Jim Cramer warns this stock may have run up too much ahead of earnings

Every weekday, the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Wednesday's key moments. 1. The S & P 500 and Nasdaq touched record highs on Wednesday on progress toward a possible U.S.-Iran peace deal. "Oil went down, interest rates [bond yields] went down, and that allowed a roaring tech rally," Jim Cramer said. AI and data center infrastructure stocks continued to lead the market higher, helped by a new optical fiber partnership between Corning and Nvidia . "It does matter," Cramer said, reiterating his view that the economy is increasingly being driven by compute and AI. Corning shares rose 11%. We're putting together a story on all of Corning's Investor Day news, including new guidance. Check your inboxes and texts shortly for our alert. 2. Shares of Arm Holdings climbed 12% ahead of earnings, but Jim warned investors not to expect a huge post-report rally even if the chip maker delivers strong results. "The problem is Arm is going up ahead of the news," Jim said, noting that sharp pre-earnings gains can limit upside afterward. Investors will be watching for royalty growth and updates on new customers when Arm reports Wednesday evening. While Arm-based CPUs continue gaining traction with hyperscaler customers like fellow Club names Amazon and Alphabet, Jim emphasized that competition remains intense. "It's Intel , it's them [Arm], and it's AMD — and that's a very powerful series of enemies," he said. 3. …