저자: JimCramer · 외국인
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크레이머는 인텔을 데이터센터 프로세서 수요 확대로 매수 추천했고, 메리엇은 항상 상승하는 종목이라 평가했다. 애플은 iPhone 리스 프로그램으로 중고·신흥시장 수익 통제를 강화한다고 분석했으며, 실적은 기대에 부합했으나 관세 효과가 약 11센트 포함됐다고 봤다. 이어지는 'Why Watch' 구간은 AI 랠리가 끝나지 않았다며 하이퍼스케일러 투자 지속, 메모리 수요 강세, 클라우드 수익화를 근거로 제시했다.
다듬은 글
and say: "Hey, I'm going to hit you now, and you should dodge, you idiot ." But, as I've said many times, that way of thinking doesn't work with this group right now . It has n't worked for several years, actually over a year. There is a revolution happening right now, and this revolution requires as many processors as possible.
Processors are Intel's specialty. This is the king of volumes . We're going to need them because I think processors could become like DRAM now, which is why Apple raised prices, which means you're going to reach a level of scarcity, and you're going to see performance growth and higher target prices.
That's the point. I do n't want to dismiss the discipline of not touching stocks that have gone up wildly, but when it comes to data center-related technology equipment, I think sometimes you may not even have a choice . You can't afford to pay attention to where these stocks have been before. You only have to think about where they are going.
And when it comes to Intel, I think the answer is to buy . OK. Now let's move on to Hope from Ohio. Hope. Greetings. Hope, hello. Greetings. How are you doing? Hello, I'm fine. How about you, Hope? I'm fine, thank you. OK. What's new with you ? Uh, I want to know your opinion about Marriott. Can we talk a little bit about Marriott?
Okay, this is the situation with Marriott, okay? I said it, I said it to the CEO. This is what I call a stock that always goes up. Every time Marriott goes down, you have to literally—if you look at the chart— pull the trigger, and I stand by my position. And, you know, it's really incredible. I don't feel this way about any other hotel company.
Marriott is the best. Now I'll go to Sunny from Illinois. Sunny. Hey, Jim. Big " Buiya" to you from Eggenberger of Orland Park, Illinois. How are you, my friend? Wow, man, that's a powerful geographic " Buiya" you threw at me, and I thank you for it. What happened? Hey, uh, club member, longtime fan.
I love your new book, How to Make Money in Any Market, but I have to be honest with you , Rich. " Rich Be Cautious" was my favorite, Jim. "Rich Be Cautious" was my favorite. Was Careful your favorite? You know, it sold well . I thought sales would be better. I mean, I should never talk about book sales.
It's like the iPhone 18 sales period. And how does the new lease-with-renew program also affect that? After all, it was an interesting announcement, you know, an iPhone for $17.99 a month with the option to buy or upgrade. How do you view this in terms of potentially having a significant impact on Apple in the future?
I think this is aimed at their core audience— tech enthusiasts. This now allows enthusiasts to update their devices as often as they want. These are annual or biennial updates, every 12-24 months. And this makes this option available. The other part is that now Apple is getting control, more control over the secondary and refurbished device market, which is great.
This means that often when you turn to the secondary market, you are giving away profits to other players. So, there's money in this market that Apple just is n't getting. Now they control it, so not only do they control the primary market— the people buying new phones—they have more control over the revenue in the secondary market.
And it also allows them to enter other markets that they otherwise wouldn't be able to reach. The important point is the purchase of phones; They take trade-in devices or refurbished and used phones from the US and sell them in other international markets. India, Africa, some developing countries where people would n't otherwise be able to afford a new iPhone.
And this allows them to not only grow in the US market, where they are implementing this program, but also to enter other global markets where they could not enter before, controlling the flow of devices and the profit from it. So, I know you're optimistic about the long term . You explained why, but I just want to look at the numbers we just got .
If you look at their earnings per share (EPS), it exceeded expectations and came in at $2.02. This is definitely better than expected. $1.89 was expected. But they also reported that about 11 cents of that amount, if my quick calculations are correct, came from the positive impact of tariffs. So theoretically, this puts our EPS and revenue roughly in line with expectations.
