CNBC's Jim Cramer on Thursday explained why he thinks high-flying tech stocks Apple , Meta and Tesla have "stalled" recently, with all three up about 10% for the year.

After the Federal Reserve made its third consecutive interest rate cut this week, large hedge funds and money managers bought stocks known to benefit from lower rates , Cramer said. He suggested they currently prefer companies like homebuilders, retailers, banks, industrials or transports instead of the tech giants.

Cramer emphasized that while the Dow Jones Industrial Average and the S&P 500 closed at record highs , the tech-heavy Nasdaq Composite finished Thursday in the red.

"Hedge funds are like pack animals," he said. "When they move at once, like th

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