We're buying more of Jim Cramer's favorite chip stock for the second time this week

Shortly after the opening bell, we will be buying another 100 shares of Intel at roughly $110 each. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 1,100 shares of INTC, increasing its weight the portfolio to about 3% from 2.7%. We're making another purchase of Intel, which Jim has frequently described as his favorite stock in the portfolio. He'll go into the Intel opportunity in more detail at Thursday's Investing Club monthly meeting, which will be livestreamed at noon ET. We also added to our Intel position on Monday. Shares were up a couple of dollars in premarket trading in reaction to strong earnings from ASML Holding . The Dutch semiconductor manufacturing equipment maker said that Intel Foundry is using its High NA EUV lithography machines on its latest 18A processing node to produce a subset of its Intel Core Ulta Series 3 processors, which are designed for artificial intelligence personal computers. ASML's high numerical aperture technology is used to print circuit patterns onto microchips. Intel's willingness to buy these expensive machines is a positive signal that its foundry (chip industry-speak for manufacturing) is expanding capacity and improving yields for leading-edge chips. INTC YTD mountain Intel YTD We also note that several developments this week suggest AI spending remains robust. Taiwan Semi reported a strong June, with sales increasing about 68% year over year, and we expect the company will provide a bullish tone when it reports its full earnings report early Thursday morning. Not only did ASML report strong earnings, but the company said it is planning to increase its capacity for 2028 to keep up with strong demand. IBM 's pre-announced quarterly warning showed that customers are prioritizing capital expenditure spending on servers, storage, and memory over mainframe hardware. Finally, Intel announced Monday it will invest about $5.7 billion in its Ireland plant to expand production of its Xeon server processors and other products. (Jim Cramer's Charitable Trust is long INTC. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.