Stocks rebound, Nvidia gains 4% on Dell's strong results; Broadcom earnings awaited

The rebound followed a slide driven by rising oil prices and bond yields, which had intensified after renewed U.S. military strikes against Iran. Jim Cramer, who leads CNBC’s Investing Club, cautioned that Wednesday’s bounce might not last. He said the situation was “very much in flux” and that President Donald Trump could post on social media about the Middle East conflict and quickly shift sentiment. Cramer added that the club was adding some names with its available cash and planned to open new positions in Kimberly-Clark and BNY, the former Bank of New York Mellon.

Dell, a major server maker, exceeded Wall Street estimates on revenue and earnings and raised its fiscal 2027 earnings guidance by more than 40%. The results reinforced the view that the AI buildout remains active. Because most of Dell’s AI server business is based on racks with Nvidia chips, the strong quarter was read as a positive signal for Nvidia. Cramer said he was pleasantly surprised by Nvidia’s gain. He noted that some people were saying, “Buy Nvidia because Dell’s doing well,” though he thought they should be buying Dell. “But I’ll take the gain,” he added.

Broadcom’s post-market release will likely focus on whether it raises guidance. Jeff Marks, portfolio director of CNBC’s Investing Club, said he wants to see an upward revision, especially after the stock fell last quarter when management merely reiterated its fiscal 2026 AI semiconductor revenue outlook. The relationship with Alphabet, Broadcom’s flagship custom-chip customer, is also in question. Alphabet struck a custom silicon deal with Marvell last month, renewing concerns that it might diversify its chip suppliers. Broadcom CEO Hock Tan reassured investors in June that the long-term agreement with Alphabet was “very, very strong.”

Other names discussed in CNBC’s “rapid fire” segment were Uber and Brown-Forman.