Yellen's Backstop Message, First Republic Shares Jump, Nvidia and the AI Arms Race 03/21/23

Jim Cramer and David Faber focused on the latest developments surrounding the turmoil in the banking sector: In prepared remarks for a speech to the American Bankers Association, Treasury Secretary Janet Yellen said that the government could backstop more deposits if necessary to stop potential contagion. First Republic led regional bank shares higher on news that JPMorgan Chase is advising the company on strategic alternatives including a capital raise. Also in focus: The Fed kicks off its two-day policy meeting, a preview of Nvidia CEO Jensen Huang's keynote speech on AI to the company's developer conference, what the CEO of TikTok said ahead of his Capitol Hill testimony on Thursday, Amazon layoffs, Moody's ups Tesla’s debt from junk status.

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