Jim Cramer’s No. 1 stock pick just got another reason to rally

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 Thursday's key moments. 1. Stocks rose on Thursday as traders looked to rebound after the Federal Reserve indicated the possibility of a rate hike this year, which sparked a Wednesday sell-off. Technology stocks led the recovery, with semiconductor names driving gains across the market. The iShares Semiconductor ETF rose by more than 6%. Jim praised new Fed Chairman Kevin Warsh for taking a more data-driven approach to monetary policy and cautioned against putting too much weight on long-term rate forecasts. "What matters is the data," Jim said. "Stop making decisions based on data that you don't have yet." 2. Shares of Club holding Intel jumped 8% to an all-time high on Thursday after President Donald Trump said Apple would work with the chipmaker to design and manufacture chips in the United States. While Intel has not confirmed the arrangement, Jim said the development reinforces his confidence in the company's turnaround. "This is my No. 1 name," he said. "It's not Nvidia anymore." Jim remains bullish on Intel's foundry business and its growing role in supplying CPUs for AI-powered data centers. He noted that major technology companies are increasingly seeking alternatives to overseas chip production, creating a large opportunity for Intel. 3. Club name Qnity rose 7% Thursday, extending the stock's gain to more than 100% this year. …