Here’s what Cramer is watching in the week ahead, including U.S.-Iran tensions

February was a heartbreaking month that took apart names like Nvidia, CNBC’s Jim Cramer said Friday. This weekend might set the tone for March.

For the week, Nvidia shares lost nearly 6.7% despite the AI chip giant reporting a strong quarter and even stronger forward guidance on Wednesday evening. The reason for this week’s decline had more to do with concerns about whether Nvidia’s big tech clients can sustain their ever-increasing capital expenditure plans than anything to do with Nvidia itself. Nvidia shares lost 7.3% in February and were now down 5% year to date.

The S&P 500 and the Nasdaq dropped 0.4% and nearly 1%, respectively, for the week, as AI disruption worries slammed tech stocks. Their monthly declines of nearly 1% for the S&P 500 and 3.4% for the Nasdaq were the worst since March 2025. The S&P 500 was able to remain modestly positive for the year. The Nasdaq, however, was now nearly 2.5% lower year to date.

Part of what may determine the direction of markets next week may hinge on geopolitics, especially developments concerning Iran and whether President Donald Trump decides to attack the Middle Eastern nation over the lack of progress on a nuclear deal. On Friday, Trump said, “We’re not thrilled with the way they’re negotiating.” He added, “They cannot have nuclear weapons.”

“The markets haven’t been rattled by [Trump’s] saber-rattling, although oil’s up about 17% year to date,”  Cramer said on “Mad Money.” American oil benchmark, West Texas Intermediate crude, rose another 3% on Friday as concern mounted about possible supply disruptions if the U.S. were to attack Iran.

On Saturday, investors will hear from Berkshire Hathaway, marking its first earnings report under new CEO Greg Abel after Warren Buffett stepped down from the helm in December.

Monday brings earnings from Norwegian Cruise Line. Cramer’s advice to the cruise liner is to sell itself to Disney, which is currently in desperate need of ships.

Target on Tuesday morning delivers earnings under the leadership of new CEO Michael Fiddelke, who assumed the post Feb. 1. Target lacks the scale and reach of retail competitors such as Amazon, Walmart, and Costco, Cramer noted, adding that it will need to reinvent itself to stay competitive. Best Buy also reports before Tuesday’s open.

After Tuesday’s close, cybersecurity company CrowdStrike reports earnings. The stock, which is a holding in the CNBC Investing Club portfolio, took a major blow this week after Anthropic announced a new security tool for its Claude AI assistant last Friday. Cramer disagrees with how the stock got crushed. “I stand by CrowdStrike, which is why we own it for the Charitable Trust. One day, soon, expertise will matter again, and the stock will go higher,” he added.

Brown-Forman, the maker of Jack Daniel’s, reports Wednesday morning. Identity protection company Okta and custom chip maker Broadcom report their quarters on Wednesday after market close. As for Broadcom, Cramer said the company has been wrongfully “caught in the software decline stemming from AI fears.” Broadcom is also a Club holding.

On Thursday’s line-up includes wholesale retailer and Club stock Costco and another custom silicon provider, Marvell Technology. Also to watch Thursday is Caterpillar‘s fireside chat at CONEXPO, major trade show for the construction industry.

Rounding out the week, Friday brings the Labor Department’s nonfarm payroll figures. “We all keep waiting to see the impact of AI on employment,” Cramer said. “We haven’t seen it yet. But you know why? I think that’s because the expected firms aren’t really laying off anyone. They’re just hiring fewer people or none at all.”