Also, the companies face very competitive landscapes.
"Amazon has virtually no competitors, which means when they want to, they can start showing all the earnings they want. They just have to stop spending to invest in new business," said Cramer.
By contrast a number of smartphone makers, such as Samsung and Nokia, are developing products that threaten to eat into the iPhone market share.
As a result the market fears that the growing competition will eat into Apple's profits. "The sell-off reflects skepticism that Apple can't maintain the huge gross margins it has," Cramer added.
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More from Cramer:
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In addition, the sky's the limit for Amazon's future potential but Apple is facing a real ceiling.
"Amazon's total addressable market may be literally all of retail. By comparison, Apple's total addressable market may be no larger than the personal computer and cellphone replacement segment, and many think that in a few years those markets will be saturated."
When taken all together, it seems reasonable to conclude that the Street will continue to reward Amazon and give Apple a hard time. Therefore, Apple may continue to languish with only a 9 multiple while Amazon can continue higher with a 68 multiple.
Still Confused? Cramer said the dichotomy may be best understood with a metaphor.
"Apple is like a realist painter, like Manet or Winslow Homer. It has to be bound by the four walls of the canvas. It's trapped in an unfair world of realism. Amazon is an abstract artist—it's a Rothko—and its share price reflects the new perspective it brings to, well everything."