CNBC host Jim Cramer seems to have fully embraced the entertainment side of his role, giving bad predictions to amuse rather than advise his audience. The Mad Money personality has notched yet another embarrassing stock market prediction.
Cramer suggested on Sept. 19, 2022 that Nvidia, a California-based tech company, would suffer due to an Ethereum merge which signaled “that you don’t need their graphic cards anymore to mine.” Cramer told his viewers, “short Nvidia, it’s a loser.” On the day Cramer made these remarks, Nvidia was trading at $133.82 per share. However, on Thursday, May 18th — eight months after he warned against the stock — Nvidia traded at $316.08/share and had risen 114% in 2023 alone. Nvidia’s spike in the months after September apparently spooked Cramer, who did a complete 180-degree turn around and told his audience in March 2023 that Nvidia was “sitting on a gold mine.” Inverse Cramer strikes again.
Cramer’s newfound enthusiasm for the tech company has spilled over to his twitter feed. Cramer tweeted February 23, “[I] know this sounds crazy but you have to understand that Nvidia is behind this whole morning's surge in the Nasdaq ($NVDA) lots more to come.”
i know this sounds crazy but you have to understand that Nvidia is behind this whole morning's surge in the Nasdaq ($NVDA) lots more to come
— Jim Cramer (@jimcramer) February 23, 2023
Before Nvidia's price surged, Cramer doubled down. Only a few weeks after he told his audience to short Nvidia, Cramer took to Twitter to boldly challenge people to bet against him:
“As always i welcome people betting against me. I have done this for 42 years. Those who know me know that you would have been betting against Apple at 5, Google since inception, Meta at $18, Amazon at ten, Nvidia at $25 and AMD at $5. i welcome all comers..”
As always i welcome people betting against me. I have done this for 42 years. Those who know me know that you would have been betting against Apple at 5, Google since inception, Meta at $18, Amazon at ten, Nvidia at $25 and AMD at $5. i welcome all comers..
— Jim Cramer (@jimcramer) October 7, 2022
It appears they did bet against you, Jim.
Betting against Cramer might just be a good strategy, as he has repeatedly made the news for confidently making bad choices such as promoting failed banks like First Republic Bank and Silicon Valley Bank before their stock prices tanked.
It's asinine advice like Cramer’s that served as the genesis of the “‘Inverse’ Cramer ETF”, which “allows investors to actively bet against the ‘Mad Money’ host by shorting stocks he touts on CNBC’s airwaves or going ‘long’ on companies he advises against.”
Conservatives are under attack! Contact CNBC at cnbcnewspr@nbcuni.com and demand it distance itself from Cramer’s wild stock takes!
