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CNBC's Jim Cramer on Tuesday explained why he's sticking with Amazon for the CNBC Investing Club's Charitable Trust, offering optimistic commentary about tech giant's future and commending its upcoming round of layoffs. "If Amazon can find a way to make its shareholders more money, it's going to take it," he said. "As a shareholder, I like that. I like that Amazon's never done trying to make you money." Amazon said on Monday it would fire about 14,000 corporate employees. The layoffs are expected to be the largest corporate job cuts in the company's history, CNBC reported. The move comes as part of the company's multiyear effort to cut costs. Reuters reported that the company is planning for more layoffs, saying Amazon could cut as many as 30,000 workers. In a blog post, Amazon said the layoffs were driven by advancements in artificial intelligence as well as an attempt to reduce bureaucracy. "This generation of AI is the most transformative technology we've seen since the Internet, and it's enabling companies to innovate much faster than ever before (in existing market segments and altogether new ones)," Beth Galetti, an Amazon executive, wrote. "We're convinced that we need to be organized more leanly, with fewer layers and more ownership, to move as quickly as possible for our customers and business." Years ago, Cramer criticized Amazon's Covid hiring spree, saying he felt at the time that the company didn't do enough to weed out surplus workers after the pandemic was over. But since then, he said the company has taken the time to properly determine how to make its workforce more productive — adding that he believes AI is now ready to help big companies "figure out who can do more with less." Cramer conceded that Amazon has failed to outperform the S&P 500 over the past several years. But he emphasized that he holds a longer-term view when it comes to owning stocks, saying he thinks investors should hold on to shares if they like a company and think it is reliable and trustworthy. Cramer said he finds Amazon to be one of the more valuable services he uses, adding that he believes the stock price "will eventually catch up with my judgment." Cramer lauded Amazon's ability to persevere through the pandemic, improve sales in Europe and build up its web services division. He predicted AWS's growth rate will pick up when Amazon posts earnings results on Thursday. Cramer also said he is determined not to repeat a recent misstep — selling Amazon's Big Tech peer Alphabet for the charitable trust due to concerns about the fallout from losing the government's antitrust case. "We sold Alphabet at the wrong time. We left 100 points on the table. My worries, they were misplaced," Cramer said. "The Justice Department was no more able to hobble Google for anticompetitive practices than it was with Microsoft at the turn of the century." Amazon did not immediately respond to request for comment.
