Since the last CNBC Investment Club monthly meeting, Wall Street has become increasingly divided. However, concerns about AI trading have intensified the sell-off in recent days, with stocks like Micron becoming the biggest losers to start the week and defensive stocks like Cardinal Health becoming the biggest winners to start the week. As of Wednesday’s close, the Nasdaq was down more than 2.5% so far this week, while the Dow Jones Industrial Average, which has less exposure to tech stocks, was up about 1% from last Friday’s close. It was another bad day for AI stocks with another hot inflation report released Thursday morning, widening the gap between the haves and have-nots. Expectations that the Federal Reserve will raise interest rates at least one more time before the end of the year have left investors feeling uneasy about whether companies are borrowing too much to finance AI infrastructure. Technology talk was generally positive from the Sept. 10 meeting through Wednesday’s close. The Nasdaq actually rose 2.3% during this period, while the Dow fell nearly 1%. Ahead of our October monthly meeting livestream, let’s take a look at the winners and losers of a 32-stock portfolio as a baseline for understanding where the market is headed. Winner CrowdStrike rises 19.4% Cybersecurity stocks soared as concerns grew over the risks posed by increasingly powerful artificial intelligence models and the need to protect companies’ networks and data. The rise was fueled by an essay by Anthropic CEO Dario Amodei asking the Frontier AI Institute to slow down the pace of model development amid growing safety concerns. CrowdStrike’s stock price has more than doubled this year, making it cautious to chase its strong share price. Still, we continue to view cybersecurity as a “foundation” of our portfolio and see the adoption of AI as another long-term growth driver. Metaplatform is up 14.4% The parent company of Facebook and Instagram is starting to show investors how its massive AI investments will pay off. Since Muse, the company’s personal AI agent, was launched on September 8th, its stock price has skyrocketed and it quickly shot to the top of the app charts. Meta built on that momentum this week with the release of Muse Wonder and the more powerful Muse Wonder Full, demonstrating its ability to compete with leading AI developers. Wells Fargo said the Muse Wonder Full has reached the “AI frontier” and ranks among the most advanced models in the industry. These releases could help Meta Platform attract more paying subscribers to Muse and its coding tools, and open up new revenue streams beyond advertising. It’s too early to know how meaningful that revenue will be, but the steady pace of AI releases has helped allay earlier concerns about whether Meta’s billions in AI spending will generate enough revenue. TJX Companies Rise 13% The off-price retailer’s stock rebounded after a disappointing August financial result and broader pressure on consumer stocks from rising inflation and interest rates. Investors were growing concerned after second-quarter results showed slowing comparable sales at Marmaxx, the company’s largest division, which includes TJ Maxx and Marshalls. At the time, the CEO said this was a product configuration issue and was currently being addressed. However, recent research from Morgan Stanley suggests that the broader weakness in the second quarter was caused by consumers cutting back on spending. This is encouraging to our theory that TJX’s value-oriented model and ability to obtain surplus merchandise at attractive prices should help it weather a difficult retail environment. We took advantage of the post-earnings downturn to expand our position several times and remained optimistic about the long-term opportunity, even if it would take another quarter or two for a significant revenue recovery. Losers Bank of New York fell 15.4% and Goldman Sachs fell 13.8%. Our financial assets were among the worst laggards in our portfolio as the Federal Reserve raised interest rates for the first time in three years at its September meeting, raising concerns about the outlook for banks. Rising interest rates may increase funding costs, weaken demand for loans, and slow capital market activity such as mergers and acquisitions (M&A) and initial public offerings (IPOs). Still, investors shouldn’t paint the entire sector with the same brush. Even though Goldman Sachs posted solid earnings on Tuesday, the stock continued to fall. We view pullbacks as buying opportunities. On Thursday, BNY released its earnings, showing higher-than-expected fee increases. Members, check out BNY’s complete club analysis for the quarter by text or email this afternoon. FedEx Freight falls 12.4% The sub-truckload carrier’s stock struggled as diesel prices rose due to the ongoing Iran war. The weakness is widespread across the transportation sector, with the iShares Transportation ETF down 3% and trucking company JB Hunt down 13% since its last monthly meeting. While we remain optimistic about FedEx Freight’s long-term outlook, we want to see signs of improvement in transportation demand and the company’s ability to manage rising costs before becoming more positive about the stock’s near-term outlook. Boeing, down 9.8% The aircraft maker is under pressure due to rising fuel prices, broader concerns for the aerospace industry and a software issue affecting certain 737 Max aircraft. Rising oil prices could threaten airline profitability and weigh on demand for new aircraft, further heightening investors’ fears about manufacturers’ recovery. Boeing also disclosed a software glitch that could affect certain landing procedures, raising questions about the 737 Max 10’s certification schedule, which Boeing and airlines had expected to introduce in the early fall. However, the Federal Aviation Administration determined on October 2 that the issue did not pose a flight safety concern, eliminating a potential hurdle to certification. (Jim Cramer’s charitable trusts are Long CRWD, PANW, META, TJX, BNY, GS, WFC, FDXF, BA. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, you will receive trade alerts before Jim makes a trade. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. 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