- Nvidia’s stock defies Jim Cramer’s bearish prediction and surges by 195%.
- Previously, Cramer asked traders to short Nvidia’s stock, calling it a failure.
- The crypto community mocks Cramer’s false predictions.
In a surprising turn of events, Nvidia (NASDAQ:NVDA) has defied the pessimistic predictions of renowned financial commentator Jim Cramer, who also is a vocal critic of Bitcoin and cryptocurrencies. Cramer had advised investors to short Nvidia in September 2022, labeling the stock a loser.
However, since his bearish statement, Nvidia’s stock has experienced a remarkable surge, climbing an astonishing 195%. A Reddit account associated with the Wall Street Bets community recently resurfaced Cramer’s negative sentiment towards Nvidia, attaching a short video from a TV presentation where he explicitly recommended shorting the company.
The post gained significant attention and sparked discussion among Redditors, highlighting Cramer’s flawed assessment in light of Nvidia’s remarkable performance.
Adding to the chipmaker’s triumph, Nvidia reported impressive first-quarter earnings that exceeded Wall Street estimates, causing its stock to surge by over 25% during extended trading.
Notably, Cramer’s pessimistic projections about crypto and digital assets have always turned out false, leading to ridicule from the community. Early this year, the CEO of the Binance crypto exchange, Changpeng Zhao, took a playful jab at Cramer when the crypto skeptic tweeted that selling a poor investment was never too late.
Within a week after Cramer made the statement, BTC appreciated by over 25%, and the Binance CEO asked him to continue spreading messages of FUD about crypto.
This is just too accurate now. Cramer posted this on Jan 9, the day before Bitcoin went from 16k to 20k. Please continue to FUD crypto! https://t.co/pDkk1BnfAr— CZ Binance (@cz_binance) January 14, 2023
Similarly, when the global crypto market cap surpassed $1 trillion, the crypto community took pleasure in mocking the staunch crypto skeptic as he often urged investors to sell their Bitcoin holdings at a loss. Cramer had advised crypto enthusiasts to exit the market, citing the swift rise in Bitcoin’s price in January as an opportune moment.
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