Mad Money w/ Jim Cramer 10/15/25

Summary

Mad Money w/ Jim Cramer – Episode Summary (10/15/25)

Main Theme:
Jim Cramer explores the latest developments and controversies in the world of investing, with a strong focus on the ongoing AI/data center boom (“fourth industrial revolution”), recent tech partnerships, and turnaround stories in major consumer companies. Featured are interviews with Rene Haas (CEO, ARM Holdings), Brian Niccol (CEO, Starbucks), and Anthony Noto (CEO, SoFi), along with Cramer’s signature Lightning Round on stock picks.

---

Episode Structure

1. Cramer’s Monologue: The Fourth Industrial Revolution & AI Data Centers
2. Interview: Rene Haas, CEO of ARM Holdings
3. Interview: Brian Niccol, CEO of Starbucks
4. Interview: Anthony Noto, CEO of SoFi
5. Lightning Round: Viewer Stock Questions

---

1. Cramer’s Monologue: The AI Boom & Market Skepticism

[01:42 - 06:51]

• Topic: The “compute” boom—massive investments in data centers for AI, market bubble fears, and sector analogies to historical industrial revolutions.
• Key Points:
  • Cramer questions why Wall Street (and everyday investors) finds it hard to grasp the scale and necessity of the AI infrastructure buildout.
  • Cites CEO Jensen Huang (Nvidia): We're living through the "fourth industrial revolution," after steam, rails, and personal computing.
  • Warns that, like earlier massive innovations, this revolution will see failures and bubbles—but its productivity gains are profound and lasting.
  • Compares backlash against AI capital spending to skepticism around railroads and PCs in their respective eras.
• Notable Quote:

  "I am telling you, this is just the beginning. The buildout will have casualties. So did the rise of the railroads. So did the steam engine and the assembly line and the Internet. But the people who built these had a vision." – Jim Cramer [05:19]

---

2. Interview: Rene Haas, CEO of ARM Holdings

[10:42 - 22:49]

Key Discussion Points

• Meta Partnership:

  • [11:12] ARM announced a major new partnership with Meta, expanding from data centers to delivering software stacks and powering Meta's next-gen wearables (Ray-Ban glasses, HyperNova wristbands).
  • The importance of running AI locally vs. in the cloud for low latency and privacy.
  • Quote:

    "The magic is you want the software stack to be similar between what’s running in the wearable and what’s running in the cloud. Only ARM to enable that." – Rene Haas [12:09]

• Competition & Partnerships:

  • ARM’s relation to Nvidia (not replacing GPUs, but complementing).
  • Significant projects with OpenAI (Stargate, Grace Blackwell) and SoftBank.
  • Quote:

    "OpenAI is a great partner. ... Stargate, where they’re using Nvidia’s, Grace Blackwell’s – that’s all ARM." – Rene Haas [14:03]

• Enterprise & Energy Efficiency:

  • The unsustainable power draw of giant datacenters; ARM’s low-power chips shift some AI functions (inference) away from cloud to local, reducing energy needs.
  • Envisions a future with hybrid AI (cloud + local).
  • Quote:

    "Over time that [power usage] is not sustainable. ... History has also showed us that we always go to hybrid models around computing. We’ll see that with AI as well." – Rene Haas [15:49]

• AI Investment Bubble – Is It Real?

  • Current data center buildout is unprecedented, but justified if you zoom out to AI’s potential impact (even if short-term valuations look frothy).
  • Predicts AI will drive massive productivity gains and change knowledge work forever.
  • Quote:

    "In the long, long game, AI is one technology that touches every piece of humanity." – Rene Haas [18:16]

• Licensing & Ecosystem:

  • ARM is the foundation in PCs (with Qualcomm, Apple), servers, and across hyperscalers (Google, AWS, Microsoft, Meta, OpenAI).
  • Quote:

    "There’s nobody we don’t do work with. Every major hyperscaler...they all use [ARM]." – Rene Haas [21:28]

---

3. Interview: Brian Niccol, CEO of Starbucks

[23:54 - 35:54]

Key Discussion Points

• Turnaround Progress:

  • Major strides turning the business around (“back to Starbucks”), especially post-pandemic.
  • Focused on improving in-store experience via the Green Apron service model—more staff, more personalized service, and revitalized café spaces.
  • Quote:

    "When you walk into Starbucks, you should be greeted now from a barista...they should have the ability to give you a moment of connection." – Brian Niccol [25:01]

• Innovation:

  • Launch of new products like protein cold foam and technology improvements (smart queue for faster orders).
  • Quote:

    "We’ve made tremendous progress with our Green Apron service model...It was all about putting more partners back in the stores." – Brian Niccol [24:45]

• Closing & Opening Stores:

  • 1% of stores have closed—focused on underperformers or those lacking the "coffeehouse" experience.
  • Philosophy: Only close when a great experience can't be delivered, but always plan for possible re-entry to those trade areas.

• International Business:

  • China operations valued at over $10B, showing comp growth and innovation.
  • European and Middle East stores (licensed) maintained experience even through tough times.

• Labor Relations & Turnover:

  • Above industry standard severance for layoffs; barista turnover now under 50% (well below industry average).
  • Heavy investment ($500M+) into staff and store improvements; continued focus on employee engagement and development.

• Financial Performance & Stock:

  • Cramer probes if turnaround is "fast enough" for Wall Street; Niccol asserts the turnaround is ahead of schedule and that reconnecting with former loyal customers is key.
  • Quote:

    "I just fundamentally believe as we continue to make progress and the results follow, the stock will take care of itself." – Brian Niccol [34:47]

---

4. Interview: Anthony Noto, CEO of SoFi

[36:32 - 45:12]

Key Discussion Points

• Growth & Value Proposition:

  • SoFi’s growth is driven by building deep, lifetime relationships with customers as a “one-stop shop” for financial services.
  • Rapid membership and revenue growth enabled by product innovation, trust, and responsible financial offerings.

• Innovation Highlights:

  • Fractional ownership of stocks and ETFs; access to IPO shares and private placements (e.g. SpaceX, Databricks).
  • Low-cost subscription package (SoFi Plus): high APY, events access, financial planning, and future smart card.

• Crypto & Blockchain:

  • Reintroduction of crypto for SoFi banking users, including buying, selling, stablecoins, and leveraging blockchain for fast, secure transactions.
  • Quote:

    "We believe blockchain will fundamentally change the way finance is done... and we’re going to use it to give our members great value." – Anthony Noto [41:37]

• Business Model & Regulation:

  • SoFi stands out for being a federally licensed bank, giving them control over the member experience and regulatory compliance.
  • Shifting from being lending-dependent to a more diversified fee-based business.

