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Jim Cramer
Hey, I'm Kramer. Welcome to Bad Money. Welcome to Cramerica and Dreamforce in San Francisco. Other people want to make friends. I'm just trying to make you some money. My job is not just entertainment to try to explain all this. So call me at 1-873CBC or tweet me at Jim Cramer. Look, some days just start out plain old ugly. And when I say start, I'm talking about the overnight market, the one you can see when you get up early. You watch that ticker underneath the anchors talking on cnbc. All sorts of speculative stocks were just getting clobbered and it made me think that, well, maybe they take the whole market down with it. Sure enough, they actually did. And we got a hideous opening with tech stocks like the ones we're going to hear from today when we speak to the CEOs of companies attending Dreamforce. Of course, this is that festival of all things tech Brought to you by salesforce.com well they took the biggest hit. Then out of nowhere Jay Powell, the chairman of the Federal Reserve spoke. But on the economy may need the Fed's help and the whole market turned up like it always does. But this time was led by different companies. It's led by the bank stocks and they are so important to the health of the real economy. I cheer unfortunately later in the day the President came out with an antagonist antagonistic post. Yes on true social and made it clear that the China talks aren't going well. And that erased a big chunk of the gains. Dow only finishing up to a 3. The S&P did 0.16%. The NASDAQ A lot of tech over there. Well it tumbled 0.76%. Geez, I mean what a thing we got to go through every day around here. I mean it's kind of nauseating. Anyway, it turned out well let's face it, it was a good day for the real economy and a not so hot day for the artificial intelligence economy or revolution or whatever you want to call it. But that it's not what dominated the action. And Even Salesforce fell 3.6% in a front to where we are. Frankly, no. This move was about anything that we've seen. Nothing like we've seen in the last few weeks. When the market roared earlier today, it was all about the non datacenter parts of the economy. The Rip Van Winkle economy that's been asleep for ages. Frankly, it was about the Fed being worried about the real economy. And Powell made it clear that more cuts were ahead and he talked about stopping the Fed's endless bond selling. Why do we care about this? Because we've had nonstop selling of the Fed's mortgage bond holdings and that has helped to keep mortgage rates much higher than they should be. When we measure the real economy these days, we think of first housing and we should. It's huge. Plus the real economy has been hobbled by all sorts of issues. We've had the tariffs and then more tariffs than fewer tariffs and 100% tariffs then, well who knows what the heck. I mean today the President talked about blocking Chinese cooking oil in retaliation for not buying soybeans from us. And that's what people out at the close of trading. It would have been a nice day otherwise. Now it's no way to run a railroad to name a group that by the way that's going from nowhere because we're so confused about real demand made even more difficult by the lack of real data from the federal government and shutdown. It's impossible to figure out how well we're doing because nobody can truly see through the impact of the tariffs that we don't even know about our nation's employment stats. I think we're all flying blind. So how do we judge the so called real economy then? Well first I do like to look at the banks. They're the backbone of the real economy and they played a positive role. Today JP Morgan reported it's always good numbers but its stock had run up so much yesterday, ended up giving back some gains, didn't wasn't representative of the action. But you know Charlie Scharf, well you should. He runs Wells Fargo. It's fact, he saved Wells fart Wells Fargo. It's one of the worst non existential scandals in banking's history. Charlie's all about reliable positive earnings. He's about delivering. But he hasn't been able to deliver because seven long years ago the Federal Reserve slapped an asset cap on Wells Fargo. It was devastating and Charlie had to redo everything about this bank top to bottom. The Fed's now lifted the cap and lo behold Charlie's turn Wells Fargo into a hub of commerce, including corporate finance with a huge amount of stored up capital. Today told an amazing story about a bank with tremendous earnings power. Wells can buy back stock, you can grow the institution. It stands as a perfect metaphor for the real economy. And that's why that stock led the entire S&P 500. It's been a long time since I've seen a bank stock lead the S&P 500 with a 7% gain. That's right, a bank stock had the biggest advance making me look like a genius for once because we own Wells Fargo for the trust right underneath it was another driver of today's rally Builders First Source. When you can only rally, you can rally. When you have a housing market that thing can't go up. If you don't have a good housing market, maybe we're going to have one. And you know what? They have projects in hand. If Builders First Source is doing well, maybe mortgage rates really are going to fall. Perhaps the worst acting stock in the Chapel trust of late is Home Depot. It's been straight down like it's wearing cement galoshes about to swim in the Mississippi. Not today. The despot and its doppelganger lows came roaring back today. That's a real economy once again, not the data center. Now of course we don't want the data center to be down, but we're seeing some signs of something that represents a change of pace. Look, we love in video around here. You know that because it owns the market for accelerated computing and generative AI. Or maybe I should say owned because today Lisa Sue's AMD won a big order from Oracle to supply chips for its data center build out, which happens to be the biggest in the room. Well, let's call it the world today. The market disagreed. Nvidia got hit while AMD barely rallied. I don't know anything. Data center not so good. Well, why? But you know, compete with the theme of competition. Wal Mart and Chat CBT teamed up. That's what Chat GP being the spawn of open AI for a new E commerce initiative. And that knocked down Amazon again. Yet competition within the data center world does not help the story that is moved stocks up. I've always liked the market that's led by the banks though. I want the data center tail and the tail of speculation take a back seat in this market's suv. Maybe put the quantum and nuke storage stories in the way back. Why? Because the temperature had gotten too hot around here. The bottom line is that this market's gotten way too hot. All altogether. We could use a dose of the real economy. Today felt great before the President turned up the heat on China again. Hopefully he'll take a more conciliatory turn and we'll bounce right back when he does. I think we will return to a real economy rally because the adult in the room, Jay Powell, has our backs once again. Let's take some calls. Let's go to Tammy in Florida. Tammy. Booyah.
