Jim Cramer Links Meta's Rally to Hopes of Reduced Reliance on NVIDIA Hardware

Meta Platforms, Inc. (NASDAQ:META) is one of the stocks Jim Cramer recently talked about. Cramer discussed the company’s talks with Alphabet about the latter’s chips, as he stated:

“The contretemps between NVIDIA and Alphabet, with Alphabet de-emphasizing NVIDIA’s chips by relying on its own chips made by Broadcom. Those chips are supposed to be so good that Meta, a competitor, is actually said to be contracting with Alphabet to get its hands on them, perhaps so they can replace the same high-priced semiconductors from NVIDIA… Meta jumped nearly 4% today because investors… bought the stock, hoping that these new chips from Google could lead to better gross margins for Meta. That’s another Mag 7 about to make a comeback, as it benefits from not having to spend a lot of money with NVIDIA, at least the critics say.”

Meta Platforms, Inc. (NASDAQ:META) develops social media, messaging, and communication products, including Facebook, Instagram, Messenger, Threads, and WhatsApp. Additionally, the company creates virtual, augmented, and mixed reality hardware and software.

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