• Outlook & Rate Sensitivity:

  • Positive on 2026, citing "Rule of 40+" performance for 16 straight quarters.
  • Expects falling rates to provide tailwinds for loan demand and business momentum.
  • Quote:

    “I have no idea why they would bet against a company [that] does Rule of 40.” – Jim Cramer [44:21]

---

5. Lightning Round (Viewer Stock Q&A)

[45:26 - 47:17]

• Highlights:
  • CRH: “Hot as a pistol...that is the area that is holding up fine.”
  • Cloudflare: “We are big believers in Matthew Prince…maybe take some off at $60.”
  • Red Cat: “On the fence about buying drone companies that aren’t making money.”
• Signature Energy & Candor:
  • Cramer offers quick-hit, entertaining answers, mixing humor and actionable advice for each caller.

---

Notable Quotes & Timestamps

• "The buildout will have casualties. ... But the people who built these had a vision." — Jim Cramer [05:19]
• "The magic is you want the software stack to be similar between what’s running in the wearable and what’s running in the cloud. Only ARM to enable that." — Rene Haas [12:09]
• "Over time that [power usage] is not sustainable...we always go to hybrid models around computing. We’ll see that with AI as well." — Rene Haas [15:49]
• "AI is one technology that touches every piece of humanity." — Rene Haas [18:16]
• "When you walk into Starbucks, you should be greeted now from a barista...they should have the ability to give you a moment of connection." — Brian Niccol [25:01]
• "We believe blockchain will fundamentally change the way finance is done... and we’re going to use it to give our members great value." — Anthony Noto [41:37]

---

Episode Takeaways

• Massive AI/data center investments may look unsustainable but are foundational for the next era of productivity, much as steam, rails, and PCs were previously.
• ARM’s chip architecture is playing a central role in keeping AI energy-efficient and accessible, powering everything from data centers to next-generation wearables.
• Starbucks is in the midst of a notable service-led turnaround, aiming to recapture its “third place” magic and reconnecting with both employees and customers.
• SoFi’s evolution beyond lending—into memberships, banking, and creative investment products—exemplifies the convergence of finance and tech.
• Cramer maintains his energetic, opinionated, and sometimes contrarian perspective throughout, encouraging viewers to invest for substance, not just hype.

---

For listeners:
This episode offers a fast-paced, insightful overview into seismic shifts in technology, retail, and finance, featuring perspectives from leaders at the cutting edge of their fields. Even if you missed the podcast, this summary provides both the context and the core messages behind Cramer’s signature “Mad Money” energy.

Transcript

[Commercial Announcer]

Known as the pioneer of Paso, Justin Vineyards and Winery produces exceptional wines perfect for enjoying this holiday season. Like Isosceles, their flagship Bordeaux style red blend, Justin Wines also offers unique and thoughtful gifts. Pick your wine, choose a box and add a personal message, icon or logo. You'll also find curated gift sets, library wines, magnums, even custom etched bottles. Start gifting today. Visit justinwine.com and use promo code MONEY20 to receive 20% off your order for a limited time.

[Rene Haas]

Holmes.com know when it comes to home shopping, it's never just about the house or condo. It's about the home. And what makes a home is more than just the house or property. It's the location and neighborhood. If you have kids, it's also schools, nearby, parks and transportation options. That's why homes.com goes above and beyond to bring home shoppers the in depth information they need to find the right home. And when I say in depth, I'm talking deep. Each listing features comprehensive information about the neighborhood, complete with a video guide. They also have details about local schools with test scores, state rankings and student to teacher ratio. They even have an agent directory with the sales history of each agent. So when it comes to finding a home, not just a house, this is everything you need to know all in1place.homes.com We've done your homework.

[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Cramerica and San Francisco. Other people make friends. I'm just trying to make you a little money. My job is not just to entertain, but to put it in context. So call me at 1-800-73-CNBC. How about tweeting meyimkramer? Maybe our brains are too small. Could that be the reason why we can't get our silly little heads around the need to spend fortunes building out the data centers for artificial intelligence? That's what I'm trying to comprehend as I do my deep dive into the tech world in order to help you make the most informed decisions about all sorts of stocks whose fortunes depend on what comes next. In Silicon Valley, the averages often depend on who's meeting who and who's spending what. Including today, Dow dip 17 points. S&P advanced 0.4%, Nasdaq gained 0.6%, the latter boosted by, you guessed it, anything associated with artificial intelligence. Yesterday did a core dump on sale on Salesforce. Well, it's making a very big push into the enterprise using its own AI. But after CEO Mark Benioff's keynote speech at Dreamforce about his Agent Force initiative, the stock actually got Dinged today, falling more than three bucks. Ouch. Wall street skeptical Agent Force won't matter to the stock until more business comes from it. I don't know if the stock can turn until AI is driving the company's numbers. But what's not in doubt? How about the sheer amount of what we call compute the juice needed to power Agent Force in every other application of artificial intelligence. In other words, to get a machine to act like a human or smarter than a human, you need to spend a ton of money on the back end with warehouses and warehouses full of servers making all possible. And it's the back end that's the battleground. It's the back end that creates the gating factor for so many to understand. What Nvidia's CEO Jensen Huang calls the fourth Industrial revolution. First being steam engines, second, mass production railroads. Third being semiconductors and personal computers. Welcome to the fourth. Those were all tectonic shifts in the way the world works. This is too. Hey, let me ask you something. If you were a SEAMSTRESS in the 18th century, do you think you could have seen a steam powered loom coming? If you were a blacksmith, could you imagine the railroads? When you were busy using an abacus, did you think about a personal computer? No, you didn't. You certainly never thought of an iPhone. Some of us lived through the rise of the PC and the Internet. It was magical. The fourth Industrial Revolution, the one that's powered by Nvidia now amd, the one that's being ushered in by the hyperscalers, is still hard for most people to understand. Later in the show you'll see Rene Haas. He's the CEO of ARM holdings, wearing some glasses from Meta that are like having a second smarter brain within your first. Not to be confused with Steve Martin's the Man with Two Brains, which I like very much. You can speak to people in myriad languages. You can take pictures without being an intrusive jerk who whips out the cell phone at the most inappropriate moments that I saw. I fringe last night when I was at Salesforce dinner. You personalize an order from Williams Sonoma so it knows everything you need. I know what you're thinking. Small potatoes. It can't justify the trillions of dollars that are being spent on the datacenter build out no matter what. That's why so many people believe this is a bubble, bubble, bubble. It doesn't help that some companies like Open Air, the creator of Chachi Beatty, are spending money on all sorts of equipment that it seems like it's well beyond what they can afford. Even if the company comes public with a $750 billion valuation. My best estimate for what if it does EPO, IPO. And it might might IPO. We just don't know when. It's the cost of the build out that's turning analysts and hedge fund managers into raving lunatic bears who are growling and everything in the food chain. They think the open air is doing what's known as circular deals, which is a legal way of describing vendor financing where a company offers money to a customer so the customer can afford to buy what the vendor wants to sell. Something that only occurred near the top of the dot com bubble in say 1999. December to 2000 March 3rd. Now let's go back to the earlier industrial revolution. Let's talk about the rails. When the rails emerged, we had tons of railroad companies laying track all over the place. They overbuilt like crazy with borrowed money. Many of the individual rails collapsed. But the technology stuck around. And once the losers got wiped out, the winners won big. I believe that this is the right analogy for the data center build out. You must ask yourself, would you at the time ever think that your horse would be replaced by an iron horse? Initially most people said hold it. So what? So what if it goes faster than my horse but we still end up in the same place. I mean, what's the big deal? I am telling you, this is just the beginning. The build out will have casualties. So did the rise of the railroads. So did the steam engine and the assembly line and the Internet. But the people who built these had a vision. A vision like Zuck or Elon or Jensen or Sam or Andy or Lisa or Larry or the whole shooting match. Here's bottom line. I can't ask you to grow your head. I wish I could. But I can tell you that these people behind the revolution, they're not class. They're not mob box. They're the best we have. You can question them, but my child trust is investing in them. After this trip, I definitely wouldn't bet against them. I choose one or two and. And hold on for the ride. Let's take calls. Let's start with Alexander in Texas. Alexander. Booyah. Jim Craver.

