My top 10 things to watch Wednesday, May 27 1. Futures are pointing to another up day on Wall Street. Oil prices fell further after Iranian state TV said it had received a draft of the framework for a peace deal with the U.S. The S & P 500 and Nasdaq are coming off record closes thanks to another big day for AI winners like Micron , which soared 19% and exceeded $1 trillion in market cap. 2. Micron isn't done. The stock is up another 7% in the premarket. The fuel of this astounding rally: Shortage of its stock. Index fund grab. Plus, there's an insatiable demand for memory chips driven by AI, and expanding capacity takes a long time. Micron's ascent from $500 billion to $1 trillion in 48 days is the fastest on record, per The Wall Street Journal . 3. Oh, and Micron already has company in the global $1 trillion club. South Korean memory giant SK Hynix eclipsed that market cap threshold in today's trading in South Korea. Sign of the AI times. Last night on "Mad Money," I gave my thoughts on nine other American companies worth at least $1 trillion. 4. Still want in on Micron? Or say Sandisk ? Join me at 12 p.m. ET today for our Investing Club Monthly Meeting. I will run down the best data center stocks we own, as well as some we don't. We'll also widen the lens and look at the rest of the portfolio: stocks that are working and those that are not. A reminder for members new and old, watch the May meeting livestream , starting right at noon. 5. Zscaler is down almost 25% this morning after the network security provider issued light guidance for its current fourth quarter and next fiscal year. Zscaler lost two key salespeople, and the deceleration is palpable. Not in the same league as Club names Palo Alto Networks and CrowdStrike , but this will bring them down today. Both companies report earnings next week. Oppenheimer reiterated its buy rating on CRWD this morning. 6. When it rains, it pours: ServiceNow's chief marketing officer is leaving the enterprise software maker to join OpenAI as its CMO for business. How much should we make of this? At the very least, it's hard to imagine this calms fears that "AI is eating software." That debate will be in the spotlight tonight when Club name Salesforce reports. Been a tough one to own. No way around it. I will have CEO and co-founder Marc Benioff on "Mad Money" tonight. 7. Bank of America is willing to go against the grain and recommend software names. Last week it started ServiceNow with a buy. Now it's reinstated TurboTax and QuickBooks parent Intuit with a buy. Analysts said Intuit's current valuation doesn't fully reflect the quality of its businesses and called AI more of a tailwind than a headwind. 8. FedEx was upgraded to buy from hold at JPMorgan. Price target increased to $460 from $432. Analysts argued that the risk/reward is attractive heading into next week's separation of FedEx's freight unit, and improvements in the legacy parcel delivery business are increasingly visible. We started a FedEx position last week. CEO Raj Subramaniam has done a remarkable job turning it around. 9. Citi reinstated Danaher with a buy rating and price target of $230, implying an upside of roughly 30%. Analysts are optimistic about the bioprocessing setup, a key growth area for Danaher. After numerous disappointing quarters, we gave up on Danaher and exited the position in February. I would not touch this stock, as it now trades in a highly competitive instrumentation industry. 10. Baird said AutoZone's recent sell-off has brought the stock back to attractive levels, though analysts did cut their PT to $3,600 from $3,900. The stock fell 9% on earnings yesterday and is down 16% this month. I've liked AutoZone for years. Not used to seeing this one fall hard due to its aggressive buyback. AutoZone has used its spare cash to dramatically shrink its share count. 4 more things on my radar 11. We made a couple of trades yesterday for the Club. The first was trimming a stock that has gone absolutely parabolic since we took a stake last month. The second was booking profits in a name we've owned for years after a solid gain since our last buy. 12. Hershey was upgraded to buy from hold at Evercore. With the stock down some 20% since the start of the Iran war, analysts see a compelling entry point. They said consumption trends have improved with momentum into the Halloween season this fall. I've been cautious on the packaged food stocks. Kraft Heinz is the only one I'm willing to consider thanks to new CEO Steve Cahillane. 13. Busy week of retail earnings. Dick's Sporting Goods beat on revenue this morning but missed on the bottom line, largely due to charges related to the Foot Locker acquisition. No surprise to see the stock lower premarket. This is one that usually heads lower on earnings. Club name Costco reports tomorrow night. 14. I also went deep on the looming SpaceX IPO last night on "Mad Money." By traditional valuation metrics, this thing is going to be expensive when it likely starts trading next month. But it's rarely worth betting against Elon Musk, and there are clear near-term catalysts that make SpaceX enticing if they come to pass. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. 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