Mad Money w/ Jim Cramer 10/1/25

Summary

Mad Money with Jim Cramer – Episode Summary (10/1/25)

Main Theme

In this episode, Jim Cramer breaks down Q3’s top stock market winners and losers, analyzes sector trends (notably data centers, pharmaceuticals, and turnaround stories like Nike), talks through notable IPOs, and delivers fast-paced buy/hold/sell verdicts in his listener-favorite Lightning Round. Cramer delivers practical, opinionated advice on embracing market momentum, managing risk, and looking ahead to likely strong performers for the end of 2025.

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Key Discussion Points & Insights

1. The Quarter’s Biggest Winners and Market Trends

• Market Snapshot & Manager Behavior

  • Cramer explains that money managers often buy Q3 winners in Q4 to “show their clients they own the hottest stocks.” ([01:39])
  • “You can tell an awful lot about a market by looking at the winners and losers of a quarter that was just put to bed.” – Jim Cramer ([01:39])
  • Government shutdown headlines, while dominating news, are less significant to stocks than many believe.

• Top Q3 Winner: AppLovin

  • AppLovin rallied 105%; Cramer calls it “unstoppable,” despite short-seller attacks, emphasizing its role in monetizing apps through ad tech. ([03:40])
  • “I would not bet against this AppLovin stock, even though it’s been the target of short sellers who have been run over by the buyers.” – Jim Cramer ([04:16])

• Other Standouts

  • Western Digital (+88%) and Seagate Tech (+64%): Old-guard data storage companies finally recognized by the market.
    • “It’s good to see the market giving Western Digital its due, even if it’s 30 years too late for me.” – Jim Cramer ([05:25])
  • Warner Bros. Discovery (+70%): Revived by improved finances, movies, and takeover rumors, especially involving Paramount.
  • Corning (+56%): Glassmaking and, crucially, fiber optic technology powerstanding for the data center revolution.
  • Robinhood (+53%): Cramer praises its strategy to capture younger investors and embrace crypto.
  • Intel (+50%): Cites turnaround led by new CEO Lip Bhutan and major investments from government, SoftBank, Nvidia.
  • Invesco (+45%): Noted as the only major financial among a tech-dominated leaderboard.

• Biggest Losers

  • Chipotle (–30%): Crushed last quarter, but Cramer sees potential for a bounce-back if management executes, based on past history.
  • Avoids sectors like managed care, cable, used cars, and Invisalign, labeling them too impaired for now.
  • “Don’t fight the tape. If you want to embrace it, I think the third quarter’s winners are a terrific place to be.” – Jim Cramer ([08:22])

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2. Lightning Round: Stocks in the Spotlight ([39:11–43:57])

Cramer moves quickly through rapid-fire listener stock questions. Key highlights:

• Micron (MU): Hold
  • “I think this stock’s got $200 written all over it. This is just a great buy and hold.” ([09:39])
• Affirm: Hold
  • Trust the CEO, Max Levchin; company has minimal defaults and is a smart hold. “He’s a genius…good stock to own.” ([10:25])
• Jabil (JBL): Buyable on Dip
  • After a strong quarter, Jabil’s expansion in U.S. manufacturing and leadership in data center hardware make it attractive after a pullback. See detailed segment with CEO Mike Dastour below.
• Tesla Music Entertainment (TME): Move On
  • “We’ve made a lot of money in that. We’re moving on. We’re going to stick with Baba when it comes to China.” ([40:14])
• SunRun (RUN): Not Bad/Not Expensive
  • “It’s not a bad stock. It is not expensive.” ([40:36])
• Inspire Medical (INSP): Hold/Needs Work
  • GLP-1 weight loss drugs might hurt this business; Cramer will research further. ([41:00])
• Microvast (MVST): Hold as Speculation
  • Battery sector hot; “I’d hold on to it.” ([41:34])
• Vertiv (VRT): Bullish
  • “I think [it] is going much higher.” ([41:51])
• Thermo Fisher vs. Danaher: Prefer Danaher
  • “Danaher, I think, has got more going for it right now than Thermo Fisher. I would do DHR.” ([42:31])
• Team (Atlassian): Avoid
  • AI has increased competition; Cramer no longer recommends. ([43:37])

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3. Interview: Mike Dastour, CEO of Jabil ([13:57–21:29])

Jabil’s Blowout Quarter and Industry Role

• Cramer and Dastour agree Jabil’s quarter was “spectacular”, with outperformance in all major metrics—revenue, margin, free cash flow, and EPS.
  • “[It was] spectacular from a number of fronts. Almost every single line item was a beat.” – Mike Dastour ([14:58])
• Jabil is not just a contract manufacturer, but an engineering partner enabling clients to design, industrialize, and manufacture at scale—especially in data centers, liquid cooling, and healthcare devices.
  • “People think we’re just a contract manufacturer, but we’re actually an engineering manufacturer.” – Mike Dastour ([18:08])

Upcoming U.S. Expansion

• $500 million investment in a new North Carolina factory focused on cloud and AI data center infrastructure; already receiving intense demand.
  • “It will be a high class state of the art facility…already getting calls from CEOs.” – Mike Dastour ([19:47])

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4. Nike’s Turnaround Analysis ([23:08–30:12])

• Cramer dissects Nike’s recent earnings and resurgence under CEO Elliot Hill, highlighting authentic sports leadership, improved U.S. sales, repaired distributor relationships, and inspiring store concepts.
  • “This is not just about numbers. It’s about passion.” – Jim Cramer ([26:38])
• Cautions that China remains a challenge and tariffs pose cost headwinds, but expresses new-found confidence in Nike’s future.
  • “Turnarounds take a long time. This is really just the beginning.” ([27:54])
• Bullish target: “I’m betting the $74 stock can go to $100…” ([30:13])

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5. Fermi (Fermii) IPO Deep-Dive ([34:51–39:11])

