CNBC’s Jim Cramer knows all too well which the market can’t be driven solely by FANG, his ubiquitous acronym for the stocks of Facebook, Amazon, Netflix in addition to Google, currently Alphabet.
“On a great day for the bulls where the Dow gained 178 points, the S&P advanced 0.45 percent, in addition to the Nasdaq climbed 0.69 percent to a brand-new all-time high, I think we need a brand-new acronym for tech,” the “Mad Money” host said Monday. “FANG’s just not cutting which anymore because the gains are no longer limited to [which cohort].”
“If you want to understand the strength from the Nasdaq, you need a brand-new acronym,” Cramer continued. “So say hello to INJFANG, as in ‘which’s Not Just FANG’ anymore.”
First, Cramer turned to Apple, one of his favorite consumer products companies. Shares of the iPhone maker hit record highs on Monday as its annual developer conference kicked off.
Apple has long been the target of critics on Wall Street who worried about declining hype around the newest iPhones, supply chain issues in addition to the like.
“nevertheless what these critics were missing will be which Apple doesn’t just possess the most loved, best tech for its cellphones, which’s got a razor-razorblade business style which can’t be beaten,” Cramer said. “which means people buy the phone in addition to pay for services directly through Apple or buy some of the developer apps on display today at the big conference in addition to Apple gets a cut of each one.”