Jim Cramer Scott Mlyn | CNBC
CNBC's Jim Cramer said on Tuesday that he believes President Donald Trump wants to hit Silicon Valley's largest technology companies because he sees them as political opponents.
Cramer feels that there can be an antitrust case against Big Tech's dominance. But he thinks the Trump administration goes after these companies for political reasons.
On the "Squawk Box", Cramer said that Trump sees Alphabet's Google, Facebook, Amazon and Apple as "democratic companies."
"I know this sounds weird," Cramer said. "But there are companies that the president looks so unique democratically. That's why they are games, they are feed."
The White House was not immediately available to comment on Cramer's remarks.
Meanwhile, most companies were silent on the reports of the government review, but Apple CEO Tim Cook told CBS that Apple's dominant position in the global smartphone market shows it's not a monopoly.
There are reports that the Justice Department is preparing an antitrust probe by Google, and that DOJ has been granted jurisdiction over Apple's practice as part of a broader review of the behavior of technical companies. Meanwhile, the Federal Trade Commission has assumed control of Amazon and Facebook by looking at how these companies could potentially damage competition.
Cramer said he understands that Trump is following Amazon because the president since the campaign in 201[ads1]6 repeatedly beat e-commerce giant and founder Jeff Bezos. Trump has called out Amazon for not paying enough taxes. He criticized the Bezos-owned Washington Post for alleged disruption to his administration.
But Cramer said Monday night on "Mad Money" that he has no "idea of what Apple did wrong in the white house's eyes," and apparently referred good relationship between Trump and Cook. "It sounds like the president has had it with Apple to make so many items in China," Cramer speculated.
"These companies used to act as crown jewels in the US economy. Now they are treated more like state enemies," Cramer said. "If that's the case, people will pay much less for their shares, which is exactly what we saw."
Concerns that the federal government will beat several regulations on major technology companies weighed on tech stocks Monday and pushed Nasdaq into a correction, more than 10% lower since the record ended high last month. But on Tuesday morning the technical stocks jumped higher and Nasdaq logged the kind of gains that would lift the index out of a correction if they were to stay close.
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