Cramer Remix: The new narratives that sent tech tumbling [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
show chapters Two faulty narratives are behind the massive breakdowns in the technology sector, CNBC's Jim Cramer said Tuesday after reports surfaced that the FAANG stocks had lost more than $1 trillion in value. The real culprits, the one-two punch that knocked tech down on the canvas, were a narrative that the data center — the heart of most new-age tech including the cloud and the internet of things — was peaking, and the stock market's reaction to the most recent earnings reports from Amazon and Google parent Alphabet , two FAANG members, Cramer said. The idea that the data center's a spent force has been deadly to the whole sector, he said on Mad Money as tech dragged on the broader market . It's the new narrative that refuses to go away regardless of all the evidence to the contrary, and there's a lot of it. Meanwhile, the reaction to Amazon and Alphabet's middling quarterly results delivered the uppercut that knocked the whole
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