Amazon's the One 'I'm Most Worried About,' Jim Cramer Says
On Wednesday at noon, by videoconference, the CEOs of some of the largest and most powerful technology companies—Facebook's Mark Zuckerberg, Apple's Tim Cook, Alphabet's Sundar Pichai, and Amazon's Jeff Bezos—will testify to Congress on the topic of whether their businesses discourage competition.
House lawmakers have been investigating these four companies to determine whether they are essentially too large, and in effect function like monopolies.
So, what should we be watching?
Jim Cramer previously said, "Everyone wants to investigate these companies because these companies have wiped out a lot of jobs. But at the same time, what are you going to do to them? It's kind of like Standard Oil. You break it up, you create more value. AT&T. You break it up, you create more value. As a shareholder, I don't think you have to worry. If you were working there, I think you have to worry."
"These hearings seem to have more of a prurient nature. Just a great opportunity to hold rich peoples' feet to the fire. I say that because at a time when so many of our companies have sold their soul to the Chinese, with whom we are now at a cold war with, these companies have not done so, not that the Justice Department's Bill Barr seems to know that as he has singled them out as bad actors even as the only one with substantial ties to China is Apple, which is basically a Fifth Column for America in the PRC," wrote Cramer in his Real Money column on Wednesday. Read the full column here.
At the end of the day, Amazon is the one Cramer is "most worried about." But his fears have less to do with the hearing and are more grounded in worries the company is nearing a peak ahead of earnings Thursday.
Jim Cramer and Katherine Ross are going live on Street Lightning Thursday, July 30 at 10:30 a.m. ET to discuss all things Apple ahead of a very full slate of tech earnings after the bell Thursday.
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