[Rene Haas]

How are you doing?

[Jim Cramer]

I'm doing well. Alexander, how you doing? Great help. Those eagles will get it next week. The mini bias helped. I could go into it, but it's just been painful right now. But let's, let's talk stocks so I don't get depressed. All right, so this stock pays a 4% dividend yield near its 52 week lows. I want to know your opinion about Whirlpool. It's kind of like the Bengals look, there's just not enough. The balance sheet's not that great. They had to cut the dividend. It's exactly the thing I am most worried about. A dividend cut means don't buy, don't buy, don't buy. All right, you can question the people who are heading up this revolution. Personally, I prefer to invest in them or maybe try from semis to coffee I'm taking my time in San Francisco by taking advantage of all the west coast has to offer. First, I'm sitting down with the CEO of ARM holdings on the heels of its just announced partnership with Meta. Then how is the turnaround in Starbucks really going? I'm talking to the coffee chain CEO to find out. I'm getting a real understand digital banking. Don't miss my exclusive the red hot SoFi. So stay with Kramer.

[Show Producer/Host Assistant]

Don't miss a second of Mad Money. Follow imKramer on X.

[Rene Haas]

Have a question?

[Show Producer/Host Assistant]

Tweet Kramer. Hashtag MADmentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Missed something? Head to madmoney.cnbc.com.

[Jim Cramer]

On Fox 1.

[Show Producer/Host Assistant]

You can stream your favorite news, sports.

[Jim Cramer]

And entertainment live all in one app.

[Show Producer/Host Assistant]

It's raw and unfiltered.

[Commercial Announcer]

This is the best thing ever.

[Guest Interviewee]

Watch breaking news as it breaks. Breaking Tonight, we're following two major stories.

[Show Producer/Host Assistant]

And catch history in the making.

[Jim Cramer]

Gabby meets Freddy. Debates. Drama.

[Show Producer/Host Assistant]

Touchdown. It's all here baby. Fox 1 We live for live streaming now.

[Commercial Announcer]

Fidelity Active ETFs have the flexibility to shift and transform as markets do the same. So instead of just riding an index, they can seek to outperform it by adapting to market conditions and pursuing new opportunities as they emerge. And while you get the potential outperformance of an actively managed fund, you can still buy and sell it on your terms. Just like any other etf. Markets can change in real time. Make sure your ETF can too. Learn [e-mail] ActiveETFs before investing in any exchange traded fund, you should consider its investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus, an offering circular, or if available, a summary prospectus containing this information. Read it carefully. While active ETFs offer the potential to outperform an index, these products may more significantly trail an index as compared with passive ETFs. ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Fidelity Brokerage Services LLC Member NYSE SIPC Introducing the redesigned Dell PC with the Intel Core Ultra processor. It helps you handle a lot, even when your holiday to do list gets to be a lot like organizing your holiday shopping in responding to holiday requests and customer questions and customers requesting custom things. Plus planning the perfect holiday dinner for vegans, vegetarians, pescatarians and Uncle Mike's carnivore diet. Luckily, the Dell PC helps you handle a lot and with all day battery life you can do it all faster to get it all done. That's the power of a Dell PC with Intel inside. Get [e-mail] holiday.

[Jim Cramer]

Whenever I come out to San Francisco, I like to check in on some of the biggest stories in tech stories like ARM Holdings. That's the semiconductor design company. It's been a juggernaut ever since it came public a little over two years ago. Earlier today I got a chance to catch up with Rene Haas. He's the CEO of AAM Holdings. To learn more, take a look. Rene, you have made a deal. Now you it's a deepened strategic partnership with Metta. I think it is major. I think it is a market moving. Tell me about it.

[Rene Haas]

We work for Metta. We work with them for years and years and years. But today we're announcing a big, very large draw, broad strategic partnership largely around data centers, but more broadly, Jim, around software and the software stacks associated with it. So in the data centers, increasingly they're moving to ARM in the data centers, whether it's general purpose compute or accelerated compute, things are doing AI. But also you can see what I'm wearing today. These are the Wayfair glasses from Metta. Amazing product, also ARM based. And there's a lot of AI in these glasses. And if you look at the next generation product or HyperNova, there is AI not only in the glasses, but AI in these wristbands that work back and forth. That's all ARM based.

[Jim Cramer]

Let's talk about this because I know that Mark feels very strongly that is that the glasses are the single best vehicle to get AI into your brain.

[Rene Haas]

100%. They're talking about multiple millions of Ray Bans to be sold by the end of 2026.

[Jim Cramer]

People think it's not market moving. I think that's insane.

[Rene Haas]

And there's a I, Jim, not only running in the cloud, but there's AI running locally. And the magic is you want the software stack to be similar between what's running in the wearable and what's running in the cloud. Only ARM to enable that. And that's a big part of the announcement that was made today.

[Jim Cramer]

Okay. When I hear ARM and gpu, I worry about the place you used to work. I'm starting to think that Nvidia is going to be obviated by you. I find that hard to believe.

[Rene Haas]

In these next generation wearables, you're going to have AI processing running on small accelerators done by arm. That's you. Yeah. And it's extremely low power. If you look at the power, I.

[Jim Cramer]

Should say they won't burn hot or else we would get big sunburn rings.

