For almost two decades, the former hedge fund manager and TV host, Jim Cramer, has been bullish about Nvidia (NASDAQ: NVDA), and after a five-month pause, his confidence has again been rewarded in April.
Specifically, after the semiconductor giant failed to retain a valuation above $5 trillion in late 2025, NVDA shares suffered a total 20% downturn by late March 2026, but, in the last 30 days of trading, soared 31.14% to $216.61 at the latest close and a new all-time high of $216.82 during the April 27 session.
Reacting to the rally, Jim Cramer proclaimed that ‘these sellers of Nvidia just disappeared,’ following a series of X posts in March in which he wondered why so many investors are dumping the blue-chip chipmaker’s equity.
How Jim Cramer remained bullish on NVDA stock through the November-March downturn
The ‘Mad Money’ host’s latest X post regarding NVDA stock sellers comes at the tail of numerous social media messages in which the former hedge fund manager continued alternating between praising the semiconductor giant and wondering why it is unable to rally.
Indeed, through March and a part of April, Jim Cramer published many posts in which he was wondering if the success of other technology companies – whether it be Micron’s (NASDAQ: MU) rally or TSMC (NYSE: TSM) earnings – would help Nvidia shares soar, continuously painting their downturn as illogical.
Throughout the timeframe, he also opined that either futures traders or the options market were behind NVDA’s depressed prices. For example, on March 6, he claimed that ‘futures are controlling Nvidia’s stock price,’ and on March 17, he asked: ‘Options traders pinning Nvidia at $183?’
Notably, after exclaiming that sellers of Nvidia have disappeared, Cramer again referenced call options as a reason why the equity failed to gain upward momentum in 2026 before April started:
It is incredible how much stock Nvidia had to churn through, not helped by all the call activity.
Is the options market behind Nvidia stock’s remarkable April rally?
Elsewhere, a different Wall Street analyst has also recently been writing about the impact options have on the 2026 stock market: Gordon Johnson of GLJ Research.
Still, Johnson – otherwise best-known as perhaps the biggest institutional Tesla (NASDAQ: TSLA) bear – is, unlike Jim Cramer, pessimistic regarding the underlying value of many technology giants.
Indeed, the GLJ Research founder estimated on April 27 that NVDA owes its rally to its next earnings report being decoupled from many other major companies in the wider sector.
According to Johnson, such a setup means that various funds are yet to begin accumulating call exposure to Nvidia at scale, ‘thus inorganically pushing the stock higher to the same degree as the others.’
The analyst also estimated that the American stock market is ‘currently operating in a regime mechanically decoupled – wherein index-level price action is being driven not by the fundamentals, but by options flow dynamics concentrated in a handful of mega-cap technology names.’
Notably, the legendary ‘Big Short’ trader Michael Burry is also operating under the assumption that much of the U.S. stock market’s valuation is completely separate from company fundamentals and mostly driven by automatic buying activity from index funds, pension plans, and other vehicles that engage in no comprehensive analysis before trading.
Nvidia stock performance proves Jim Cramer was correct since 2009
Whether Nvidia shares’ remarkable 30-day rally is a sign that investors have fully regained confidence in the company’s present and future, or is a result of other mechanics, Jim Cramer has, by press time on April 28, been right about the blue-chip chipmaker.
For example, $1,000 worth of NVDA purchased upon first recommendation in 2009 would have grown to $722,000. A similar investment made when Cramer renamed his dog after the company in 2017 would have risen to $60,000.
Even buying recently when the ‘Mad Money’ host told his X followers that they should own Nvidia stock and not trade it would have yielded respectable returns.
Indeed, at the time of the post, some two hours ahead of the April 24 closing bell, NVDA stock was changing hands at $209.36, while at press time, once the April 27 after-hours is accounted for, it is at $218.75.
Featured image via Shutterstock
