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As Amazon.com Inc (NASDAQ:AMZN) stock continues to push to new highs, Jim Cramer is calling it the “secret weapon” of the stock market.
What To Know: Thursday on CNBC’s “Squawk On The Street,” Cramer made the case that Amazon stock is as important to the market as some of the big tech companies trading above $3 trillion.
“Amazon is the secret weapon of this stock market, not Nvidia, not Microsoft,” Cramer said on the show, arguing that Amazon always finds a way to get a leg up on the competition.
New reports from this week suggest that Amazon is preparing to launch a Temu-like discount section that will offer direct shipping from China. Amazon reportedly told Chinese sellers it would begin accepting merchant sign-ups in the summer as it gears up to begin shipping discount products in the fall.
Temu and Shien have been able to capture a large part of the heavily discounted consumer goods market, but Cramer believes Amazon’s response will massively benefit the e-commerce giant.
The problem with Amazon’s Chinese competitors is that they do not provide a day of shipment when a customer places an order. Amazon on the other hand, keeps customers updated along the way and is often able to deliver products on the same day, Cramer said.
See Also: Consumer Confidence Declines As Worries Over Economy Persist
Amazon has a track record of disrupting various industries and Cramer expects the company to do the same in the AI space.
“They haven’t even figured out yet how to do the best chat. They will. They have Claude, but they don’t really own it,” Cramer
“I am just so impressed. They can own sports if they want to, they can own retail … they want to own healthcare, they do want to own Pharma. Their precision in how they do things is remarkable. The way they manage their finances is incredible.”
Cramer noted that Amazon used to get a lot of attention and praise when founder and executive chair Jeff Bezos was at the helm, but he suggested that Amazon has been underappreciated since CEO Andy Jassy took over.
“He’s just not like Bezos. Bezos was like front and center. Jassy doesn’t want the attention on him. He really doesn’t,” Cramer said.
Cramer suggested that the momentum in Amazon stock could continue in the near term with Prime Day on the horizon. Amazon's 10th Prime Day event is set to kick off on July 16, giving members access to millions of exclusive savings opportunities.
“I happen to love Amazon … there’s 140 million people who love Amazon,” Cramer said.
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AMZN Price Action: Amazon shares were up 2.43% at $198.33 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Amazon.