• Cramer investigates the IPO of Fermi America, a nuclear data center project led by Rick Perry and Tony Nogabauer.
• Notes sky-high debut (+55%), but raises major red flags:
  • No real revenue, highly speculative, leadership checkered by a failed fintech venture (Glorify), huge regulatory and funding hurdles.
  • “This is more of a business plan than a business.” ([37:41])
  • Advises listeners to steer clear. “No business plan is worth $19 billion.” ([38:50])

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6. Drug Stocks: Green Shoots for Pharma ([44:10–48:01])

• Cramer revisits healthcare stocks, which have consistently lagged but saw a sharp rally after Pfizer’s deal with the government to lower prices (without earnings hits).
• Names Eli Lilly as a compelling long-term buy, thanks to GLP-1 drugs for diabetes/obesity and hints at future blockbuster applications.
  • “A successful pill could take Lilly’s market cap from $781 billion…into the trillion dollar winner circle.” ([45:47])
• Johnson & Johnson and Merck are also recommended, especially as legal and product headwinds subside.
• “The drug stocks with good growth feel safe again. If you’ve held off…maybe wait for the next pullback and pounce.” ([47:39])

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Notable Quotes & Memorable Moments

• “Don’t fight the tape. If you want to embrace the tape, I think the third quarter’s winners are a terrific place to be.” – Jim Cramer ([08:22])
• On Nike: “This is not just about numbers. It’s about passion. Apparently they’re already seeing some success with their strategy at their house of innovation location New York…” – Jim Cramer ([26:38])
• Cramer’s warning on speculative IPOs: “No business plan is worth $19 billion. I want more than that. See, I’m not just ready to take that leap of faith.” ([38:50])
• On the evolving role of contract manufacturers: “People think we’re just a contract manufacturer, but we’re actually an engineering manufacturer.” – Mike Dastour ([18:08])

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Timestamps for Key Segments

• [01:39] Cramer’s Q3 winners & losers analysis
• [04:16] AppLovin profile
• [09:39] Micron “hold” advice in Lightning Round
• [13:57] Jabil CEO interview (Mike Dastour)
• [23:08] Nike turnaround deep dive
• [30:30] Peloton verdict
• [34:51] Fermi IPO analysis
• [39:11] Lightning Round (stocks rapid-fire)
• [44:10] Pharma sector & Eli Lilly focus

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Tone and Style

Jim Cramer delivers his signature high-energy blend of investing insight, tough love, and rapid-fire wit. He is candid (“don’t fight the tape”), self-deprecating about past trading calls, and unafraid to call out hype, incompetence, or overvalued speculation. Cramer invests passion into stories of corporate turnaround, technical disruption, and the virtues of long-term conviction—while reminding listeners to keep doing their homework.

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Takeaways for Investors

• Momentum matters: Top Q3 winners are likely to continue strong performance into Q4 due to institutional flows.
• Turnarounds can work: Companies with new, committed management (Nike, Intel) deserve a fresh look if results are improving.
• Beware the unsustainable hype: IPOs with little substance (like Fermi) are best avoided, however hot the story.
• Big Pharma’s back: Select healthcare stocks rebounding; Eli Lilly and Johnson & Johnson get special praise.

This episode’s blend of sector analysis, pragmatic advice, and listener Q&A makes it essential listening for anyone looking to play the market’s hottest trends—and avoid its traps.