Caller Tammy
Jim. Tammy from Florida. I'm a first time caller and a new club member. I retired from teaching.
Jim Cramer
Excellent. Thank you.
Caller Tammy
And I joined the club to learn how to invest, not trade stocks. And Jim, I'm so happy to hear your voice and personality narrating your new book on how to make money in any market.
Jim Cramer
You're very kind, Tammy. Thank you so much. How can I help you? Okay.
Caller Tammy
In my stock garden, I planted a small plot of Dover seeds four months ago at $183 a share while Dover is weathering a rainstorm. Jim, should I buy more to increase my position and reduce my current cost per share?
Jim Cramer
Okay, so Jeff Marks and I talk about this stock a lot. It's been very disappointing. I don't think it should be disappointing. The company's very well run. It's got a lot of firepower to be able to do a buyback. I think you should buy more. We were tempted to buy more. We actually just did some last week for the Chapel Trust. Chef Marks and I reluctant buy even more right here. But I do think it's in very shape and I thank you for your kind words. All right, look, this market's gotten a little too hot. I think it needs a dose of the real economy and it got one today and I'm grateful made money tonight. Domino's jumped after earnings today, so should investors get a slice of the pie or wait for the stock to cool down before taking a bite? I'm getting all the latest from the CEO then we couldn't spend the day at Dreamforce without having a conversation with our host. Don't miss my wide ranging interview with the CEO of Salesforce. And how is tech consulting evolving in the age of AI? I'm sitting down with Accenture's top brass to find out, so stay with Man Kramer.
Domino's Pizza CEO Russell Weiner
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Jim Cramer
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Domino's Pizza CEO Russell Weiner
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Jim Cramer
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Marc Benioff
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Jim Cramer
As Domino's Pizza finally found its footing again, we're When Dollars Report this morning delivered a top and bottom line beat with excellent same store sales growth for its US Restaurants. At the same time, management expressed some concerns about the economy, but that wasn't enough to prevent the stock from rallying nearly 4%. So can it keep climbing? Let's check in with Russell Weiner. He's the CEO of Domino's Pizza. To get better, read on the quarter. Mr. Weiner, welcome back to Mad Money.
Domino's Pizza CEO Russell Weiner
Good to see you, Jim.
Jim Cramer
Okay, Russell, I got to tell you, these numbers, it's easy to think, oh, my God, wait a second, 7% in the US that's actually quite hard. And the fact is, because you're the first to report, we don't realize exactly how great that number is.
Domino's Pizza CEO Russell Weiner
Well, thanks, Tim, so much. I mean, we are so proud of our team and our franchisees. When you look behind the 5.2 same store sales and the 7% retail sales in the US it's driven by positive order count, positive delivery business, positive carryout business. And we were positive across all consumers to income segments.
Jim Cramer
Well, I think that what's even more amazing is the fact is a lot of other companies in your industry are doing quite poorly. And can you give us maybe some reason why the industry itself seems depressed, although you are indeed rising above it?
Domino's Pizza CEO Russell Weiner
Yeah, you know, we're just doing a really good job listening to consumers, I think, you know, and I heard you talking this morning about people are still feeling inflation. And what consumers have seen, maybe not from Domino's, but in the restaurant industry, is prices going up. And there are deals that are coming back to them, Jim, but they're not the deals on the items that they want. And so we said, hey, you know what? What's the best deal? We can give people anything you want for 999, essentially. And we're calling it our best deal ever. Now, the beauty is we're built for this, right? We're built to play offense during these tough times. The input costs for us are lower because of the scale of our supply chain. We've got a lot of advertising dollars behind what we do. So even if the percentage margins are a little bit smaller because of all the penny profit that runs through the system, our franchisees are in a great place. And, and bless their soul, they, you know, came to us a few weeks ago and said, you know what? We're making money on this. We're feeding our.
Marc Benioff
Our.
Domino's Pizza CEO Russell Weiner
Our communities that need us right now. Let's extend this promotion. You don't hear a lot about that. A lot of examples like that in the restaurant industry.
Jim Cramer
Well, also Mix and Match. I look, I know this is. I watch football. What can I say? You're there everywhere. Mix and Match, another good deal. These are obviously deals that feel like inflation beaters. Yeah.
