CNBC's Cramer slams DOJ suit against Apple
CNBC host Jim Cramer tore into the Department of Justice after it filed suit against Apple on Thursday for allegedly creating a monopoly over smartphones.
"I do not like the Justice case against Apple because Apple does so much. But they regard apple as a naked monopolist, it a great company," Cramer wrote in a string of posts on X, the platform formerly known as Twitter.
"But it is not a joke for Apple and I have strong feelings that Apple is NOT a monopolist!!! Nor is Nvidia These are the best companies in the world. Justice and FTC are just TOO AGGRESSIVE."
Nvidia dominates the market for computer chips used for artificial intelligence, and has quickly become one of the most valuable companies in the world.
DOJ was joined by 16 state attorneys general accusing Apple of stymieing competition and hurting consumers. The lawsuit accused the tech behemoth of hurting developers and small businesses through its operation of the company’s App Store.
Apple's stock was down some six points on Thursday afternoon after the lawsuit was announced.
"I am aghast not at the Justice Department, which I think will be proven wrong, but by these sellers who obviously don' t know how slowly the wheels of justice work and how filing a lawsuit isn't the same as WINNING a lawsuit," Cramer wrote. "So, yes, if you want to sell, be my guest.. We aren't changing our view."