[Rene Haas]

These glasses are maybe a watt of power. A lot of that's consumed by the display. So you need ultra low power for the AI agent and you want that AI agent to run locally. For example, when you say, hey, meta into those glasses, that's not happening on the cloud, that's actually happening in your glasses and that's running on arm.

[Jim Cramer]

Well, so it's instant. You can do all the things that my current ones do and not have sunglasses in a room, which always looks like it's a weird thing.

[Rene Haas]

100%. And that's really why ultimately local processing makes sense, low power makes sense. But again, Jim, the magic of this announcement is the software that runs locally.

[Jim Cramer]

And that's you too.

[Rene Haas]

Consistent with the cloud. Yes. And that's a big part of the announcement we made today.

[Jim Cramer]

Well, this is a major change of what I think about what ARM's doing. It.

[Rene Haas]

A lot of people have a stereotype of kind of what we were.

[Jim Cramer]

That's what it is. And I'm old school.

[Rene Haas]

From the old days, not so much. We've been evolving a lot as a company over the last number of years. And then of course, as AI is making a big push to everywhere we've evolved with it. AI is going to run everywhere and AI needs to run in the cloud, but it also needs to run locally. And when it runs locally, you just can't consume power. That's where ARM is. Terrific.

[Jim Cramer]

Now, I have to imagine this is. Is something that, that you have to be working with open air and CPUs too. Right.

[Rene Haas]

OpenAI is a great partner. We do a lot of work with Open Air. We haven't said very much publicly about the things that we're doing with them, but one of the things we can say is through Stargate, where they're using Nvidia's, Grace Blackwell's, that's all arm.

[Jim Cramer]

That's all you.

[Rene Haas]

It's all, it's all arm. It's all, all Grace.

[Jim Cramer]

Okay, well how about Vera Rubin? Will you be in?

[Rene Haas]

Vera is. Vera is arm. So again, going forward that will also be ARM based. And then of course Stargate, the big program between SoftBank and OpenAI. I'm on the board of Softbank, so we work very closely through that.

[Jim Cramer]

Why are they using your stock for margin loan? I mean they have all the money in the world. Softbank.

[Rene Haas]

Softbank is massive. A very creative financier.

[Jim Cramer]

Yes.

[Rene Haas]

He'll do all kinds of different things relative to maximizing his position to go off and spend money. So I don't think there's anything to see there.

[Jim Cramer]

All right, now I got nervous when I saw Nvidia's sit down with, with, with intel with lipu. And I want to know whether Intel's back in favor and that may mean something that bodes poorly for you.

[Rene Haas]

I don't think it bodes poorly for us. I think what, you know, Jensen said publicly about it with LIPU is that this opens up one of the areas that intel is strong in and where ARM doesn't have great market share is in the enterprise. But Nvidia's commitment to ARM has been, has been pretty deep. As we just talked about. Grace Blackwell, arm, Vera Rubin, arm. They just announced availability of DGX Spark, which is the small box that has 20 ARM CPUs with a smaller version of Blackwell for developers. So the relationship with Nvidia has been never been stronger.

[Jim Cramer]

I need you to define and lend some color to what it means to not burn hot and the importance of not using a lot of electricity in an age where all I hear about is every time there's a big deal, big data center, I got to worry.

[Rene Haas]

About nuclear power, these multi gigawatt data centers, 6 gigawatts, 10 gigawatts. You know, every other day you're seeing these, these huge announcements over time that that is not sustainable. And you look to yourself, what are the kind of things that need to happen? I think there's two vectors to it. One is low power, the lowest power solution you can get in the cloud. ARM really contributes there. But I think even more specifically is moving those AI workloads away from the cloud to local applications. And you ask like what does that mean, local applications? That's inference. That's running the tokens, the training will always take place in the cloud, but the inference. And I ask a question, I want AI to solve it. Does that all need to happen 100% in the cloud. No. History has also showed us that we always go to hybrid models right around computing. We'll see that with AI as well. And I think that will help alleviate just, you know, these huge, huge investments in terms of all the power.

[Jim Cramer]

All right, now I need some truth telling because no one tells the truth like you, other than your football team. The I pulled up with Sarah Fryer, CFO and Brilliant. We all know her from OpenAI. But for other places where she's always been cutting edge, she said, look, the spend is justified, we have to do it. But then I put on TV and all people talk about a circular, which you and I know is not true. Particularly because if Invidious has a deal with Open Air and the next big announcement is with Lisa Sue, I don't find that very circular. Could you please explain to people that this, that this build out is right now worth taking seriously and it's not just pie in the sky.

[Rene Haas]

The investments we're seeing in these data centers are of a magnitude we've never seen before for. And one can look at it and say glass half empty, $300 billion of build out with a $30 billion revenue stream. How does that, how does that.

[Jim Cramer]

Don't like that?

[Rene Haas]

People don't like that. On the flip side, $120 trillion world GDP, I being 5% of that, that's multiple trillions of dollars. Then you look back and say, you know what, it potentially is justified. The way I look at it Jim, is this 10, 15, 20 years from now. You can't make the argument that certain knowledge based jobs, certain things will be augmented and or replaced by AI. That's just going to happen. The question will be in the near term how quickly that happens, right? How it gets adopted, etc, etc. So we may be looking at micro bubbles or micro blips.

[Jim Cramer]

Yes.

[Rene Haas]

But in the long, long game, AI is one technology that touches every piece of humanity.

[Jim Cramer]

So we will all become 120% of ourselves. What will happen? We all be better at what we do. We all will be smarter because human capital is 50% of worldwide GDP. So it looks like that you could move the needle human.

[Rene Haas]

I think it'll be a productivity gain unlike anything we've ever seen before. Right. If you just think about helpers, things that can do legal reviews, translation, financial reviews, just things that augment and augment. Humans still need to come up with the ideas. Humans still need to come up with the what do I think is next? What do I need to invent, etcetera Etc. And I think so long as that is a human skill, AI is going to be a tremendous productivity helper. Hard to think 50, 100 years from now a utopia where AI is thinking of all the ideas for us and then we're not doing anything other than watching football and going to the beach.

[Jim Cramer]

But I think that's, that's, that's dystopian. Now the other day an Outfit journalist said that you're doing this deal with Open Air and the Stock jumped to 190. When do we get away from the idea that every time there's a deal your stock has to go up 10? I would like it to be that everything is the earnings go up. I don't want the press release to move the stock. I want the earnings. This is a problem that I see with Mark Benioff. When I see those earnings increase a lot of general, then I will pay a higher multiple. When do we realize that has to be earnings based? Because you've always understood the numbers.

[Rene Haas]

Yeah. You know I can't comment on when someone writes an article about something that's going to happen. Right. I've always been of a philosophy of when we're ready to make announcement on a product, we will announce will be real and we can back it up. So until that point, watch the earnings in terms of how ARM's doing and watch our releases. We only release information when it's substantive and real. Hence the meta announcement which we couldn't be so more proud of. Their great.

