Jim Cramer on Apple: “Anyone Who Makes Phones or Computers Is a Victim of the Memory Shortage”

Apple Inc. (NASDAQ:AAPL) is one of the stocks Jim Cramer discussed, along with market shortages. Cramer highlighted the stock’s constant decline for the past few weeks, as he said:

Now, last night I told you that the Intel breakage would reverse the huge flow of money out of Magnificent Seven into the storage plays, and to some extent, that happened. The money flowed out of the storage plays right into the Mag Seven… These are all jumping because the money flew back from storage into Mag Seven. It just goes back and forth and back and forth, and it doesn’t impact them all. Apple saw its stock fall for the eighth week in a row because anyone who makes phones or computers is a victim of the memory shortage. They have to buy a lot of these sky-high storage devices. People say sell Apple off it. I’m not, I’m not a believer, but I recognize that’s what’s happening.

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Apple Inc. (NASDAQ:AAPL) manufactures and sells devices such as the iPhone, Mac, iPad, along with its line-up of wearables and accessories. The devices are supported by the company’s app ecosystem, AppleCare, and cloud tools.

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Disclosure: None. This article is originally published at Insider Monkey.