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 Monday’s key moments. Monitor a range-bound market Watch Nvidia’s AI prowess Stick with Salesforce 1. Monitor a range-bound market Stocks started the week up, with the S & P 500 and the Nasdaq both climbing modestly Monday. The moves higher come after both indices on Friday posted their worst weekly performances since early December. “What we have here is a nice decline,” Jim Cramer said Monday, with the recent drop in equities providing a potential buying opportunity for investors. Jim added that the market would struggle to break out of its current range until overextended companies start to see significant bankruptcies. That would put a dent in the strong labor market and allow the Federal Reserve to ultimately ease up on interest rate hikes. The Labor Department is set to release its next unemployment report on March 10. 2. Watch Nvidia’s AI prowess “They are AI,” Jim said of Club holding Nvidia (NVDA) on Monday. And, the viral generative AI ChatGPT is just “one very small part of what’s being done” with artificial intelligence at the semiconductor firm, he added, suggesting the stock could move much higher on its AI capabilities in the coming months. Nvidia’s graphics processing units (GPUs) were used to train and run OpenAI’s ChatGPT and can be applied to other large language models. Nvidia’s edge in AI technology has prompted a spate of Wall Street upgrades over the past week, with Bernstein on Monday arguing that “the GPU opportunity from ChatpGPT and other large language models could be in the multiple of tens of billions of dollars annually at scale.” Shares of Nvidia, which have soared more than 60% year-to-date after a terrible 2022, were trading up more than 1% Monday. 3. Stick with Salesforce When enterprise software giant Salesforce (CRM) reports fiscal year 2023 fourth-quarter earnings after the closing bell Wednesday,…
Read the full article here
