Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Stocks are moving solidly higher , putting the S & P 500 and Nasdaq on track for their third consecutive winning session. Wednesday's action marked a strong rebound in the AI infrastructure trade, with technology stocks and industrials tied to the data center buildout leading the market higher. Part of the move can be traced back to strong earnings and bullish commentary from SpaceX , which is becoming a major AI hyperscaler in addition to its rocket launch and satellite operations.

CEO Elon Musk indicated on the SpaceX earnings call that power, cooling, and electrical equipment are the limiting factors to getting more gigawatts of compute online, and that had investors feeling better about the outlooks for stocks like GE Vernova , Eaton , and Vertiv . In addition, Super Micro Computer preannounced much stronger-than-expected quarterly revenue, and that helped the tech hardware trade rebound. Cybersecurity stocks are gaining amid growing concerns that AI tools are making it easier and faster to discover software vulnerabilities.

As money rotated back into AI stocks, it moved out of defensive sectors like healthcare and consumer staples. Johnson & Johnson , Kimberly Clark , and Eli Lilly gave back some of their recent gains. Energy prices and interest rates were also mostly out of the picture, with WTI crude oil prices falling about $1 per barrel and the yield on the 10-year Treasury dipping slightly. Apple said it will have limited quantities of its new foldable iPhone Duo available for walk-in customers when it hits stores Friday, Reuters reported .

The company is also capping purchases at two per customer. The company is also capping purchases at two devices per customer.

With wait times to receive the Duo now exceeding three months, we view this as a function of both strong demand and supply constraints. This latest iPhone appears to have been better received than expected, despite its $1,999 price tag. However, limited inventory availability may be a gating factor, forcing some customers to wait months to get their hands on it. We'll know more about the Duo when Apple reports earnings on Nov. 2, but this is still an own it, don't trade it story for us. We predict the Duo will be another growth engine for Apple .

Meta Platforms reports after the closing bell , and we'll be listening to what the company says about engagement for its new personal AI agent Muse, capital expenditure trends, and the possibility of an equity raise to fund its AI infrastructure buildout. Lam Research is another notable company reporting, and what this semiconductor capital equipment maker has to say about advanced memory and logic chip demand could sway sentiment in Club stocks Micron , Intel , and Qnity Electronics .

Also reporting: Tesla , IBM , SAP , Lam Research , Texas Instruments , United Rentals , Southwest Airlines and CSX .

Before the opening bell on Thursday, we'll see earnings from Procter & Gamble , Honeywell , Lockheed Martin , Valero Energy , Dow , Union Pacific , American Airlines , Nokia , and Norfolk Southern . ()