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 Thursday’s key moments. 1. The S & P 500 fell on Thursday, weighed down by weakness in semiconductor stocks. Leading AI chipmaker Nvidia fell 4% despite a strong quarter . Gainers include software names such as Club holding Salesforce . Shares are up nearly 4% as investors rotate into the group, which has been beaten down in 2026 due to AI-driven disruption fears. Banks were another winner too. Capital One and Goldman Sachs advanced 1.5% and 1.2%, respectively. 2. But Nvidia’s move lower isn’t a reflection of the company’s results. “It’s a reflection of the idea that hardware [stocks have] gotten too high,” Jim Cramer said. After all, Nvidia delivered a huge earnings beat and remarkable outlook for the current quarter. Jim said you don’t get this kind of decline in Nvidia if it weren’t part of a broader rotation away from chips into areas like software. “They’re not the only one who is a victim today,” he said. For example, Broadcom , another AI chipmaker in the portfolio, was down more than 5%. Nvidia is clearly a case of a high-quality company being punished unfairly. “You might want to pick some up at the end of the day if you don’t have any Nvidia. I think you should,” Jim said. 3. Salesforce also posted a quarter Wednesday evening that exceeded Wall Street’s estimates on the top and bottom line. The growth of its all-important Agentforce suite was impressive, with annual recurring revenue up 169% to $800 million. Still, Jim wondered what that ARR figure could be next year. “You know it’s got to be a couple billion to even move the needle,” Jim said, especially considering there’s concerns about sluggishness in the company’s legacy application portfolio. And more generally, Director of Portfolio Analysis Jeff Marks cautioned that the debate over whether AI will cannibalize software-as-a-service companies like Salesforce hasn’t been settled yet. 4. Stocks covered in Thursday’s rapid fire at the end of the video were: Snowflake , J.M. Smucker , Celsius, Shake Shack and Trade Desk . (See here for a full list of stocks in Jim Cramer’s Charitable Trust.) 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.