Stock Market Today With Jim Cramer: Nvidia Is a Buy, Arm Deal or Not

Nvidia Can't Lose in Arm Deal

Nvidia  (NVDA) - Get Report is in a win-win situation if its proposal to acquire Arm Holdings goes through or does not, Jim Cramer says.

If it goes through, Cramer says, the Santa Clara, Calif., chipmaker sharply broadens its offerings. If it does not, it would be saving a bunch of money -- $40 billion. 

Shares of Nvidia were falling Wednesday following a report that said the U.K. was considering blocking Nvidia's acquisition of Arm Ltd. due to potential risks to national security.

An assessment of the $40 billion acquisition contains worrying implications for national security and the U.K. is currently inclined to reject the takeover, Bloomberg reported, citing a person familiar with government discussions. 

"If the deal doesn't get done, I get it and I can accept it," Cramer said from the floor of the New York Stock Exchange. 

AMD Is Officially a Meme Stock

The meme market is the talk of Wall Street Wednesday as newly public online trading platform Robinhood  (HOOD) - Get Report was halted due to volatility.

Advanced Micro Devices  (AMD) - Get Report isn't normally considered a meme stock, but the company's 6% jump Wednesday, and the stock's more than 25% jump over the past four weeks, puts the chipmaker squarely in the meme category. 

"AMD is now a meme stock. The memesters try to find stocks that are heavily shorted and bust the people who short it," Cramer said. 

After speaking to AMD Chief Executive Lisa Su on CNBC's "Squawk on the Street," Jim Cramer said he was more confident than ever that AMD is "pantsing" Intel  (INTC) - Get Report. 

Nvidia and AMD are holdings in Jim Cramer's Action Alerts PLUS investing club portfolio. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.