What an Apple deal to buy Intel chips would mean for the iPhone maker

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. Stocks are rallying to another new record high on Friday, capping off a week in which the S & P 500 gained more than 2%. Once again, AI-related technology stocks are dominating the conversation. In a session when the Dow Jones Industrial Average was lower, tech surged more than 2.2% thanks to another round of big gains in semiconductors, especially those tied to memory chips. Intel was one of the biggest gainers after The Wall Street Journal reported it had reached a preliminary deal with Apple to make chips for some of its devices. The move would diversify Apple's supply chain and help alleviate future advanced-node constraints as production of AI data center chips grows at major semiconductor fabs, such as Taiwan Semiconductor . On Apple's earnings call last week, outgoing CEO Tim Cook explained that its primary supply constraint right now was the availability of the advanced nodes on which its SOCs (system-on-chip) are produced, not memory, as many believed. Separately, Bloomberg reported that Broadcom held talks with private credit lender s, including Apollo Global Management and Blackstone , over a roughly $35 billion financing deal. The story said the financing would help Broadcom fund the development of its AI chips. It's a bit unusual for a company like Broadcom to seek a private credit deal. …