Cramer shares what stocks to own following today’s GDP report

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on Mar 30, 2023
Updated: Apr 18, 2023
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  • BEA lowered its final reading for economic growth in Q4 on Thursday.
  • U.S. jobless claims edged up to a higher than expected 198,000 last week.
  • Jim Cramer reiterated his bullish view on tech stocks today on CNBC.

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Nasdaq Composite is building on its recent gains this morning even though the Bureau of Economic Analysis revised its reading for economic growth in the final quarter of 2022.

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Cramer remains bullish on tech stocks

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On Thursday, the Commerce Department said the U.S. economy grew at an annualised pace of 2.6% in Q4 versus the previous estimate of 2.7%.

Nonetheless, that’s a strong enough reading for Jim Cramer to remain bullish on the high-quality mega cap tech stocks. On CNBC’s “Squawk Box”, he said today:

These companies are banks in themselves, they don’t need money or financing and a lot of their competitors might not be able to come public anymore because of what happened with the Silicon Valley Bank.

The tech-heavy Nasdaq Composite is up more than 15% for the year at writing.

U.S. jobless claims edged higher last week

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Also on Thursday, the weekly jobless claims came in at 198,000 – up 7,000 versus a week ago and higher the economists’ forecast of 195,000. Cramer added:

Many of [these companies] have pretty good earnings momentum coming into the next quarter. They just keep trading up, it’s like a hide in the big cap stock, high margin stock trade. It’s working and you can’t overthink it.

One of the tech stocks he particularly recommends owning is Nvidia Corporation (NASDAQ: NVDA) that he’s convinced is best positioned to benefit from the growing focus on artificial intelligence.

Shares of the multinational tech behemoth are still down more than 15% versus their record high.

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