The CNBC Investing Club with Jim Cramer provides the Homestretch, an actionable afternoon update, on weekdays, specifically for the final hour of trading on Wall Street. To ensure prompt delivery, we have transitioned to a written format and are no longer recording audio. Taking a breather: On Friday, stocks exhibited mixed performance. It is not unusual to see a pause or breather after a four-day winning streak that propelled the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite to record highs. Despite Thursday's rally, the S&P Short Term Oscillator did not technically become overbought, but it was in close proximity. AI catalysts ahead: One noteworthy development on Friday was Wedbush adding Alphabet to its Best Ideas List and raising its price target. However, this was not the sole bullish research report concerning the internet giant. Morgan Stanley also released a positive note on the parent company of Google, highlighting five potential catalysts in the next three months. These catalysts emphasize how the company can leverage generative artificial intelligence and AI tools to enhance its advertising business. The key events to watch for are the Google Cloud Next conference, Q1 earnings, Google I/O, Google Marketing Live, and Apple's Worldwide Developer Conference (WWDC). Google's stock received a significant boost early in the week amid reports of discussions with Apple regarding the integration of the language model Gemini into the iPhone. Cramer stated, "The confirmation of a potential Google-Apple partnership remains uncertain and might be revealed next week or not at all. " Another AI assistant to monitor is Claude, developed by the private company Anthropic, with notable investments from Amazon and Alphabet. Cramer added, "Amazon/Anthropic is gaining share at an impressive rate.

It might be the next big thing. " Alphabet, Apple, and Amazon are all Club stocks. Cramer's quick hits: "Abbott Laboratories should be bought as the legal exposure is not as significant as people assume. " We purchased additional shares of Abbott Labs on Thursday, as we believe its premature infant formula exposure is likely billions of dollars lower than the market capitalization it has lost since March 14. "I can't help but wonder if the rise of Vuori is influencing Lululemon's weakness. " Vuori is an athleisure clothing company rumored to go public in 2024. Although it is still early, the recent set of initial public offerings (IPOs) may pave the way for more companies going public later this year. This would have a positive impact on banks, particularly Goldman Sachs and Club name Morgan Stanley. We previously discussed the beneficial effect of a healthy IPO market on Morgan Stanley's business. "Let the sellers finish selling Apple. I think what Assistant Attorney General Jonathan Kanter said on 'Squawk Box' was truly lame, and I have to assume that either he has a Nokia phone [available at Target for $20] or a burner. " (Refer here for a complete list of the stocks in Jim Cramer's Charitable Trust. ) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim executes a trade. Jim waits 45 minutes after issuing the trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim discusses a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. Please note that the information provided by the CNBC Investing Club is subject to our Terms and Conditions, Privacy Policy, and Disclaimer. We do not assume any fiduciary obligation or duty solely based on receiving this information. Specific outcomes or profits are not guaranteed.