We are trimming this surging chip name and buying this fintech on the dip

(This article was sent first to members of the CNBC Investing Club with Jim Cramer. To get the real-time updates in your inbox, subscribe here.)

Shortly after the opening bell, we will be selling 100 shares of Advanced Micro Devices (AMD) at roughly $148.30.

In addition, we will be buying 25 shares of PayPal (PYPL) at roughly $211.50.

Following the trades, the Charitable Trust will own 750 shares of AMD, representing 2.67% of the portfolio and 650 shares of PayPal, representing 3.25% of the portfolio.

We are making a couple of moves this morning on stocks we wanted to trade last week but could not due to our restrictions. As a reminder, we are restricted from trading any stock that Jim mentions on TV for three full days following the mention. Although we cannot make the trade for the Charitable Trust, our restrictions will never prevent us from telling the Investing Club what we would buy or sell and when we would do it.

First up is AMD. Last Monday in our email here, we said we would have trimmed our AMD position after the stock surged 10% to the $150s in response to the incredibly bullish Accelerated Data Center Premiere event. We loved everything management announced at the event, which was highlighted by the news that Meta (Facebook) has adopted AMD’s EPYC CPUs to power their data centers, the unveiling of the new AMD Instinct MI200 series accelerators, and the details behind the upcoming launches of Genoa and Bergamo.

Despite AMD’s strong future, we said it was time to let go of some stock simply out of discipline and portfolio management reasons. AMD has been on a massive run of about 44% since the start of October, and those are hard fought gains we do not want to give back. Now that our restrictions are clear, we will make the trade we would have made last Monday and realize a fantastic gain of roughly 68% on shares bought this past February.

Next is PayPal. Last Friday , we wrote how we were encouraged by the stock’s positive action and hoped that the move was a sign of a bottom.  As we said Tuesday in our write-up, stocks of great companies that get beaten up on temporary dynamics or the occasional misstep by an otherwise strong management team tend to be longer-term opportunities for patient investors.

We believe this will be true of PayPal as headwinds from the eBay migration shift to tailwinds next year.

We also haven’t forgotten about buying some Disney and Wynn Resorts like we communicated last Friday, but we are still restricted.

The CNBC Investing Club is now the official home to my Charitable Trust. It’s the place where you can see every move we make for the portfolio and get my market insight before anyone else. The Charitable Trust and my writings are no longer affiliated with Action Alerts Plus in any way.

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Typically, Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If the trade alert is sent pre-market, Jim waits 5 minutes after the market opens before executing the trade. If the trade alert is issued with less than 45 minutes in the trading day, Jim executes the trade 5 minutes before the market closes. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. See here for the investing disclaimer.

 (Jim Cramer’s Charitable Trust is long AMD, PYPL.)