Jim Cramer Says He "Underestimated" Apple's iPhone 17 Sales

Apple Inc. (NASDAQ:AAPL) is one of the stocks Jim Cramer shared his thoughts on. Cramer highlighted the company’s “magnificent quarter,” as he said:

After the close, Apple reported a magnificent quarter, just tonight. A robust top and bottom line beat driven by staggering levels of demand for the iPhone 17 that nobody was looking for. Wall Street was looking for iPhone sales of less than $79 billion. Number came in at $85 billion. I knew they were popular, but I mean, come on. I underestimated them. Now, we still have to see what they say on the call about some important topics like how they’ll deal with skyrocketing memory prices. Still, after seeing these great numbers for the last quarter, I have an idea. I’ve been thinking, I’ve been thinking, how about own it, don’t trade it?

Apple Inc. (NASDAQ:AAPL) manufactures and sells devices such as the iPhone, Mac, iPad, along with its line-up of wearables and accessories. The devices are supported by the company’s app ecosystem, AppleCare, and cloud tools.

While we acknowledge the potential of AAPL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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