Cramer names four stocks that were ‘lost in the Nvidia shuffle’

CNBC’s Jim Cramer on Thursday said he hopes Wall Street will abandon a larger-than-life view of Nvidia now that the company’s long-awaited earnings report is in the rearview mirror. Perhaps investors can now turn their attention to other worthwhile stocks that had been “lost in the Nvidia shuffle,” he said.

“After this quarter, I’m hoping Nvidia becomes just another company, maybe even a boring one,” he said. “One that’s valued based on earnings rather than intangibles.”

While Nvidia beat estimates and issued stronger-than-expected guidance when it reported Wednesday after the close, shares still fell, ending Thursday down more than 6%. Wall Street had become used to Nvidia blowing past expectations — as it has for the past few consecutive quarters — and the bar was set very high leading up to the quarter. Analysts said the company would have had to report an enormous beat for the stock to jump. However, these declines don’t erase Nvidia’s meteoric rise this year, as the stock remains up over 137% year-to-date.

Cramer continued to reaffirm his view that investors should own and not trade Nvidia, but he stressed that many came to view the stock in unsustainable ways. Nvidia is not a “miracle maker” or a “cult,” he said — it’s a company that helps enable valuable technology. He added that he hopes those who gambled on Nvidia — instead of investing in the stock for the long term — will move on.

He listed other stocks that he thinks deserve investors’ attention, including chip-maker AMD, Apple, Amazon and Salesforce. Cramer suggested all of these companies use generative artificial intelligence effectively, with AMD’s chips in the same category of those made by Nvidia, and noted that Apple is set to launch a new AI-enabled iPhone. He also said Amazon is successfully employing generative AI to figure out users’ buying patterns and deliver products quickly, and added that Salesforce’s AI products allow cost-saving automation for its enterprise customers.

“As much as I love Nvidia, I’m thrilled that we can finally return to a market where there are many important stocks representing many important trends, instead of one stock that’s captured the attention of legions of investors, many of whom have no idea what it does, let alone where it fits into the technological food chain,” Cramer said.

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Nvidia, Apple, Amazon and Salesforce.