Domino's Pizza CEO Russell Weiner
You know what, Jim? When we launched our Mix and Match deal, it was originally at 599. We launched that in December of 2009. And for over a decade, like 12 years, it was 599. We finally took it up to 699. And so what we try to do, I mean, think about that. 2009 until now. And so what we try to do is just give customers as much value as we can because the volume makes up for it. And what usually is good for customers are good for our franchisees. These are real profitable orders.
Jim Cramer
Well, well, I don't blame them for being happy. I was kind of trying to figure out why you can't step up international growth because it had been such an engine for so long. I'm so impressed with what you're doing domestically. But international, that could be a great spur for 2026.
Domino's Pizza CEO Russell Weiner
Yeah. You know, Joe, I was on your show when we first, first, you know, maybe didn't have the quarter we wanted to have in International. And I talked to you at that point and we said, hey, you know what, we were going to come off our 3%. We felt like, you know, 1 to 2. While we helped turn Domino's Pizza Enterprises around and we're working with them a lot on that. We saw 17 which was right within that range for the quarter. The rest of our business in international is doing extraordinarily well. Our China business, We opened up 240 stores last year, will be at 300 this year. Our India business, probably about 250. India just ended their quarter September 30th. They're up 9.1%. So you know the beauty when you're in 90 markets across the world, there may be some that aren't doing as well, but you got others that make up for it and it's a really good story for us.
Jim Cramer
Okay, that's true. I know that. I mean, consideration concerned some of your one franchisee had not been doing well overseas and it did color numbers. You came right on and explained what happened. I'm glad that's past you now. I really am glad because you brought it up. I always wish that CEOs, if there was some problem, show the light on it and then when it's over we can also say, hey, listen, that's in the past. Now doordash continues to Be a terrific opportunity for you that I remember when you told me, I was worried, skeptical, because I said, no, you've got your own delivery system. Don't, don't do that. But it's been really terrific for you.
Domino's Pizza CEO Russell Weiner
Yeah, you know what? We kept the stuff that works. We kept the relationship with the customer. So yeah, the orders will come through Uber or doordash, but we deliver them. We're the only ones that do that consistently for every order. And so we control the relationship with the customer. And pizza is always the priority for us. And look, it was time for us to get on the aggregators. They sell $5 billion worth of pizza. We weren't competing on that. We deliver one out of every three pizzas in America. If we could get one out of every, every three of a $5 billion business, we want to be on that business. As long as we can get quality control, we still deliver it by.
Jim Cramer
No, I don't. I'm asking for a do over. But your, your terrific CFO didn't make me feel like that things had started off a little lighter for the quarter. I know Domino's is an outfit that's, that's pretty consistent. I'd like to think that nothing, there's nothing out there that's just lurking that I should realize. I mean, I know things are sluggish in the country, but to me, these numbers indicate you're doing fine.
Domino's Pizza CEO Russell Weiner
Yeah. What we were trying to do is obviously it's Q4, and we're trying to give some perspective on what we're seeing in the restaurant business. And Jim, you know that, I mean, you look at credit card data, it's not a surprise there's price pressure on the sector. But what I like to say is we're built for these kinds of times. Over the last 10 years, we've grown 10 share points. So if times are tough, that doesn't mean we can't still grow. And we're going to grow share. And you know what? We may, you know, put some folks out of business along the way and you come out of that in a better place. So I'm not concerned about us continuing to grow share during this time. And there will be pressure on the, on the restaurant segment in Q4.
Jim Cramer
Okay, fair enough. One last thing. You did mention that there have been companies going out of business. It does sound like. Just to talk about what I said at the top, some reason restaurants have gotten really tough. And I'm trying to figure out whether maybe that's more people want to be at home which again, is good for you because your, your pickup business was much stronger than I expected. Like 8%. Is it. People want to stay at home more than ever.
Domino's Pizza CEO Russell Weiner
You know, what's going on is. And Jim, if you take Covid away and you just look back to 1960, essentially consumers spend 5% of their disposable income on restaurants. And so when that disposable income is squeezed, they're going to be pulling back. And so, you know, it's, maybe it's getting holiday time now. They have other things to spend this on. And so we're competing for share of wallet.
Jim Cramer
Right.
Domino's Pizza CEO Russell Weiner
And that's why, you know, we're, we're really digging deep on value right now because consumers have choices and they may be a little bit squeezed and have less to spend with those choices. So we want to be there to feed them.
Jim Cramer
Fair enough. Fair enough. Well, terrific, terrific quarter. And I, I'm taking away positive feeling because I don't get those numbers that, that often. I celebrate them. Russell Weiner, CEO of Domino's Pizza. Russell, I love having on the show. Thank you so much, Jim.
Domino's Pizza CEO Russell Weiner
Thank you so much to have a great one. Get your sleep, by the way.
Jim Cramer
Talk to you soon.
Domino's Pizza CEO Russell Weiner
Bye. Bye.