Transcript

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other people make Friends. I'm just trying to make you a little bit of money. My job is not just entertain, but I'm trying to teach, trying to educate you about stocks. So call me at 1-874-3CBC. Tweet me Jim Cramer. You can tell an awful lot about a market by looking at the winners and losers of a quarter that was just put to bed. Right now the news of the day is all about that government shutdown and its implications. But to me, the shutdown may not be all that meaningful to the stocks you own. So I want to use tonight to give you a snapshot of the market. And while past performances may not repeat themselves, I can tell you that the winners of the third quarter are often bought in the fourth quarter by money managers who want to show their clients that they own the right stocks. Hey look, I know when I was a money manager I did precisely this, so I am sure others are doing it now too because they tend to be the right stocks. Today was a bit of a counter trend day. The drug stocks managed to get a lift as the president forced them to lower prices on some drugs, but not to the point where the earnings will be hurt. So you have a rare rally in pharma that helped lead the Average Dow gaining 43 points. S&P advancing.3.4% Nasdaq climbing point for 2%. The drugstocks may have more room to run. We're going to discuss that group later in the show. Last quarter's winners though were anything but health care. The best performing S&P 500 stock from the third quarter is one that seems unstoppable and that stock is Applovin. This stock's a quandary because it's far from a household name. Applovin is a mobile technology company that helps app developers make money by selling advertising space within their apps. The stock rallied 105% in the third quarter alone. It's been an extraordinary performer that remains relatively unknown because it's not consumer facing. We just don't see it. I would not bet against this App Lovin stock even it's been the target of short sellers who have been run over by the buyers and I think it's going to stay that way. The second best performer is Western Digital, up almost 88% for the quarters in data storage along with seagate tech in fourth place up nearly 64%. Now we know this market craves datacenter plays like the more familiar Micron up big now well above where it reported. But few companies are pure place on storage than Western Digital and Seagate. These companies have been around the block. A quarter century ago I ran a hedge fund and I always thought Western Digital was a terrific undervalued company one day get credit for its excellent technology. I actually took a 5% position the business but it never really did much. It's good to see the market giving the stock its due even if it's 30 years too late for me. The third winner is Warner Brothers Discovery, which had been a long time underperformer but it came alive this quarter past rallying over 70% thanks first to an improved balance sheet and a better box office. And then of course to takeover chatter. We've heard it could be getting a big bid from the fifth best performer Paramount Skydance. David Zaslav, the CEO of Warner Brothers Discovery has been attempted to unlock value by separating the Warner Brothers studio and HBO Max streaming platform from the Discovery global television assets. A takeover bid would front run that change. We haven't seen one develop yet, but I wouldn't be surprised if there's a big auction for Warren Bull's Discovery if Paramount makes its move. Paramount's run by David Ellison he's the son of the second richest man in the world, Larry Ellison, founder of Oracle. I think you combine the two entertainment companies, create an unrivaled studio business and maybe that spin off the rest in another business itself, which I don't combine with another legacy TV companies out there. When you reach number six of the best performers this quarter, you get to a company that I've had my eye on for the travel trust. And that company is Corning. This is the finest glassmaker in the world. I recently spent a nice chunk of time with Wendell Weeks. He's the CEO at this Harrodsburg, Kentucky facility that we went to where they make the COVID glass for your iPhone and Apple watch. The Apple contract matters tremendously. But you know what's driving things right now? The stock's trading on the fiber optic glass. That's the best way to move information around in a data center. Glass doesn't burn so hot, so it's an ideal conductor. I think it's almost a foregone conclusion that one day Corning will replace the copper inside the immense clusters of semiconductors in video product in the data center. That would solve some of the heat problems. And it's why Corning stock rallied 56% in the quarter. Next, Teardyne, another online tech company. This one makes test and measurement equipment for the semiconductor industry among a host of others Tied on has always been an incredibly well run company and it's been the spawning ground for some incredible, incredible. Jack's Stock was up 53% for the quarter. Number eight, Robinhood. This has been a relentless performer. In 2025, it pulled away from the pack by becoming the young person's brokerage house. I wrote how to Make Money in Any Market, which came out yesterday, largely to help the boomers and their children handle the ongoing $100 trillion wealth transfer from one generation to the next. I don't. My work says that neither group really seems to know how to handle a handoff, so it was worth it to do this. Robinhood has been the most forward in its appeal to those who want to own pretty much anything, especially crypto. While other firms turned up their noses at crypto, Robinhood made this class of assets a central portion of its business. So smart they may have created lifelong affinity. From that, you can only congratulate them for a job well done. That app itself may be a chief selling point for the younger generation at this point. No wonder IT rallied almost 53% for the third quarter. It's been a remarkable performer. Then there's an amazing comeback story in the list. It's the story of Intel. Here's a company where fortunes are changing on the fly, thanks to a phenomenal new CEO, Lip Bhutan. He's a legendary semiconductor investor and the man who turned around the wayward Cadence Design Systems. Under his reign, the Stock appreciated some 3200% over a 13 year period. When he came in, he realized that intel was even worse off than anyone thought. So what do you do? He did the right thing. Decided first to fix the balance sheet. Managed to wrangle $8.9 billion from the federal government in return for 10% stake. He also raised $2 billion from SoftBank and $5 billion from Nvidia, where Jensen Huang is an old friend. He saw real potential despite the fact that at one point Infinity intel tried to put video out of business. Even as the fruits of all this money are so elusive, the stock still rallied almost 50% last quarter. Finally, there's a stock that makes a ton of sense given how well the market's doing, and that's Invesco. It's a money management firm with a Stock that's up 45% for the quarter. The only surprise I saw on this list is by omission, many asset managers should have been on the top here. But it's a tech that dominated. And a lot of the asset managers, well, let's just say they didn't really understand how great this market is. And how about the biggest loser for the quarter? As I scrutinize the list, I see a couple that could make a comeback. Chipotle's the best of these losers, having been hammered relentlessly. Like many other restaurant chains, the current numbers are indeed nothing to write home about. But this company has a habit of bouncing back after management gets it right. Down 30% last quarter, Chipotle seems like a decent reversal candidate. Unfortunately, others seem too impaired to stick my neck out for, even as they're household names that could make a comeback. I don't want to invest in managed care, though. Or cable or used cars or Invisalign braces. Here's the bottom line I learned a long time ago. Don't fight the tape. If you want to embrace the tape, I think the third quarter's winners are a terrific place to be. I'm betting most of these can keep rallying through the end of the year, but the biggest gains may indeed have already been made. Let's go to Greg in New Jersey.

[Caller]

Greg, booyah. Jim, thank you for what you do.

[Jim Cramer]

I love Mad Money.

[Caller]

Every Night.

[Jim Cramer]

Thank you.

[Caller]

I'm a club member. But most importantly, congratulations on the new book. I can't wait.

[Jim Cramer]

Thank you. And thank you. That paid out yesterday. Here we go. Promotion.

[Caller]

Good. Good. My question. I'm a long term holder and have been purchasing incremental shares of ticker symbol mu. Is it time for me to sell Micron?

[Jim Cramer]

No. Please. We just went through a huge battle selling a Micron. I talked to Sanjay Merotra. I thought it was an absolutely terrific quarter. I think this got stocks got $200 written all over it. This is just a great buy and hold slash homework. People keep trading in and out of it. You know what they miss, Greg? They miss all the gains. You haven't stick with it. Go to Andy in Idaho where Mike runs on Andy.

[Caller]

Jim, thank you for taking my call. It's an honor.

[Jim Cramer]

Of course. Thank you.

[Caller]

You've spoken highly of this stock in the CEO and on a few occasions recently you said it was going to go much higher very soon. It got hammered last week and started off a little shaky this week and it's starting to make me a bit nervous. I wanted to know what you thought about the price action and why you think I should be buying this dip. Holding tight or running further hills from a firm.

[Jim Cramer]

Okay, I think first of all, let's just discuss this. Is Max Levchin's baby okay? I've had Max on a number of times. I have dealt with him a number of times. He is about as smart as anyone I have ever met. And he's certainly the smartest in this group. I know there's a lot of people gunning for him. They think that he can't possibly continue the progress. His defaults are minimal. He's a genius. Is he the most fun guy to party with? I don't know. I wouldn't. I wouldn't know. But I'll tell you something. He's a good stock to own. And the answer is absolutely yes. Ass. But I learned a long time ago to never fight the tape. And if you want to embrace it right now, then I think these winners from the third quarter actually represent a pretty good place to start on MAD tonight. J. Bell. Talk about a place to start. Put a blowout quarter last week. So why is stock sold off since then? Something wrong? I'm digging into the story with the company CEO then. Is Nike's turnaround going according to plan or does the company need a new pair of kicks before it can start running higher? I'm breaking down its latest results and this IPO market is showing no signs of slowing down. Tonight I'll run through the public debut of a power provider that did incredibly well today, called Fermi to see if you could give your portfolio a boost. So stay with Kramer.