Max, what do you think about this? What are the reasons for this? I know you laid out the long-term thesis on iPhone 18 and how they managed to reduce costs. They won't have to raise them again, but this probably isn't the quarter Tim Cook wanted to wrap up . I mean , this is his swan song, and it's ambiguous at best.
Yes, that's right. They are a consumer electronics company. They sell products to people. If people don't buy them, if they don't buy the products and services, there's not much they can do about it. They have to offer the product to people and hope that they will want to buy it, and they will. If you go global and into the ecosystem, there's not much they can do, right?
If demand falls because consumers can't afford it, there's little Tim Cook can do about it . And that's very unfortunate. They had to raise prices because of the cost of memory. They had a lot going on , and it will hurt them. This hurt them. I mean, we see it in the revenues here. This was in line with predictions.
This did not exceed expectations . They obviously factored that in last quarter when forecasting, but I think it's just not what they expected , not what the market was hoping for. And I'm sure Tim Cook would like a better outcome, but in many cases there's simply not much they can do. And looking back at his last call, John Turnus takes over in September.
How much attention do you think investors should pay to this leadership change? Is this just another headline? I mean, what questions do they have for the new CEO? And at this point, when you have a company of this scale, and Tim Cook clearly remains involved to a large extent, and he has already built this supply chain that is very efficient.
You highlighted some of these performance metrics a minute ago. How important is it that this new CEO is coming ? How transformative do you see its potential? I think if you look at them as a company with a primary focus on hardware, I think it's going to be great for Apple . You get new equipment, new things to interest the consumer, and then the culture will like to have maybe a product-focused person rather than an operations-focused person .
As for Tim Cook still sticking around, he will... Why Watch says the AI rally is far from over. Just a few weeks ago, investors were asking whether the AI boom had finally lost its momentum. Today, this narrative is changing. Despite one of the sharpest pullbacks in semiconductor stocks this year, the latest signal remains surprisingly consistent.
The investment cycle in AI continues to accelerate. The recent sell-off has little to do with weakening demand. Instead, analysts point to excessive leverage, hedge fund deleveraging, and profit-taking after significant growth. When highly leveraged investors are forced to sell, even the strongest companies fall along with everyone else.
But once this technical pressure disappeared, the market began to focus on what really mattered. On fundamental indicators. And these indicators continue to improve. Every major cloud company continues to invest aggressively. Amazon has increased spending on AI infrastructure. Microsoft continued to increase capacity.
Alphabet remains committed to massive investment in AI. Meta continues to build data centers at a record pace. None of the major hyperscalers are slowing down. In fact, executives continue to claim that they don't have enough computing power to meet customer demand. This shortage remains one of the biggest bullish signals for the semiconductor industry.
Another problem was the rapid growth of open source AI. Some investors feared that cheaper AI models would destroy the industry's profitability . Instead, many technology experts argue the opposite. As AI becomes more accessible, its adoption is expanding dramatically. Lower costs allow more businesses to implement AI.
More AI implementations require additional servers. More servers require more GPUs . More GPUs require more high- bandwidth memory, and the entire infrastructure stack benefits. Regardless of whether AI operates on an open model, a closed one, or a combination of both, the demand for computing hardware continues to grow.
Memory companies are becoming one of the main beneficiaries. Each new generation of AI models requires larger amounts of memory, longer dialogues, faster reasoning, and more complex workloads. As AI runs directly on devices, all of these trends are driving demand for advanced memory. Although manufacturers are investing billions in expanding production, significant new capacity does not appear instantly.
Until these plants are operational, the supply remains unchanged. This gives memory companies a significant price advantage. Several analysts now believe that AI has changed the memory industry forever. Rather than repeating the traditional boom-bust cycle, memory demand is increasingly tied to the long-term growth of AI infrastructure.
Another big change came from Amazon's management. CEO Andy Jassy has been blunt about how spending on AI is expected to yield huge long-term returns. For months, investors have been asking whether hundreds of billions of dollars in AI investments will yield any significant returns. Now, the largest cloud providers are starting to demonstrate this return on investment.
Higher demand for AI drives the use of cloud services, and higher usage generates more revenue. Higher income funds even greater infrastructure spending, and this creates a cycle where the adoption of AI fuels additional demand for semiconductors.
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