CNBC’s Jim Cramer on Thursday told investors that a new group of market leaders is emerging amid tech stocks’ downfall.

“The market’s finally in Fed-mandated slowdown mode, where what works are the recession-resistant stocks of profitable companies that tend to be pretty generous with their shareholders,” he said.

Here is Cramer’s list of industries that fit these requirements:

Fossil fuelsHealth careTravelDefenseFood and beverageThe “Mad Money” host’s comments come after a tough earnings season for Big Tech. Amazon reported weaker-than-expected third-quarters earnings and revenue and issued a disappointing fourth-quarter sales forecast on Thursday.

Alphabet missed third-quarter revenue and profit expectations on Tuesday, while Microsoft issued weak guidance that sent its stock tumbling. Meta Platforms missed on third-quarter earnings after the close on Wednesday.

However, one tech stock is still worth owning, according to Cramer. 

Apple beat fourth-quarter earnings and revenue expectations on Thursday after the bell, though it fell short on iPhone services and sales.

Cramer praised its technology, adding the company is much more in tune with what customers want than the rest of Big Tech, making its stock investable. “I always say, own Apple, don’t trade it,” he said.

Disclaimer: Cramer’s Charitable Trust owns shares of Alphabet, Amazon, Microsoft, Meta and Apple.

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