Cramer rejects calls to break up Big Tech, says U.S. government is wrong to target it
- CNBC's Jim Cramer said Wednesday he opposes government efforts to break up American technology giants such as Amazon and Apple.
- "You want to hate big tech for being too powerful, go right ahead, but I think it's insane that our government's targeting them," the "Mad Money" host said.
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CNBC's Jim Cramer said Wednesday he opposes government efforts to break up American technology giants such as Amazon and Apple.
"You want to hate big tech for being too powerful, go right ahead, but I think it's insane that our government's targeting them," the "Mad Money" host said, referring to recent legislative proposals in Washington directed at the mega-cap tech companies.
"America's finally good at making something again. We should be helping these companies take over the world, not kneecapping them," Cramer continued. "And even if you despise Big Tech, you have to admit these companies have created more wealth than any other enterprises in the history of this great nation."
Cramer's comments Wednesday focused on the following firms: Facebook, Microsoft, Amazon, Apple, Google-parent Alphabet and Tesla, which for years has dominated electric vehicle sales in the U.S. and topped $1 trillion in market cap for the first time Monday.
While Wall Street is always paying attention to those companies, Cramer's remarks come during a week in which all but Tesla report their quarterly results, putting them in an even brighter spotlight. Facebook, Microsoft and Alphabet have already done so, and Amazon and Apple's earnings are due out Thursday. Tesla reported third-quarter numbers last week.
Microsoft and Tesla recently avoided coming under "serious fire" from lawmakers, Cramer said. However, in general, he contended Washington is "looking at these companies all wrong."
"Yes, they should probably face more regulation, but I think we should be aiming to create clear rules for digital commerce rather than aiming to cut them off at the knees," said Cramer, whose charitable trust owns shares of Apple, Amazon, Facebook, Alphabet and Microsoft.
"In any other developed country, these companies would be treated as national champions, treasures even," Cramer said. "After living through an era where the only thing America seemed to make right were toothpaste, deodorant, diapers, soda, movies, I'm actually proud that America dominates the tech industry."
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