Mad Money w/ Jim Cramer 10/27/25

Summary

Mad Money w/ Jim Cramer – October 27, 2025 Episode Summary

Overview
On this episode, Jim Cramer takes listeners on a high-energy, opinion-driven ride through the latest Wall Street developments, with a focus on the mega-cap tech companies, earning season surprises from Ford and GM, speculation on the next U.S. company to hit a $1 trillion valuation, technical market analysis, and the ever-popular Lightning Round. As always, Cramer balances market insight, education, and entertainment to serve both seasoned investors and newcomers.

Key Discussion Points & Insights

I. The "Magnificent Seven" and Market Direction
Timestamps: [01:08]–[09:01]

• Cramer begins with the significance of mega-cap tech stocks (Alphabet, Microsoft, Meta, Amazon, Apple, Tesla, Nvidia), which constitute about 35% of the S&P 500’s value.
  • “When you have stocks with market capitalizations that are larger than some countries’ GDPs, you can't ignore—you have to handicap them.” [01:17]
• The market’s near-term fate will be dictated by these companies’ earnings. Cramer warns against trading on headlines alone:
  • “If you trade off the headlines on any one of these, you are a first-class moron and I question your critical faculties.” [02:16]
• Breakdown of expectations and wish lists for each:
  • Alphabet: Focused on Google Cloud growth, new energy initiatives, and quantum computing mentions. YouTube’s ad model remains strong. Surprise at Google Search thriving alongside Gemini.
    • “Google has so much more business than they can handle, they gotta do it. I call that a high-quality problem.” [03:22]
  • Meta: Eye on user growth metrics (family daily active people), average revenue per person. Hopes Zuckerberg touts AI competitive advantage and real gains from Meta Glasses.
    • “We’re looking for $14 for average revenue per person... We need upbeat, stern Zuckerberg.” [04:04]
  • Microsoft: Azure's growth is key. Need to see 37.5–40% YoY constant currency growth to hit new highs.
    • “If Azure grows at 40%, this $531 chain stock will take out its all-time high of $555.” [04:52]
  • Amazon: “All AWS all the time”—the web service unit’s growth rate and positive outlook are crucial. Hopes for tighter collaboration with Nvidia, new chip development, and reassurance after outages.
    • “My wish list: I want to hear that Amazon is working with Nvidia to develop new chips...” [05:41]
  • Apple: Momentum hinges on iPhone 17 reception, service revenue acceleration, and, ideally, news of becoming a default AI system for hyperscalers.
    • “If they say it’s terrific in each major country, that’s a home run... The secret to $300 is many of the hyperscalers want to pay Apple to become their default AI system.” [06:36]
• Bottom Line: Wall Street’s focus on “ridiculous” metrics can be frustrating, but Cramer stresses knowing the rules.
  • “Wall Streeters are by nature Lilliputians with teeny tiny minds who are fickle and pick ridiculous metrics to determine the direction of these trillion-dollar monsters.” [07:57]

II. Lightning Round – Quickfire Stock Opinions
Timestamps: [09:01]–[12:01] and [39:46]–[43:48]

• Arista Networks (ANET): “Don’t touch Arista. That one’s a beast. That’s going higher. $200 billion. Jayshree Ullal... what an amazing CEO.” [09:25]
• Kava Group (KAVA): “Put Kava in the magic circle... I think it’s going to be them, maybe the next Chipotle from before the decline.” [09:54]
• TKO (UFC/WWE parent): “You can own that stock. That’s a very, very good company.” [10:40]
• Rivian (RIVN): “Sell, sell, sell, sell, sell, sell. I want you to continue your steak dinners—I don’t want you to chop sirloin.” [31:14]
• Applied Digital (APLD): “This thing’s hot as a pistol... I’m going to bless it.” [40:05]
• Super Micro (SMCI): “Sell that stock and buy the stock of Dell right here tomorrow morning.” [41:42]
• Tara Wolf (WULF): “If you want Bitcoin, buy Bitcoin... sell to Terawolf.” [42:12]
• Netskope (NTF): “There’s Crowdstrike and Palo Alto, and then there’s everyone else. We’re going with Crowdstrike and Palo Alto.” [42:43]
• Others: Kindle Holdings (KD), ThreadUp (TDUP), Palantir (PLTR) (whose price target Cramer contemplates raising during the show).

III. Race to the Next U.S. Trillion-Dollar Company
Timestamps: [14:21]–[21:23]

• With 10 U.S. “trillionaires” already (including Apple, Nvidia, Microsoft, Alphabet, Amazon, Meta, Broadcom, TSMC, Tesla, Berkshire Hathaway), Cramer analyzes which company will reach $1 trillion next:
  • MasterCard [50:1 odds, $517B cap] and Visa [40:1, ~$700B cap]: “Slow and steady, just winners. If they keep it up, Visa should be a trillionaire within three years.”
  • Eli Lilly [15:1, $780B cap]: “Needs a catalyst... perhaps an FDA approval for a new indication. Until then, odds at 15 to 1.”
  • Walmart [10:1, $833B]: “Stock’s not cheap, but they’ve made major improvements.”
  • Oracle [4:1, $800B+]: “If based on momentum alone, Oracle’s the favorite—cloud deals are driving massive gains. Risk is huge OpenAI exposure.”
  • JP Morgan Chase [3:1, $832B]: “Favorite in this race. Fortress balance sheet, Jamie Dimon at the helm. If we get a little multiple expansion, JP Morgan wins this race in a heartbeat.”
• Wildcards: OpenAI (private, $500B+ rumored), HCA. “Bottom line: The next trillionaire will likely be one of the six closest: JP Morgan, Oracle, Walmart, Eli Lilly, Visa, MasterCard. And I’m putting them in that order.” [20:59]

