Every weekday, the CNBC Investing Club with Jim Cramer holds a live “Morning Meeting” at 10:20 a.m. ET. Here's a recap of Thursday's key moments. US stocks were mixed on Thursday as traders weighed May producer price index data, which showed inflation pressures may be easing. The S&P 500 fell, but is still trading near its record highs. Weekly jobless claims released Thursday morning were also higher than expected, indicating some easing in a still-tight labor market. The economic data releases follow the Federal Reserve's decision to leave interest rates unchanged on Wednesday, although Fed Chair Jerome Powell pointed to progress on the inflation front. Earlier Thursday, we highlighted nine stocks in the portfolio that will benefit from interest rate cuts. Broadcom stock rose 13% on Thursday after the AI-driven semiconductor company beat earnings on Wednesday evening. Management raised its full-year guidance and announced a 10-for-1 stock split. “After Nvidia, it's the second best way to play AI in the chip space,” said Jeff Marks, the club's director of portfolio analysis. Blue Cross Blue Shield of Michigan will reportedly drop weight-loss drug coverage for the club that carries Eli Lilly and Novo Nordisk on some commercial insurance plans in 2025, according to Bloomberg. The news does not change our investment thesis for Lilly. Drugs like Lilly's Zepbound are in short supply as demand far exceeds supply. That seems unlikely to change for at least a few years. Eli Lilly shares rose 1% Thursday, on track for another record close and a sixth straight day of gains. (Jim Cramer's Charitable Trust is NVDA, AVGO, and LLY. See here for a full list of stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you'll receive a trade alert before Jim takes a trade. Jim waits 45 minutes after a trade alert is sent before buying or selling a stock in his charitable fund's portfolio. If Jim talks about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. The above Investment Club information is subject to our Terms and Conditions and Privacy Policy, as well as our Disclaimer. No obligation or fiduciary duty exists or is created by your receipt of any information provided in connection with the Investment Club. No specific results or profits are guaranteed.
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This portfolio chip stock is the second best AI play behind Nvidia
