Wall Street recovers from Fed slump, and the next step for Amazon's AI chip ambitions

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 closing the week higher, recovering most of Wednesday's losses sparked by the Federal Reserve meeting. Crude prices also fell on encouraging headlines about oil tankers exiting the Strait of Hormuz. For the week, the S & P 500 is up about 1%. The AI chip trade was on the move again, helped by comments from Apple CEO Tim Cook indicating that the iPhone maker will raise prices as memory and storage chip costs continue to climb. Because Apple typically treats price increases as a last resort, the comments suggest memory prices aren't coming down anytime soon as supply and demand remains imbalanced. With memory and storage demand showing little sign of slowing, we're seeing big gains in stocks like Sandisk and Western Digital , but also in semiconductor capital equipment makers like Applied Materials and Lam Research ; anybody ramping up manufacturing output needs their machines. Don't forget materials supplier Qnity Electronics also plays an important part to the semiconductor value chain, and we'll hear from the Club name's chief executive, Jon Kemp, on Thursday night when he appears on "Mad Money." Amazon shares jumped a few dollars after Bloomberg News reported the company is in talks to sell its custom chips to third -party data centers. …