Jim Cramer loves when historical patterns pop up in the stock market, especially ones like the recent concerns about FANG stocks being overvalued and emblematic of the 2000 tech bubble.
"But you know that history doesn't always repeat itself. In fact, there are times when it can lead you very much astray," the" Mad Money" host said.
Take one of the market's most topical technology stocks, Nvidia. Just two years ago, the chipmaker's stock was trading at just six times earnings, a valuation far too low for how rapidly the stock climbed since then.
"Lots of people think NVIDIA's the most outrageously valued stock in the market" today, Cramer said. "It turned out to be the maker of the semiconductors used in gaming, artificial intelligence, machine learning. It turned out to be one of the greatest bargains of all time."