Club meeting recap: Semiconductor stocks shine in Wednesday tech-led market rally

Published Wed, Mar 29 202312:21 PM EDT

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. Tech stocks rally Micron readthrough Wynn gets a boost 1. Tech stocks rally Stocks rose Wednesday as the banking crisis retreated from the headlines. The rally was led by the Nasdaq. Jim Cramer pointed out that Club holding Nvidia (NVDA), whose stock has gained more than 80% year-to-date, has been "buoying the whole group." We were encouraged by CEO Jensen Huang's recent remarks about the rise of artificial intelligence and Nvidia's leadership in the nascent field. "I'm glad we're involved in it, and I have no desire to sell" Nvidia stock, Jim added. 2. Micron readthrough Micron Technology (MU) shares gained nearly 6% Wednesday, the day after the chipmaker provided an upbeat 2025 outlook, with AI as a central theme, and announced an increase in targeted staff reductions of 15%. Wall Street also was encouraged by comments from CEO Sanjay Mehrotra who expects "gradual improvements to the industry's supply-demand balance." Micron's advance boosted Nvidia, as well as fellow Club semis Advanced Micro Devices (AMD) and Qualcomm (QCOM). 3. Wynn gets a boost Deutsche Bank on Wednesday raised its price target on Club holding Wynn Resorts (WYNN) to $134 per share from $128 and kept its buy rating. Analysts see Wynn's valuation as attractive at current levels and "meaningful upside" ahead for the stock. They said the gaming giant's new project in the United Arab Emirates (UAE) hasn't been reflected in shares yet. Analysts were also bullish on Wynn's performance in Macao as travel in the region starts to normalize to pre-pandemic levels after China dropped its zero-Covid policy. (Jim Cramer's Charitable Trust is long NVDA, AMD, QCOM, WYNN. 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.