VMware (VMW) on Thursday jumped roughly 4% on reports that Broadcom's (AVGO) acquisition of the cloud and virtual machine company is likely to be approved by China shortly.
China's State Administration for Market Regulation is expected to be granted conditional antitrust approval soon, according to trade publication Dealreporter.
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Approval of the $60 billion purchase will boost shares of chipmaker Broadcom significantly, CNBC's Jim Cramer said, citing the company's artificial intelligence efforts as another bonus.
Broadcom, a holding in Jim's Charitable Trust, rose 3% in Thursday trading.
Cramer said that both stocks will continue trading higher despite an overall trying day for equities following a hotter-than-expected consumer price index print.
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"It's a bad day for the market because [Fed chief] Powell is a forgiving man and he's worried about the working person," Cramer said. "I think this is something that's a secular trend [though]," referring to the Broadcom-VMware deal, he added.
Here's a full list of the stocks in Jim's Charitable Trust, the portfolio used by the CNBC Investing Club.
