Every weekday, the CNBC with Jim Cramer holds a "Morning Meeting" at 10:20 a.m. ET. Here's a recap of Friday's key moments. 1.
Stocks were up on Friday morning, before suddenly dropping after President Donald Trump said China was "becoming very hostile" in trade talks and cancelled his planned meeting with President Xi.
He also threatened higher tariffs on China. Despite the pullback, stocks could still eke out a gain for the week, driven by renewed enthusiasm for AI leader Nvidia .
We're seeing money plow back into companies, including Vertiv , Dell , and Marvell , that are at the center of the AI economy, Jim Cramer said Friday.
Addressing valuation concerns, he argued Nvidia "is not a high multiple," pushing back on the idea that the company's deals with other AI giants are circular investments.
Wall Street isn't concerned either. Cantor Fitzgerald on Thursday raised its price target on Nvidia to a new Street high of $300, implying a market cap of more than $7 trillion.
We also made some trades this morning . 2. A stock that "is not working" is Cisco Systems , Jim said, noting the bigger stock moves in its cohort.
Even though Cisco stock has been flatlining over the past few months, Jim said one of the reasons you want to be in it is because it's only up 18% year to date and could go higher.
The data center networking stock rose 1.6% this week — not the move of an AI data center pureplay, but its valuation is reasonable.
Cisco's price-to-earnings multiple is 26, slightly higher than its 5-year average of 20.
Morgan Stanley sees more potential ahead, raising its price target to $77 from $73 on Friday, implying a 10% upside from its current market value of $70 per . 3.
Jim heads to San Francisco next week for Salesforce 's annual Dreamforce conference.
While on the West Coast, Jim has several exclusive CEO interviews lined up, including one with Starbucks CEO Brian Niccol.
Despite weakness in consumer stocks, Jim remains bullish on the coffee chain giant. "I want to buy it," Jim said, because Niccol is introducing new things.
"You'd better start believing this man can get this stock to $100. I think he's got a plan. This plan is going to work," he added.
Starbucks continues to show early signs of gress under Niccol, retaining the top spot in Piper Sandler's fall survey of teen shoppers published Thursday. Starbucks s were up 0.6% Friday. 4.
Stocks covered in Friday's rapid fire at the end of the were: PepsiCo , Delta Air Lines , Levi Strauss, Qualcomm , and Clorox . (Jim Cramer's Charitable Trust is long NVDA, CSCO, CRM, SBUX.
See here for a full list of the stocks.) As a r to the CNBC 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 a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
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