CNBC’s Jim Cramer said Tuesday that “it’s time to admit these moves are crazy” after big gains from some of the biggest tech stocks on the market pushed the Nasdaq Composite to another record the day before, but he’s not forecasting a reversal.
Expanding on a tweet in which he called the market movements “really crazy,” Cramer said the big increases in major stocks were unlike anything he had ever seen, but they were substantially different from the tech bubble of the end of the decade. from 1990.
“Madness doesn’t mean it’s over. Madness just means we can stop comparing it to 1999, because in 1999 a lot of really bad companies made a lot of market capital. Here, a lot of incredibly big companies are making market capital at a rate that is than give them a ticket for speeding, “Cramer said in” Squawk Box. “
As examples, he pointed to Amazon, Tesla, Nvidia and Microsoft, which he said was “trading as a small capitalization.” Microsoft and Amazon are two of the largest companies in the world, with market limits in excess of $ 1.5 billion.
All four stocks outperformed the market this year, from a 34% gain for Microsoft to a nearly 300% gain for the electric car company.
The performance of these actions has propelled the Nasdaq well beyond the S&P 500 this year. The heavy tech index closed an additional 20% on Monday during the year, while the S&P 500 was essentially flat.
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