[Jim Cramer]

Now how does that come about to Zuckerberg call you and say look, you know, just come down here, we got to get this thing figured out. How does it work?

[Rene Haas]

Yeah, I think it's, you know, it's more broad than that. We've, we've been dealing with them for a long, long time and I think if you look at their direction of travel, in other words, huge investment in data centers, huge investment at the edge.

[Jim Cramer]

Right.

[Rene Haas]

Common software platform. How do I marry efficiency in the data center with efficiency at the edge with a common software story? That's arm. So we had discussions with them about taking this next level. Santosh who was quoted was involved Boz, Dave Warner and of course Mark, who's a big fan. Big fan. And I told Mark what a big fan I am of the, of his product that I'm wearing.

[Jim Cramer]

Yeah. I told him that I would, I mean each and just gave me a whole heart. But I was overseas and I was able to speak with everybody and I was able to. I went to an Arboretum in the Netherlands. And I saw every tree and what was. And it was just kind of like 120% of me. That's what I felt like I was me at another level. And I think people have to do this, put them on to realize that you can be you and be much smarter. And people miss that AI aspect. Now, is there any hyperscaler that you don't do business with? You're kind of a Switzerland in this stuff.

[Rene Haas]

There's nobody we don't do work with every major hyperscaler, whether it's Google, whether it's X, whether it's NWC, whether it's Microsoft, OpenAI, they all use.

[Jim Cramer]

All right, so let's just go back to basic. How much more of the PC, which, by the way, still sell.

[Rene Haas]

Yep.

[Jim Cramer]

How much more the PC can you take in terms of share?

[Rene Haas]

Well, I think one of the things that's going to drive server. And server. Yeah. So in PC and server. So PC, we've got Qualcomm, who's been a great partner so far.

[Jim Cramer]

Right.

[Rene Haas]

There's going to be new partners coming out with chips. Very, very.

[Jim Cramer]

Which is amazing because you fight them in court and then you're still your partner. But I guess, look, you're a good guy. People like to partner with.

[Rene Haas]

They ship a lot of our products. We're very grateful for that. Nvidia is a great partner. There's a lot of other folks are going to be shipping products into the PCs, and we're very, very bullish in terms of the growth area there. And then Apple, the other ecosystem, that's all arm, you know.

[Jim Cramer]

Right.

[Rene Haas]

Every. Every Apple PC, the ships, you recognize.

[Jim Cramer]

That Apple's doing far better than Wall street understands. Right. I mean, the creativity coming out of Apple is just nothing. Sort of stunning. And all people say is it's not doing anything.

[Rene Haas]

And Apple has a loyalty to their.

[Jim Cramer]

Product base unlike any other 1.5 billion of us. Right.

[Rene Haas]

And they stay on the platform.

[Jim Cramer]

All right. Rene Haas is the CEO of AAM and actually the man of the hour because of this metadeal, but also because so many other deals that he can explain anything to us. Renee, thank you so much.

[Show Producer/Host Assistant]

Coming up, Kramer's sitting down with the CEO of Starbucks to see if his turnaround plan is brewing some positive momentum for the coffee giant.

[Jim Cramer]

Next.

[Guest Interviewee]

On Fox one.

[Jim Cramer]

Now you can stream your favorite live sports so you can be there live.

[Show Producer/Host Assistant]

For the biggest moments. Touchdown.

[Guest Interviewee]

And catch.

[Jim Cramer]

History in the making.

[Show Producer/Host Assistant]

FOX one, we live for live streaming.

[Guest Interviewee]

Now.

[Jim Cramer]

Streaming is changing the way we watch live sports. And your Internet connection can be the difference between catching the game winning touchdown.

[Commercial Announcer]

As it happens or hearing about it.

[Jim Cramer]

From your neighbor's cheers.

[Commercial Announcer]

That's why Comcast is building the network of the future. Using cutting edge AI and edge computing technology.

[Jim Cramer]

We're bringing fans closer to the action.

[Commercial Announcer]

In stunning high definition with ultra low latency. It's not just fast, it's game changing.

[Jim Cramer]

Learn [e-mail] sports.

[Rene Haas]

It'S been a little.

[Jim Cramer]

More than a year since Starbucks brought in Brian Nickel, a proven turn on artists to take over the business. Since then, he's already made major strides in breathing new life into the story. Although the stock is still struggling, there's been a lot of speculation about the value of the China business. Starbucks. The CEO now tells me it's expected to be north of $10 billion. That includes the upfront investment by a potential partner, with the company retaining a stake in the China business and the future royalty payments. Earlier today we checked in with man himself, Brian Nicholl, the chairman and CEO of Starbucks. Take a look back to Starbucks yet.

[Show Producer/Host Assistant]

We are definitely closer than we ever have been. And I'm really proud of the progress we've made over the last year and the team that is executing against the plan.

[Jim Cramer]

You are innovating. We're all very excited about protein cold foam, but you are the keeper of the numbers. Is it working?

[Show Producer/Host Assistant]

You know, as a matter of fact, I had a protein vanilla latte this morning which was terrific. And I think you might have seen us talk about it. We had a great start with the launch and I think it's really a function of we've made tremendous progress with our Green Apron service model. You know, we strengthen the operational, expand. Oh, yeah, sorry. So the Green Apron service model really was all about putting more partners back in the stores. So you've got more partners that are now deployed correctly. And we changed the focus from tasks to customer service. And so what this is all about is when you walk into Starbucks, you should be greeted now from a barista. And then also you should see the craft happen and they should have the ability to give you a moment of connection. Whether that's writing on the cup, whether that's, you know, saying hey, have a great day, or just saying, jim, here's your coffee. And then we've also started the process of uplifting our stores, which is returning the Coffee House to a coffee house third way, the third place. Have a great seat. You know, if you want to hang out, great. But I think it's important that when people walk in, they feel like it's their Starbucks, it's their community Starbucks, even if you're just grabbing and going. But if you want to stay, there's a great seat. And so that's what the Green apron service model was all about. And behind the scenes, you might remember I was talking about some technology.

[Jim Cramer]

Right.

[Show Producer/Host Assistant]

We call it the smart queue.

[Jim Cramer]

Yes.

[Show Producer/Host Assistant]

Which was all about basically sequencing the orders for our drive thru the counter and mobile order pickup. And the reason why that was important is it then brought order to those three access points.

[Jim Cramer]

We like empirical data, but Tim Cook told me that stars with anecdotal. Are you hearing from a lot of people saying, you know what? My, my store starting to work?

