Tech stocks took a hard hit in recent months amid sell-offs by investors who are turning to oil, gas, and physical goods. However, Jim Cramer, the host of CNBC’s Mad Money, believes the tech stocks remain a viable investment despite this.
The hedge fund manager turned television personality recently identified three stocks he believes will soon start trending up. These three stocks are Amazon (AMZN), Facebook parent company Meta Platforms (FB), and Google parent company Alphabet (GOOGL).
“While they may stay losers, the bottom line is they’ve fallen so darn far that I think they’ve become metaphors for a whole host of stocks that are now ready to rally because they’ve got nowhere else to go but up,” Cramer concluded.
These stocks might not be in a good place right now, but it is hard to see them doing much worse in the future. The more probable scenario is that they start trending up at one point, although that turnaround might not be around the corner just yet.
AMZN stock is currently worth $2,447.20 and is 28.45% down year to date. However, this isn’t the lowest it has been, plunging to $2,082.00 per share in late May, which was its lowest point since April 2020.
FB stock has had an even tougher year, dropping and sliding 43.38% year to date. It is currently trading for $191.73 after going as low as $173.90 in April.
Finally, GOOGL is at $2,282.82 with a 21.28% year to date loss. This is a significant bounce back from May when it hovered around $2,100 per share.
