My top 10 things to watch Tuesday, Aug. 11 1. We have to pay close attention to oil and bonds during this seemingly intractable Iran situation. Elevated oil prices stoke inflation concerns, which show up in the bond market via higher yields. Higher yields can be a problem for stocks. The 10-year Treasury yield topped 4.7% earlier this morning, and the 30-year went up to 5.28%. Attractive risk-free yield if you ask me. 2. Intel is increasing the size of its secondary stock sale to $20 billion at $95 a share (a couple of dollars below where shares ended yesterday). The initial plan to sell $15 billion was wildly oversubscribed. We don’t think CEO Lip-Bu Tan would be raising capital for new manufacturing plants unless he had strong confidence that third-party foundry customers would be there. Recent weakness in the Club stock is an opportunity. 3. Nvidia ‘s extraordinary $500 billion financing initiative with Wall Street’s biggest firms to fund the AI buildout is predictably attracting detractors. These are the deepest sources of capital: Apollo , Blackstone , BlackRock , Brookfield , Club name Goldman Sachs and KKR . Some say they are inflating demand; I say this is the beginning of a realization of how much these chips are worth to AI factories (data centers). Decrying the deals that will come from this as “circular” is non-rigorous analysis. We’re sticking with Nvidia for the Club. 4. Executives from all these firms, including Nvidia’s Jensen Huang, joined my colleague Becky Quick for a rare interview yesterday . Jensen said this initiative is needed because AI compute has become core infrastructure and “an investable asset.” BlackRock’s Larry Fink said they will be “raising quite a bit more capital.” Blackstone’s Jon Gray mentioned all the financing that happens in the automotive and housing industries and predicted we’ll see “a similar dynamic” for AI compute, supported by supply and demand. 5. Speaking of supply and demand: Riot Platforms is surging 16% after agreeing to a $9 billion compute deal with Anthropic. Getting hard to keep track of all the deals that Anthropic is signing to meet its compute needs, including one with Elon Musk’s SpaceX . Riot is a former bitcoin miner that’s pivoted to providing AI compute. Racking up heavy losses right now and not as established as neoclouds like CoreWeave . 6. UBS upgraded Jabil to buy from hold, saying they see a multiyear growth cycle for the contract manufacturer. A big chunk of that growth is coming from AI, where Jabil makes server racks for the likes of Amazon and Meta Platforms , which continue to invest aggressively in data centers. But UBS noted that Jabil’s healthcare business is poised to accelerate, partially due to GLP-1s. Club name Eli Lilly showed us last week that GLP-1s are still booming. 7. Good but not great print this morning from Club stock Cardinal Health , a drug distributor moving into more profitable areas like specialty pharmaceuticals and owning the business side of medical practices. Big beat on earnings, even when excluding tariff refund benefits, though revenue was a bit light. Plus, its initial EPS guide for fiscal 2027 looks strong. Shares are down fractionally this morning but entered today within a few bucks of their all-time high. 8. Update on Jefferies’ sell call of Apple yesterday, when analysts said the rumored all-glass iPhone was canceled based on supply chain checks, hurting Apple’s ability to raise its average selling prices to offset memory costs. Bloomberg later reported the glass-centric device remains on track for 2027. Good news, but we were skeptical of the downgrade out the gate. Supply chain checks are a black box, and Jefferies already missed Apple’s 2026 run. Own, don’t trade this stock. 9. Gap was downgraded to hold from buy at Barclays, citing a competitive apparel sector and continued pressure on lower-income households. Gap’s Old Navy and Banana Republic are relying heavily on promotional offers, analysts said, but strength in the namesake Gap brand has helped offset that. Be selective within apparel retail. I like Ralph Lauren at the high end and Club off-price retailer TJX on the value-seeking end. 10. Citi downgraded Allstate to sell from hold, but lifted its price target to $240 from $226. Still much lower than this morning’s levels of roughly $269. Analysts said Allstate is “significantly over-earning today,” which will make further growth difficult from here. Is this the beginning of a re-rating of the insurers? Big move in the group this year. Allstate is up nearly 30% year to date, as is Travelers . Aflac has already started to roll over. 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 . 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Jim Cramer’s top 10 things to watch in the stock market Tuesday
Aug 11, 2026
