My top 10 things to watch Wednesday, Feb. 4 1. The S & P 500 edged higher following a losing session on Wall Street. Jobs data from ADP this morning showed that the U.S. labor market barely budged in January. Hiring growth at U.S. companies came in below muted expectations. Enterprise software stocks, such as Club name Salesforce , were again under pressure as worries that AI will take away business persisted. 2. Private equity companies, the likes of KKR and Blackstone, have lots of investments in enterprise software companies. Blue Owl has private credit from these companies. They’re vulnerable to Anthropic’s business-to-business strategy, which focuses on corporate clients for its AI. 3. Enterprise software versus Anthropic AI tools? Anthropic will be bad for Gartner and perhaps Thomson Reuters . Here’s the truth about Anthropic: It is a challenge to Gartner in researching technology products. For law firms, it can read lots of cases and offer good summaries, but it will not yet take the place of associates. 4. Club holding Nvidia is nearing a deal to invest $20 billion in OpenAI’s latest funding round, according to media reports. It seems like the September announcement between the two is the sticky one. Maybe what has happened is that this round transcends the September agreement? Nvidia CEO Jensen Huang told me in yesterday’s “Mad Money” interview that his company thinks the world of OpenAI and will continue to invest in it. 5. Share of Advanced Micro Devices dropped 10% to around $217 each despite a quarterly beat and stronger-than-expected guidance. In this market, it appears strong was not strong enough. Is that correct? Or just shortsighted because AMD can’t handle all the business it has? Bernstein raised its price target to $235 from $225. Bank of America went to $280 from $260. Others lowered their price targets. But even those lower PTs implied solid upside. 6. Eli Lilly stock jumped nearly 8.5% after the maker of Zepbound and Mounjaro crushed estimates with fourth-quarter earnings and revenue. Demand for those GLP-1 drugs soared. Lilly’s full-year 2026 earnings guidance beat as well. This morning’s rally reverses yesterday’s almost 4% decline — and then some. Investors had worried that GLP-1 rival Novo Nordisk ‘s problems might befall Lilly. That was not the case as Lilly’s numbers showed. 7. Chipotle stock sank more than 6% after the restaurant chain projected flat same-store sales growth in 2026 and posted traffic that fell for a fourth quarter in a row. I see a turn coming, with stabilization in comps and a lower-priced menu. Bank of America lowers its price target to $53 from $55 as a result. Piper Sandler took the stock’s PT down to $44 from $47. 8. Club holding GE Vernova was upgraded to a buy rating from hold at Baird. Analysts also raised the stock’s price target to $923 from $701, forecasting that the natural gas turbine manufacturer will be one of the biggest beneficiaries of the energy infrastructure cycle driven by power-hungry AI data centers. 9. BTIG upgraded Cloudflare to a buy from hold with a price target of $199. Analysts say that the cybersecurity company’s long-term growth opportunity in its core web application protection market remains “underappreciated.” In cybersecurity, we own peers Palo Alto Networks and CrowdStrike. 10. Texas Instruments has agreed to acquire chip designer Silicon Laboratories in a deal valued at $7.5 billion. This will deepen TI’s exposure to connectivity chips used for industrial and consumer applications. Texas Instruments shares fell 3.5%. Silicon Laboratories stock soared more than 50%. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at 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.