Here's why Broadcom is a winner from Blackstone's new AI venture with Google

An important development from the financial markets: Every weekday, the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a. Here's a recap of Tuesday's key moments. The S & P 500 is under pressure on Tuesday as bond yields spiked, with the 30-year Treasury yield hitting its highest level in nearly 19 years.

Rising rates usually indicate inflationary pressures, Jim said, as shown by key inflation benchmarks released last week. "It's a sign that you should be selling stocks, period. It's always been that way," he said.

Economic Details

On Monday, we pulled FedEx out of the Bullpen, initiating a small position in the transportation stock and economic bellwether. Portfolio holding Home Depot reported earnings and sales that beat expectations before the bell and reaffirmed its full-year guidance. Look for our full analysis in your inboxes shortly.

Cardinal Health is up about 1. Jim said there's potential for the stock to return to $220 and disagrees with bearish analysts' outlooks. "It's a great company," he said, citing its growth strategy of buying the business and operations side of physician practices.

Jim didn't encourage investors to buy the stock during its post-earnings sell-off in early, but now says it's a fine time to buy. Blackstone announced it will invest $5 billion in equity capital in a new AI infrastructure company with Google, a move that should benefit Broadcom . Unlike other cloud providers that utilize Nvidia chips, the new company will use Google TPUs, which are developed in collaboration with Broadcom.

Analyst Views

"People don't realize that Broadcom is the secret pie in all these companies doing wha t they want to do," said Jim. Broadcom shares are down nearly 2%, which Jim called "a very big mistake. " (Jim Cramer's Charitable Trust is long HD, GOOGL, CAH, and AVGO.

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Financial markets are tracking the development closely as investors assess the likely impact.