IV. Automaker Earnings: Ford & GM Surprise
Timestamps: [23:16]–[30:25]

• General Motors: Stock up 15% in a day after a big top/bottom-line beat, revised earnings guidance up, and strength in trucks, SUVs, and software.
  • “GM... shocked Wall Street with a huge top and bottom line beat. Revenues came in at $48.6 billion—analysts looking for 45...” [23:41]
• Both GM and Ford benefited from less-than-feared tariff hits, strong U.S. demand, record crossovers/SUVs, and a pivot away from aggressive EV expansion.
• Ford: Overcame production worries after Novelis fire, delivered record quarterly revenues, and the traditional truck/SUV business “crushed the estimates.”
  • “The Bronco… had another record quarter... Expedition had its best third quarter performance in two decades.” [25:44]
• Both stocks considered cheap, with Cramer predicting further upside if the Fed continues to ease rates.

V. Market Technicals and Breadth with Jessica Inskip
Timestamps: [33:45]–[39:46]

• Jessica Inskip (Fidelity, Market Maker Podcast) shares technical analysis: S&P 500 is in a long-term bull market, with upward-sloping moving averages as support.
  • “Right now, the S&P has been in a long-term secular bull market and it is intact.” [34:06]
• Bollinger Bands and RSI readings favor more upside unless key breaches occur.
• S&P Equal Weight Index showing breadth—bull market not just concentrated in mega caps.
• Health Care sector (XLV ETF) turnaround could further strengthen bull case. Technical breakouts and MACD crossovers indicate upside potential.
  • “Health care’s headed in the right direction... If the sector can clear this hurdle, she expects it to soar.” [38:29]

VI. Caution Amidst Market Froth: AI & Semiconductor Stocks
Timestamps: [43:49]–[48:09]

• Palantir’s relentless rally: “The super intelligence AI defense company... tempted to raise my $200 price target to $250.” [43:54]
• Qualcomm’s surge on new AI chip news, reminiscent of “dot-com era” froth:
  • “Action in Qualcomm today reminds me of the action of Qualcomm in 1999, when that stock advanced 2,600%... I do not like the parallel.”
• Warns of “hot money” rotating between chips and AI names on press releases.
  • “We’re advancing past the bold to the ridiculous with this Qualcomm move. Just like 1999...” [46:40]
• Advocates for cautious optimism: “We need to throw water on the fire of froth, not gasoline... I don't want to be caught up in 1999 again, but I can't be oblivious.” [47:36]

Notable Quotes & Memorable Moments

• Jim Cramer: “If you trade off the headlines on any one of these, you are a first-class moron and I question your critical faculties.” [02:16]
• Jim Cramer on Wall Street’s metric obsession: “Wall Streeters are by nature Lilliputians with teeny tiny minds.” [07:57]
• On automakers: “Ford and GM are doing much, much better than we thought. As long as the Fed keeps cutting rates, these stocks continue to run.” [29:42]
• Jessica Inskip (attribution through Cramer): “As long as the S&P remains above its 13-week moving average, the index remains in a bullish trading cycle.” [34:15]
• On market froth: “We’re advancing past the bold to the ridiculous with this Qualcomm move... I question the judgment of the buyers and the entire market.” [46:40]

Timestamps for Key Segments

• Magnificent Seven analysis – [01:08]–[09:01]
• Next trillion-dollar company – [14:21]–[21:23]
• Automaker earnings (Ford & GM) – [23:16]–[30:25]
• Technical analysis w/ Jessica Inskip – [33:45]–[39:46]
• Lightning Round – [09:01]–[12:01] and [39:46]–[43:48]
• AI/Semiconductor froth warnings – [43:49]–[48:09]

Overall Takeaways

• This week's mega-cap tech earnings will set the tone for markets.
• The next "trillionaire" may well be JP Morgan, with Oracle and Walmart in close contention.
• Ford and GM defied market skepticism with strong legacy vehicle sales and margin resilience.
• Technical indicators point toward continued bull market breadth.
• Cramer is bullish yet vigilant, warning of excessive speculation—especially in AI and chip sectors.

For actionable advice, market color, and Cramer’s signature candor, this episode delivers a robust toolkit for investors navigating Q4 2025 and beyond.

Transcript

[Caller]

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[Jim Cramer]

