The trillion-dollar club just welcomed a new member, and the host of CNBC’s “Mad Money” has thoughts about some names on the roster.
Micron Technology’s stock surged 19% on May 26, pushing its market capitalization past $1 trillion for the first time in the company’s 47-year history.
Jim Cramer used the milestone to deliver a company-by-company assessment of some companies above the trillion-dollar mark.
His verdicts on Nvidia, Amazon, and the rest carried the kind of directness that moves portfolio conversations forward for everyday investors watching the AI boom.
Micron’s AI memory chips fuel a historic trillion-dollar milestone
Micron’s 19% single-day gain came after UBS analyst Timothy Arcuri raised his price target from $535 to $1,625, now the highest forecast on Wall Street for the memory chipmaker.
The call centered on long-term supply agreements that Arcuri believes have fundamentally changed the economics of the memory chip business for years to come.
Cramer called the entry well-deserved, citing Micron’s dominance in high-bandwidth memory chips that power artificial intelligence data centers worldwide.
He described the company as producing the finest HBM chips available, the type that flow directly into data center infrastructure, CNBC reported.
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“AI has changed the order of things,” Cramer said during the broadcast, framing Micron’s achievement as proof that the trillion-dollar threshold has become more accessible. He emphasized that the club has become more inclusive rather than losing its significance.
UBS projects that Micron’s earnings per share will exceed $100 per share from 2027 through 2029, supported by multi-year pricing agreements with hyperscale customers, according to Yahoo Finance.
For investors tracking the AI hardware supply chain, Micron’s entry into the trillion-dollar group signals that memory demand has shifted from cyclical to structurally durable.
NVIDIA, Amazon draw Cramer’s sharpest assessments in the trillion-dollar club
NVIDIA remains the largest company on the list with a market cap above $5 trillion, but Cramer was blunt about a growing problem with investor sentiment.
Cramer noted the stock has traded lower after each of its last four earnings reports and is up only about 14% for the year, trailing many semiconductor peers, CNBC reported.
“It’s got the best AI technology, but that’s no longer enough,” Cramer said, arguing that Nvidia should borrow from Apple’s old capital-return playbook by buying back more stock and raising its dividend.
Nvidia announced an $80 billion share repurchase authorization and raised its quarterly dividend from $0.01 to $0.25 per share in its first-quarter fiscal 2027 earnings release.
Micron’s CEO noted the impact of AI advancements on the horizon.
…Memory is a strategic asset; you need more memory, you need faster performance memory in order for AI to be able to deliver its full capabilities.
Amazon received an equally candid review, with Cramer openly admitting he had been wrong about the company’s custom chip strategy in previous weeks of coverage.
“The new chips most certainly will hold their value for several years, pretty similar to Nvidia’s, but for a lower price,” he explained on the broadcast, CNBC reported.
Cramer described himself as having become a major supporter of Amazon’s direction, suggesting the pricing advantage of its custom silicon may explain why Amazon’s stock has climbed, while Nvidia’s has stalled.
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Alphabet earns top marks, while Meta, Berkshire face Cramer’s skepticism
Cramer was most enthusiastic about Alphabet among all the trillion-dollar names, calling Google Cloud the bet he would most want to make across the entire group.
He cited YouTube’s position as the largest video platform globally, Waymo’s lead in autonomous driving, and the combined strength of Google Search with the Gemini AI platform, CNBC reported.
Apple drew a reassessment that surprised viewers who had written the company off as an artificial intelligence laggard over the past two years of competition.
Apple has the best hardware, and it’s now snared one of the best AI platforms with Gemini,’ Cramer said. “Nothing comes out of Apple unless it’s near perfect. Lately, that’s been paying off.”
Not every name on the list earned praise, however, with Meta and Berkshire Hathaway drawing the most pointed criticism from Cramer during the segment.
“We’re in a ‘what have you done for me lately’ business, and the answer here is nada,” he said about Meta, while questioning whether Berkshire can hold investor interest without Warren Buffett as chief executive.
How each company converts massive AI spending into durable earnings growth will determine whether their current valuations look reasonable or stretched when investors look back from 2028 or 2029.
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