[Show Producer/Host Assistant]

That's exactly what we're hearing, Jim, is the number of emails. And then people that just come up to me and say, hey, you know what? I'm noticing a difference in my Starbucks. Whether it's the speed of service, whether it's the connection, and then obviously the physical environment, when it changes dramatically, people get really excited. Both our partners get excited about it. They, you know, I think they kind of stand up a little bit taller when we ask our barista or our coffeehouse leader to actually be leading a coffeehouse. And then, you know, I happened to be in Austin recently and I stopped by a store and this woman, Melissa, the coffeehouse leader, there happens to be a group of gentlemen that show up every Saturday. And one of those gentlemen I knew from a prior life, he reached out to me. He's like, you got to stop by my Starbucks. You're not going to believe the difference that's happening. So, you know, those are the little stories that are happening. And what I love about it is it's happening all over the country now.

[Jim Cramer]

You close 1% of the stores. For some reason people think that it's far more than that. You open stores, it's totally just nets out minus one. Are the stores that are closing ones that had minus comp sales or were they just too gas station oriented?

[Show Producer/Host Assistant]

You know, look, it was a combination of things where they weren't performing financially and or unfortunately we had done some things to the store that no longer allowed us to be able to make it a great coffee house. And so in a lot of those times those things overlapped.

[Jim Cramer]

Right.

[Show Producer/Host Assistant]

So you know, it was really all about do we believe we could get the financial performance back with this store and could we give the partner and the customer the experience they want? If the answer was no to both, then it was time to actually close it in. To be honest, you never want to close a store. If there's any way to find the way to get it back to a great place of performance, we would have, you know, taken down that path. But in this case it was just time for some of these stores. They needed to be closed. And you know, not to say we won't be back in the trade area with a new execution.

[Jim Cramer]

Now I think that, you know, you and I are both sport fans. We're supposed to look forward but never look back. But I was thinking about if it's been fiscal year 2020 to 2023 since you had four consecutive quarters of up comps now that means that things must have deteriorated at a much bigger rate than maybe we knew over it takes it's three years of destruction. What happened in those three years, you.

[Show Producer/Host Assistant]

Know, when, when I diagnose it, what it looks like is we probably were you know, too focused on efficiency. And as a result I think we over rotated on the idea of equipment and then trying to figure out how you can could operate the stores with fewer frankly partners behind the counter. And then that compounded with I think Covid leading people to believe that the dining room or the coffee house seat or the third place was no longer important. So you had two things happen. One, oh, and then obviously you also had some of the inflationary challenges where pricing, pricing I think got ahead of the business. Combined with removing some labor and then pulling back on the thing that makes us unique, which is our think the.

[Jim Cramer]

Comp store sales would go down if you do that or did they think it would be kind of alchemy?

[Show Producer/Host Assistant]

You know, look, my experience being in this industry for a long time is when pricing gets going and labor starts going in the wrong direction, it doesn't hit you right away. It's one of those things that slowly kind of builds the deterioration and then all of a sudden it hits and so you know, we've course corrected. I think that's why you've heard me use the phrase back to Starbucks. Which is the good news is with our partners that are in their stores, they totally get it. They know exactly what I'm talking about. So all the folks in the store are genuinely excited of like hey, this is great. My rosters are getting bigger. We're doing the coffeehouse walks. We know the five key moments, like we're going to greet people, we're going to give them great craft and we're going to give a moment of connection with a great seat.

[Jim Cramer]

Now, am I speaking too much about America, I mean, you and I have talked about China. In China is much better, I think, than people realize in terms of an asset. Correct.

[Show Producer/Host Assistant]

Yeah. Look, the, the China team has done a nice job of getting that business back, I think on its front foot. You know, we, in our most recent quarter, we talked about, we had transaction growth and ultimately comp growth. We've, we've done some things with innovation, menu architecture, but the business continues to perform and I think they're continuing to work their way back to the performance that we know they're capable of.

[Jim Cramer]

Now, the European stores tend to be in incredible locations and are almost shrine like beautiful. Yeah. And that never, that never went bad.

[Show Producer/Host Assistant]

No, no. I would say a lot of our European partners because remember, a lot of our business internationally is a licensed relationship. So we've got great partners like Al Shaya in the Middle East. Al Saya participates in Europe and Mexico and they never slowed down on having a great experience with a great store. And you know, fortunately, as we've gotten the brand narrative back to being a great coffeehouse, focusing on a third place, we're seeing those businesses respond to airports.

[Jim Cramer]

I know, licensed. The previous two CEOs told me, Jim, it's licensed. There's nothing I can do about it. I say, forget it, Jake. It's Chinatown. I can't believe you'd let that happen. I.

[Show Producer/Host Assistant]

Look, I don't agree with that. We need to make the experience in the airport better. We're not where we need to be yet. With the most recent restructuring, we've done some work on how do we work with our licensed partners differently. And actually we've got a our US Licensed Partner summit happening in Seattle next week. And we're going to talk about how do we get back to being a great experience, whether you're in the airport, whether you're in the grocery store, a Target, we want a great Starbucks experience. And you shouldn't have to decide whether it's licensed or a company operated store. It should be no different to our customers.

[Jim Cramer]

Now when I went to one of the annuals Howard introduced, Howard Schultz introduced school, introduced people a way to go to college. Now, a lot of that some people might have thought was you did it because it was family. Some people thought, look, there's no union. No union because it is kind of family. Where are we making it so the baristas feel better? And I know that a lot of people are saying, listen, for the 900 people that you laid off in central office, they all got good severance packages. As you even said in your note, but how are we treating the barista us? Because those are heart and soul, without a doubt.

[Show Producer/Host Assistant]

And you know, I would tell you first of all, those store level employees that were impacted, we also set them up with a severance package, which is out of the norm for the industry. And from day one, I've said we want to have the best job in retail. And I really do believe we do.

[Jim Cramer]

Equal to Chipotle, because we know that Chipotle was the best job in retail.

[Show Producer/Host Assistant]

You know, look, it's one of my personal passion.

[Jim Cramer]

Absolutely.

[Show Producer/Host Assistant]

So wherever I am, I want to have the best job in retail. And, you know, our turnover now, Jim, is lower than 50%, which in this industry, you got to remember, most, you know, would love to be below 100%. So the fact that we're below 50 tells you we're doing the right things. The other thing too is we've done a lot of roundtables and meaning we just get together and have a conversation and hear what's going on. And then we obviously survey the entire system. And our partner engagement scores are at all time highs. So they're seeing the effects because remember, in August we rolled out roughly over $500 million of investment into the stores and into our partners. And, you know, we're not slowing down on this idea of we want to set you up for success in your job, and then we want to set you up for success if you want personal development as well. And that's program you're talking about, which, you know, is a tremendous program. I've had the opportunity to go to couple of graduations, and those are tearjerkers.

