US stocks rose Wednesday, with Nvidia shares climbing nearly 4% after SpaceX CEO Elon Musk announced the company will build its artificial intelligence infrastructure exclusively on Nvidia because it believes the Vera Rubin architecture is the best AI computer. The S&P 500 and Dow Jones Industrial Average reached intraday record highs driven by strong corporate earnings and optimism over a potential reopening of the Strait of Hormuz. The three major indexes are tracking for their best five-day performance since April 2025, while oil prices fell on reports that the U.S., Iran, and Oman were working on an agreement to manage ship traffic in the Strait of Hormuz. Jim Cramer of CNBC Investing Club said the endorsement reinforces Nvidia's leadership in AI infrastructure, even as some large cloud providers invest in their own custom chips, and described Honeywell Aerospace as probably the most undervalued stock in the portfolio ahead of its earnings report Wednesday after the close.
SpaceX Announces Exclusive Nvidia Partnership for AI Infrastructure
Shares of Nvidia climbed nearly 4% after SpaceX CEO Elon Musk said the company will build its artificial intelligence infrastructure exclusively on Nvidia because it believes the Vera Rubin architecture is the best AI computer. Jim Cramer said the endorsement reinforces Nvidia's leadership in AI infrastructure, even as some large cloud providers invest in their own custom chips. He also remains bullish on SpaceX's long-term outlook, arguing Elon Musk's vision of deploying AI data centers at scale creates a compelling growth story. Cramer stated he would give his kids this stock and described Musk as a visionary.
Honeywell Aerospace Reports Earnings Wednesday After Market Close
Honeywell Aerospace reports earnings Wednesday after the close. Jim Cramer said the recently spun-off company is probably the most undervalued stock in the CNBC Investing Club portfolio. Honeywell Aerospace designs and manufactures the key components for planes to fly, navigate, and operate safely. Although supply chain challenges have weighed on growth, Cramer thinks the market is overlooking the quality of the aerospace franchise because many investors sold their shares following the spin-off on June 29 instead of evaluating the business on its own merits. Shares are down roughly 1% since the spin-off, trailing the S&P 500's roughly 4% gain over the same period.
S&P 500 and Dow Reach Intraday Record Highs on Strong Earnings
Stocks rose Wednesday, with the S&P 500 and Dow Jones Industrial Average reaching intraday record highs driven by another round of strong corporate earnings and optimism over a potential reopening of the Strait of Hormuz. The three major indexes are tracking for their best five-day performance since April 2025. Oil prices fell on reports that the U.S., Iran, and Oman were working on an agreement to manage ship traffic in the Strait of Hormuz. Jim Cramer said lower oil prices have become an important catalyst for the broader market, though he questioned whether that should be the basis for investment decisions.
FAQ
Why did Nvidia stocks rise on Wednesday?
Nvidia shares climbed nearly 4% after SpaceX CEO Elon Musk announced the company will build its artificial intelligence infrastructure exclusively on Nvidia because it believes the Vera Rubin architecture is the best AI computer.
What did Jim Cramer say about Honeywell Aerospace?
Jim Cramer said Honeywell Aerospace is probably the most undervalued stock in the CNBC Investing Club portfolio. He thinks the market is overlooking the quality of the aerospace franchise because many investors sold their shares following the spin-off on June 29 instead of evaluating the business on its own merits.
When does Honeywell Aerospace report earnings?
Honeywell Aerospace reports earnings Wednesday after the close.
