In today's Daily Rundown, Jim Cramer discusses the markets, Nvidia (NVDA) , his interview with Advanced Micro Devices (AMD) CEO Dr. Lisa Su last night on Mad Money, Evercore ISI's price target increase on Apple (AAPL) , and electric vehicles and Ford (F) . 

KATHERINE ROSS: Welcome to The Daily Rundown. I'm Katherine Ross. I am joined by Jim Cramer. Jim, we spoke about the 2020 March selloff that took place a year ago today on TheStreet Live. But I want you I want to ask you what members should be paying attention to in this market right now.

JIM CRAMER: Well, I think they have to be thinking as the Dow goes down-- we've had a big run on the Dow-- now you start thinking about what you can buy in the Dow. It's come down. We've had some tremendous declines in a lot of the NASDAQ stocks. I talked before we went away about something that Helene Meisler, our partner, was saying on Real Money, which was that we had this period where you had the denial, and ultimately you had bargaining. You had depression. And then you had a horrendous acceptance, which is what happened to the Dow stocks.

And now we're going through that with the tech stocks. And I see it happening right now with Facebook, with Alphabet. This is the acceptance. We're getting there. It is very interesting, by the way, to see acceptance at Starbucks. Jeez. That's a big one.

But I do feel that what you're looking at when the semis are coming back is an understanding that perhaps they were oversold. Look at Nvidia up 10. I mean, Nvidia has-- there was an acceptance of the depression that Nvidia was causing when that stock broke all the way down to-- I mean, this is really incredible. Let's just talk about Nvidia for a second, which of course my late dog was named Nvidia in honor of Nvidia.

But this stock broke down right when I was said, listen, we got to have acceptance. We just have to have acceptance. This stock broke down to $462. It's at $538. We got the acceptance. And once we had the acceptance, we had the washout. And our viewers should recognize that Nvidia, a classic action alert name, has made a major comeback-- and as, by the way, has Broadcom, another one.

Now, we're going to have to make some slivers of each one because we got to send out the $190,000 that we made in capital gains and dividends. But holy cow! The stocks that we said had to be-- had to have acceptance have had it. And ever since then, it's been off to the races. Unfortunately, of course, I was away, but we are fully loaded.

KATHERINE ROSS: I want to talk about AMD based on your interview with CEO Dr. Lisa Su last night on Mad Money. Over on TheStreet Live, Jim, you said that where it's at right now, $84, is a good place to buy, which is interesting, because originally when I looked at this this, morning it's off $15 from its 52-week high. I was wondering if maybe that's too close. But it doesn't seem like you think that.

JIM CRAMER: No, no. I mean, I think that one of the things that was really clarified-- when the stock was in the mid-$90's, there was a real sense that maybe there wasn't a lot of demand, and there was a real sense that they didn't have the chips because of chip shortage. Both were false.

There's a ton of demand for every single one of their-- whether it be PC gaming or data center. And there's no shortage for them. They're just making a lot of money. So I put yesterday's interview completely clarified the nonsense that caused the stock to drop from the high $90's all the way-- I mean, this is another one that we bought very correctly.

And look, we screwed up. Yeah, I look at this Lilly, and I know we screwed up. I'm happy to talk about it again. But when AMD dropped to $74, that was just very right. I'm so glad, by the way-- just to touch on Lilly-- I hated that up opening. You knew it couldn't stand.

The sellers didn't get finished yesterday. You have to let the sellers finish. How will you know when the sellers have finished? When the stock stops going down but doesn't start going up. I mean, you have to have the stock be hammered, hammered, hammered, hammered, and that's what I think is going to happen.

KATHERINE ROSS: OK. Let's talk about your favorite own it, don't trade it stock. That's Apple. Evercore ISI did raise its price target on Apple to $175.

JIM CRAMER: Yeah, look, this is a piece of [INAUDIBLE]. Remember early on when I was talking about the Wall Street Bets, which we do on a regular basis? Because they won't let me on. They said there's no room. There's, like, 9 million followers.

I have said over and over again that Apple is a consumer technology stock. Now, they want to be a technology stock. They haven't really bought into my Procter & Gamble, Colgate analysis because those companies are-- well, Procter would say they have a lot of tech. And they do. There's a lot of tech at Procter. And Procter does a very, very good job.

