Jim Cramer looks at what's holding back AMD stock from rallying even further

The Investing Club holds its 'Morning Meeting' every weekday at 10:20 a.m. ET.

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Wednesday's key moments. Stocks moved higher Wednesday as Wall Street awaits the highly anticipated interest rate decision from the Federal Reserve at 2 p.m. ET. Policymakers are widely expected to hold rates steady at the end of their two-day July meeting while hinting at a September cut.

AMD is supply-constrained because its MI300 chips are the fastest ramping product in the company's history. Jim also noted another reason for AMD stock not rallying even further — investors still want to be in "companies that benefit from lower rates." Rate cuts won't impact big tech stocks that much. Shares of DuPont rose more than 5% on Wednesday after the company reported a solid second-quarter before the open.

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