Jim Cramer on Amazon: "Be Long"

Amazon.com, Inc. (NASDAQ:AMZN) is one of the stocks Jim Cramer talked about. Cramer said that he “can’t remember” what was wrong with the company. He commented:

“Now, we had another one, Amazon. A few weeks ago, this stock was plummeting. Why? Because we heard that Amazon Web Services was falling behind Microsoft’s Azure, something that actually we picked up loud and clear on the show from Snowflake’s explosive conference call. It didn’t help when a Morgan Stanley analyst asked Amazon CEO Andy Jassy if he was worried about falling behind, and Andy didn’t say, ‘We are spending and getting a great return on our spending, whether it’s on our Trainium chips or NVIDIA chips.’ He didn’t say that. The Street was quick to hammer the stock because he didn’t say that.

Here we are, a couple weeks later, and Amazon stock’s at 235 and change. It’s knocking on the door of 242, its all-time high. What changed? Nothing, nothing at all. The market simply moved on from the bear narrative because there’s so much good that’s happening at Amazon, so much good. Who knows how much more revenue Amazon can bring in from Prime starting October 1 now that… you can’t share your password with relatives. Did you know that? I think it could be like Netflix, where you had this huge surge of subscribers. Be long, Amazon. What really was wrong with Amazon? Again, I can’t remember.”

Amazon.com, Inc. (NASDAQ:AMZN) sells consumer products and subscriptions, while also providing devices, media content, and advertising services.

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Disclosure: None. This article is originally published at Insider Monkey.