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

1. Fed day: The central bank is expected to leave interest rates unchanged at the FOMC meeting this afternoon. That means it’s all about Federal Reserve Chair Jerome Powell’s post-decision press conference at 2:30 p.m. ET when investors will listen for any clues on the future direction of its moves following hot CPI and PPI reports last week.

2. Micron Technology reports earnings Wednesday after the bell. Analysts expect a beat and raise, but we’re most focused on what the memory chipmaker’s management team can tell us about the demand for artificial intelligence solutions. Micron partners with Nvidia, so demand for Micron’s products is good for Nvidia, which we own in the portfolio.

3. Just as Apple has become a company driven by its software and hardware paired together to create an ecosystem, Nvidia is in the midst of a similar transformation. CEO Jensen Huang’s keynote speech at the long-awaited GTC conference on Monday made that clear.

4. Several analysts raised their price targets after Nvidia’s conference, where the company unveiled its next-generation Blackwell AI chip. Oppenheimer goes to $1,100 from $850. Piper Sandler to $1,050 from $850. Citi to $1,030 from $820.

5. When I sat down with Huang yesterday for an in-depth interview, the Nvidia CEO said we’re only at the beginning of this AI computing ramp. “And we’re at the beginning of the accelerated computing ramp. It’s going to last a few years.” Tune in to “Mad Money” tonight at 6 p.m. ET for the second part of our discussion. As always, we’ll be sure to update members on the biggest takeaways.

6. Chipotle‘s 50-for-1 stock split is loved. Remember: Companies have been encouraged by institutions not to split stocks because that increases the cost — more shares, higher commissions — but companies are starting to realize that they want different, better shareholders. You do that by splitting your stock. That’s why I pushed Jensen so hard.

7. Microstrategy, the largest corporate holder of bitcoin, may have shoved the cryptocurrency to new heights and I still can’t believe that it somehow thought it could walk up something this big anymore. Shares of MSTR tumbled (along with bitcoin) after it bought an additional 9,245 bitcoins, following a purchase of 12,000 last week.

8. Intel will receive as much as $8.5 billion from the federal government as part of the CHIPS Act to build factories in the U.S., the White House said Wednesday. The company would not build these plants without the money because we are just such an expensive place to build things. 

9. Barclays pushes Broadcom: The firm reinstated the chipmaker with a buy rating and a $1,405 price target, citing its strong position in AI. Agreed: We own AVGO stock as a great AI play.

10. Mizuho raised its price target for Eaton to $340 from 300. The firm says electrification remains one of its favorite sub-sectors across industrial stocks with its survey showing a “robust” level of spending anticipated over the next several years. The power management company and Club name makes electrical components and equipment.

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