2024 comes to a close, Jim Cramer has given his assessment of the latest financial reports from the Magnificent Seven mega-cap companies, with NVIDIA Corp NVDA and Amazon.com Inc AMZN receiving special recognition.

What Happened: On Wednesday, Cramer commended Nvidia for its record revenue, which saw a 265% increase due to high demand for its AI products. He also lauded Amazon for its growing advertising and web services sector, reported CNBC.

"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."

Nvidia was the first to receive praise from Cramer for its record revenue, which soared by 265% due to sustained high demand for its artificial intelligence products. Cramer then lauded Amazon as the “most definitive summa of all,” highlighting its thriving advertising business and expanding web services sector.

The CNBC host also praised Meta Platforms Inc. META for its robust advertising and WhatsApp business, and Microsoft Corporation MSFT for its strong cloud business. However, he remarked that Microsoft’s AI product, Co-Pilot, had received mixed reviews.

See Also: Bitcoin, Ethereum, Dogecoin Gains Remain Intact Going Into Fresh Trading Week — Analyst Says King Crypto

While Apple Inc. AAPL did not receive “high honors” according to Cramer, he argued that Wall Street was overly harsh. He also had mixed views on Alphabet Inc. GOOGL, praising its cloud business but critiquing its advertising sector. He gave Tesla Inc. TSLA a “gentleman’s C,” expressing uncertainty about the company’s outlook for the year.

“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.”

Why It Matters: Cramer’s assessment of the Magnificent Seven’s earnings comes after he suggested that investors should look beyond these tech stocks for potential high-yield investments. In a previous article, Cramer acknowledged the significant influence of mega-cap tech companies on the market but also pointed out other stocks that could offer substantial returns.

Earlier in the year, Cramer also made a bold prediction about one of the Magnificent Seven stocks, suggesting that Tesla might be the first to fall. He proposed that if Tesla loses its position, Eli Lilly could be a strong contender to take its place.

Read Next: NVIDIA Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Image Via Shutterstock