[Mad Money Announcer]

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[Jim Cramer]

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[Jim Cramer]

Right now. We've got a quiet bull market and what's called contract manufacturers. Or they do far more than that. The companies provide outsourced manufacturing for all sorts of industries. Take Jabo one, my favorite, which does manufacturing for everything from health care to autos to electronics and equipment that goes into the data center. This company has been putting up excellent numbers, including this Thursday when JP reported a blowout quarter with better than expected guidance for the current quarter. Bizarre. The stock actually sold off in response this has been happening quite a few times lately, losing almost 7% of its value in a single session. Although since it's recouped about a third of those losses now, some of that might be because Jabil's revenue guidance seemed a little conservative. I think a lot of us just profit taking. A traditionally quiet company that seen its shares explode higher deservedly over the past year. Don't take it from me. Let's take it with Mike Dastor. He is the CEO of Jabil. You have read on the company, Mr. Dastard. Welcome to Mad Money.

[Mike Dastour (CEO of Jabil)]

Thank you, thank you for having me.

[Jim Cramer]

Okay, so I want everyone to know this was an excellent quarter. The stock had been up a lot. But just tell us what made this quarter so spectacular.

[Mike Dastour (CEO of Jabil)]

I think it was spectacular from a number of fronts. Almost every single line item was a beat. We outperformed on revenue, we outperformed on margin, we outperformed on free cash flow, we outperformed on eps. So all the four metrics that we focus on, we outperformed. And then we gave really good guidance for FY26 as well. So I'm as perplexed as you are in terms of the reaction, but that's the opportunity.

[Jim Cramer]

I mean frankly I like to read the quarters in a vacuum without looking at the stock just to see what I would think. And I thought yours was just fantastic. And one of the reasons why I thought is that you are involved in all the areas, whether it be health care, drug manufacturing, with data center, with trying to help companies figure out where they can site in order to be able to not run afoul of high tariffs. These are things companies desperately come to you for.

[Mike Dastour (CEO of Jabil)]

Yeah, no, I think we're definitely in the data center piece. I think if you, if you look at. It's not just data centers. If you look at where we play, we're actually at the heart of a hardware ecosystem. We're at the heart of it. We've invested a whole bunch of engineering, design, architecture capabilities in a whole multiple number of markets adjacent to data centers as well. So obviously we do capital equipment where we do equipment to the front end, automated testing in the back end. We do servers and racks, poles, assembly, full systems there. We do network switches, silicon photonics, transceivers, and then the whole power management. We make these £10,000, low voltage, medium voltage sort of switch gear. They're huge. The size of this room for power management and power distribution. And then last but not least is thermal management as well. Liquid cooling is a big thing in data centers.

[Jim Cramer]

So all the things that people say, look, I hear these data centers, they use a lot of electricity. They don't. The companies themselves, we know they don't do it. It's you that actually does it. Also, the same thing for say we, we love Eli Lilly here, okay? But if they're going to do a GOP Dash one kind of drug, they're going to do it in, in the context of working with you.

[Mike Dastour (CEO of Jabil)]

So we're again, I think with the largest GLP1 injector manufacturer in the world. We make 500 million units per year. And I think that, I think one of the things we're trying to focus on is not just the injector piece. Can we do the drug filling? Can we do something beyond the capability that we have today? And to us in the whole health care space, the GLP1 continuous glucose monitors, those are the two areas that are the most exciting for us today.

[Jim Cramer]

Now, how do you find the engineers do it? I mean, we've got this, these very odd restrictions now and who can be, who can come here or not. I mean, I imagine you've got some people that, that you know, that you hire that may be from overseas. I mean, there's a lot of different moving parts for you these days in getting the right people.

[Mike Dastour (CEO of Jabil)]

So we're all, we're all across the world. So we do have engineers all over the world. We do have some really good engineers in the US as well. They've been with us for 10, 12, 15 years. So it's not something we've gone and developed over the last 12, 18 months. It's been a process for us. And today in the whole company, we have almost 10,000 plus engineers in total. So it's. People think we're just a contract manufacturer, but we're actually an engineering manufacturer.

[Jim Cramer]

That's what I wanted to get out. Because contract manufacturing when I started, that was very low. That was very low. Multiple business because it was just people putting screws in. That is not what you do.

[Mike Dastour (CEO of Jabil)]

Exactly. I think if you go back 10, 15 years, a contract manufacturer, a customer would come to you and do a build to print, build this product, buy this component from here and ship it there. Today they come to us with a concept, they come to us with a design so the product isn't even ready. And we help them engineer it, we help them do the new product introduction, we help them industrialize it. Because to manufacture at scale, you need industrialization. So we help them do that. And then obviously we help them manufacture at scale worldwide. And Then we do help them with logistics and everything else as well. So there's, there's a, there's an end to end solution that we provide today. So, so much more than contract manufacturers.

[Jim Cramer]

That's why it deserves a higher multiple. Now you announced a planned multiyear $500 million investment in U.S. manufacturing for cloud and AI data center infrastructure in Salisbury, North Carolina. What are you going to do with that and why is that important? Will that help companies figure out where they can do things, whether they can make it so that if they make it here, maybe they get a little more credit for it?

[Mike Dastour (CEO of Jabil)]

Yes, I think you hit the nail on the head there. I think if you look at the capacity that we have today, we're bumping up against full utilization and the demand is so off the charts that we had to open a new facility of 500,000 square feet. It's, it's going to be a state of the art sort of facility. We're going to use Nvidia's Omniverse twin. We're going to use a whole bunch of things with the endeavor liquid cooling to set the facility up. So it will be a high class state of the art facility and it will be not just for one area in that whole intelligent infrastructure space. It will be for capital equipment, will be to saying doing servers and racks, we'll be doing silicon photonics, we'll be doing networking gear, we'll be doing liquid cooling, thermal manage all of that in that one facility. So that to me is one of the most exciting opportunities to be the largest factory we've, we've got in the US And I think that's that that will be the most exciting part.