Hey I'm Kramer. Welcome to Mad Money. Welcome to Cramerica. My friends. I'm just trying to make a little bit of money. My job is us to entertain, but to educate. Do some teaching here. So call me 1-800-743, CNBC or tweet me Jim Cramer. When you have stocks with market capitalizations that are larger than some countries GDPs you can't ignore, you have to handicap them. They're behemoths that deserve in depth consideration before they report. If only keep them on your radar screen. So on a very good day where The Dow gained 337 points, SB jumped 1.23%, Nasdaq Pole voted 1.86% let's talk about potential impact of the upcoming quarters from Alphabet, Microsoft Matter Wednesday Amazon, Apple Thursday Multitrillion dollars all first, these stocks plus Tesla Nvidia account for almost 35% s and P500. Now that's what matters. Each of them is equal to dozens of other companies and by virtue of their breadth of products, they represent the best we have in this country and in the world. They deserve their status. I can make a case to own every one of them no matter what they say this week because they are that special. Although you can't own all of them at the same time in a diversified portfolio, they this group is like Murderers Row, the stock version of 27 Yankees. It's an extraordinary lineup. Second, we know that the market's direction for the next couple of months will be defined by the results we get this week. You cannot mount a sustained advance. If you lose these companies, nothing can make up for them. Yes, the stakes really are that high. So with those caveats out of the way, what am I expecting from the mega caps, right? Alphabet, Microsoft and Meadow, all report at the close on Wednesday. Imagine that. Let me stipulate that if you trade off the headlines on any one of these, you are a first class moron and I question your critical faculties. You have to at least wait to listen to the conference call for you. Anything here. These are complicated companies. You will get them wrong. Well, Alphabet, Microsoft and Meta are at their core tech companies. They've moved into multiple venues, multiple areas, multiple verticals. That's why when I think of Alphabet for instance, I Now think of YouTube because it has that amazing business model where it makes a ton of money off ads, yet the ads somehow don't destroy the user experience, even for the NFL. I want to see expanded hours, expanded ads. Google search was supposed to be cannibalized by Gemini. Alpha's a platform. No. Turned out to be. The two great tastes that tastes great together shocked me. I talk about in. In my book, I talk about how I screwed this up. I didn't believe that could happen, but it is that strong. Sometimes it's good to have a little humility and, and how to make money in any market. The ad basis on Google, it's tremendous. I mean, it's just so good. The most important business though, believe it or not, is not the ads, at least from the point of view of Wall Street. That's what we're talking about tonight is Google Cloud, which has been on fire. Today Google announced a deal with nextara Energy to restart a nuclear plant in Ohio. Ohio, In Iowa, because their data centers are desperate for electricity. Of course, reopening a decommissioned new plant doesn't solve the problem anytime soon. It won't be ready until 2029. When these plants are decommissioned, they're not meant to be recommissioned. They're scuttled, for heaven's sake. But Google has so much more business than they can handle, they got to do it. I call that a high quality problem. House of pleasure. If they spend any time talking about their quantum computing business, that will be worth 10 easy points. Quantum second is metal platforms. Now we need to hear all sorts of metrics like family daily active people and family average revenue per person. I know it sounds silly, but last quarter's DAP. Yes, that they call it DAP was 3.48 billion. I think that is bumping up against that $8 billion person limit because that's all the people we have on the planet. Not even Zuckerberg can top that one. You can't create people. We're looking for $14 for average revenue per person. DAP an hour. Yeah. They determine the direction as long as expenses are under control. And they will be. What do I want to hear? I want to hear it upbeat. Stern Zuckerberg, who talks about his competitive advantage in AI and power. It would be tremendous if he talked about how small to medium sized businesses have abandoned all other ways of advertising. Excep, his company and maybe two others he doesn't have to mention. It would be amazing if he talked about how the meta glasses, the new black ones that we saw, the Rene Haas that from arm are a great way to convey artificial intelligence. And they're actually a needle mover now. No longer a curiosity. All right. Microsoft's in a tough spot. It's basically become an enterprise monopolist. And even with this business friendly White House, still not good to be talking about being a monopolist. What are we looking for? All right, we care about Azure. Microsoft web Services equivalent doing at least 37.5% growth in constant currency year over year. If Azure grows at 40%, this $531 chain stock will take out its all time high of 555. What's on my personal wish list? I want fabulous CFO Amy who had to do cartwheels and say they're crushing it. She'll never do that though. Amazon's an amazing company. Retail is terrific. Prime's great. They're fixing Alexa. Love the video. But all that matters this week is Amazon Web Services growth rate. It was growing at 70.5% last quarter. I know, much slower than Azure. But it's also much bigger. People are buzzing about that number re accelerating. I think we need to see at least 20%, 20% growth and we need a real positive outlook from the company. No more meandering, no more musing, just positive that could cause this, the poorest performing MAG7 of late to break out to the upside. Stern positive. We're also beginning to hear about big corporate layoffs at the company. Good, good for earnings. But it doesn't matter at all. The quarters all AWS all the time. My wish list. I want to hear that Amazon is working with Nvidia to develop new chips that can help Amazon Web Services attract a host of new companies that would have otherwise gone elsewhere. Not talking about new young companies what need to write. We also need to hear that the big outage didn't hurt them. I'd like that. Finally is Apple. I care about the reception of the iPhone 17. If they say it's terrific in each major country, that's a home run. If they see an acceleration in China and the U.S. the stock takes out much, much more than its high. If they talk about an acceleration in service revenue, the stock rallies some more. Let's see. I'll tell you exactly what's going to happen here. The stock went out today at the high it went out at 3 at $268. This stock goes to 280 if it says what I just said it goes to $300. If, if they talk about accelerated growth rate around the world. Now what I'm really hoping to hear and this is the secret to 300 many of the hyperscalers want to pay Apple to become their default AI system. Not unlike the deal Apple has with Google where Google pays them more than $20 billion be preferred search system. Except this time I'm expecting the winning bidder to pay a lot more than 20 billion. It would be incredible to hear about an auction to become an auction to become the the AI provider. Apple doesn't have to pay any money and they get it all. Gross margins would be extraordinary. We might even be willing to overlook sales in Shanghai. Now I know it sounds like I am being facetious here. These companies are gigantic. They have many divisions. They're filled with brilliant people. I love them. But Wall Streeters are by nature Lilliputians with teeny tiny minds who are fickle and pick ridiculous metrics to determine the direction of these trillion dollar monsters. They decide that Amazon Web Services has to accelerate the rather than whether Amazon's being a great company saving money with AI, they decide that matter needs to have low power costs or that Apple has to show us that the 17 pros doing better than we thought or the CFO has to be boisterous at Microsoft. It's all revolting to me. But that's what people need to hear. That's what this week's about. The bottom line is this ridiculous? Of course. But I don't make the rules, I just play by them. I'm going to John in Hawaii. John.

[Caller]

Jim, a big aloha from Honolulu, Hawaii.

[Jim Cramer]

As I always say to you John, mahalo. What's shaking partner?

[Caller]

Hey, tell you what, you know, thanks for your education, Jim. I've beaten the S and P for the last 12 years running and that's.