AT&T Representative
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Jim Cramer
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Julie Sweet
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Julie Sweet
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Jim Cramer
Every year I come out to San Francisco for Dreamforce, which is Salesforce's main customer event in order to take the pulse of all things tech. This year it's extra important because the enterprise sector cohort has been restrained by the river rise of artificial intelligence. Salesforce Itself is seen in stock double 34% from its all time highs late last year. Even though it's made major strides with AI in the field of gentics, kind of dominates it. So far Wall street hasn't seemed to care. But I'm not ready to throw in the towel. It remains a big position by Chapel Trust. So let's talk it over with man of the hour, Mark Benioff, the co founder, chair and CEO of Salesforce who joins us now following his big keynote address earlier today, which I thought was the most effective of multiple keynotes. Mr. Mediocre, welcome back to the show.
Marc Benioff
Jim, welcome back to San Francisco. Welcome back to Dreamforce. All the customers are so happy to see you. I'm so happy to see you. This was a could not be happier that you're here.
Jim Cramer
Well, I'm happy to be here. I'm happy to see your mom. I'm happy to see the family. Okay, so let's get right to it. This was a different keynote. This was a keynote where you brought in some of the biggest industrialists, but some of the greatest CEOs. And they actually explained why it is what you're doing is additive to their numbers. It was not about how I really like the product. They showed you that they were making money with Agentix from your products. So why did you choose to go that way instead of just Benioff strolling the world?
Marc Benioff
Benioff is stolen. The world. Well, here's the thing, Jim. The proof is in the pudding. And the reality is when we've gone all over the world with this message, everybody wants to know who's implementing AI well, who's making it great people think.
Jim Cramer
That it's not being implemented.
Marc Benioff
You saw the best companies in the world today using our platform to become better companies.
Jim Cramer
I saw Michael Dell.
Marc Benioff
You saw Michael Dell, what Ramon is doing at Pepsi with Athena. You know, you saw these incredible organizations that are transforming themselves. Oh my gosh, it's incredible.
Jim Cramer
Everything that she's done is a about personalization at a level that no one else can do.
Marc Benioff
Every single viewer, every single person here can go to the Williams Sonoma website and look at how it has changed that. You're getting ready now for Thanksgiving and you want to learn how to make your stuffing. You want to make sure you've got your turkey plate. You want to make sure you've got the right placemats and the napkins. You can go to that site. And it's not just some FAQ thing or some kind of bot. This is an agent that's working with you. And if at any point you get frustrated with that agent, boom, you escalate the humans because it's the agents and the humans are working together. And at the most important companies in the world, this, this show is sold out. Right. I've never seen our pipelines fuller. I've never seen more demand. I've never seen more excitement. Customers are getting their head around how to deploy AI. I'm sure you're talking to these customers. Customers. It is an exciting moment in enterprise software.
Jim Cramer
I mean, you introduced me to Julie Sweet. She's telling me in many of so many companies don't understand. That's why I thought today was important, because the smartest people do understand.
Marc Benioff
There's a reason why. Because the speed of innovation is far exceeding the speed of customer adoption. The speed of innovation, huge is outstripping customer adoption. These customers have to go back and modify massive architectures they have and systems they're running the world's most important companies, mission critical systems, but they are getting it done. And now we have these proof points. We showed live data today. We showed live systems, we showed live implementations. And that is what customers really want to see. They want the confidence to know now's the time that enterprise and AI are coming together to transform, to become new agentic enterprises.
Jim Cramer
But maybe in some ways, and this is what I think is driving the stock down, and it does matter to me, the stock's coming down, is that people may think, you know what, I can design my own Salesforce suite using AI. I don't need this man in his Salesforce suite.
Marc Benioff
It's, you know, this is a little bit of some crazy talk. People don't understand how AI is coming up and through all of Salesforce's applications, it's a new version of Tableau, it's a new version of Slack, it's a new version of our sales cloud, it's a new version of our service cloud. All made possible by Agent Force. The product we introduced a year ago is now a platform. And that platform is transforming all of our products by every industry, by every geography. And you can see it in the eyes of these customers. They are ready to go to another level and how to implement this technology.
Jim Cramer
Is it possible that your product is so good that there are not as many people at the firms that you sell into and so therefore you don't get charged? Look, I am giving you what people. Look, I'm not paid millions of dollars like, but I came up with this.
Marc Benioff
I'm just saying that there's been so much technology that's been unleashed on the world in the last three years, from the first time we all got our hands on ChatGPT to the time where me as a software developer have to then re architect and refactor everything that I'm doing to take advantage of it. Because I'm sure you'd agree the demos you saw today, the technology you saw today, and the customer implementations you saw today were probably the best enterprise software you have ever seen. Like in FedEx, it just doesn't come out of a muff, but you have.
Jim Cramer
A guy like Supermanian. Okay. And sure. And Rick Smith.
Marc Benioff
We had Richard Smith here, the COO of Federal Express.
Jim Cramer
Yes. And he demonstrated that with the data that he has married to your agentix, you're able to take a great example.
Marc Benioff
Number one, because they're using our data cloud, okay. They're able to know, and you heard him speak. And he's been able to make hundreds of millions of dollars because he had a set of customers, domestic customers, who were not using the international product.
Jim Cramer
Right.
