Salesforce Chief Executive Marc Benioff told CNBC on Tuesday that despite an unprecedented rally among high-growth technology giants, some FANG stocks still remain undervalued.

The so-called FANG technology stocks refer to Facebook, Amazon, Netflix and Google (through parent company Alphabet). Some investors also recognize Apple as an additional ‘A’ to the FANG acronym.

“I think some of those FANGs are still undervalued, I would agree with Jim Cramer,” Benioff said on the sidelines of the World Economic Forum in Dalian, China.

Cramer, CNBC’s “Mad Money” host, suggested last week that FANG’s seemingly relentless run higher would most likely be led by Amazon during this “very broad growth rally”.

“You look at Amazon Web Services (AWS) business going past $20 billion this year and I think it is on a trajectory to go to $100 billion,” Benioff said.

The Salesforce CEO said his company enjoyed a close working relationship with Amazon and predicted the Seattle-based firm would have a “tremendous upside” with Chief Executive Jeff Bezos at the helm.

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