Cramer shares next steps for a software stock after a rare bullish analyst call

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 is up to start the new month. Meanwhile, the Nasdaq is still under pressure as investors took profits in semiconductor stocks — a group that saw record-breaking rallies in the first half of the year — including Micron , Sandisk , Nvidia and Broadcom . In Jim Cramer's top 10 this morning, he said to "expect profit-taking on the winners." One hyperscaler Jim is very excited about is Meta , which Bloomberg reported is building out a new cloud business to sell excess computing power. 2. We exited our position in Nike this morning after another soft quarter report on Tuesday evening. "We lost money," said Jim in a nod to the 40% loss realized from the sale. "I was passionate in believing that Nike could return," he added. Jim was confident that the combination of CEO Elliott Hill's leadership and insider buying by both Hill and outgoing Apple CEO Tim Cook would help the stock as the company embarks on a difficult turnaround effort that has proven slower than anticipated. Unfortunately, that hasn't gone to plan. While the stock could be at the bottom, Jim prefers to cut his losses and put the money to work in another company, such as FedEx Freight , where he expects bigger gains and a better outcome. 3. …