Oil relief sparks a stock rally, but Cramer says Nvidia’s AI boom is the real story
CNBC
A decline in oil on Monday triggered stock buying, particularly in AI stocks like Nvidia, which wowed investors at its developers conference.
CNBC's Jim Cramer on Monday welcomed the drop in oil prices that sent stocks higher, but said the real action for investors is unfolding at Nvidia's GTC artificial intelligence showcase this week.
Nvidia shares participated in a broad stock market rally that was fueled by President Donald Trump "allowing Iranian oil to get through the Strait of Hormuz," Cramer said on "Mad Money." "That caused the price of crude to drop back to the mid-$90s, which is all that mattered to the [stock] averages," he added. The move eased fears that the escalating Iran war could disrupt global oil supplies and send prices even higher. Just a few days ago, Wall Street was bracing for a much worse scenario.
West Texas Intermediate crude, the U.S. oil standard, settled down 5.3% to just under $94 per barrel on Monday, clearing the way for the S&P 500 to jump 1%. The Nasdaq surged 1.2% on the session, while the Dow Jones Industrial Average gained 0.8%. The S&P 500 closed sharply lower on Friday and suffered its first three-week losing streak in about a year.
Palantir CEO Alex Karp sat down exclusively with CNBC to discuss the Iran war and how AI is being used in wartime.
Rajesh Jha helped Microsoft bring to market an artificial intelligence assistant containing OpenAI models for its Office productivity customers.
Social media firms need to use better age verification technologies to keep children off their platforms, the U.K.'s Information Commissioner's Office said.
China-based usage of OpenClaw has already topped that of the U.S., while driving demand for Chinese lower-cost AI models.
Google said its GFiber unit is combing with Astound Broadband and forming a independent fiber provider.
Amazon asked the FCC for a waiver or 24-month extension to meet a July 2026 deadline to deploy 1,600 internet satellites.
The next generation of Microsoft's video game hardware will first land in the hands of developers next year.
The UK-based startup hit a valuation of $75 billion in 2025 and is one of Europe's most valuable private tech companies.
AVK and Pure Data Centers’ microgrid facility in Ireland could mark the region’s first step toward a privately powered ecosystem.
Anduril, founded by Oculus creator Palmer Luckey, is positioning itself to be a key player in President Trump's "Golden Dome" project.
Microsoft threw its support behind Anthropic and advocated for a temporary restraining order to the Pentagon's supply chain risk designation.
Moltbook was built for OpenClaw agents, and OpenClaw's founder, Peter Steinberger, was hired by OpenAI.
Swedish legaltech Legora hits $5 billion valuation as investors pile money into European AI startups
The announcement comes on the back of a bumper start to the week for European AI companies.