Jim Cramer reviews ten stocks that are up more than 200% so far this year

CNBC's Jim Cramer on Wednesday reviewed ten stocks worth more than $1 billion that have run up big this year and suggested they were smart investments — although most were also very speculative.
"Let's remember this list of frothy stocks and think of them the next time you're about to ignore a stock for being too speculative," he said.
Cramer's list includes Cava, Palantir and Carvana.

CNBC's Jim Cramer on Wednesday reviewed ten stocks worth more than $1 billion that have run up big this year and suggested they were smart investments — although most were also very speculative.

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He stressed that he's not currently recommending these stocks as they're up too high already, but said they serve as reminders that investors would be wise to include a speculative company in their portfolios.

"Let's remember this list of frothy stocks and think of them the next time you're about to ignore a stock for being too speculative," he said. "Because these names are often the epitome of speculating wisely, which can be the key for terrific long-term performance — of course, only when melded with index funds."

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Here are ten stocks up more than 200% year-to-date in order from lowest to highest gains:

Rocket Lab: Cramer said that Wall Street has been impressed with the aerospace company's revenue growth. He added that Rocket Lab's satellite business is likely to "grow exponentially" over time.
Cava: Cramer noted that Cava is modeled after Chipotle, a fast-casual chain that's climbed since its market debut and is now valued at around $80 billion. Cava is currently worth nearly $17 billion, and Cramer suggested it could reach the heights of its burrito-making peer. He also said the stock was fairly "accessible" because so many people are familiar with the company and its food.
Palantir: Cramer said Palantir has hit "cult stock status," and the cybersecurity outfit owes its gains to lucrative deals with the Pentagon.
Powell Industries: This "old line industrial" has in the past made equipment used by oil and gas companies, but has become a top supplier for outfits that need critical electrical infrastructure, often for ever-popular data centers, Cramer said.
Vistra: Vistra has been able to climb as demand for energy-guzzling data centers continues to grow, Cramer said, adding that while the company primarily generates power from fossil fuels, it has also made big investments in renewable energy.
Carvana: While Carvana has struggled, Cramer suggested consumers have always liked its business proposition. He pointed out that it's seen success since it got backing from creditors and was able to reduce its debt.
AST SpaceMobile: AST SpaceMobile designs and manufactures satellites, working with companies like Verizon and AT&T. Cramer said this company is losing money, but investors currently like stocks that have to do with space.
MicroStrategy: Cramer praised the business intelligence company, noting that it owns an enormous amount of Bitcoin.
AppLovin: AppLovin, which helps developers market and publish apps, seems to have "burst out of nowhere" after reporting a quarter that blew past estimates, Cramer said. He praised its analytics and artificial intelligence capabilities.
NuScale Power: While this company is spending big to build nuclear reactors, Cramer said investors love the stock, and it could probably raise a lot of capital if it gets a deal with a hyperscaler.