7:05 PM PT -- Jerry Seinfeld's changing his tune on Howard Stern, and he's issuing a mea culpa to his old pal. He tells TMZ ... "I really feel bad for what I said about my friend Howard Stern in a conversation with David Spade and Dana Carvey, talking about the glut of comedy podcasts."

He adds, "I meant to say he must feel surrounded but I said 'outflanked' which sounded terrible and insulting. And of course, none of these little shows are any threat to his giant show. Anyway, it was bad and I’m sorry, Howie. I still love you. Please forgive me."

Jerry Seinfeld acknowledges Howard Stern is the OG king of sitting around and recording conversations for air -- but says he just ain't all that funny in the age of modern podcasting.

The legendary standup went on David Spade and Dana Carvey's podcast, 'Fly on the Wall,' and they were talking about how popular pods are these days -- especially among comedians ... several of whom have huge cult followings.

That's where Jerry chimed in with a little for HS ... saying the guy certainly gets credit for inventing and spearheading that model with his radio format back in the day -- but noting, he's been left in the dust by all the competition of today ... that's Jerry's POV anyway.

He also says Stern doesn't quite have the comedy chops that a lot of comics do who are into podcasting now -- which is why he thinks comedians are putting out a better product.

Jerry says Howard is interesting and a good interviewer -- but he doesn't think what he's offering these days measures up to pods like 'FOTW' ... and he even goes so far as to say HS has been "outflanked" by all the talent that's flooded the radio/podcast space.

It's a little bit of a spicy hot take from Jerry ... and he's had quite a few of those lately -- including slamming the "extreme left" for killing sitcoms and funny television.

Ya gotta wonder what Stern might have to say about all this ... dude's got a platform.