[Jim Cramer]

Oh totally. I know by executive producers are both fascinated by America places that would be state of the art. We just came back from one Harrodsburg, Kentucky for Corning. This sounds like it's going to be the ultimate place in our country for this kind of work.

[Mike Dastour (CEO of Jabil)]

It will be and I think the demand expectations. I'm already getting calls from CEOs. Everyone's trying to hey, what can we, what can we do there? And the level of interest just an announcement has created is actually off the charts.

[Jim Cramer]

Well that's the way it should be because your company is so good at what it does. That's Mike Daskours, the CEO of jbl. Jbl. This is one that's down that you can still buy. So many others have come all the way back. Thank you Mike.

[Mike Dastour (CEO of Jabil)]

Thank you, man.

[Jim Cramer]

Back in the break.

[Mad Money Announcer]

Coming up as Nike shares are leaping higher after earnings, Kramer's breaking down the numbers, seeing if now is the time to start running towards the stock next.

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[Jim Cramer]

This is a tricky environment for the entire apparel space, but when you've got a great turnaround story, you can triumph over big picture worries about the state of the consumer or the President's tariff agenda. Don't want to over focus on that. I mean, consider the case of Nike, which report a solid quarter last night saw its stock jump more than 6% today. This is a company that spent years lost in the wilderness under the leadership of former CEO John Donaho, who was a tech guy, not a shoe guy. He made a big direct to consumer push that alienated Nike's biggest distributors, especially Foot Lockers Longer, then got eaten alive by rising competition from On Running and HOKA and New Balance. Remember that? So the past few years have been brutal for Nike shareholders. But nearly a year ago, Nike brought back Elliot Hill, a shoe guy who'd been in the company for 32 years before retiring in 2020 and gave him the reins. Now he's been trying to turn this thing around ever since. He's fixing the relationships with the distributors, keeping inventories clean, trying to at least and laying out a Plan to get the business growing again. That's why last week we opened a new position in Nike for the charitable trust. Three months ago, the company had already reported a pretty solid quarter. This was a better longer term turnaround. We didn't have any great expectations for the quarter the company just reported last night though. Nike put up some genuinely strong numbers, particularly in the US. They're still struggling in China though. Sales down 10%. Three months ago, management told people to expect the revenue decline the mid single digits this quarter for for the company. Nope. Turns out revenues were up 1%. I know it sounds small. That was significantly better than expected. Nike saw a definitive upside surprise in North America which beat expectations for almost $5 billion. And this is driven by strength in both footwear and apparel. I think it's great proof of concept the changes Elliott is making. At the same time, Nike's gross margin shrank by 320 basis points. But you know what? That's also better than expected. They were guiding 350 to 425 basis points went to climb. That's how the company delivered a 22 cent earnings beat off a 27 cent basis. I'm calling it a very good start. Even better. Management told us some terrific things about the progress of their turnaround plan. For example, they went into how they're reorganizing their three brands and that's brands are Nike, Jordan and Converse. With more of a focus on individual sports to give each brand a distinct identity. I think they were kind of blurred. It helps that Elliot Hill is an athlete and a sports fan. He cares passionately about competition. He knows how core running is the institution that is Nike. If you read the terrific conference call, you will know how much he cares. It's so different from the sterile nature of the last few years. This is not just about numbers. It's about passion. Apparently they're already seeing some success with their strategy at their house of innovation location New York where they redesigned the store by sport which has already led to double digit revenue growth there. Nike has proved this work on sports smaller concepts too. They recently redesigned a store in Austin to only focus on running and training. As a result, quote sales have significantly increased, end quote. As management sees it, this strategy will help Nike get closer to the athletes they serve. They've been distant from them, frankly. They see the early success in the running franchise as a preview for what's to come in the rest of the business. This team has taken customer feedback to heart. Redesigning franchises like the Romero structure and Pegasus basis to incorporate More cushioning and stability than the customers. One I've tried the man this, the cushion is fantastic. It's hard to argue with the results with Nike running up 20% last quarter. I thought on running was eating Nike for breakfast. But now that Nike's got a CEO who knows what he's doing, the running shoe business is already making a major comeback. And that's core, okay? That's the nature of Nike. At the same time, Nike is making nice with its wholesale partners at last. The breakdown of those relationships was a major reason for the stock's underperformance over the past few years. That's why it was encouraging to see the wholesale business in North America growing 5% in constant currency. Last quarter. Management also called out that the launch of the Nike brand store on Amazon is doing well. This is the first time they're selling shoes directly on Amazon since 2019. A powerful sign that management wants to repair these relationships. And I bet that relationship, well with Foot Locker now it's owned by Dick, is going to get really good overall. I thought this quarter was a major step forward and clearly buyers agreed because the stock really roared today. Okay, that said, let me throw some cold water on what I'm saying. Turnarounds take a long time. This is really just the beginning. As CFO Matthew Friend, who's been there for a long time and a straight shooter reminded investors in the conference call, quote, we are encouraged with how we have started this year, the year. But progress won't be linear and there is still work to do to return to driving consistent, sustainable and profitable long term growth. End quote. The man's right. Linear means this. Nonlinear means like this. And look, Nike's definitely still has a lot of room for improvement. Greater China region is still facing what management calls structural challenges. It's not clear to me that there's even a clear path to a turnaround there in that incredibly important market. The sportswear business continues to decline, although management called out stabilization in Air Force One. While Air Jordan inventory levels are returning to. They're trying to be healthy. Nike direct was also down 5% last quarter. Something management doesn't expect to reverse this fiscal year. You know what? I find that, okay, I want people going to the stores. Okay, it's not zero sum. And beyond the company specific challenges, Nike has to contend with a major industry headwind. And that's as you probably guess, tariffs. Nike heavily relies on manufacturing in Southeast Asia, but those are the countries Trump's targeting with high tariffs. But given that the stock's already been punished by the tariffs. I'm more interested in how the company can mitigate these new costs. We know the downside now. We know reciprocal tariff rates have increased for many countries since Nike last reported in June. As a result, management now estimates the tariffs will lead to a gross incremental cost of $1.5 billion on an annualized basis. That's up a whopping 500 million from what they predicted just three months ago. In terms of gross margins, Nike's now talking about 120 basis points point tariff hit. That's up from 75 basis points the last time they reported. But as CFO friends said last night, quote, I remain confident in our ability to leverage our strengths, our scale and the deep experience of our leadership team to navigate through this disruption, end quote. I'm confident to them looking ahead. Nike shared its outlook for the current quarter. They expect revenues to decline by low single digits, basically in line with Wall Street's expectations. At the same time, they're talking about a 300, 375 basis basis point decline in gross margins. Not good. But all that disappointment is from the higher tariffs, meaning most people saw coming. On the more encouraging side, Management mentioned that they see momentum building with their wholesale partners. With their spring order book up from a year ago. That's really important. And this growth is being led by sport. That's also very important. That's why Nike express wholesale revenue to return to, quote, modest growth, end quote for the fiscal year, which to me is better than a sharp stick in the eye. So here's the bottom line. After last night's earnings report, I feel a lot more confident in Nike's ability to turn itself around. Which is why we're adding to our position in this one for the Chapel Trust this very morning. In a very tough environment, Nike's doing great things to the power of competent leadership. I like that. In short, Elliot Hill is a gamer, a lover of sport and a person who respects his customers while revering the institution that is Nike.