Marc Benioff
They were using other vendors. And now when those international, you know, prospects are on there and they go, wait a minute, you're already a FedEx customer. We're able to immediately convert them into international business. And that is through AI. It is through data.
Jim Cramer
It is an economy that's flat. He's taking a lot of shares, the way I felt without him saying it point blank. A lot of share from a competitor because he's able to. To use your product and marry that with his data.
Marc Benioff
And he's speaking with his presence. He came to Dreamforce. Richard Smith, the son of the founder who we all love, Michael Down. These people who are running the world's most important businesses are here, by the way, to tell the world that this is the moment to implement enterprise AI, to transform your whole business.
Jim Cramer
Want to be sure? I mean, look, some people said to me, you know what? He ought to just be create Agent Force, separate that from the rest of the company. Make two companies and two companies are worth more. Absurd.
Marc Benioff
It's complete lunacy. People don't understand that Agent Force is part and parcel Salesforce. It is the core of every product we make now. It is the platform. A year ago, it was a product that we were like showing here. We're in this formative stage. Today we have tens of thousands of deployments and those customers are all ready to get to another level of execution. And we're also introducing all kinds of exciting new products. Like Michael Dell is using New agent for supply chain. He has 20,000 suppliers already on it and we're working with those suppliers. That's amazing. All through this agentic platform. That's a big breakthrough now.
Jim Cramer
So I just want to put a stake in this AI eating software argument. You know AI, you know software is AI crunching software. Is that the end of software? You know, with the software as a service model, is it over like some say, or am I watching someone who's making billions using it?
Marc Benioff
There's this kind of crazy narrative that these analysts are trying to help right size this to help people understand. That's why I'm so grateful that you're here, by the way.
Jim Cramer
Work day. It's you.
Marc Benioff
That's, that's why you have to be here. That's why these people have to be here. You have to see this to understand that this software is transforming itself. That you can do things, you can now unite. Now, you know, the first time I ever used the word was agent and agentic was on your show. I know now that was still only a little over a year ago.
Jim Cramer
They were like I was trying to sign up a little over a year ago even get on it's that that.
Marc Benioff
Many people but now look at the tens of thousands of customers are using it. And we're not talking about little companies or nonprofit. We're talking about the best companies in the world are doing incredible things.
Jim Cramer
But I heard in the Michael Dell presentation that if you want to take you write a ticket up. That's something I used to, I'm hearing from, used to be from ServiceNow. It sounds like you got a product that's directly in competition today.
Marc Benioff
Well, not only did we introduce the new agent force, you know, supply chain.
Jim Cramer
That he directly kind of what I.
Marc Benioff
Get from, but we also have another product which is our Agent Force IT service product itself. We've never been in that product in that market in your vertical. And look at ServiceNow is a great company. They have eight or nine thousand customers. You know that we have a million customers with Slack 150,000 on core Salesforce services. All of them want this kind of capability. They want IT service, they want field service. So they want call centers. They want, you saw it all day, Salesforce Automation. They want. And I'm so happy that those C level customers would come here to say listen to us. This is the time that you have to go and you can go on YouTube and you could watch right this keynote, it's only an hour. I think it's true, but it's really educational. The show is great.
Jim Cramer
All right, one last thing.
Marc Benioff
What was your biggest surprise in the keynote, Jim?
Jim Cramer
My biggest surprise in the keynote was was when Michael Dell basically told me, this is what's going to. He's reinvented his whole copy is. And I did feel like right now I got to go out and buy his stock immediately.
Marc Benioff
Every AI transformation is led by the sea level.
Jim Cramer
Right. And that's so that it was Laura making decision at William Sonoma.
Marc Benioff
It's Laura Albert Williams Sonoma.
Jim Cramer
And it's obviously the top people FedEx. Now, I do want to ask you, there's been this kind of crazy stuff about the safety of the city. And you had to. You talked about collaboration with the federal government, whether the National Guard should be in. Not it's seem like you wanted them in. But I think that when I. Let me tell you what I think you were trying to say. You just want the city to be safe as possible. And you didn't necessarily mean to say, look, I want my city, you know, the end of the way that we do things here.
Marc Benioff
Number one, I'm so excited that everyone is here for Dreamforce again. But you know that nothing is important to me. Nothing is more important than the safety of every person who's here. And we've brought in hundreds of additional cops.
Jim Cramer
And please, did you call the president to say you need soldiers?
Marc Benioff
Listen, the most important thing is that everyone here is safe. That's my main focus today. That's the most important thing.
Jim Cramer
You know, a lot of people feel like, well, wait a second, you went to some sort of dark side. I think you went to the safety side.
Marc Benioff
Personally, I went to the safety side. But, you know, in today's world, everything is so divisive. I know that you can say anything and all of sudden, a sudden it's a firestorm. And it was.
Jim Cramer
Well, I can tell you the reality is people tell me it has not been this good in a long time.
Marc Benioff
You can tell me and you can see that San Francisco is a great city. This is the number one conference in the city. This is the number one tech conference now. This is the number one AI conference. This is an incredible. We have 50,000 people here, 10 million watching online. I hope everybody watches it on YouTube, the keynote, so they can all see they can connect with their customers in a new way.