[Jim Cramer]

What I want to hear. Yeah, I don't know John, he said that stuff. That's fantastic.

[Caller]

Tell you what I'm calling in on on one that's had monster gains this year and that's Arista Networks.

[Jim Cramer]

A N E T Don't touch Arista. Don't touch your wrist. That one. That's a beast. That's a beast. That's going higher. $200 billion. J Sri La. I don't talk enough about what an amazing CEO she is. That's not going to hire. Let's go to Chris in Illinois. Chris.

[Caller]

Booyah, Jim.

[Jim Cramer]

Booyah.

[Caller]

I wanted to ask you about Kava Group. I love that they are profitable. I love the strong balance sheet. And then over the weekend, I get to chapter 17 of your new book where you highlight the company's strong growth potential.

[Jim Cramer]

I sure do. I put Cava in the magic circle. I think you got to buy the stock at 62. It's down 44%. I picked it. It was going down when I picked it for the book. And I just said, there's going to be someone that's going to come out of the scrum and be like, maybe the next, you know, Chipotle from before the decline. I think it's going to be them. Oh, my God. I cannot believe it. The famous Bo Nix from South Dakota is calling him North Dakota Bo.

[Caller]

Uncle Jimmy. Chill. How you doing today, sir?

[Jim Cramer]

I am doing well. How about you?

[Caller]

Not too bad.

[Jim Cramer]

Excellent.

[Caller]

Got a question from your nephew here. TKO with the acquisition of UFC and wwe. Are they own it or trade it?

[Jim Cramer]

Stock. No, no, you can own that stock. That's a very, very good company. I would have saw. I thought they'd give me a couple of thousand, 100,000 shares because I work with them, but I haven't seen it yet. I got to check my. Maybe it's in the snail mail, you know, but anyway, you got a good one there, Bo. All right, Bonos. Bonos. All right, look. Wall street will hold the Magnificent Seven to a ridiculously high standard this week. And you got to know the rules of the road before you make a decision. I just gave them all to you. Believe it or not, that was true. I'm adding tonight, crazy to believe, but there are now 10 US companies for the market cap north of $1 trillion. So which company could be the next to join that hallowed list? I'm sizing up the situation. Then, amid a Florida burnings, we get some positive reactions in the automaker sector. I got to detail how Ford and GM managed to pull it all off. And it seems like every day, right, we're hit high after new high after new high after new high. What do the charts tell us about the momentum of this market? I'm consulting the technicals for the answer, so I want you to stay with Kramer. Don't miss a second of Mad Money. Follow Imkramer on X. Have a question? Tweet Kramer Mad mentioned send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Miss something?

[Caller]

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[Jim Cramer]

This is the story breaking right now.

[Caller]

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[Jim Cramer]

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[Jim Cramer]

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[Jim Cramer]

