The S&P 500 fell Monday after the U.S. and Iran traded strikes for the first time in a month, while West Texas Intermediate oil rose 2% above $85 a barrel. Jim Cramer said he was increasingly disturbed by the oil increase because of its negative effect on stocks tied to the commodity. Apple shares declined on Tim Cook’s last day as CEO, ending his 15-year tenure; John Ternus takes over Tuesday. Nvidia rose more than 1% after saying it would invest $3.5 billion in chip designer MediaTek. Cramer said he would prefer Nvidia to repurchase shares rather than invest in additional companies. He also wrote that Nvidia had been hurt by Federal Reserve Chair Kevin Warsh’s Friday speech at the Jackson Hole Symposium, where Warsh suggested interest rates may need to rise further. Higher borrowing costs could make AI data center construction more expensive and constrain Nvidia’s growth. Portfolio director Jeff Marks said the MediaTek investment also appeared potentially aimed at Broadcom’s leading position in custom AI chips. The Club recently cut its Broadcom position by half to reduce exposure to the AI trade. CrowdStrike gained 4% after a post by AI podcaster and writer Dwarkesh Patel supported the view that enterprises need to spend aggressively on cybersecurity as AI use expands. Palo Alto Networks also rose, allowing the Club to trim its position and lock in gains. Monday’s rapid-fire segment covered SLB NV, Aon and PG&E. The CNBC Investing Club with Jim Cramer holds its weekday Morning Meeting livestream at 10:20 a.m. ET, and subscribers receive trade alerts before Cramer trades in the charitable trust portfolio, subject to 45-minute and 72-hour waiting periods depending on whether the stock was discussed on CNBC TV. The Club’s information is subject to its terms and conditions, privacy policy and disclaimer; it creates no fiduciary obligation or duty, and no specific outcome or profit is guaranteed.