5 Stocks Jim Cramer Thinks Are Climbing In This Market

In this article, we will be looking at 5 stocks Cramer thinks are climbing in this market. To explore similar stocks, you can take a look at 10 Stocks Cramer Thinks Are Climbing In This Market.

5۔ NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 132

Morgan Stanley holds an Overweight rating and a $450 price target on NVIDIA Corporation (NASDAQ:NVDA) as of May 25.

NVIDIA Corporation (NASDAQ:NVDA) has gone up by 177.82% year-to-date as of June 2.

Our hedge fund data shows 132 hedge funds long NVIDIA Corporation (NASDAQ:NVDA) in the first quarter. Their total stake value was $12.3 billion.

According to Cramer, “nothing the Fed does will stop the growth of AI for NVIDIA, for Microsoft, for Alphabet.” And AI is what has been driving the growth for many tech stocks today.

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 204

Alphabet Inc. (NASDAQ:GOOGL) is yet another tech stock that is piggybacking off of AI growth today, causing the stock to perform well at a time tech stocks would normally “be the first to fold,” according to Cramer.

Shares of Alphabet Inc. (NASDAQ:GOOGL) are up by 38.83% year-to-date as of June 2.

There were 204 hedge funds long Alphabet Inc. (NASDAQ:GOOGL) in the first quarter, with a total stake value of $17.7 billion.

Justin Post as BofA has a Buy rating and a $128 price target on Alphabet Inc. (NASDAQ:GOOGL) shares as of May 24.

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) is up by 118.54% year-to-date as of June 2.

Thomas Champion, an analyst at Piper Sandler, holds an Overweight rating and a $270 price target on Meta Platforms, Inc. (NASDAQ:META) shares as of May 23. The analyst stated that the company’s AI initiatives could “drive revenue recapture.”

Cramer is in agreement with Champion at Piper Sandler, since he noted that Meta Platforms, Inc. (NASDAQ:META) “is deep in the AI world,” something that explains why Instagram is “doing so well.”

Meta Platforms, Inc. (NASDAQ:META) was spotted among the portfolios of 220 hedge funds in the first quarter, with a total stake value of $25.1 billion.

Artisan Partners made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its first-quarter 2023 investor letter:

“Our top contributors in Q1 were Meta Platforms, Inc. (NASDAQ:META), Warner Bros Discovery (WBD) and FedEx. Following sharp declines in 2022, shares of Meta Platforms have more than doubled since their early November 2022 lows. Last year’s drawdown created a highly favorable risk-reward, which we took advantage of by adding to our position. Management has wisely, in our view, recalibrated its spending plans to focus on profitability amid a weaker advertising environment, increased TikTok competition and Apple’s privacy changes. While investors got ahead of themselves back in 2021, extrapolating pandemic growth rates into the future, Meta is still a highly successful enterprise generating over $120 billion of revenue annually on a run-rate basis and has more than $40 billion in cash on its balance sheet to help it navigate its future course. Recent usage and engagement trends for Facebook and Instagram have been positive, and Reels—Meta’s answer to TikTok—is gaining traction.”

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 243

About 243 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) in the first quarter. Their total stake value was $25.8 billion.

According to Cramer, Amazon.com, Inc. (NASDAQ:AMZN) is yet another big-cap tech stock with a strong “individual” case, and an even stronger case of benefitting from the rise of AI.

As of June 2, Amazon.com, Inc. (NASDAQ:AMZN) is up by 43.06% year-to-date.

Analysts at Mizuho raised their price target on Amazon.com, Inc. (NASDAQ:AMZN) from $145 to $160 on May 23, and held a Buy rating on the stock.

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 289

Cramer believes that companies like Microsoft Corporation (NASDAQ:MSFT) have “special things going for them,” and “things like artificial intelligence” are driving their growth.

At the end of the first quarter, 289 hedge funds were long Microsoft Corporation (NASDAQ:MSFT), with a total stake value of $57.9 billion.

Oppenheimer holds an Outperform rating and a $330 price target on Microsoft Corporation (NASDAQ:MSFT) shares as of May 25.

Microsoft Corporation (NASDAQ:MSFT) has risen by 38.82% year-to-date as of June 2.

Ariel Investments mentioned Microsoft Corporation (NASDAQ:MSFT) in its first-quarter 2023 investor letter:

“Enterprise software provider, Microsoft Corporation (NASDAQ:MSFT) also traded higher in the period alongside the investor enthusiasm for Artificial Intelligence. Microsoft is well positioned as this new technology advances given its large investment in Open AI, the parent company of ChatGPT. Looking ahead, we continue to like Microsoft’s solid fundamentals, competitive positioning and long-term business outlook. We anchor on the company driving value creation by capitalizing on a broad and deep set of opportunities, most notably within Azure, its hybrid cloud infrastructure. The platform continues to demonstrate share gains and strong multi-year purchase intent as enterprises transition to cloud based platforms. At current trading levels, we believe Microsoft’s risk/reward is skewed to the upside.”

See also 10 Junior Growth Stocks Jim Cramer is Talking About and Jim Cramer’s Dividend Aristocrat Stocks.