[Jim Cramer]

All right, last thing. My chapel just has a big position. And the reason they're twofold. One is that I used to go and now I'm back. But the second is because of you. Where is. Where, where is it versus what you expected? How much, how disappointing was it versus what you expected? And how long can we be at the 80, $, 82 level before people, people say, you know what, I thought he could pull it off, but maybe he's not the guy.

[Show Producer/Host Assistant]

Yeah, look, you know, I will tell you, first of all, I think more people are doing what you're doing right now, which is they might have left us, but they've come back.

[Jim Cramer]

Yes.

[Show Producer/Host Assistant]

And they've experienced the Starbucks that I think they actually cherished before we maybe had some missteps. And I will tell you, I think we're ahead of schedule on the turnaround. That's part of the reason why we leaned into launching the Green Apron model sooner and faster. And you know, I just fundamentally believe as we continue to make progress and the results, I think follow the stories that I'm sharing, you know, the stock will take care of itself. And I've always taken that approach, which is if I take care of all the key constituents, meaning we do a great job for our customers, we do a great job for our partners, and we're unrelenting on execution. Good things follow. And you know, I'm delighted to hear that you're back.

[Jim Cramer]

I am back.

[Show Producer/Host Assistant]

And you know, I'm back with the.

[Jim Cramer]

Triple venti cappuccino with skin wet. And they actually take the order. They don't look at me like I have three heads.

[Show Producer/Host Assistant]

Well, and I think one of the things, it's really been interesting because when I came in, you know, you hear what are the challenges and really what they were telling me is like, look, in order for me to pull off the personalized coffee, like you just, I got to be staffed correctly.

[Jim Cramer]

Right.

[Show Producer/Host Assistant]

I need the right process. It's not that it's not feasible for me to do. It's not feasible to do the way you're setting me up right now. And so I took that to heart and I was like, all right, we're.

[Guest Interviewee]

Going to fix that.

[Show Producer/Host Assistant]

Because look, the reason why you love Starbucks is because you can personalize it the way you and we need to be able to set our partners up to give you that personalization.

[Jim Cramer]

I want to thank Brian Nichols, CEO of Starbucks, who a lot of people bet against. People forget what it was like at Chipotle before he came. I was critical too, but I was to going converted and I was right because you're that good. Thank you, Brian.

[Show Producer/Host Assistant]

Thanks, Jim. Yeah, pleasure. Coming up, SOFI has gotten its gains right in 2025 by rallying to new all time highs. And Kramer sitting down with the CEO to see what's behind the move higher next.

[Jim Cramer]

Well, since we're here in San Francisco, I want to catch up with so far the digital bank with a stock that's taken the world by storm. This is up more than 80% year to date, largely because they won the trust of the younger generation. But it's going to be bigger than that soon. So can it keep running? Let's take a closer look with Anthony, the CEO of SoFi and a longtime friend of the show. Welcome back to Man Money.

[Guest Interviewee]

Thank you, Jim. Thanks for having me.

[Jim Cramer]

All right, so what has been the key? This has been the move that you and I both expected that I banked on you to do, you delivered. What is the genesis of it?

[Guest Interviewee]

The first key is that we're building a relationship with our members. We're trying to be a one stop shop for all their financial services needs. We want to be there for every one of the major financial decisions they make and all the days in between. And so we have all these products that can help them get their money right by helping them borrow better, save better spend better, invest and protect better. We launched all those products in 20, 19 and 20 and we just have been building trust and awareness over the last eight years. And it's really convenient. Continue to drive really strong revenue growth, member growth, which allows us to reinvest in the business and most importantly drive continuous responsible innovation. A lot of companies drive innovation, but it's not responsible innovation.

[Jim Cramer]

Let's talk about that. Because there is such a propensity to do innovation but itself, some of it is self destructive. And people say listen, I want to be 3 times X. We do. They should go. DraftKings has stuff like that. Right. And you can limit your losses, but that's not the goal of a, of a good bank.

[Guest Interviewee]

Yeah. One thing that's paramount to our business is trust. We need our members to trust us to give them great products that are superior to other products, be reliable and be there when they need us. And so our SOFI money account is the best of checking and savings. One account high interest, the ability to send money any way that you want. We're introducing being able to send money internationally through the block chain. So if I invest the only place you can buy single stocks for fractional.

[Jim Cramer]

Shares, you find your fracture share something we really like.

[Guest Interviewee]

We did, we pioneered fractional shares. A lot of people don't realize it because our members were buying stocks that were less than $10. But they weren't buying stocks.

[Jim Cramer]

Shouldn't be laughing there.

[Guest Interviewee]

They weren't buying stocks that were appropriate for their age. They were buying Ford and General Electric. And we realized that we decided to make high dollar stocks like an Amazon or Tesla available at $10 at a time. And we also introduced a few ETFs at a $10 price point for 500 diversified companies and one ETF of very low.

[Jim Cramer]

That's the kind of creativity I like because what it does is it gets people, particularly young people inspired to invest. There's nothing wrong with trading. I did trading, you know that. But what if you're professional? If you're not a professional, as you might say, that's not as responsible as investing for the long term.

[Guest Interviewee]

That's exactly right. And we want to make investing more accessible to Main street. So we've done IPOs at IPO prices. We just did a couple of private placements in private companies like Space X.

[Jim Cramer]

Fantastic.

[Guest Interviewee]

In addition to that, we just launched SpaceX people.

[Jim Cramer]

That's a big deal to get into.

[Guest Interviewee]

Yes, sir. It's not easy to get access to that and we've provided that as well as databricks. And then most recently we announced launching an agentic ETF to give people an opportunity to invest in a diversified way in that theme, but also to dollar cost average, which is also important to diversification.

[Jim Cramer]

Now you've got something that I think people have worked hard, are not respected by the banking system. You've got to subscription product that would make it so if someone, let's say, saves $100,000, which is unfortunately not a lot in these Wall street firms, they'll get treated with respect, which is what we they deserve.

[Guest Interviewee]

So Far plus is about taking the best of so far, bringing it together and giving even more value to our members. It's the most valuable subscription in financial services. It's $10 a month. It gives you a very high APY in your checking savings account. You get boost on rewards. In addition to that, you get access to unique things like events. In addition to the fact that you'll also be able to have a free certified financial planner. And we'll add more and more into that subscription product, including a smart card in 2026.

[Jim Cramer]

When people say, bear with me in this analogy, when we see driverless cars, we realize, jesus, maybe a human should never have been driving. Because it turns out they have far fewer accidents. They don't drink, they don't get tired. I often think that your model is the model that we would have chosen if had we known that it could even be creatively available.

