Cramer Plans to Exit Intel for AMD as Tech Stocks Rally

Jim Cramer said his charitable trust plans to exit Intel and open a position in Advanced Micro Devices (AMD) when its trading rules permit, marking a planned shift in its chip holdings.

The trust still held Intel shares, and Cramer said it had owned AMD before. He said the trust would make the switch once its trading rules allow and build the AMD position gradually.

“They got the best stuff,” Cramer said of AMD. He criticized Intel’s execution and added, “Sometimes, you just have to admit you got it wrong.”

Cramer previously said he could not rationalize selling Intel after a sharp drop, as he said in earlier comments about the position.

Intel shares had slid since reaching all-time highs in June. A recovery attempt in September faded after an earnings warning in October.

In intraday trading Wednesday, the Nasdaq rose more than 1.5%, while the Dow Jones Industrial Average fell roughly 90 points, or 0.2%. Cramer described the move as a rotation “into technology, out of the soft goods.”