Jim Cramer
I think that without the CEOs talking about it, it just seems like it's fluff today. It seemed like it's the way to get your earnings per share up in a way that's meaningful, Not.
Marc Benioff
Well, you probably forget, but you told me the last time we spoke, you said, mark, I need to hear what these customers are doing.
Jim Cramer
I did. I did. I. That was all kind of. Because it was not as good a talk as we usually. Wasn't as complex. Wasn't as.
Marc Benioff
It matters that I'm saving the stories. In that case, I'm not telling stories. The customers are telling the story forces.
Jim Cramer
Okay?
Marc Benioff
Dreamforce is. The customers are here telling their stories. I don't have a difference.
Jim Cramer
I don't think that AI is destroying Marc Benioff Salesforce.
Marc Benioff
Why? Because we have more revenue than we've ever had, more profit than we've ever had, more cash flow, more customers, more innovation.
Jim Cramer
I mean, it's unbelievable. I'm in.
Marc Benioff
It's incredible.
Jim Cramer
I mean, I'm in.
Marc Benioff
Well, just make your own decision. Talk to the customers.
Domino's Pizza CEO Russell Weiner
Don't talk to me.
Jim Cramer
Okay, I'm in. Wow.
Marc Benioff
I'm glad you're in.
Dell Representative
Okay.
Marc Benioff
Your hand is cold.
Jim Cramer
I mean, damn.
Marc Benioff
Well, it's freezing out here.
Jim Cramer
Darn it. That's Mark Petty, our Jericho batter, CEO of a furry in Salesforce.
Comcast Representative
Thank you.
Jim Cramer
Everybody's back there for the break. While we're out here in San Francisco for the Dreamforce conference, I want to figure out what the rise of artificial intelligence means for the big tech consulting firms like Accenture. The company's gone from having nearly zero AI business two years ago, having nearly $6 billion in AI and data bookings for the 2025 fiscal year. In fact, earlier today, Julie Sweet, the chair and CEO of Accenture, joined Salesforce. Marc Benioff during his keynote address at Dreamforce. Force took the stage, though we got a moment to catch up with Sweet. Take a look. Julie, first, it's great to have you on the show. You are at the forefront of where we are. So it's good to have Accenture to start things off here.
Julie Sweet
Thank you, Jim. It's great to be here.
Jim Cramer
Well, let me tell you something. One of your documents, you said something very telling. You said the value realization has been underwhelming to for many generative AI. Why is that and what are you doing about it?
Julie Sweet
Well, the reality is that it's really hard to do advanced AI. So think about if you go to Home Depot or Lowe's and there's amazing tools and great equipment and you can buy the highest end. But buying those things does not mean that you can build a house. You need an architect. You need someone who understands the systems. You need specialists. And what Accenture does Is we have all of these things. We have the tech, we understand the industry. We've been working with our clients deeply for years. And so we're helping them actually scale with value. So Uber is a great example. We've helped them, working with Salesforce, grow their ad sales business over a billion dollars in two years because we bring all of the knowledge together. And now we're using AgentForce.
Jim Cramer
All right, so you, you and your company were ahead head on the cloud and advise people who didn't even know what the cloud was how to move into it. Where are you in terms of the adoption of Generative AI? I think you're early and I think also you've done it yourself. So you know how to tell others how to do it.
Julie Sweet
Absolutely. Look, every decade or so, there's a step change in technology. That's what we have now. Just like cloud. And just like cloud, we went in early, we said, we're all in. We announced within months a third $3 billion investment. We're doing it to ourselves. And look, we went from 30 people and a handful of projects to last year, three. Almost $3 billion in revenue, almost $6 billion in sales, and 6,000 projects.
Jim Cramer
Now people need to know the scale of your business. We added this from your last Note. We added 37 clients with quarterly bookings greater than a hundred hundred million in Q4. You are a gigantic company.
Julie Sweet
Look, we are really privileged to work with the world's best companies, and they trust us. Our top 200 clients, 195 of them have been with us over 10 years. And we did 129 clients with bookings over 100 million. Because what they need to do is reinvent themselves, right? They have to change everything using tech and new ways of working. And they look to Accenture because we can help them in every part of the company. And we are deeply, deeply embedded with all of their tech partners.
Jim Cramer
Okay, so deeply embedded, I understand you've got, obviously you have two businesses. You have the consulting business, top of the line, but you also have this managed services business. So would you tell someone in the management person that's doing, say, business processing, look, we can give you a hand on Generative AI. Even though they don't come to you, you ask first.
Julie Sweet
We go to them and say, look, if you're going to change everything in your enterprise, you can't build it all yourself. And you should build it where you're going to be most differentiated, where, like, it's going to really matter to your customer, right? Like what new product Are you bringing to them what new experience and what Accenture does is we invest so that they don't have to, so that we can change how they're doing marketing, how they're doing the supply chain, how they're making sure that you get the products to market so our clients can focus on what really matters to drive their business.
