CNBC Investing Club: Cramer's Morning Take on Apple 11/3/26

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0:43Jim Cramer here to share a short preview of my take on the market from today's members-only CNBC Investing Club morning meeting. Join the club for full access to the morning meeting every day at 1020 a.m. Visit cnbc.com slash morningtake to sign up today. That's one word, morningtake. I do think when I look at things that there are too many people who see a stock go down. Like here's the conference call. It's like boom, boom, boom. Then this goes down. And then they decide, you know what? That is the key factor. And everything else that's said that's good after that is meaningless. That's actually an interesting pattern that we're seeing both in Palantir and Apple.

1:27These were excellent calls. They had some so-called hair on them. The stocks themselves are obviously well bid. I mean, look at this, right? And so what happens is you get stocks like these that are near perfect, and people find a reason to say negative things. Some of the analysts were not complimentary at all. But when I listen to the call, I hear about a company that has DRAM problems, and I say, I look at the chart of Micron, and I say to myself, I can't worry about the DRAM problems, that they're going too high, and at the same time be worried about Micron, that they're going too low. I don't know which one's right, Jeff, but I would not be as concerned about the price of DRAMs if I were a CEO at Apple, judging by this chart.

2:16Indicating that at some point, you know, we're past the peak pricing. Yes, double orders. Even though they have long-term agreements, suddenly people say, listen, I'll pay you, but I don't need them. And then it's given to other accounts. Yeah, that's a good point because Micron kind of positions it as the durability of the cycle, right? Staying high gross margins for them for an extended period of time. Right, remember, they think it's secular. They no longer think it's a cycle. Now, I think the problem I have is always is that I've always said, don't overlook the value of the chart. I remember when we saw we were very excited about LAM and KLA.

2:57And we had a very good source who said, no, that's double and triple ordering, Jim. And what happens is that you can double and triple order for DRAMs. And maybe some accounts are doing that. And we have Apple unwilling to say, look, I believe that's the case. But Apple stock versus Micron stock, if you overlaid them, said, look, there will be a popping of the bubble of DRAM prices. Let's drill a little bit more into the Apple quarter because it was a better than expected result. You had nice beats in the iPhone and Mac, wearables, home and accessories, iPad miss. Services, 9.8%, slight miss. People want to see that hold 10.

3:38And I know they guided for a little bit of a continued slowdown into the next quarter. But you had China was a huge upside surprise of 21 percent. The duo really no line of sight really into when supply will meet demand. All opinions expressed by Jim Cramer on this podcast and in connection with the CNBC Investing Club are solely Cramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates. and may have been previously disseminated by Kramer on television, radio, internet, or another medium. No specific outcome or profit is guaranteed in connection with your reliance upon or other use of the content from Kramer.

4:15The opinions offered in connection with this podcast and the CNBC Investing Club are not an attempt to induce any particular trading behavior, investment, or strategy. To view the full CNBC Investing Club disclaimer, please visit cnbc.com forward slash investingclubdisclaimer. Get The Daily Show's ongoing coverage in Decision 2026. News you can trust because we're at a desk. And I'm wearing a suit. It's the most trusted fake news in America. Comedy Central's The Daily Show. New weeknights at 11.