I can remember seven years ago when Apple became the world's first trillion dollar company. Now there are 10 of them that trade in the United States. Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta, and then the smaller Broadcom Taiwan Semi Tesla and Berkshire Hathaway. These aren't the only trillionaires. Saudi aramco is worth 1.66 trillion, but that's a state owned business, not one that trades here Tonight though I don't want to focus on the already existing trillionaires. We know what they do, right? Instead, you know, I'm going to do, I want to search for the next trillionaire. Turns out there are not a ton of competitors here. Only six American companies have market capitalizations between 500 billion and $1 trillion. There's also one Chinese company, Tencent, but its shares aren't traded here. So let's look at the six closest US contenders that could possibly become the next members of the trillionaires club. When a handicap their odds. We're going to do it just like racehorses. We're going to start with the long shots like a MasterCard, which I'm paying at 50 to 1 odds as is currently the furthest away from the finish line with a market cap of $517 billion. People always seem to be shocked when they hear how big these payments payments companies really are. But you know what? They keep putting up steady earnings growth with no credit risk and their stocks keep chugging along. Mastercard's earnings have risen at a 16.8% compound annual growth rate over the past decade. This went slow and steady, which is why I call it a long shot on it for a long time for the Chapel Trust. I shouldn't have gotten bored with it. I mean, it's just such a winner. It's a great investment. Got to be patient. Called the sixth most likely fifth. There's Visa, another long shot that's in the same boat, although I give it 40 to 1 odds because look, it's got a market cap already, about almost $700 billion. Same stories. Mastercard though. 16% compound annual earnings growth over the past decade. 14% growth expected this year. No matter how much Wall street worries about the new payments platforms, they never seem to make a dent in the big credit card networks like MasterCard. Though Visa doesn't really have the juice to leapfrog its more richly valued competitors in the trillion dollar race. But man, this stock's given shareholders an annual equivalent gain of about 17% for the past decade. If they keep it up, Visa should be a trillionaire within three years. And I bet Visa gets there. I just doubt they'll get there first. Now let's talk about the real contenders. Okay, let's start with Eli Lilly, one I always said was going to get $2 trillion. But it's really stumbled here. It's in fourth. I'm going to give it 15 to 1 odds now. Market cap of 780 billion. The most valuable health care company in the world. Lilly's grown by leaps and bounds over the past few years thanks to its revolutionary GOP Dash one drug that's known as Mounjaro for diabetes, but Zeppelin for weight loss. If it even got pretty darn close to trillionaire status last year with its market cap peaking at $912 billion in the summer of 2024. Where I thought it was going to go over, I was wrong. But the stock's been choppy since then. We own it for the trust. Some of that's because Lilly's had to digest its gain. Some of it's from worries about competition, both from Nova Norris, that's the maker of Ozempic slashing prices, and from other drug companies who are working on similar products. Every time the news comes out, the stock gets hit. So it's due to potential regulatory headwinds to. President Trump likes to talk about cracking down on high drug prices, although how far he'll actually go, anybody's guess. As I mentioned, we own going for the Chabot Trust. And I've been saying the stock needs some kind of catalyst to get things going. You know what, maybe the FDA has to prove a GOP drug for a new indication, right? Maybe some, maybe some progress in the pill form because people don't like to take the shot. Until that happens, I'm putting Louis odds of winning the trillion dollar rate getting really near the race. A trillion at 15 to 1. Let's see if they come up. Surprise us with something on Thursday morning. Third, there's Wal Mart. Now, currently this is the closest company the trillion dollar level. It's 833 billion market cap. I'm putting its odds at 10 to 1. Well, I love Wal Mart. I love the shop there. I'm only making it my third favorite in this race because the stocks had an incredible run. And get this, it's trading around 40 times earnings. That's very high for any retailer. Safe Costco, even Amazon only trades at 34 times this year's earnings. Of course, Wal Mart's made some major improvements and the company's massive scale allows it to cope with the tariffs better than nearly all of its competitors. But the stock, it's just not cheap. My number two favorite is Oracle at 4 to 1. Current market cap just over 800 billion. If I were making these odds based Solely on momentum, Oracle would be the overwhelming favorite to be the next trillionaire as it's ridden the data center wave to achieve tremendous gains. This Stock is up 274% over the past three years, including a 69% gain year to date. A big chunk of that comes just since Oracle announced a massive cloud deal with Open Air last month. If the stock can keep up its rally its recent momentum, then I think it would hit the trillion dollar finish line pretty darn soon. But I don't have Oracle the absolute favorite frankly, because I think there should be some recognition of the risk that these guys are taking at this point. Basically all of the major players in the data center trade, from Nvidia to Broadcom to AMD to Core Weave are taking a risk in that they're assuming Open Air will be good for the massive amounts of money it's committed to spending. And no one has more exposure to that than Oracle, which is expecting to get 60 billion per year from open air in their five year deal. Wow. Everyone in the industry seems to think Open Air will be good for the money, but no one needs that to be good for like Oracle does. So what's my number one favorite? JP Morgan Chase, the nation's largest bank at $832 billion market cap I think is going to be the first to a trillion. JP Morgan is incredibly alright. America's top banker Jamie Dimon at the helm. Its fortress balance sheet allows the company to consolidate in times of of stress. Like they did during the many banking crisis two years ago where they came out the winner. But the reason I have JP Morgan as the favorite in this race with 3 to 1 odds is very simple. The banks are on fire right now and right now this stock is ridiculously this year this thing trades at 15 times this year's earnings estimates. Who said that every stock's expensive in this market. If we get a little multiple expansion and people say they start paying 17.5 times next year's earnings estimates, then JP Morgan wins this race in a heartbeat. The next trillion dollar company come from outside of this six crazier things have happened. Open air is reportedly worth 500 billion in private financing rounds. But if they come public and they get that valuation at work, almost certainly be worth up 1 trillion pounds. Here is lurking at the $400 billion. But don't let, don't let the stock say trades at 300 times this year's earnings estimates. Why couldn't it trade at 500? I mean once you're up there, why not? You know what I mean? Andy sitting at 4 and 10 billion. Amazing that we can even put it in the trillion dollar camp. But I like to, I like to muse about it. But the bottom line, I think the next trillionaire will likely be one of the six companies that are closest to the finish line. JP Morgan, Oracle, Walmart, Eli Lilly, Visa and MasterCard. And I'm putting them in that order. Netflix back after the break.

[Caller]

Coming up, is it time to start.

[Jim Cramer]

Your engine or hit the brakes? Kramer's digging into the latest earnings from Ford and GM and seeing if these stocks get the green light to buy next.

[Fidelity Representative]

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[Jim Cramer]

