Tech stocks have led the market recovery this year and a couple of big techs have further room to run, according to CNBC Mad Money host Jim Cramer.
Cramer's 2 Megacap Tech Picks: All the mega-caps except Alphabet, Inc. GOOGL GOOG and Nvidia Corp. NVDA, have the same charts, said Cramer in a post on X, formerly Twitter.
“I think that both Google, ahead of the NFL ticket, and Nvidia, which had an amazing quarter, are both ready to run,” the stock picker said.
Google's Windfall: NFL Sunday Ticket, a premium sports package that would bring Sunday afternoon regular National Football League games not broadcast locally, begins this season on Sept. 10.
NFL Sunday Ticket is available as an add-on to a YouTube TV Base Plan subscription or it can be got on standalone YouTube Primetime Channel.
YouTube bought the NFL Sunday Ticket rights for a period of seven years, beginning with the 2023 season, at a cost of over $2 billion a year. Analysts see the deal as significantly boosting subscriber numbers, Bloomberg reported in late 2022 at the time of the clinching of the deal.
See Also: Best Technology Stocks Right Now
Nvidia Post-Earnings Overhang: Nvidia reported last week stellar second-quarter results and issued an upbeat outlook for the near term. The company also suggested improved visibility well into 2024. The chipmaker's stock, which has been on a solid upward trajectory, paused after the earnings release, contrary to expectations for an acceleration of the rally.
With Federal Reserve Chair Jerome Powell's Jackson Hole address in the rearview mirror, the tech rally could resume, said Wedbush analyst Daniel Ives. “We believe the Nvidia guidance (despite the modest sell-off post-print) speaks to a tidal wave of AI-driven spending on the horizon for the tech sector over the coming years,” he said in a note published on Monday.
Alphabet's Class C shares closed Monday's session up 0.84% at $131.79 and Nvidia added 1.78% before closing at $468.35, according to Benzinga Pro data.
The Technology Select Sector SPDR Fund XLK rose 0.82% to $170.09.
Photo by s_bukley on Shutterstock
Read Next: Nvidia Analyst Sees 42% Upside To Stock With 2nd Price Target Boost This Week After Stellar Q2
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