Cramer's Morning Take: S&P 500 Hits Record High 2/23/24

Jim Cramer (0:02)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting. This is one of those days again that is defined by a stock that we know and love, which is Nvidia. Typically, by the way, when I started the Charitable Trust, I was told by the great at that point, the great CEO, Tom Clark, many, many years ago, he said, stop saying love, because he's a piece of paper. He was dead right.

This one is hard not to love for you.

Jeff Marks (0:28)

Well, you can't argue with it, right, considering its performance over the last, call it a decade. Hits two trillion in market cap today, so it's now number three behind Microsoft, Apple, so it's now past Amazon, Alphabet, Meta.

Jim Cramer (0:42)

And it was $100 billion just a few years ago, and that freaks people out, and they shouldn't, because if you have a product that is quite different from when the stock was at $100, why should it be at like $150 billion?

If you have a person who comes on and says, listen, there's trillions of dollars of current technology that will be replaced by these, what you tend to believe is there's got to be other companies that are doing this. At least, Sue's got a competitor at AMD, but it's nowhere near as powerful as, although there are studies that look like the powers together, but it's the software stack that really distinguishes things.

Jeff Marks (1:15)

And what I found so fascinating about yesterday's rally, it just wasn't Nvidia that was higher, it just wasn't the cloud service providers, the Amazons, the Metas, the Microsofts that buy their chips that were higher. There's really this whole ecosystem around data centers, around artificial intelligence generative AI, and that's where a lot of their big gains were too, whether it's in, we called out a few yesterday, whether an industrial like Eat-In, but there's also cloud software that was bringing up the whole group.

It was remarkable.

Jim Cramer (1:49)

When I was on air this morning talking about AI, McDonald's checked in and I questioned whether McDonald's was using Nvidia's chips to be able to talk at the drive-thru, and they said, hey, listen, we're working with Google and IBM right now on a test.

Jeff Marks (2:05)

I know we could spend the whole day on Nvidia. We're going to talk a lot about Nvidia tomorrow. We have to.

Jim Cramer (2:10)

I mean, it's a fascination for everyone. Start your day with my outlook on the daily market every morning at 10, 20 a.m. Visit cnbc.com/morningtake to access all the benefits of being a CNBC Investing Club member.

SPEAKER_3 (2:27)

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