Last week we got what might be the biggest surprise of the entire earnings season, when General Motors and Ford both saw their stocks rally like crazy. I got to walk you through what happened because basically hardly anyone saw this coming. Remember, the automakers were all supposed to be crushed by tariffs, a weak consumer lack of demand for electric vehicles. But that's not how it played out. Let's take them in chronological order, starting with gm, which reported last Tuesday morning. In response, its stock jumped nearly 4 15% in a single session, making it their second best day since the company emerged from bankruptcy 2009. GM finished the week up almost 20%. The stock kept making new 52 week highs. For GM, the story actually starts a week before the formal earnings report on October 14 when the company announced it would be taking a $1.6 billion charge from its electric vehicle business. Basically they overinvested electric vehicles and now that some of the tax incentives have expired, demand for these cars isn't there. That announcement did a great job of lowering expectations into the earnings report. So when GM reported last Tuesday it shocked Wall street with a huge top and bottom line beat. The revenues came in at $48.6 billion. Analyst looking for 45 billion. They earned $2.8. Wall street is looking for 229. GM also raised most of its full year guidance, taking its adjusted earnings forecast from 825 to 10 bucks range to 8, 975 to 1050 range. That's a big move in the United States. GM said they achieved their highest third quarter market share since 2017 thanks to their industry leading full size pickup and SUV franchise as well as record crossover deliveries. Even though they're pulling back on electric vehicles, Chevy's now the number two EV brand in America. Plus GMs also started to get meaningful contributions from their self driving Super Cruise technology as well as OnStar and other software and services business. It's coming together GM now GM's bread and butter North American business was still down substantially year over year thanks to big margin decline, but GM International is cleaning up. Even the previously challenged Chinese business helped make up the decline in North America. That said, management was pretty optimistic about their ability to improve profitability in North America, especially now that they're pulling back on electric vehicles. On the plus side, management said they're expecting less of a tariff hit this year. They're now saying that the impact will be 3.5 to 4.5 billion. That's down from 4 to 5 billion in the previous forecast. On the conference call, CEO Mary Barr thanked President Trump for slapping tariffs on medium and heavy duty trucks, protecting GM from competition while giving them some offsets to deal with tariffs on imported car parts. No business ever got hurt by staying in the White House's good graces. Hey look, even after the monster run, I think the future looks really great for gm. Especially if the Federal Reserve cuts rates again this weekend. You know, I think they're going to Next up, how about Ford Motor? With Ford, the big story coming to the quarter was a fire at one of their key aluminum suppliers Novellas, which threatened to cut its company's production and therefore its earnings. Power management had been cagey about how much damage this would do. But last Thursday night we finally got an estimate of the impact of the novels Fire and let's be clear is big port said expects 1.5 billion to $2 billion impact to earnings for interest and taxes this year or EBIT from the novellas related disruptions. And the company lowered its full year even forecast to 6 to $6.5 billion, down from 6.5 to $7.5 billion previously. And that's why initially initially the stock got slammed. But then though Ford bounced back almost immediate. A lot of people were confused by this and it only finished Friday session up 12% because investors realized a couple of things. Let's go over them. First, look at these numbers. Management expects at the midpoint of its estimate a $1 $1.1.75 billion hit to EBITDA from the Novellas Fire from EBIT, not EBITDA, but it lowered its full year adjusted EBIT outlook by just 750 million at the midpoint. So let's think about this. Excluding a fire, Ford was actually taking up numbers that was confusing initially, but wow. On top of that, Ford said they expect to see an additional benefit of $1 billion in EBIT next year because of production delays related to the fire. Basically some of their sales are being pushed out into next year. So overall across 2025 and 2026 they expect an impact of 1 billion or less, which is much less bad than many investors were expecting. It also helped the Ford delivered some great numbers for the third quarter itself. Total revenue was a record $50.5 billion up 9% year over year at about 3.5 billion above what Wall street was looking for. Earnings per share came in at 45 cents down 8% year over year, but 10 cents higher than expected. Like GM, Ford saw some strong performance in trucks and SUVs. Its F series is on track to be America's best selling truck for 49 consecutive years. There's a record for you. How about this? The Bronco, which my daughter has and they're really cool, had another record quarter. Now is 30% market share. This category the Expedition, their huge full size SUV had its best third quarter performance in two decades. Even the Lincoln Navigators doing well with this fastest sales pace since 2007. Hey look, listen, put this all together and you can understand why Ford's internal combustion business crushed the estimates. Their commercial Business. Ford Pro also made a killing on the electric business. Disappointed, but again, that's the smallest part of the company by far. Also like gm, Ford said that it now expects less of a hit from the tariffs this year. Previously they were talking about 2 billion bucks. Now they're saying it's a billion bucks. Beyond that match. We continue to expect another 1 billion in cost savings from the Ford plus initiative. Put it all together and it was just a fantastic week for the automakers GM and Ford. That said, a lot of this strength is because quarters were much better than a feared as opposed to just blow out. All right. But Wall street had a lot of worries for both Ford and GM and it turned out things weren't that bad. And that's okay when you have low price earnings multiples like we have here. More importantly, I think both stocks to keep running even after these moves. GM sells for seven times this year's earnings estimate, six times next year's earnings estimate. Come on. At north of 12 this year's estimates, but only under 10 next year's numbers. Both stocks look very cheap. And if the Fed keeps cutting interest rates, lowering the cost of auto loans, these stocks should keep running. I think Ford CEO Jim Farley is in the catbird seat. He's taking that expectation big time. He's got a really hot lineup where I expect maybe multiple such surprises. And now it matters there's a hot lineup even if they don't have a solution in the novellas fire problem yet. That said, Labor Department labor market keeps deteriorating. Well, that's going to make it tough, obviously. And you still need to watch tariffs here too. The domestic automakers have caught some breaks on the tariff front recently. But we know that the President's trade policy can change on a dime. Right, but look, let's understand the bottom line here. Ford and GM are doing much, much better than we thought. And as long as the Fed keeps cutting rates, I think these stocks continue to run. Jim. In my home state, New Jersey. Jim.

[Caller]

Hey, the messiah of money. How you doing this afternoon?

[Jim Cramer]

Man, I'm liking that at that nomenclature. How can I help you?

[Caller]

You made me. I'm sitting here. I just finished my steak dinner because of you, buddy.

[Jim Cramer]

Listen, holy cow, you eat a little early, but that's great what you have did what kind?

[Caller]

Yeah, I do. Well, I'm old, you know. But listen, I had the fever like Christopher Walken on this stock and I bought into it when everybody had the EV fever and I wrote it down and averaged it out for $34 a share. I got a thousand shares of this thing and I can't ride it anywhere. Do I stay in it and it'll break even? I'm 50% lost in it. That's Rivian, the EV maker. And they just expanded in Georgia. What do I do, brother?

