- CNBC's Jim Cramer says the recent rally in large-cap tech stocks has been "breathtaking"
- However, he adds there appears to be "no particular reason" for the rise.
- Tech stocks Apple, Alphabet, Amazon, Netflix and Facebook were all higher Monday.
CNBC's Jim Cramer said Monday that the recent rally in large-cap tech stocks has been "breathtaking," but added there appears to be "no particular reason" for the rise.
"There's nothing new in Facebook to justify one more romp," Cramer said on "Squawk on the Street." (Cramer's chairtable trust owns shares of Amazon, Apple, Facebook and Alphabet).
The "Mad Money" host said perhaps it's "the summer rally" as buyers appear to be "back on Wall Street" while the sellers appear to be limited.
Tech stocks Facebook and Amazon were higher early Monday, up more than 1 percent and 2 percent, respectively. Netflix and Google's Alphabet were also higher, up about half a percent. Apple was 1 percent higher.
However, Twitter was down more than 8 percent Monday after The Washington Post said the social network suspended more than 70 million accounts in May and June to reduce the flow of misinformation. Twitter shares were still up more than 80 percent this year.
"Advertisers need an alternative to Facebook and Alphabet and they have discovered Twitter," said Cramer, explaining what he believes to be the reason for Twitter's rise this year.
Cramer mentioned last week that tech stocks, particularly Facebook, Amazon, Netflix and Alphabet, have been resilient even with U.S. investors laser-focused on the White House's tit-for-tat trade war with China.
"All four are accidentally anti-Chinese stocks, and that is perfect for this market," Cramer explained on Thursday.
President Donald Trump's tariffs on $34 billion worth of Chinese goods . Shortly thereafter, China imposed reciprocal measures.