By Jim Cramer, TheStreet

How much would Apple (AAPL) have gone up Wednesday if it weren't for Equinix (EQIX), which plummeted 33% after the company lowered its revenue outlook and took the rest of cloud-computing tech -- Citrix (CTXS)/Red Hat (RHT), Rackspace (RAX), F5 Networks (FFIV) and VMWare (VMW) -- down with it?

How much do they not matter for Apple?

Tuesday night I was out with one of the best hedge fund managers in America, and he wanted to take issue with my endless support for Apple. He couldn't believe, given the service of AT&T (T), that I could ever in good conscience recommend the stock.

I said to watch what happens when Verizon (VZ) gets the iPhone. He said he would believe it when he sees it.

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We saw it Wednesday. I thought Apple's stock should have spiked, but it is too much in the realm of Salesforce.com (CRM), Amazon (AMZN) and Google (GOOG), not to mention the ne'er-do-well Equinix stock biz -- emphasis on stock -- so it didn't get the pop it deserved.

Funny, the market has the cohort wrong. The cloud-computing world is so absurdly valued that I understand why my CNBC colleague Herb Greenberg would use the dot-com analogy.

But Apple is trading at 13 times 2011's fiscal-year earnings. Apple is selling three times the number of iPads people thought it would six months ago.

And, most important, I think a Verizon Wireless offering could add maybe 7 million people to the iPhone ranks, even with massive cannibalization.

The action in Apple on Wednesday was a false tell.

The real action, I believe, the up action, will be today.

Look, I hope it isn't for the sake of those who still don't own it. If it gets hit, I would buy some deep-in-the-money calls for certain, out three months if possible. But Wednesday was EQIX tarnish day. And it took any of this year's outperformers, rightly or wrongly, with it.

At the time of publication, Cramer was long AAPL.

Jim Cramer is co-founder and chairman of TheStreet. He contributes daily market commentary for TheStreet's sites and serves as an adviser to the company's CEO.

Click here to follow Cramer's trades for his Charitable Trust.

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