Jim Cramer warns investors may be reading too much into Wall Street's post-election rally

Impact · against what's priced in

The market's reaction to the midterms—benefiting hyperscalers and hurting chipmakers via anticipated capex cuts—is largely noise that conflicts with long-term business cycle drivers. For MSFT and AMZN, these gains are premature as the market has not yet accepted the margin expansions they require, while for NVDA and AMD, the selling pressure targets the growth trajectories the current prices already demand.

AAPL+0.20

Challenges what's priced in

The price assumes