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

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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.

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])

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])

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])

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])

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])

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])

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])

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

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.

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.