Wall Street’s weekly performance was close to flat heading into Friday. Things started off well on the final trading day of the week, until President Donald Trump’s new trade threat to China spooked the stock market. On Friday, the S&P 500 fell 2.71%, its worst single-session decline since April 10, the day after it soared on the White House’s suspension of “mutual” tariffs. For the week, the index fell 2.43%. The Nasdaq also fell 3.56% on Friday, its worst day since April 10th. It fell 2.53% for the week. .SPX 5D Mountain S&P 500 Weekly Performance After the close of trading on Friday, President Trump announced a 100% tariff on imports from China, following widespread warnings on social media in the morning, saying the tariffs would be “much higher than the tariffs we currently pay.” He also added export controls for “critical software.” Both are scheduled to start on November 1st. The president said these moves were being made to “economically counter” new export restrictions imposed by China on rare earths. Rare earths are critical elements needed in modern production of everything from iPhones to missiles. Adding further uncertainty to the market, the Trump administration began furloughing federal workers early Friday, the 10th day of the government shutdown. A big week for Nvidia A big week for Nvidia started on Monday, with the stock falling after GPU rival Advanced Micro Devices announced a blockbuster chip purchase deal with OpenAI. The deal sent AMD stock soaring nearly 24% at one point and could give OpenAI a 10% stake in the company. Investors don’t need to worry about NVIDIA’s sharp selloff on Monday because the deal between AMD and OpenAI doesn’t threaten the company’s dominance in the escalating AI chip race, Jim Cramer said. “In the end, I know it’s going to be a joke, but I think everyone wins,” Jim said Monday, referring to OpenAI’s massive $100 billion stock and supply deal with NVIDIA last month. The Information on Tuesday reported that Oracle views its business renting Nvidia chips as a cloud provider to customers such as OpenAI to be less profitable. For the three months ending in August, Oracle’s cloud business reportedly had a gross profit margin of 14% on revenue of $900 million, much lower than Oracle’s overall gross profit margin of about 70%, according to The Information. As a result, Oracle stock fell as much as 5% during trading on Tuesday. The same day, Nvidia CEO Jensen Huang denied these claims in an interview with Jim at the company’s October monthly meeting, saying that Oracle “will do incredibly well.” Short-term margin pressure is not out of the question with new chips, but it won’t be in the future. “When you first launch a new technology, there’s a good chance it won’t make money initially. But over the life of the system, it will make a nice return,” Huang said Tuesday afternoon on the New York Stock Exchange. During the hour-long interview, Huang also argued that the United States must win the generative artificial intelligence race with China if it wants to build a future based on American technology. “Just as we want the world to be built on the American dollar, we want the world to be built on the American tech stack, including Chinese developers.” The tech stack is expanding beyond just Nvidia, as Huang also mentioned holdings in Apple, Amazon, and Microsoft. Huang also provided club members with updates on the other three Nvidia partners. Additionally, Huang said that refocusing the United States on energy growth will help the United States win in AI and foster continued prosperity. “Without energy growth, there can be no industrial growth; without industrial growth, there can be no stock market growth, no economic growth, and no national security,” he said. One stock that will benefit from AI’s energy demands is GE Bellnova. During Wednesday morning’s meeting, Jim said, “We bought the right thing.” GE Vernova is in the burgeoning business of natural gas-powered turbines that can connect to data centers to generate additional energy demand off the grid. NVDA 5D Mountain Nvidia Weekly Performance Nvidia stock certainly saw some big moves this week, falling on Monday and Tuesday and rising on Wednesday and Thursday. The market was poised to move higher on Friday until President Trump’s China threat hit the market. All told, Nvidia stock closed down 2.4% from its October 3 closing price. Portfolio Movement We purchased additional shares of GE Vernova on Tuesday as the stock fell below its all-time high set in early August. Jim upgraded the stock to a Buy rating of 1, which he called “the best news on the market.” “Our confidence in the long-term demand for AI infrastructure has grown over the past few weeks as OpenAI announced a new partnership to deploy at least 10 GW of AI data centers using Nvidia systems and 6 GW of AMD GPUs,” Jeff Marks, Director of Portfolio Analysis at Investing Club, said in a trade alert on Tuesday. The club sold some of its Salesforce stock on Monday. The lagging enterprise software name booked a profit following OpenAI’s announcement that Salesforce’s Slack will be integrated into the AI startup’s software engineering tool known as Codex. “Monday’s rally eases some of the pain, but stocks remain significantly higher in relation to Wall Street’s concerns that artificial intelligence is ‘eroding’ the software industry,” Marks said in a trading alert. Salesforce has to make a big splash with its fair share of critics at this month’s Dreamforce client and developer conference. On Monday, we also added Corning to our bullpen watchlist to consider as a portfolio name. Sales of Corning’s fiber optic cables should soar, as modern AI data centers require far more fiber than previous generations of energy-intensive facilities. This is the main reason why S&P 500 stocks are up 75% year-to-date, while the S&P 500 index is up 11.4%. Another reason to like Corning is the company’s huge deal with Apple announced in August to produce all the cover glass for the iPhone and Apple Watch. On Friday, we reduced our position in BlackRock for the first time. Despite the market-wide sell-off, the stock is still not far from its all-time high at the Oct. 3 closing price. BlackRock stock is still up nearly 10.5% year-to-date. We took some of that revenue and added Nike and Boeing to our new names. Our club has recently purchased these two stocks to increase our position. Despite last month’s strong financial results, Nike stock is down nearly 14% year-to-date. Boeing is faring much better, with a 19% return in 2025. Nike’s Turnaround Investors got an update on Nike’s turnaround plan this week. In an interview with CNBC that aired Monday, CEO Elliott Hill said “it’s going to take some time” for Nike to return to profitable growth. Hill also said that rebuilding the company’s operations in China is important and part of a larger effort to revive the brand. “As an example, the difference between the Chinese market and the U.S. is that China is a mono-brand store. The only physical retailer is Nike, and I think we focused too much on sportswear and not enough on the sportiness. We’re currently reevaluating the concept in China,” Hill said. Nike’s new direction is sports-themed stores. “We have running-focused stores, and they’re starting to sell really well[in China]because they’re centered around sports. We have a sports-centric perspective. There are 5,000 Nike stores[in China]so it’s going to take time to roll out these concepts, but we’re happy with our consumer-driven, sports-driven concept,” the CEO added. NKE 5D Mountain Nike Weekly Earnings Jim touted Nike stock shortly after the interview, saying he still believes in management’s plan to revive the sports apparel and retail giant, which has fallen nearly 14% since the beginning of the year. “It’s a guy named Elliott Hill. He’s into sports. He’s competitive,” Jim said on this week’s Squawk on the Streets show. “He’s not going to lose because he has a great brand, and they can make a comeback.” On Thursday, Nike received a solid rating in the fall 2025 edition of Piper Sandler’s “Understanding the State of Teens” study. Nike still remains the most popular shoe brand for all teenagers. Piper analysts became more bullish on Nike as they see signs of stabilization within the group. However, Nike’s stock price fell more than 9% this week after ending a run of five consecutive declining weeks. (See here for a complete list of Jim Cramer Charitable Trust stocks.) 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