[Jim Cramer]

Sell, sell, sell, sell, sell, sell, sell. I'm sorry. I mean, look, I want you to continue to be able to have some steak dinner. I don't want you to chop sirloin. When I was growing up, I said, ma, everyone's having steak. Why, this is little crinkles. And this is better. I don't want you to say it's better. It's not. You're selling it. The worst fears for investors in GM and Ford have not materialized, leading to the big moose Lee got. I think. You know what? I think this run is not over. Well, you know, we have a lot of money ahead and like, let's see, like, what do we have? Okay, is there a turnaround in sight in the health care sector? That'd be a chakra. Then close to viewers know that I've coined this year as the year of magical investing and that it's actually means it's critical. But that's okay. I know the lift today and I'll reveal it. And of course, all your calls, rapid fire in tonight's edition of the Lightning Round. So stay with Kramer. This market just keeps on chugging along, doesn't it? Hitting new highs today as we learn that the White House might be close to reaching a deal in the trade talks with China. In other, countless commentators who seem to fear and loathe this market that hasn't been able to stop us from rallying. So can stocks really keep running like this? I mean, to answer this question, we got to do. We got off the charts and we're going to do it with Jessica Inskip, first woman on the trader desk, Fidelity, now director of investor [e-mail] as well as the co host and founder, founder of her market maker podcast. I suggest you listen to it. Excellent. She's got a terrific track record, especially this year on the show. Holy cow. Months ago, when a lot of people wanted to give up on the bull, what did she tell us to do? Stick with it, insisting that the bull still had legs. Looking back, what a phenomenal call, Alice. And you know what? Income. Still bullish. She thinks this market's got room to run. Why? Okay, first I want you to take a look at the weekly chart of the s and P500 as this group sees that the S and P has been in a long term secular bull market and it is intact. Okay. She likes to look at the 13 week. This is how you check these 13 week or 26 week in the 40 week. Those are great averages. She thinks they represent 1, 2 and 3 quarters respectively. True. Remember, the quarter is still the most basic unit of time in the business world is what we look at right now. These three moving averages are all sloping upwards, acting as floors of Support underneath the SB. Which tells InScript that the index remains in a bullish trading cycle as long as the SB remains above its 13 week moving average. So then you take a look at the red. Then you see where this is and you see it's above it. Okay, well that's at 6546. That's down more than 300 points from here. She thinks we're still in good shape. So it's got to stay up here. Now it gets a little bit granular. If that level does break down insc, it points out to the 26 week moving average. Okay, that's a six to eight seven. Can't really see it right there, but it's right in there. And then there's another key floor support at 6, 1, 4 7. That's the key one. Okay, that's what you need to worry about. And that's where the S and p peaked on February 19 for the trade turmoil through the market chaos. Got to stay above that a month ago. And Skip told us to watch the Bollinger bands. Okay, these are the purple lines above and below the price. Okay, see those? And they represent the current level of volatility. At the time these bands were narrowing and they kept narrowing. Now watching for the SB to remain closer to the upper Bollinger bands there. Okay, she's also watching the rsi, the relative strength index. Okay, this is important. Momentum indicator can tell you when something's gotten overbought or oversold. A lot of technicians will say that anytime the RSI goes above 70, here's 100. You can can see where we are that it's overbought right now. The S and P starting to bump up against 70. But it says it's a little more complicated. When the RSI reaches higher highs, the underlying security needs to do the same. That tells you that the price hasn't moved up too far too fast. Right now the RSI has got a very bullish reading and the SB keeps making new highs. So Inscript says we don't need to worry as much about the index. Getting overbought here. But if the relative strength index pulls back, then she'd expect a harsh sell off. So far so good. Okay, now she likes to do something besides just look at the big caps. I want you to take a look at the weekly chart of the S and P equal weight. Okay. This is the S&P 500, except every single stock counts the same as opposed to the regular S and P which is weighed by market capitalization. In the normal S and P, Magnificent Seven account for 35% of the entire index. In this, the S and P equal weight, the Magnificent Seven make up less than 1.5% of the index. Basically like to watch the S and P equal weight because it gives you a better sense of the real economy as opposed to the data center economy that I keep talking about. And right now the S and P equal weight is doing pretty darn well. Inskin points out that the previous helium resistance has become the new floor of support. 7, 6, 1, 2. Again just. We had that green line before. This is the crucial level. All right. This is where the index made a higher high in November of last year. The regular S&P 500 blew through its November highs in June. The S and P equal weight caught up in mid August. As long as the S and P equal weight remains above this level, income says the rally can keep broadening. And that's what this chart really measures. Breadth. Next let's take a look at a down and out sector. Let's do the health care. All right. Specifically the weekly chart of the health care select. Spider. Spider. The XLV is the is the stock symbol. The last 12 months have been pretty brutal for health care. But thinks this group has finally found its footing and might be due for a breakout to the upside. Why? For starters, the 13 week, 26 week and 40 week moving averages. Remember those that I just showed you before? They are sloping upwards. Okay, so you can see right here starting to slope upwards, particularly the 13 week and that those are forces support underneath the XLV. Again that makes for a bullish trading cycle. At the same time, the health care ETF has been hugging the upper Bollinger band. Okay, there's your upper Bollinger band right here. And that tells Inscape that the trend remains strong. On top of that, the 13 week moving average recently crossed above the 40 week is a MACD crossover. That's a textbook bullish crossover. People just say that of all the most up. I would say of the things that are most predictable. It's an upside move. After a bullish Crossover right there. After spending the better part of a year lost in the wilderness, the health care sector has been on the rise ever since it bottomed in August. Given that this has been one of the weakest areas in the market, the turnaround health care fixes a major check in the SB500 armor that many were worried about. That said, Inskip points out that the key 13 week, 26 week and 40 week moving averages have begun to flatten out and you can see that that signals consolidation and the possibility of a trend shift. However, how about this? She thinks it might be a positive trendship. So the XLV managed to break through the Ichimo cloud. Specifically this dark purple area on the chart. This is a technical tool that combines a bunch of moving averages to give you one glance reading on the situation. You talk about a lot on the show. That purple area had been a major ceiling. Resistance has now become a major support. Wow, this thing could really be charged. If this goes up, I'll tell you, the bears are really going to just be crushed. What else? The XLV relative strength index has been trending upwards. Look at this. Which tells NSK that health care is headed in the right direction. Next ceiling of Resistance comes at 148-505-1435 which is around where the Health Care ETF peaked in early March. And here we go. Okay. Inscription says this is a major hurdle for the xlv and if it can clear this hurdle, she expects the health care sector to soar so you can get some health care. If that happens, here's the bottom line. The charts interpreted by Jess Ginn suggest The S&P 500 still got room to run. And judging by the action in the S and P equal weight she expects the bull market to keep broadening. Even the despised health care sectors got a new lease on life. Makes me think CVS. Maybe UnitedHealth. Maybe McKesson. Maybe a Merck. Sounds like they're all ready for a breakup. Their money's back. After the mercury it is time some of the light brown Christmas Robert what's the same as October? Bye bye bye of course had a thumb I said verse 3 episode 5 you played it sound and then the lightning round is over. Are you ready Ski Daddy time the right one Christmas let's start Randall and Albon Mirando A big Bama Booyah. Kramer I'm calling Roll Tide. What's up Roll Tide?

