Benzinga - Jim Cramer sees opportunity in a pair of tech names that are positioned for continued success amid current market conditions and trends.
What Happened: Cramer made the case for why investors should be adding Meta Platforms Inc (NASDAQ: META) and NVIDIA Corporation (NASDAQ: NVDA) to their portfolios Tuesday on CNBC's "Squawk On The Street."
Meta just announced plans to lay off 10,000 more workers as it continues to cut costs to strengthen its structure amid the current economic environment.
CEO Mark Zuckerberg sent a memo to employees explaining the company's new focus which includes flattening the organization, canceling lower-priority projects and reducing its pace of hiring.
Why It Matters: "He's unbelievable, that guy," Cramer said of Zuckerberg. "Every time he cuts, people raise numbers."
Cramer told viewers the Meta's Reels product is "doing much better" alongside Instagram. Cramer added he recently heard the company has come up with a new advertising strategy that could help keep ad revenue elevated.
"He's about making the quarter, making the year. He's about profitability. He's about winning," Cramer emphasized.
Zuckerberg is taking a page out of Elon Musk's playbook, he added: "You know who else did this is Twitter. It really is Twitter."
When he finished reading Zuckerberg's memo to employees, he said it might as well say "BMS" across the top. "Buy My Stock," Cramer said: "This thing is going higher."
Another stock that's headed in the right direction is Nvidia, Cramer said. And he didn't hold back when he featured the chip giant in his "Mad Dash" segment.
Microsoft Corp (NASDAQ: MSFT) has unlocked an "AI revolution" and it's all made possible by Nvidia, he said.
He highlighted a recent update from Microsoft in which the company noted that it's using "thousands" of Nvidia GPUs.
"People have to realize that Nvidia is sitting on a gold mine," Cramer said. "If Microsoft needs thousands of these really expensive GPUs, so does everybody else. It doesn't work without them. They've created a supercomputer that allows this kind of AI to go on."
Everyone is caught up in the end product, but everyone is sleeping on what allows it to work, he said.
"If you're short Nvidia, I'll tell you what, why don't you send me an invitation to your funeral," Cramer said.
From Last Month: Nvidia Is The Beating Heart Of The AI 'Supercycle': Why Altimeter's Gerstner Has Been Buying Stock In The 'Essential Ingredient' For AI
META, NVDA Price Action: At the time of publication, Meta was up 6.76% at $193.15 and Nvidia was up 4.28% at $239.67, according to Benzinga Pro.
Photo: Owen Byrne from Flickr.
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