Jim Cramer says don't bite on Apple sell call; buy his new chip favorite

CNBC’s Investing Club recap says cooler-than-expected U.S. June inflation lifted the broader market, but software stocks sold off after IBM preannounced a weak quarter tied to softness in its software business. IBM’s warning highlighted a shift in AI-related spending toward infrastructure and cybersecurity. Separately, KeyBanc downgraded Apple to underweight with a $250 target, arguing weaker carrier subsidies and higher Mac/iPad prices could slow iPhone upgrades and services growth; Jim Cramer dismissed the call and reiterated a bullish stance on Apple. Arm also fell after an HSBC downgrade on foundry capacity concerns, and Cramer used that weakness to reinforce his bullish case for Intel, which he views as benefiting from manufacturing expansion. Overall tone: constructive on Apple and Intel, cautious on IBM and Arm, with the market reacting more to company-specific guidance than the inflation tailwind.