Jim Cramer's top 10 things to watch in the stock market Thursday

My top 10 things to watch Thursday, May 7 1. Stock futures are calm this morning. Oil is down roughly 5%. We're coming off another record close for the S & P 500 , fueled by hopes that the Iran war will finally end. The market isn't yet overbought, according to the S & P Oscillator, my trusted momentum gauge. But it has been inching toward that territory in recent days. 2. The data center CPU business is incredibly strong. That much is clear from Club name Arm Holdings' earnings report last night . So why are shares down 8% this morning? First, the stock came in too hot, making a pullback a real risk . Second, we learned on the call that Arm hasn't secured enough supply of its new CPUs in order to raise its official revenue forecast, even if they are more power efficient than AMD and Intel's x86 processors. 3. We're taking a closer look at one of the biggest AI stories of the week tonight on "Mad Money": the partnership between Corning and Nvidia for fiber optic supply. Both CEOs will be on the show. Why did they need to do this? What will they get out of it? We own both stocks for the Club and raised our Corning price target yesterday. 4. Don't write off Kraft Heinz . Yes, it's been a terrible performer for years. But CEO Steve Cahillane has a plan to restore this company to greatness , even if it is a shell of its former self because of the poor stewardship since the 2015 megamerger. …