What Sandisk's play on surging memory prices means for our tech stocks

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. It's a new month, but it's more of the same for the S & P 500. The broad index is on its way to another record close Friday after wrapping up its best month since November 2020 on Thursday. Oil prices fell on Friday after Iran reportedly responded to Washington's latest changes to a draft agreement to end the Iran war. President Donald Trump said he was "not satisfied" with it, which helps explain why crude moved off its session lows. Still, as of 2 p.m. ET Friday, U.S. oil benchmark WTI was down more than 3%, to about $101.50 a barrel. The divergence in performance across the Club's portfolio in April reinforces our belief that there are essentially two markets right now — the data center stocks and everything else. On the "winning" side were the AI and data center-related names that have powered much of the market rally. Arm surged nearly 40% last month, while Broadcom and Alphabet each jumped more than 30%. The resurgent Amazon wasn't far behind, and electrical equipment supplier Eaton and glassmaker Corning also posted standout gains, underscoring the strength tied to anything benefiting from the AI buildout. On the other side, Cardinal Health and Johnson & Johnson were among our laggards, reflecting the market's disinterest in most healthcare names. …