Jim Cramer’s top 10 things to watch in the stock market Wednesday

1. What will bottom first, last? Crash landing stocks. Health care. Soft landing enterprise software. Wall Street is looking to bounce back after Tuesday’s drubbing. We screened the CNBC Investing Club portfolio and found 10 undervalued stocks that are worth a look.
2. Can we keep paying up for the same earnings and sales if the Federal Reserve is not going to cut interest rates as much as thought? The market was shocked into reality after hotter-than-expected consumer price index. I’ve been saying for a while now that the economy is too strong for the Fed to cut anytime soon. Rekindling inflation risk.
3. Bitcoin‘s move above $51,000, regaining a $1 trillion market value, signals way too much speculation still out there. Shares of Coinbase and bitcoin proxy MicroStrategy jump.
4. The outsized rally in chip designer Arm Holdings also smacks of exuberance. Shares of Arm back up nearly 9% early Wednesday. It dropped 19.5% on Tuesday. But it was up more than 29% on Monday and up 48% last Thursday.
5. Cadence cuts Tuesday’s 4% guidance-drive decline in half with a rebound one day later. The partner of Club name Nvidia gets an upgrade from Morgan Stanley to overweight from equal weight (buy from hold), citing chip design momentum.
6. I still think Nvidia is going to have a big long-term run. But expectations are way too high ahead of the AI chip powerhouse’s earnings next week. Can Nvidia keep making enough chips to satisfy the significant demand?
7. Lyft shares soar more than 23% after the ride service posts truly a terrific quarter and delivers rosy guidance. Initiatives (women connect, airport on-time) really working. A win for Uber, too (large buyback there). There was an error in the earnings press release that sent Lyft stock up 60% after-hours. It was quickly corrected. Apology on the call.
8. Robinhood shares jump 15%. The online brokerage is winning the asset war and the desire for individuals to pick good stocks. Robinhood beats on quarterly earnings and revenue.
9. One day after Tuesday’s more-than-13% decline, Shopify bounces over 2%. Lack of margin upside but I thought President Harley Finklestein told a very good story on “Mad Money.”
10. The Street is turning on Upstart because of concern about slowing growth. Shares drop 14% on Wednesday after the prior session’s 7% drop. I don’t trust this decline because the cloud-based artificial intelligence lender is so loved.

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.