Cramer Called Tech's Bounce Back a Stay of Execution, But Amazon (AMZN), Apple (AAPL) and Broadcom (AVGO) Are Up Big Again

It was just the other day that CNBC host Jim Cramer said “I can’t think of a dumber day to buy stocks than today.” It was almost to the exact minute that the stock market, which had been falling at the time, reversed course and shot higher. The market then went on to have another strong day yesterday.

Today, Cramer posted on X that Tuesday’s pricing action for tech stocks “felt like a stay of an execution….” Once again, he was prescient in the wrong way as the sector ran up and closed higher, with stronger performances by some of tech’s biggest names.

Amazon (AMZN)

Amazon (NASDAQ:AMZN) closed up 2% today after putting in a bid to acquire TikTok ahead of a ban on the service set for the weekend if no buyer is found. 

According to The New York Times, Amazon sent a letter to Vice President J.D. Vance and Commerce Secretary Howard Lutnik outlining its bid. Details of the offer were not disclosed. Because TikTok has become a retail shopping hub, Amazon already has a close connection to the service as influencers recommend products.

President Trump is working to have Oracle (NYSE:ORCL) be a part of a bid to buy it as a means to safeguard the personal data of the 170 million U.S. users personal data.

Apple (AAPL)

Apple (NASDAQ:AAPL) also closed in the green today, up 0.3%, after Visa (NYSE:V) offered the tech giant $100 million to take over the Apple credit card contract currently held by rival Mastercard (NYSE:MA). The card is available because Goldman Sachs (NYSE:GS), the banking giant behind it, is exiting the consumer lending market. The Wall Street Journal says Apple is expected to choose a network to service the card before choosing a bank to replace Goldman Sachs.

Broadcom (AVGO)

The third tech stock making gains today is Broadcom (NASDAQ:AVGO) after Daiwa Securities analyst Louis Miscioscia upgraded the AI chipmaker from outperform to buy. He also raised his one-year price target on AVGO stock to $275 per share from $225 per share.

Broadcom closed Wednesday trading at $172.09 per share, implying there was 60% upside in the stock. The analysts believes there are four levers the chipmaker can pull to drive more growth: AI chips, networking, VMWare, and its legacy semiconductor products.