Jim Cramer
Okay, so, Julie, we're at the heart of Agentix right here. What happens if you advise people and they ask you, can we create Salesforce without using Salesforce? Can we use generative AI to create software as a service ourselves and disintermediate some of our more expensive vendors?
Julie Sweet
Well, what the clients are actually asking is the following. They're saying, look, we don't want to recreate. Like, we don't want to pay someone else to recreate what a Salesforce or any of our partners do super well. We don't want. Like, why would we say, like, I have brass now? I want, you know, aluminum? Like, why would we do the same thing? What we want to do is we want to take everything they do really, really well, and now we want to access all this new AI to do something different that not everybody else can do. So I don't want to waste money building things that, you know, Salesforce will build.
Jim Cramer
Right.
Julie Sweet
I want to now do it. And that's why you're seeing partnerships like, you know, between Google and Salesforce, bringing that together to do something different.
Jim Cramer
Okay. I need you to help us visualize what you do with a particular client. I'm not going to mention the name, but you have an energy client that you basically said, listen, you guys, believe it or not, can be Generative AI, and then you change the way they do things in every single one of their verticals.
Julie Sweet
That's right. So think about an energy company. So you go to the pump and you want to buy gas, right? So that energy company operates stations across the country. They want to sell you more gas, but they also want you to sell the things that they're selling, you know, in the little retail store. Store that they have. And they want you to go to their gas company. So now we help them figure out, like, what are the best offers to get the people to come. How can we use the data that that customer has given us to say, wait, they really like, you know, they like to buy at this time of day. They really like these extra products, and let's bundle those things together and give them an offer. And now we can do that much faster because we use agents, right, to do it. In real time. So you can be standing there at the pump and we can change the offer right there to give value to you and me, right? So, like, we're getting value. All of this starts with how do we make it better for you and me? Okay, customer.
Jim Cramer
But now you've committed. You have 77,000 skilled professionals. That's up from 40,000 fiscal year 23. At what point do the bookings right now 5.9, go into, let's say, an inflection where we begin to see it in earnings?
Julie Sweet
Well, first of all, let's remind ourselves that last year we had over $80 billion of bookings, which is all about new growth. Right? And so. And the reason for that is before you can use all of this advanced AI and you know, everything everybody's talking about is you have to have some basics. Like, you have to actually have your technology built. You have to change the way you operate. So that's a huge amount of growth rate. So our 60% of our business is with the technology companies that, you know, 10 of them have $11 trillion in market cap. That's growing 9%, right. Above our average 7%. Right. So that growth is going to last for a long time because companies are still way behind in the basics. Right. And on top of of that, then you're going to have the advanced AI grow, the more the companies can actually use it. So if you're in the banking, you have technology like it's called the mainframe. It's like everything. All of your. My transactions are there. And Jim, you talk to these CEOs all the time, like, you know, like that. That core banking system hasn't been touched in years.
Jim Cramer
No, right, Absolutely. Legacy, legacy, legacy.
Julie Sweet
Exactly. That's. They're turning to us to help them make that. So now you can do even more with your bank. But all of that growth is to come.
Jim Cramer
I like it. I think it makes a lot of sense. I love what you're doing at the company. Guys, we're well ahead in Cloud. I think you're well ahead in Generative. That's Julie Sweets, Accenture chairman and CEO. Thank you so much.
Julie Sweet
Thanks, Jim. Take care.
Jim Cramer
It is time. It's time for the White RA plan to sell. And then the lighting round is over. Are you ready, Ski daddy? The lighting round, Craigslist. Over. Jim in Florida. Jim, Jimmy Chill. A big sunny Naples, Florida. Booyah to you. My question on a stock that's down 33% year to date, has a market cap of about 71 billion. Hidden, entered a 52 week low, has a yield of 7.8. Buy seller hold ups. No, I still don't like ups. I tell you what I heard today, FedEx and when I was at Salesforce, made me feel even better about that company and that. Ladies, gentlemen, conclusion of the lightning round.
Domino's Pizza CEO Russell Weiner
The lightning round is sponsored by Charles Schwab.
Jim Cramer
The old cockroach theory. You know, there's never just one. That's something Jamie Dimon mentioned while he was talking about JP Morgan's excellent quarter this morning. What's the cockroach here? He was referring to the downfall of First Branch. Some auto parts company I didn't even know of until collapse. Exposing billions of dollars in debt that someone never should have let them in the first place. He was promoting the fact that banks have made more bad loans of late than we think.
Julie Sweet
Think.
