Jim Cramer Says He ‘Really’ Likes Nancy Pelosi Stocks, And This AI Play Is Reasonably Valued Than High-flying Nvidia

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Shares of chipmaker Broadcom Corp. (NASDAQ:AVGO), which started to rise in early 2023, have been through a consolidation phase since hitting a high in late June. The stock has found a fan in CNBC Mad Money host Jim Cramer.

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What happened: Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors, bought Broadcom shares, Cramer said in a post on X Monday. More than the revelation about Broadcom’s purchase of Link, what caught the attention of social media users was Cramer’s comment about his disposition toward the stock. Broadcom, he said, is “a stock I really like…”.

Some social media users poked fun at Cramer by reminding him of his negative psychology on stocks. “Up $30 (21%) or so in 5 days after a dip and near all-time highs, then Jim backs it up…” one of his followers said.

Does Broadcom live up to the hype? Broadcom, which once flew largely under the radar, has now risen to prominence with its foray into artificial intelligence. The company is now the 11th most valued global corporation with a market capitalization of just over $766 billion. In fact, it has the largest market cap among techies outside of the Magnificent Seven, minus Tesla and TSMC.

This semiconductor and infrastructure software maker recently reported third-quarter results that beat Street estimates, thanks to strong AI revenue and solid performance from its VMware business. The San Jose, Calif.-based company also raised its AI revenue guidance for the fourth quarter and full year. Despite the results ticking most boxes, slightly light fourth-quarter guidance sent the stock down just over 10% immediately after the results.

Since then, the stock has bounced back, thanks to its nearly 20% rally from its post-earnings low.

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However, the stock trades at a reasonable forward price/earnings multiple of 26.81 compared to Nvidia Corp. (NASDAQ:NVDA).

Incidentally, Rep. Nancy Pelosi (D-Calif), who is known for her investments, bought 20 Broadcom call options on June 24 with a strike price of $800 and an expiration date of June 20, 2025. The purchase It was made after the company reported its second-quarter results on June 12 and announced a 10-for-1 stock split. The stock began trading on a split-adjusted basis on July 15. The congressman’s call options now have an exercise price of $80, giving effect to the split.

The average analyst price target for Broadcom is $198.66, according to TipRanks, with the 12-month price target indicating upside of more than 21% from current levels.

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This article Jim Cramer Says He Likes Stocks in Nancy Pelosi’s Portfolio ‘Really,’ and This AI Play Is Reasonably Valued Than Nvidia originally appeared on Benzinga.com