My top 10 things to watch Friday, May 29 1. Stock futures are up slightly, following another record close. Dell made clear the AI boom is alive and well, and next week, the Computex conference in Taiwan should do the same. Nvidia CEO Jensen Huang will give a keynote. CEOs of Intel, Arm , and Qualcomm will also be there. 2. Ho-hum market reaction to Costco ‘s quarter from last night. But don’t worry. The retailer delivered very solid numbers and is sticking to its ethos of being the first to cut prices and the last to raise them. Encouragingly, membership renewal rates in the U.S. and Canada improved. Record quarter for its gas business, too, which bodes well for membership loyalty. 3. Dell reported an incredible quarter. Shares are up over 30% this morning. It may be the best of the year, as estimates are nowhere near where the company performed. This outperformance was at every level. Not just servers for data centers. Club name Arm and fellow CPU makers AMD and Intel all benefit. Micron too. 4. Anthropic topped OpenAI as the most valuable AI startup, raising $65 billion at a $965 billion valuation. That’s up from $380 billion in February. Explosive revenue growth this year. The wealth creation here is incredible. Same with SpaceX’s wealth creation, which reportedly trimmed its targeted IPO valuation to at least $1.8 trillion, down from $2 trillion. I don’t know how they’re going to do that. 5. CrowdStrike ‘s price target was increased to $775 from $500 at Jefferies. Kept buy rating ahead of earnings next week. Analysts say the Club name can meet expectations for new net annual recurring revenue in Q1, but the stock reaction will depend on the guidance. This one has thankfully mounted a big comeback after an unwarranted sell-off in AI concerns this year. 6. More in cyber. Okta beat on the top and bottom lines. The stock is up more than 8% premarket. Several price target bumps from Baird, JPMorgan, and Barclays. It’s a big contrast from peer Zscaler ‘s release earlier in the week. The cloud-native provider of network security posted decent numbers, but guided for sales below expectations. Several analysts cut their numbers as a result. Zscaler shares fell, bringing down the rest of the cyber group, including Club names like Palo Alto Networks and CrowdStrike. We weren’t concerned as Zscaler’s problems seemed company-specific. 7. Applied Materials CEO Gary Dic k erson told me the semiconductor industry is experiencing its strongest period ever, driven by increasing demand for AI. Great news for Applied Materials, one of the key suppliers of equipment used to develop semiconductors. The stock is up nearly 75% year-to-date. “We’re guiding for tremendous growth,” the CEO added on “Mad Money.” “This inflection is going to go on for a very long time.” 8. Some love for our Mag 7 stocks. Truist bumped its price target on Alphabet to $430 from $415, and took Amazon to $320 from $310. Analysts pointed to higher estimates for Google Cloud and Amazon Web Services due to better remaining performance obligations. Truist kept its buy ratings for both. 9. Inconsistency at Gap. Weak quarter this time driven by Old Navy, which grew same-store sales by just 1% versus 3% consensus. Cut full-year comp guide. CEO Richard Dickson is adamant that the issues were Old Navy’s assortment, not a consumer health issue. Dickson will join me on “Mad Money” tonight, where we’ll dig into this more. 10. MongoDB posted an earnings and revenue beat , and analysts raised their PTs. Citi went to $455 from $450, while Stifel hiked to $435 from $330. Oppenheimer, BMO, and Mizuho also lifted their PTs. Not sure why, but MongoDB has been loved all along, unlike fellow enterprise software name Salesforce, which has been disliked. But its results this week shored up my confidence in the Club stock. 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.
Jim Cramer’s top 10 things to watch in the stock market Friday
May 29, 2026