Jim Cramer
It's just that we're only now finding out that they're going bad. Look, Jamie's a fantastic CEO and I'm never going to disagree with him on anything banking related. But he hasn't commented enough on the rampant speculation in the stock market, and that's got me on edge. The mania that has stocks going up 20 to 30 to 40% on a given day. The mania that endorses betting on upside surprises like their football games. People who are speculating on pre precisely. The things he mentioned Yesterday in his $1.5 trillion initiative, again, including quantum computing and critical minerals. Hard to invest in them. They're trading in them. Again, I think Jamie's amazing, but we have to understand that the real rot is in a market that knows no restraint with. With a trading mentality that has become nothing more than betting on which way anything will go. Every day is starting to feel to me like people are wagering on a FL14 parlay of nuclear power, rare earth metals, quantum computing and flying cars. I mean, that's what needs to be addressed. Bankers are going to make bad loans and I want to be careful because the cockroaches, they're in the speculative markets too. Instead, what we want is what Larry Fink, the CEO of BlackRock, urges to do this morning. Invest in good American companies. Hold on to them. Let them compound. The rewards may come more slowly, but they will be low, longer lasting. I am in favor of any legal way to make money, but legal ways that lose money. That's what rampant speculation leads to. Always has, always will. Now, you could say, wait a second, Jim, you're out here stoking the whole darn thing by being in the belly of the speculative beast. By Pushing the AI stocks. No. I come back and say that there's nothing wrong with exploring anything that can make companies better and more efficient at what they do. And that's what Salesforce does. I simply don't think that I really belongs in the speculative contingent of this market. It's an early investment strategy. Perhaps until you hear the CEOs of Dell, Williams, Sonoma, PepsiCo, FedEx and Accenture all saying it's making the money right now. All members of the real economy. You got to learn how companies can improve their lot with technology, which has been the way of most industries for decades, since long before. Before we got things so complicated with Generative. Generative AI. Trying to learn about AI has become a full time job for me, but it also helps to hear how businesses are actually doing and you can learn that from here. It's up to someone in charge, though. Anyone please to recognize that the speculative fever that's consumed the stock market cannot be allowed to kill the patient like it did in 2000. We can't have that happen. That part of the economy has nothing to do with the future that you see here. Nothing to do with the future. Actual nuclear power plants or quantum computing, which I believe in, but not the stuff I'm seeing. Look, some speculation is good. Some of the best stocks in history started as specs. But when tons of money is flooding into speculative stocks from every direction, that should make you nervous. We need more days like today and fewer days like yesterday, which was the most speculative day I can recall in nearly 24, five years. Remember, we have three economies, the data center, the real economy, and the speculative market. Today, the real economy actually did quite well, even after President Trump turned up the heat on the trade war with China. Once again, let's stop it with the Parry Mutual wagering on stocks. Let's go back to investing in companies. Trust me, I've seen both. Investing is the only sustainable way to wealth. The rest, it never lasts. I like to say there's always a bull market somewhere. I promise I'd find it just right here on that money. I'm Drew Kramer. See you tomorrow.
Julia Boorstin
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 or 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 what made you.
Jim Cramer
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Julie Sweet
I have no fear of failure.
Julia Boorstin
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Jim Cramer
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Julie Sweet
Think about what your boss's boss needs. Leadership can look in many, many different forms.
Fidelity Representative
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Julie Sweet
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Julia Boorstin
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Episode Focus:
Jim Cramer delivers fiery Wall Street analysis live from Dreamforce in San Francisco, diving deep into a day of wild market moves, the contrasting stories of the “real economy” versus the AI-driven tech sector, and hosting insightful interviews with top CEOs: Russell Weiner (Domino’s Pizza), Marc Benioff (Salesforce), and Julie Sweet (Accenture). The popular Lightning Round segment rounds out a content-packed episode focused on helping listeners navigate and profit from today’s financial jungle.
| Timestamp | Speaker & Quote | |-----------|----------------| | 03:00 | Jim Cramer: “Some days just start out plain old ugly…volatile open with tech stocks taking the biggest hit.” | | 09:17 | Jim Cramer (to Tammy): “I don’t think [Dover] should be disappointing. The company’s very well run... I think you should buy more.” | | 13:27 | Russell Weiner: “We’re built to play offense during these tough times… our franchisees are in a great place. And, bless their soul, they… said, ‘You know what? We’re making money on this. Let's extend this promotion.’” | | 22:37 | Marc Benioff: “The proof is in the pudding… the best companies in the world today [are] using our platform to become better companies.” | | 24:19 | Marc Benioff: “The speed of innovation is far exceeding the speed of customer adoption.” | | 28:10 | Marc Benioff: “It’s complete lunacy. People don’t understand that AgentForce is part and parcel of Salesforce. It is the core of every product we make now.” | | 35:08 | Julie Sweet: “It’s really hard to do advanced AI. …Buying those things doesn’t mean you can build a house. You need an architect.” | | 43:49 | Jim Cramer: “Every day is starting to feel to me like people are wagering on a 14-parlay of nuclear power, rare earth metals, quantum computing and flying cars.” | | 44:10 | Jim Cramer: “Invest in good American companies. Hold on to them. Let them compound. The rewards may come more slowly, but they will be longer lasting.” | | 46:47 | Jim Cramer: “Investing is the only sustainable way to wealth. The rest, it never lasts.” |
True to form, the episode is high-energy, blunt, and opinionated (“the adult in the room… has our backs once again”), but also introspective about market risk and the importance of real-world company fundamentals. The CEO interviews are lively and candid, filled with tactical advice for investors and business leaders alike.
Summary prepared for listeners looking for actionable insights and a robust overview of this jam-packed Mad Money episode.