Jim Cramer says Dell’s blowout quarter sets up a crucial week for AI stocks

CNBC’s Jim Cramer said next week could bring key answers for technology stocks after a blockbuster quarter from Dell Technologies added to the enthusiasm around the data center trade.

“When we look back, I wonder if we’ll say this was that moment when Dell simply took over the computer space” the “Mad Money” host said Friday, calling the company’s latest earnings one of the biggest “blowouts” he can recall.

Tech has dominated the market this year, particularly companies tied to artificial intelligence infrastructure. But he said that one notable laggard has emerged: Nvidia.

That could begin to change next week when CEO Jensen Huang delivers a keynote at Computex in Taiwan. Cramer said the event has historically been a “stake in the ground moment” for Nvidia and could include new announcements, particularly about PCs. Executives from other key tech players such as Arm Holdings, Marvell Technology, Intel and Qualcomm will also be at Computex.

Cramer then turned to the week ahead.

Other than Huang’s presentation, Merck is set to host a meeting reviewing its cancer portfolio following the annual ASCO conference, offering investors a closer look at the drugmaker’s pipeline.

Dollar General reports after rival Dollar Tree posted stronger-than-expected results on Thursday. Cramer expects Dollar General shares could rebound.

After the bell, Palo Alto Networks, which is a holding in Cramer’s Charitable Trust, the portfolio run by the CNBC Investing Club, reports. While the stock often rallies into earnings before profit-taking sets in, Cramer said rising AI-driven cyber threats could support results.

Ulta also reports after a difficult year, with shares down sharply since its last earnings report in March. Deutsche Bank slashed its price target Friday ahead the results. “It was jarring,” Cramer warned.

Medical device maker Medtronic reports after a rough stretch for the broader medtech group. Cramer said he is not yet ready to get aggressive on the stock until he sees the quarter.

After the close, two stocks in the Charitable Trust — Broadcom and CrowdStrike — report. Broadcom “could deliver a good” quarter Cramer said, though shares have lagged some AI chip peers this year. CrowdStrike, meanwhile, has gone “parabolic” and may face profit-taking even on strong results, according to Cramer.

Discount retailer Five Below also reports. After pulling back sharply from its highs, Cramer said he likes the stock “very much here.”

Networking company Ciena reports after an enormous run this year, though Cramer said the company’s proprietary technology leaves room for further growth.

Meanwhile, Lululemon faces what Cramer described as a potential “reset quarter” amid ongoing turmoil, cautioning investors against buying the stock ahead of earnings.

“It’s a very important number,” Cramer said, because it “needs to be weak enough to justify a rate cut” from the Federal Reserve under new Chair Kevin Warsh.