American tv personality and former hedge fund manager, Jim Cramer has been trending in the news lately after it was announced that, the predictions he made about Nvidia 8 months ago, have backfired.
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In September 2022, he shared that Nvidia stocks will perform badly and called it ‘a loser.’ During the time he said that the shares were trading at around $130 per share after struggling in the broader market downturn triggered by challenging macro conditions involving record-high inflation and interest rates.
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“The stock closed at $384.13 per share on Wednesday, May 24, 2023, before jumping over 26% in extended trading after issuing a current quarter sales forecast that smashed Wall Street expectations. Nvidia gained roughly $200 billion during the last 90 minutes of after-hours trading due to the surge in share price,” sources report.
8 months after his prediction, the giant tech company is now trading at $384.12, with more than a 192% increment.
Cramer worked in sales and trading at Goldman Sachs in 1984. He began a hedge fund called Cramer & Co. after he left Goldman Sachs in 1987. The fund was operated out of the offices of hedge fund manager Michael Steinhardt. Some of its investors include Eliot Spitzer, Steve Brill, and Michael Peretz. He raised $450 million in $5 million increments and received a fee of 20% of the profits generated.
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