Every weekday, Jim Cramer’s CNBC Investment Club releases the Homestretch, a practical afternoon update to coincide with the last hour of trading on Wall Street. It’s a new month, but so is the S&P 500 index. After ending the best month since November 2020 on Thursday, the broad index is on track to set new records at Friday’s close. Oil prices fell on Friday after Iran reportedly reacted to the US government’s latest changes to the draft agreement to end the Iran war. President Donald Trump has said he is “not happy” with this, which may help explain why oil prices have risen from their trading lows. Still, as of 2pm ET on Friday, the U.S. oil benchmark WTI was down more than 3% to about $101.50 a barrel. The divergence in performance across the club’s portfolio in April supports the idea that there are essentially two markets right now: data center stocks and everything else. On the “winners” side were AI and data center companies that have driven much of the market’s rise. Arm has soared nearly 40% in the last month, while Broadcom and Alphabet have each soared more than 30%. A resurgent Amazon isn’t far behind, with electronics supplier Eaton and glass maker Corning also posting impressive gains, highlighting the strength of ties with anything that benefits from building AI. Meanwhile, Cardinal Health and Johnson & Johnson were among the laggards, reflecting the market’s indifference towards most healthcare companies. Nike was our worst performing stock in April, with most of its losses occurring at the beginning of the month following a disappointing earnings report on the night of March 31st. After closing at $42.62 on April 10, the stock price rose slightly, trading above $44 on Friday. In this week filled with financial results, the soaring price of memory became a major theme. All five big-cap tech companies reported are battling AI-driven price gouging. Additionally, some memory companies themselves reported (Western Digital and Sandisk). On Wednesday evening, Meta directly cited rising memory prices as the main reason for raising its capital spending guidance. Microsoft also said that about $25 billion worth of the $190 billion in calendar 2026 capital expenditures was due to component cost increases. And on Thursday night, Apple told investors to expect memory price headwinds to continue for some time. As investors in companies take a hit with memory prices, we need to pay attention to what we’re hearing from companies like SanDisk. They are actually responsible for the supply (or lack of supply in this case). SanDisk’s earnings call Thursday night shows that its customers are reacting to the surge. SanDisk said it is seeing increased interest in multi-year supply agreements, with five supply agreements worth more than $11 billion signed to date. This commitment includes a fixed purchase commitment and a combination of fixed and variable prices. The longest of these commitments is five years. From SanDisk’s perspective, these agreements help ensure consistent demand and protect against the boom-and-bust cycles that have historically plagued memory manufacturers. This is a major shift in business strategy. SanDisk did not name the five customers it signed supply contracts with, but its CFO called them “very meaningful customers.” Therefore, it can be assumed that these customers have deep funds, and some of them may even have the name of the club. What do these supply agreements mean for signatories? First, they serve to ensure a stable supply and, as a result, help ensure that little or no sales are realized due to supply shortages. The risk with such contracts is that customers are left financially trapped even if demand declines. This shows that memory manufacturers currently have significant influence. But we are not too worried. Of course, companies that spend tens of billions of dollars on AI hardware need to demonstrate returns. However, we believe that all club holdings that may have signed one of these contracts are doing a good job of anticipating future supply needs. Rather, in recent years they have proven to be too conservative and have left profits on the table. Finally, while these deals are multi-year in nature, it is important to keep in mind the combination of fixed and variable prices. This means that commitment contributes to supply and thus sales. But that means customers are still exposed to some degree to price fluctuations driven by demand trends. As such, we expect margin performance to remain under close scrutiny in the coming quarters and perhaps beyond. Club names Eaton, Arm Holdings and DuPont will be reported next week. Eaton has a history of after-earnings sales, so we keep that in mind. As for Arm, we expect CEO Rene Haas to emphasize continued strength in CPU orders, but the hurdle is high as the stock price has increased more than 100% since the last report, and it may take quite a while for the stock price to meaningfully rise. Corning also held an investor day on Wednesday, and we think it has the potential for further upside. We’ll have a preview of all four club names in Sunday’s Week Ahead column. Other companies reporting next week include Palantir, Vertex Pharmaceuticals, AMD, Novo Nordisk, Disney, CVS, and Gilead Sciences. We’re also keeping an eye on the April jobs report, due out on Friday, which is a key indicator of the strength of the labor market and could help shape expectations for the Fed’s next actions. (See here for a complete list of Jim Cramer Charitable Trust stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, you will receive trade alerts before Jim makes a trade. 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