‘It’s so horrible that I want to buy it’ — Jim Cramer likes these 2 beaten-down tech names that are still posting white-hot revenue growth

Apple (AAPL)

Cramer has been a fan of Apple for years.

He says that he’s been "long" on the company ever since his daughter owned a blue and a pink iPod. And due to the recent drop in Apple’s share price — the tech giant is down 20% year to date — Cramer thinks it's time to hit the buy button once again.

“I want to buy it. I upgraded for the charitable trust. It’s been straight down,” he says.

In the latest earnings conference call, Apple CEO Tim Cook said that the company hasn’t been immune to supply chain disruptions. CFO Luca Maestri added that supply constraints — resulting from COVID-related disruptions and silicon shortages — could impact sales by US$4 billion to US$8 billion.

That said, Cramer thinks the iPhone maker will be fine, citing his recent interview with Micron Technology CEO Sanjay Mehrotra.

“He said phones are good,” Cramer recalls. “Higher-end phones? Good.”

In the most recent quarter, iPhone sales grew 5.5% year over year to US$50.6 billion and accounted for 52% of Apple’s total sales.

If you're feeling trepidation about the share price, you can use a popular investing app like Wealthsimple to buy fractions of Apple shares with as much money as you are willing to spend.

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Nvidia (NVDA)

As a leading manufacturer of graphics cards, Nvidia shares have had a solid bull run over the past decade. But that rally came to an abrupt end in November 2021. Since reaching a peak of US$346 in late November, the stock has fallen about 50%.

Nvidia’s plunge is substantial even when compared to other beaten-down stocks in the semiconductor sector. And Cramer has taken notice.

“Nvidia has been cut in half,” he says on CNBC. “It’s the worst chart I’ve seen. Honestly, it’s so horrible that I want to buy it.”

Nvidia’s business is performing well, making it a particularly intriguing contrarian idea. The chipmaker generated US$7.64 billion of revenue in its fiscal Q4. The amount not only represented a 53% increase year over year, but also a new quarterly record.

Revenue from gaming — Nvidia’s largest segment — increased 37% year over year to a record US$3.42 billion. Meanwhile, data center — the company’s second-largest segment — saw revenue spike 71% to a record US$3.26 billion.

Nvidia is scheduled to report Q1 FY23 results on May 25 after the closing bell.

Alternative investments

With the S&P 500 down since the start of the year, it may be a good time to look at investments that don't track the stock market, such as blue-chip art. Fine art has traditionally only been available to wealthy investors with the thousands or millions needed to buy high-end artworks. But thanks to a new platform that allows buyers to purchase shares of artworks, the art world is now accessible to investors at every price point.