[Caller]

Nike.

[Jim Cramer]

He knows they need to reconnect and it'll be hard work. But with him at the helm, I'm betting the $74 stock can go to $100 years. I hate to say it, Hill's a Cowboys fan. Well, as they say at the end of Some like it up, nobody's perfect. Let's go to Alex in Florida.

[Caller]

Alex, Jim, thank you for taking my call. Alex Rodriguez from Miami, Florida. Talk to me about Peloton. I own it, just under $10 a share. I want to know if it goes higher from here.

[Jim Cramer]

I, I didn't really care for the report to be honest. I, I was kind of thinking now wait a second, wasn't this something a quarter that I thought would be breakout. I also think that they're a little bit too hype oriented for me, so I'm going to say no. And I like subscription businesses but I rather be in a subscription business that is more like say Spotify or Costco or Amazon. Look, I feel a lot more confident Nike's turnaround plan after seeing the results last night. Sure it's a tough environment. Boy, China's going to be really hard. But I think they're navigating it well thanks to this new leadership team that is just I think money much more including my breakdown of Fermi's ipo. This energy provider is betting on the continued build out of data centers. But is it a company you should take a bet on for your portfolio? I'll tell you where I come down then. Big Pharmaceuticals had a tough run in 2025, but are there green shoots emerging for this group? I'm breaking down what's happening. Core, of course, oil calls rapid fire. Tonight's edition of the Lightning round, so stay with Kramer. Today the AI Data center theme was put to the test with the IPO Affirmi. That's a company that plans to build a nuclear powered data center campus in the Texas Panhandle and in a certain sense of past, given that the stock finished the session up almost 55% from its offer price. Although given Fermi's background, how do you know if that's a good thing? See, Fermi, which does business as Fermi America, basically came out of nowhere earlier this year founded by former Texas governor Rick Perry, also the energy secretary in the first Trump administration. They didn't even start posting on social media till April. In late June, Fermi America burst into public view for real, announcing that it was teaming up with Texas Tech University System to build, quote, a first of its kind behind the meter hyper grid campus that is expected to integrate the largest nuclear power complex in America, the nation's biggest combined cycle natural gas project, utility grid power, solar power and battery energy storage to deliver next generation artificial intelligence. End quote. Since then they made a flurry of deals to start building this thing over the summer. They also did a bunch of private fundraising rounds and got a quarter billion dollar credit facility from Macquarie just 10 days after the company announced its plans for an IPO. Now less than nine months after Firmly was founded, just over three months after the company announced Its plan for Texas Data center campus. The darn thing's already public. They had to upside the deal by 30%. And the offering still priced toward the higher end of the proposed range. $21 per share and open to 25 today before finishing the day at $32 and change. Now, I find this whole thing is kind of astonishing. See, this is a company that didn't exist at the beginning of the year. Right now it's. I. I think it's kind of more of a business plan than an actual business. And given the complexity of building a nuclear reactor, it's likely to remain that way for quite some time yet. Now, Fermi is a publicly traded company with an initial market capitalization of more than $19 billion, similar to Tyson Foods or Ralph Lauren companies with billions of dollars in revenue and substantial profits. So what the heck do we make of this? Fermi believes they can get 1.1 gigawatts of power production online by the end of next year. That's mostly from natural gas turbines. But as for their nuclear plans, it will take at least until the 2030s for anything's up and running. And I think that's actually optimistic given that these projects almost always take much longer than expected. Expected? Lots of unexpected things occur. This whole setup is right next to the Department of Energy's Pantex plant, which is America's primary nuclear weapons center. At the very least, they've got some very good real estate to build a data center powered by a new nuclear power plant. Maybe that's why Fermi structured as a real estate investment trust. REITs have to distribute at least 90% of their taxable income to shareholders, usually via dividends distributions. But given the nature of this business, it could be a long, long time before these guys are turning a profit. So the restructure I found was quizzical. By the way, in case you hadn't gathered this by now, there are really no financials to discuss with Fermi at this point. Company hasn't had any revenue and it's incurred a little over $6 million in expenses through its first nine months of existence. Like I said, this is more of a business plan than a business. Accept that. Now, the bull case here is that Fermi is tied to some of the top themes in this market, including both the data center boom and the need for more electricity to run these warehouses full of servers, especially from nuclear power. Cheaper, cleaner goes 24. 7. For now, they're. They're tight with the Trump administration, which should help with the many regulatory approvals necessary to get all this stuff done. In their Nuclear Regulatory Commission application, Firrma even said that they would name this mega facility after the president. Although given that it'll take over a decade to finish these three these projects, who knows how they'll get along with the next administration or the one after that. And of course it helps that Fermi co founder Rick Perry is both the former governor of Texas and the former Secretary of Energy during the first Trump administration. Presumably Perry's relationship should help with everything from obtaining approval for nuclear plants say dealing with local Phillies local officials in Amarillo, Texas. What about the company's other co founders and leaders who are just as important to the story? Because at this point all Fermi's got going for it is trust. I think no mix back Rick Perry son is a co founder but his main investment to date in an exploration production company called Granite Ridge Resources hasn't exactly been a big success since it came public three years ago via SPAC merger. And I'm a little concerned about the track record of the third co founder. It's Tony Norgeberger Bauer Norge Bauer who serves as Fermi's president and CEO and and from his perspectives Norgebauer is described as a seasoned investor and entrepreneur in energy infrastructure with a career spanning private equity, investment banking and strategic development. But they don't mention is that Nogabauer also ran an outfit called Glorify Fi a self described quote anti woke bank end quote that catered to people who felt Wall street was too liberal. Kind of a gimmicky political pitch. After raising tens of billions tens of millions millions of dollars from investors In July of 2022 Glorify announced plans to go public via SPAC merger that would have valued the company at $1.7 billion. But the startup quickly fizzled and glorified filed for Chapter 7 bankruptcy in early 2023. Scourge. In a Wall Street Journal piece from late 2022, some of glorify his employees alleged that Nobauer had a volatile temper and drank on the job. By the way, he's still involved in a couple of lawsuits over Glorify. The bankruptcy trustee filed a lawsuit against him. He filed a lawsuit against some of the investors two weeks ago. The bankruptcy trustee also sued Glorifies former lawyers. Whole thing to me sounds, I don't know, messy. I got to say that history gives me pause here. If Nogabauer couldn't get a fintech startup off the ground, you have to wonder how he's supposed to build a multibillion dollar nuclear power plant and a data center. Maybe the more charitable take on the situation is that he's now back to an area of expedition expertise investing in energy companies. But when I see a company created out of whole cloth coming public a few months later so I get a little. I get a tad nervous. Either way, I want to steer clear of this one. Again, this is more of a business plan than a business. I like hope you know that. To be fair, Fermi seems like a guy's got a pretty well thought out plan. And if it all works out over the next decade then maybe you can justify the stock's current $19 billion market capitalization. In my view though, no business plan is worth 19 billion. I want more than that. See, I'm not just ready to take that leap of faith. I think this company's a long, long way from having a real business that we can assign a legitimate valuation to. So far Fermi raised $350 million over the summer and another 607 million today with the IPO. Unfortunately, if you want to build a nuclear power plant and a big data center campus, that's nowhere near enough money. So where are they going to get it? Here's the bottom line. I generally do not want to root against the datacenter stocks because I like so many of them. But when something as ill advised as Fermi can come public with a bang like this, it makes me nervous. This one's way too early, frankly and to let's say half baked for me to feel comfortable recommending it. Mad money's back. Get to the brain.