[Guest Interviewee]

Sure, absolutely. The, the idea for so Far, so Far and so Far plus generally was about how do we help people get to the point they have enough money to live their dreams, to have the size house they want, the size family. Well, you can't save your way there. You have to actually spend less than you make and invest the rest. Which means we have to be in all these different products. And our message of get your money right is really about getting that formula correctly. And if we have all these products, we can be there when you need us and we can be there before you even know that you'll need us. And so five plus is a way to bring that in a Unified way with the maximum value you can get from so far.

[Jim Cramer]

Let's talk about crypto and options. If used incorrectly, we've seen a lot of people lose money as they did last Friday when you had a sudden drop off. If used correctly, I think that there are great insurance against $37 trillion in debt. You are not a favorite, a fan of that? No. Brian? No. Tell us about how you got back in. And you like crypto because the members want it. You want to do it. Members want. And give us a little sense of stablecoin.

[Guest Interviewee]

Sure, Absolutely. When we first launched so far Invest back in 2019, we asked our members what they wanted to be offered to them and we offered them cryptocurrency in a very responsible way. We gave them warnings that it's a risky asset, is unproven, they could lose all of their money, and they loved having the product. When we applied for a national bank license, we lost the ability to offer cryptocurrency. But this spring, much to our delight, we actually now have the best license to be able to offer not just banking products like suicide money and our credit cards and our loans, home mortgages, etc. But now we can also offer, buy, sell and hold crypto in a responsible way to educate them. We'll also offer a stablecoin to allow money to be moved internationally and domestically faster, cheaper and in a more secured way. We believe blockchain will fundamentally change the way finance is done throughout our country, in the world. And we're going to use it to give our members great value and how they think about the options they have will also be used underlying in the infrastructure to move money faster, safer, and.

[Jim Cramer]

Let'S talk about faster. When I. It's, it's a real pain in the butt to do crypto in the banks that I deal with. There's a delay. You want to go do crypto? No, forget it. You got it. It's like 20, 20, 24 hours of processing, then another 24 hours of paperwork and we never know what the heck's going, going on. Let's say I watch the show and I say, you know what? I want to buy crypto. I'm going to call this guy's bank. Can I. How quickly can it happen? How quickly can it happen?

[Guest Interviewee]

Sure, we'll be launching it before the end of the year happened. Very quickly, because we're a bank. Well, you'll be able to fund your checking, your savings account instantly and be able to buy off of that deposit base that you've put cash into instantly.

[Jim Cramer]

And how about if I want to put it in Stablecoin, you'll be able.

[Guest Interviewee]

To do that as well. We'll introduce stablecoin into 2026, but you'll be able to do those things as easily as moving money around or buying single stocks.

[Jim Cramer]

Why is it that others don't do that?

[Guest Interviewee]

Well, many others are not banks and so they actually have to create relationships with third parties, other entities which makes it very complicated. The thing that's great about our business is we really want to own the member, but we also want to own the experience, we want to own the technology so we're responsible for delivering and we own the best regulatory license we could have is in a nationally licensed Tier 1 OCC Bank.

[Jim Cramer]

You offer a great rate. Do you think that that rates are, that they'll be able to cut rates say three times next year? You have a good, you have a good handle what people are spending.

[Guest Interviewee]

We do, we do think rates will come down. As we've talked about, we've maintained very strong growth. Our outlook continues to show mid 30% growth or higher. We've been able to actually deliver more than the rule of 40 for 16.

[Jim Cramer]

Yes, I forgot to ask you about rule of 40.

[Guest Interviewee]

So the rule of 40 is revenue growth plus EBITDA margin and last quarter we were actually over 60. But the last 16 quarters we've been over 40 and the average has been in the mid-50s.

[Jim Cramer]

I have no idea why they would bet against a company does rule of 40. Now a lot of people still associate with the old days about, about student loan, I think about unsecured loan and what you're doing there. But what is the temperature of that market?

[Guest Interviewee]

We continue to see very strong demand for people refinancing out of expensive credit card debt that's in the 20s into our unsecured personal loans with rates in the 11 to 12% rate. That product has been a big growth driver for us. We're a lot less dependent on lending now. It's less than 50% of our student loans. No longer. So you know, we're growing not just based on our capital but based on our ability to offer all these products that have fees. So really strong demand for the loans. Credit's performing really well. We think rates will go down which will be a tailwind to a number of our lending businesses as well as the.

[Jim Cramer]

But I'm still glad that I regard you as a fee based business which gives me a little security which is one of the reasons why when it was at five I had no problems recommending.

[Guest Interviewee]

Exactly.

[Jim Cramer]

All right, that's Anthony Noto, CEO of SoFi and yes, indeed, an old friend of the show. Mad Money's back here for the break.

[Show Producer/Host Assistant]

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

[Jim Cramer]

Max. It is time for episode while you're playing a sound and then the lightning round is over. Are you ready? Ski dad time with Lowdown Crashers by star Jonathan and Georgia Jonathan. Booyah.

[Guest Interviewee]

Jim.

[Jim Cramer]

I'm Jonathan from Sandy Springs, Georgia. First time caller, long time. 18 years and counting. I'm calling about CRH, a world leader in building materials for infrastructure. It's just. It's as hot as a pistol. We know that that is the area that is holding up fine despite the fact that there's no housing to speak of. Great call there. Let's go to Dave in Illinois. Dave, Dr. Kramer, my good mad friend. How are you? I couldn't be doing better. How about you? I'm great.

[Show Producer/Host Assistant]

Jim, your thoughts on Cloudflare?

[Jim Cramer]

I know it seems high in the 2002 day, but you know what? We are a big believer in Matthew Prince and we're not stopping here. We're going to continue to support him, maybe take some off the table. First point at 60. Let's go to Jimmy in Pennsylvania. Jimmy, hello. Jim Cramer. Booyah. Booyah. I could have been. That's. My mom called me. What's happening? Hello.

[Show Producer/Host Assistant]

I'm actually.

[Jim Cramer]

You can call me Mo from Frontier Lumber RTA on fifth Street. You should come by, but my stock today is about Red Cat. Okay, so this is a Ben Stoto favorite. Not really. It's a drone company. We are on the fence about buying drone companies that aren't making money. So I'm going to have to say. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

[Show Producer/Host Assistant]

The Lightning Round is sponsored by Charles Schwab.

[Jim Cramer]

I like to say there's always been working somewhere and I promise try to find just for you, right here on Mad Bunny. I'm Jim Cramer. I'll see you tomorrow.

[Commercial Announcer]

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 how will you.

[Show Producer/Host Assistant]

Shape the future of the technology sector with confidence? Tech is at an AI powered inflection point, facing innovation cycles that accelerate every day. EY brings a full spectrum of services that help enterprise giants manage fragmented data, telcos minimize disruption, and media companies monetize connected experiences. In a world where every company is a tech company, EY delivers real outcomes to those that build the systems on which enterprises run Shape the future with confidence.