Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream weekdays at 10:20 a.m. ET. A recap of Thursday’s key moments. 1. The S&P 500 fell on Thursday, weighed down by weakness in semiconductor stocks. Nvidia, a leading AI chipmaker, fell 4% despite a strong quarter. Gainers include software names such as Clubholding Salesforce. Shares are up nearly 4% as investors turn to the group, which has been battered by concerns about AI disruption in 2026. Banks were also winners. Capital One and Goldman Sachs rose 1.5% and 1.2%, respectively. 2. However, Nvidia’s price cuts are not a reflection of the company’s performance. “This reflects the idea that hardware (stock prices) are getting too expensive,” Jim Cramer said. After all, Nvidia delivered strong profits this quarter and presented a remarkable outlook. Jim said NVIDIA’s decline wouldn’t have happened if it wasn’t part of a broader rotation away from chips and into areas such as software. “They are not the only victims today,” he said. For example, Broadcom, another AI chipmaker in the portfolio, fell more than 5%. Nvidia is clearly an example of a high-quality company being unfairly punished. “If you don’t have Nvidia, you might want to buy something at the end of the day, and I think you should,” Jim said. 3. Salesforce also beat Wall Street expectations on revenue and bottom line earnings in its quarterly results Wednesday night. Growth in its flagship Agentforce suite was impressive, with annual recurring revenue increasing 169% to $800 million. Still, Jim wondered what the ARR numbers would be next year. “You know it’s going to take billions of dollars just to change the status quo,” Jim said, especially given concerns about the stagnation of the company’s legacy application portfolio. And more generally, Jeff Marks, director of portfolio analysis, cautioned that the debate over whether AI will cannibalize software-as-a-service companies like Salesforce is far from settled. 4. Stocks mentioned in rapid succession Thursday at the end of the video were Snowflake, JM Smucker, Celsius, Shake Shack, and The Trade Desk. (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. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