[Mad Money Announcer]

Coming up, Kramer takes your calls. And the sky's the limit. It's a fast fire lightning round.

[Jim Cramer]

Next it is time to talk to the White Christmas. And then the lighting round is over. Are you ready? Ski dad. The light round crazy over. Scott and Connecticut Scott Kramer.

[Caller]

My friends at Massachusetts Financial Services, sir.

[Jim Cramer]

Absolutely. Good thing I like that. What's up?

[Caller]

Thank you.

[Jim Cramer]

Listen, I have about three years ago.

[Caller]

I bought a stock tme. I think at your recommendation since I'm used entertainment when I first decided to take over my money management. Thank you very much for getting the stones to do it. What you do should be taught at the schools everywhere. Thank you. What do you think about TME? It's fallen off since 26 and changed down to 23.

[Jim Cramer]

You know that's. We've made a lot of money in that. We're moving on. We're going to stick with Baba when it comes to China. That's about it. Let's go to Bill in New Jersey, my home state. Bill.

[Caller]

Yes, yes. Good afternoon, sir. Almost evening now. I'm looking forward to a lightning round. And I would like to find out about the stock they call Run Solar.

[Jim Cramer]

Sun Run. Yeah, yeah. I'll tell you my problem. There was a piece that came out today. The stock has had such a big move. I'm quite. It's not a bad stock. It is not expensive. Let's just say that. Okay, let's go to Andrew, North Carolina. Andrew. Andrew.

[Caller]

Hey, Jim. I was calling in today about iinspire medical systems.

[Jim Cramer]

I've got to do where I look. This is an obstructive sleep API and a lot of people feel that what's happened is the GLP1s have really hurt them. People feel that same way about ResMed. Let me do some work on it to see whether Inspire is really being hurt by the GLP1s or not. Let's go to Brian in Georgia. Brian.

[Caller]

Hey, Jim.

[Jim Cramer]

Booyah from Georgia.

[Caller]

Booyah.

[Jim Cramer]

How's it going?

[Caller]

Hey, how's it going? I just got a quick question.

[Jim Cramer]

Okay.

[Caller]

With their focus on battery technology and production, what's your take on micro vast?

[Jim Cramer]

All right. That's a great spec for now. We know that there's a lot of interest in Washington on battery. We've seen that. Therefore it could descend to these guys. I don't know if it's the case, but I'd hold on to it. But let's go to Frank in Pennsylvania.

[Caller]

Frank, Booyah. Jim Verdev, brt. Give me a vertiv.

