According to CNBC, Jim Cramer’s portfolio reduced exposure to some artificial intelligence winners last week, including trimming Palo Alto Networks ahead of earnings and exiting Corning, while adding BNY, Kimberly-Clark and Micron. The moves came as the S&P 500 rose 0.1% for the week and the Nasdaq gained 0.4%, with both indexes posting their fifth weekly advance in six weeks.
Broadcom remained under pressure despite better-than-expected revenue and earnings. CEO Hock Tan raised his fiscal 2027 AI revenue forecast to $115 billion and said it is expected to double to $230 billion in fiscal 2028. Cramer also said he sold half of the remaining Broadcom position before earnings and is willing to keep the rest because of the company’s relationship with AI startup Anthropic.
Palo Alto Networks reported strong results after Tuesday’s close, and Cramer said AI remains a major tailwind for cybersecurity. He said roughly $1 trillion of global cybersecurity infrastructure needs to be modernized and noted that the stock fell more than 10% last week after profit-taking. Nvidia also rose 6% last week after its $12.9 billion acquisition of Hugging Face, which Cramer said deepens the ecosystem around its chips and gives it access to an open-source AI platform used by more than 18 million developers.