These three Big Tech stocks have ‘nowhere else to go but up’

CNBC’s Jim Cramer told investors on Tuesday that some stocks have fallen so far from their highs that they will inevitably rally.

“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,” the “Mad Money” host said.

Calling several tech giants “colossal losers,” Cramer pinpointed Amazon, Facebook-parent Meta Platforms and Google-parent Alphabet — three members of his now-discarded FAANG acronym — as names that will rebound. The other FAANG companies include Apple and Netflix.

Here’s why Cramer believes those three ‘losers’ will rally:

Amazon

Cramer said that he believes the company could boost its stock valuation if it culls warehouses and workers, takes a more aggressive approach to retail advertising and keeps its Amazon Web Services robust. 

“Amazon is a company that could earn $82 a share in 2024. Now, before you laugh about me using 2024 estimates, remember that 2022 is almost half over,” he said.

Meta Platforms

Cramer said that he has faith in Zuckerberg’s vision for the metaverse, noting that other leaders, including Nvidia Chief Executive Jensen Huang, are also betting big on it.

Alphabet

Noting that Google is the “best way to advertise,” Cramer said that the company is insulated from getting dragged down when other tech companies such as Snap don’t perform well.

Disclosure: Cramer’s Charitable Trust owns shares of Alphabet, Amazon, Apple, Meta and Nvidia.