Here's our counter to analyst negativity about iPhone 16 demand — plus, Nvidia jumps again

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. Wall Street was mixed Wednesday, with the S & P 500 near the flatline and trying for a third straight record close. There have been a lot of downgrades and negative research on Wednesday, making it tough for the market to get a lift. According to the S & P Short Range Oscillator , the stock market became even more overbought after Tuesday's close. So, we trimmed three stocks on Wednesday — Meta Platforms , Danaher , and Alphabet . The 10-year Treasury yield continued to creep higher, signaling perhaps that it might take a little longer for Fed interest rate cuts to really move the needle on mortgage rates. Nvidia shares gained 2% Wednesday, one day after a nearly 4% rally provided a boost to the overall market. The Club stock kicked into high gear Tuesday on a Barron's report that CEO Jensen Huang completed a predetermined stock trading plan. In the semiconductor sector, Micron reports earnings after Wednesday's close. Micron can give us reads on demand and inventory levels in consumer electronics and in high bandwidth memory used to make artificial intelligence graphics processing units. Club stock Apple fell modestly Wednesday. Wall Street analysts again said they see shorter wait times for the new AI-ready iPhone 16 as an indication of weaker demand when compared to last year. Jim Cramer countered, telling Jeff Marks that shorter wait times could partially be because Apple was better at forecasting demand than a year ago. His point was that it's too early to tell, especially since the Apple Intelligence software features were delayed and won't come out until next month. (Jim Cramer's Charitable Trust is long META, DHR, GOOGL, NVDA, AAPL. See here for a full list of the stocks.) 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. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.