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Nvidia makes a move to take AI mainstream — plus, a positive call on Home Depot

adminby admin October 2, 2024 0
Nvidia makes a move to take AI mainstream — plus, a positive call on Home Depot

Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. 1. Stocks turned slightly positive Wednesday after a weak open. Concerns about Mideast tensions have made for a tough start to October. Oil was up for a second straight day after Iran’s missile attack on Israel. We bought more Coterra Energy shares Tuesday as a hedge against geopolitical risk . Before Wednesday’s opening bell, ADP’s monthly read on hiring trends at U.S. companies came in better than expected for September. Wall Street will look to Friday’s government jobs data for confirmation that the labor market remains resilient and what it could mean for future Fed interest rate cuts. 2. Shares of artificial intelligence chipmaker Nvidia rebounded, one day after a rough session for tech. Club name Nvidia announced Wednesday an extension of its partnership with Accenture. The IT consulting firm is creating a new Nvidia business group that will train employees to help companies drive the adoption of the technology using AI agents. Jim Cramer mentioned a similar AI agent strategy at Club holding Salesforce . Jim sees both approaches as a positive that AI is now moving from the hyperscaler cloud providers like Amazon, Microsoft , and Alphabet to other enterprise customers across industries. 3. Shares of Home Depot were flat Wednesday despite catching an upgrade. Gordon Haskett took the Club stock to buy and raised its price target to $450 per share, implying 10% upside. Results from a Gordon Haskett analysts’ survey signaled that Fed interest rate cuts should boost housing formation and home Improvement demand will show signs of life beginning of next year. Jim thinks investors don’t have to wait that long, calling Home Depot “probably the best large cap stock for this moment. 4. Stocks covered in Wednesday’s rapid fire at the end of the video were: Nike , Humana , Conagra , Tesla , and Lamb Weston . (Jim Cramer’s Charitable Trust is long CTRA, NVDA, CRM, AMZN, MSFT, GOOGL, HD. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

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