And Procter & Gamble has a 23 multiple. Now, you'd say, well, hold up. Apple's multiple is a little bit higher. But not on next year, not on next year at all. What you get is you have situations like consumer products companies that I just don't revere. Here's one.

This is one that is very well run. It's run by Matt Farrell. He's a very good guy at Church & Dwight. Church & Dwight is at 30 times earnings. That's a higher multiple than Apple. Is that right? Because they got the Water Pik? I mean, the Water Pik? That's like the cuckoo clock, for heaven's sake, if we're talking about the [INAUDIBLE].

So I like the fact that when I look at Facebook, it's at 16 times earnings. But when I look at Apple-- I mean, that's not consumer stuff. But I look at Apple, and I look at the service stream, and I say to myself, OK, so what are you paying for Apple for next year? What is the multiple? What are you paying? What is the multiple?

So this stock next year is going to earn-- look at this-- it's at 25 P/E for '23, 25 P/E. And people think it's going to earn 4.43, then 4.64, then 4.93. Those numbers are too low. That's the consensus. Why do I say it's too low? They're not factoring in the service revenue. And because it's service revenue, they need to be thinking about this like Church & Dwight, which also makes Arm & Hammer, Church & Dwight. Oh, by the way, Church & Dwight makes Trojans.

KATHERINE ROSS: Did not know that. Jim, I think--

JIM CRAMER: Pregnancy test kits, hair removers, shampoos, contraceptives. Yeah, a good company. Higher price-to-earnings multiple than Apple? I mean, hello? Is that right? I don't think so.

KATHERINE ROSS: Circling back specifically to Apple, I think I've asked you so many questions about investing education in Apple. But the one I don't think I've asked you yet is how big of a position you think that our members should be building in a company like Apple?

JIM CRAMER: Well, I mean, look, Apple-- you're getting a chance-- and we have a huge position. You're getting a chance to buy a high-quality company that was down almost 10%. It was at $145. It's at $127 now. Here's what happened. And this is what will happen with Lilly, OK? You have to have the denial, the bargaining, depression.

Apple was at $115. I'm saying, listen, how can you not buy this thing at $115? I mean, what is that? It's insane. And now it's at $127. It's up $3. I don't like to buy things up $3. Remember, I was-- just like Lilly, there will come a day when Lilly has washed out. And you don't get any credit at all for a drug that we're all going to take, which is just nuts. That's probably going to come out at $185. It would be good average for us when we get there. Obviously, we screwed up. Listened to the CEO.

But I feel like you want to buy these stocks when there's a give up, when there's depression and then acceptance. And we had that for Apple already. So I think if you don't own any Apple and you just joined us, buy some, but don't be big.

KATHERINE ROSS: Jim, we talked about EVs over on TheStreet Live, but I want to frame this to what the portfolio is doing when it comes to capturing the momentum in this space, and that is your Ford play. For those who maybe don't know why you guys own Ford, let's walk through why this position is so important right now.

JIM CRAMER: Well, first, Ford did a convertible bond where the people who buy it are going to short the common very bad. I hated that they did a convertible bond. They should have done straight debt. I know that they looked at those rates and couldn't believe it, but it hurt the common stock. Second, they got the chip shortage. And it's obvious that it's been disclosed many times, but here it is again.

And it still scares people, which is a shame. What I like about Ford is it's going EV. And so is Volkswagen, by the way. Now, let's understand each other. When an internal combustion engine company goes EV, they're not going to drop the internal combustion engine. It's not like ice is going to drop.

But they are making their most iconic vehicle, the F-150, electric. I'm sure they need chips for that, for heaven's sake. Maybe by that point, the chip shortage will ease. But they're going EV. GM, to their great credit, Mary Barra realizes that faster, better batteries are hugely important. That's why I like Lucid, by the way, other than the fact it's just a gorgeous car.

And I just think that what you have to do with Ford is say, I'm going to handle the near term, but I want to accept the fact that it was-- that 10 years ago, the stock was at $18. And now it's a much better company, and it's at $12.

KATHERINE ROSS: All right. Let's end there. Jim, thank you, as always, for joining us today. And members, thank you for tuning in. I'm Katherine Ross, and we'll see you tomorrow.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long NVDA, AMD, AAPL, F.