[Jim Cramer]

I think is going much higher. I've got to tell you something. I was giving Jeff Mark such a hard time today. I keep saying verde, verde, verde, but it's moved so much in the times as I've been saying it that we haven't been able to pull the trigger. It happens sometimes you just can't go fast enough. Let's go to David in Wisconsin. David.

[Caller]

Hi, good afternoon, Mr. Kramer. And thanks so much for your great investing insights all these years.

[Jim Cramer]

Thank you. Thank you.

[Caller]

And somehow I got more time on my hands. I have a hip surgery recovery and I was looking back at night or I'm sorry, 2021, the pandemic and stock buys and sells. And I had saw that at that time I was into thermo Fisher and I got.

[Jim Cramer]

Yeah, Thermo Fisher's true. But they really got hurt by Covid. I gotta tell you, as good as Mark Castle and thermo Fisher, I'm still saying that Danaher is better. They've both been in the same junk heap and they shouldn't have been. Danaher, I think has got more going for it right now than Thermo Fisher. I would do dhr. That's a club name. Let's go to Ian in Florida. Ian.

[Caller]

Booyah. Jim.

[Jim Cramer]

How you doing? I'm doing well, Ian. How about you?

[Caller]

I'm doing fantastic. Jim, I got a question for you. When are you coming to South Florida? So I get my book signed.

[Jim Cramer]

South Florida, man. I'm good. I'm a. I'm a snowbird. Not told a wife. I mean to Lisa says, hey, listen, I'm going down there. The white. That's old fashioned. That's out. I don't believe in that. It's kind of like Hegseth, you know, a secretary of war. I don't use that term anymore. What's up?

[Caller]

I hear you, Jim. I'm looking at a stock. It's a cloud company basically. Kind of like Snowflake and mongodb.

[Jim Cramer]

Okay.

[Caller]

The 52 week high is 325 and the 52 week low is today at 150. I wanted to get into it. What do you think about Team?

[Jim Cramer]

No. See, Team is being hurt by the same thing. It's hurting a lot of the other companies in the software business. People feel that they can create their own product that's just as good as Team using artificial intelligence. That's why I no longer recommend the stock of Team. And that, ladies and gentlemen, concludes it of the Lightning Round.

[Mad Money Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, teaching you how to make money in any market. Kramer's diving into the drug makers, seeing if the sector is a safe bet for the long term.

[Jim Cramer]

Next. At last, the drug companies are trying to reclaim their old mantle as the safest place to to be in a slowdown. Historically, I'd like the health care sector, but not since Donald Trump was reelected president. He's always been critical of high drug prices, something most Americans agree with, by the way. Not me. I think the drug companies do an amazing job toiling an expensive business where most compounds fail. And if that means we need to pay up for advances in medical science, it's fine with me. Either way, this is an era where we have inflation all over the place and we know that a lot of the newer drugs have really high price tags. At the same time, RFK Jr. At Health and Human Services isn't exactly a friend of Big Pharma. So the stocks have been suffering until yesterday. That's when the president Cut a deal with Pfizer to lower prices for the consumer and Medicaid while building plants in America. This was an $80 billion investment commitment by Pfizer. All right, that sounds steep, but we learned in the Washington Post that Pfizer didn't even have to revise its earnings downward and that is all it took to ignite the entire group. Is it worth buying the drug stocks now? After two days of rallying, I think it's worth taking a look at the better ones. In my new book, how to Make Money in Any Market, I argue that people should put money in index funds, but then they should marry that money with a portfolio of 5 growth stocks, including 1 informed speculation, all insured by gold or crypto, equal weighted. I then spell out how I want you to invest in growth stocks. And the two areas with the greatest long term growth are tech, which we cover all the time, and health care, which I've been loath to cover. I suggest, for example, that you consider Eli Lilly because of its remarkable GLP1, diabetes and weight loss drug. Those are the most obvious uses. But when this year is over, I got to tell you something. I think it could be used for everything from the silent killer of hypertension to dementia and yes, alcoholism. Lilly stock has been stalled because of the drug's clumsy delivery mechanism. It's an injectable that needs to be refrigerated. Not ideal, but Lilly's testing a one a day pill for that could alleviate the principal objections to the life saving weight loss drug. It will expand the market in a huge way. Unfortunately, both the injectable and apparently the pill take off all body weight, not just fat. Still, a successful pill could take Lilly's market cap from $781 billion where it is now, into the trillion dollar winner circle that makes it worth buying even up here. What else might work? Last Friday on the show we had Joaquin Do I. He's the CEO of Johnson Johnson and he told a remarkable story about game changing cancer drugs and medical devices, especially their excellent cardio products. Now, I've been worried about the TAC lawsuits that they have, but I believe the risk from this asbestos and the baby powder litigation has crested as JJ has been winning the cases and it's planning to keep fighting them one by one. Eventually I bet the plaintiffs will realize it's just too costly to keep on taking J and J. Some of these health care stocks seem played out already to you, perhaps. Merck was up 7% just today. Charitable holding Danaher also leaked more than 10% but these talks have been down so long they look up to me. I believe they've got a lot more upside before they run out of steam. My chapter trust owns Danaher and it's been a huge disappointment. It needs to demonstrate it can capitalize off of all the new drug companies coming public right now or it will go back to the 1-80s. We know that classic safety stocks like the consumer packaged goods plays have failed to provide any safety in this environment, even the ones with large dividends. But the drug stocks with good growth and that's the key thing, good growth feel safe again. If you've held off on buying this group, I think you should maybe wait for the next pullback and pounce. I just don't know if we're going to get one. I'd like to say there's always a bull market summer, I promise. Find just for you right here on Money I'm see tomorrow.

[Podcast Disclaimer Narrator]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC, NBCUniversal or their parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer.

[Jim Cramer]

Hear that? The next chapter of Audi performance is here. That's the sound of every interior detail refined. And that. That's the sound of Quattro all wheel drive, the all new Audi Q5, the all new A5 and Q7, each one a statement. Performance never goes out of style.