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Jim Cramer: The Google-Nest Deal Is Huge

NEW YORK (Real Money) -- How good is this Google (GOOG) purchase? How meaningful is the deal to buy Nest? Judging by Frank Blake, the CEO of Home Depot (HD - Get Report), it's huge.

Here's why I write that. Not that long ago, Frank came on Mad Money, and I was pressing him about how he could still grow sales without upping the store count as well. Home Depot, after all, is building only one new store in the country this year, in Williston, N.D., to take advantage of the Bakken boom. Frank discussed improving internal store efficiencies and, beyond that, in the segment he also extrapolated on the new products Home Depot is offering -- products that people really want.

What's an example of that? One that Blake talked about was a smart smoke detector that doesn't screech out some annoying sound but, rather, gives you a soothing voice that tells you something's wrong. That smoke detector doesn't chirp in the night when the battery dies, either, and it doesn't make you guess which one it is, because it simply responds to the wave of your hand and stops chirping.

Not long before that interview, I had gone through one of those sleepless nights because I had had a bout with a chirper. I've nine smoke detectors around the first and second floor, and when one of the batteries dies, I can never for the life of me figure out which one it is. So I go from detector to detector trying to figure out if that's the one with the battery ready to be changed. You have about a minute between each, and unless you are underneath it, you can't be sure which one it is. Yes, I know there's supposed to be some light flashing that tells you it's the one. I don't know about you, but that just doesn't help me. Fifteen minutes later, amid a lot of pulled wires and batteries, you just give up and try to go back to sleep.

In other words, I could see how people would be clamoring for the product, and that's just what Blake said was happening.

Last night we learned that Google's executives felt the same way that Blake did, and shelled out $3 billion for this revolutionary product and its sister, the smart thermostat.

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