Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Setting records: The market hit new highs Thursday thanks in part to continued bullishness about how artificial intelligence is driving a wave of spending in semiconductor chips and other technologies. “The semis are reacting to the incredible comments from Micron CEO Sanjay Mehrotra about how business for his high-end chips is so strong that he is already on allocation,” Jim Cramer said. “That means strength for Nvidia and Broadcom but also hyper scalers like Amazon , Meta Platforms , Alphabet , and Microsoft (and Synopsys , which I visited with in California this week and is amazing.)” Wait on Apple: Even though the broader market strengthened throughout the day, it did so without the help of Apple . Shares of the iPhone maker fell after the Justice Department sued the company on accusations it violated antitrust law . “Let’s be clear, they are going to sell Apple all day,” Jim said. “You do not get a turn in the stock. You have to let them sell. It might finish at the low. ” Then the technicians will have you sell it tomorrow. This is how Apple trades. But the Justice Department did this with Google and now you can’t even see where their lawsuit was filed when you look at the chart.” In October 2020, the DOJ filed an antitrust lawsuit against Google over its search practices. In January 2023, the DOJ filed a suit against Google claiming anticompetitive auction manipulation of its digital advertising technology products . “Do not buy Apple today. Let them finish selling,” Cramer added. More IPOs to come?: The IPO market is finally starting to heat up. Wednesday saw plenty of enthusiasm for Astera Labs , and that stock is continuing its gains. Reddit appears to be an early…
Read the full article here
