Jim Cramer Made 'FAANG' Popular, Now He Says There's A New Acronym To Describe These Retail Favorite Stocks — 'PARC'

Renowned TV host Jim Cramer is stirring chatter on X with another buzzworthy “meme stock” acronym, aimed at a new group of retail-favorite stocks that are defying gravity.

Check out the current price of PLTR stock here.

What Happened: On Monday, in a post on X, Cramer wrote, “A new acronym for the meme stocks that just won't quit!!! PARC!,” referring to Palantir Technologies Inc. (NASDAQ:PLTR), AppLovin Corp. (NASDAQ:APP), Robinhood Markets Inc. (NASDAQ:HOOD), and Coinbase Global Inc. (NASDAQ:COIN).

All four companies are notable for their social media-fueled momentum, high levels of retail participation, and volatility, which has earned them the “meme stock” moniker.

Palantir provides AI and data analytics applications for governments and commercial applications, and has seen strong momentum in recent years. AppLovin, on the other hand, is a mobile advertising platform and a game publisher that has seen a sharp rally since mid-last year.

Trading platform Robinhood was at the center of the retail trading boom during 2020-21, and continues to remain popular among young investors and traders. Coinbase, the largest U.S.-based crypto exchange, is similarly being fueled by renewed retail risk appetite for digital assets.

Earlier in the day, Cramer asked his followers on X to choose between PARC and CARP for the new acronym, before leaning towards PARC on CNBC’s Mad Money.

Cramer’s new acronym, however, drew mixed reactions online. When he asked for suggestions from his followers, several users suggested “CRAP” over “PARC” or “CARP,” citing the high valuations of these companies.

Why It Matters: This isn't the first time Cramer has packaged market favorites into catchy acronyms. In the past, he popularized the term “FANG” for Facebook, Amazon, Netflix and Google, which eventually evolved into “FAANG” to include Apple.

Over the years, this acronym has given rise to several ETFs that aim to provide investors with exposure to the group, and the term has since become synonymous with “big tech.”

Early this month, Cramer split the FAANG to just “M-N-Ms,” referring to Microsoft, Nvidia and Meta Platforms, which have significantly outperformed their “Magnificent Seven” counterparts during the year.

Palantir leads the charge among its PARC peers with a market cap of $351 billion, and according to Benzinga’s Edge Stock Rankings, it has strong momentum, with a favorable price trend in the short, medium and long terms. Click here to see how it compares with Applovin, which ranks a distant second.

Photo courtesy: katz / Shutterstock.com