[Caller]

I'm calling about my spec stock is up over 300% year to date, 85% year over year revenue growth to close 2 multi year, multi billion dollar contractions and talks with 3 other hyperscalers. My spec stock is Applied Digital Apld.

[Jim Cramer]

This thing's hot as a pistol and it does have a lot of great customers. Amazing leasing. I'm going to say I'm going to bless it. I would normally not bless it, but it does have the contracts. It really does. Let's go to Tom in New York. Tom. Evening, Jim.

[Caller]

Thanks for taking my call. Okay, Jim, I want to know why you're complaining like Josh Brown calls you a legend. That's pretty good.

[Jim Cramer]

It was great. And I had such a great time with Josh on Friday. That was some show. He, he really is just a fantastic guy and his boy, the, the clients, whatever you want to call them, the fans, whatever, they are dynamite. I just love that show. Thank you.

[Caller]

Okay, Jim, I'm calling you about a company that you had on last November. And I put them on my watch list and they were up at a high over 44 in July and then they dropped down some so I started a small position and then they kind of went to earnings and fell off a cliff. I don't know. I want to know your advice on Kindle holdings. Kd.

[Jim Cramer]

Yeah, the last quarter was not that good, but Martin Schroeder is going to write that ship. I think you're buying an inexpensive consulting company right there. Really very good it work. I think I would not buy more right here. I would buy some and then wait to see what they quarter is to see they don't have another bad quarter. And I don't mean to say bad. I mean less than expected. Okay, let's go to Lisa in Florida. Lisa, hello. Hi, Dr. Kramer. Booyah. Oh, hi, Lisa. Booyah back. My question to you is on SMCI Super Micro. Yeah, I know they keep saying things are great, but I'm going to tell you something. I want you to sell that stock and I want you to buy the stock of Dell right here tomorrow morning. Okay? Buy Dell, sell SMCI. I'm going to Joanna now in Pennsylvania. Joanna.

[Caller]

Hello, Mr. Kramer. Thank you for taking my call.

[Jim Cramer]

Oh, well, you're welcome. What's up?

[Caller]

I have a stock that's making me crazy. Tara Wolf.

[Jim Cramer]

Yeah. Well, this is. Look, if you want a bitcoin. The amazing thing about bitcoin is you buy bitcoin. I want you to sell to terrible. Now look, this shorts could run it in my face. And there's a big short position, 31% and it could, it could, it could go up, but I don't have any convictions. So I can't tell you to buy it. Let's go to Ben in Tennessee. Ben.

[Caller]

Hey, Jim. Thank you for taking my call, buddy. I really appreciate it.

[Jim Cramer]

You bet.

[Caller]

I'm talking about a cybersecurity company that recently went public. Netscope, ntf.

[Jim Cramer]

Look, look, there's two cybersecurity companies. There's Crowdstrike and there's Palo Alto. And then there's just everybody else. And we're going with Crowdstrike. We're going Palo Alto. Let's go to Jeff in California. Jeff.

[Caller]

Professor Kramer.

[Jim Cramer]

How are you, partner? I am good. How are you? Good.

[Caller]

I'm Jeff from Walnut Creek, California. I've been watching bad money for 20 years and a founding club member.

[Jim Cramer]

Oh, fantastic. Thank you very much. Thank you for being a member of the club. What's up? Good.

[Caller]

I was in your neck of the woods in the Reservoir Tavern in Boonton, New Jersey last week.

[Jim Cramer]

And they have a photo of you. They have a frame photo of you. Yeah.

[Caller]

Frame photo.

[Jim Cramer]

I love that place. I love that place. I went there with Haley and Beebs. Amazing. It was just so much fun. How can I help?

[Caller]

I know the question I have is on the stock thread up. I purchased it about a few thousand shares back in May of this year, held it for two months, made a nice profit, sold it at $6.70.

[Jim Cramer]

I gotta tell you, Thredup is one that eluded me. I'm gonna have to go to Professor Ben Stodo, who I know throws thread up like the back of his hand. And we're gonna get right to the basis of that one. And that, ladies and gentlemen, is the conclusion of the Ligand round. The lightning round is sponsored by Charles Schwab. The year of magical investing continues. As always, it's led by Palantir, the super intelligence AI defense company, where the stock that's blown through all my previous price targets is now within striking distance of $200 after its more than 2% move higher today. The Messianic CEO Alex Karp has the growth, the profits and the fan base. I'm tempted to raise my $200 price target to 250 right here, right now. But it might be better to save the hyperbole until Palantir actually takes out 200. You have to be impressed at the level of early morning buying in this stock. The buyers like to take it up three or four points. But before, about two hours before the bell rings, there seems to be no natural sellers anywhere, any single day of the week. Just shorts that are easily extinguished. Today, though, Another highly elevated stock stole the show and that's Qualcomm, which announced that it's going to produce a new chip for artificial intelligence hardware. Something that can compete with Nvidia and amd. It says Qualcomm says its chip will be ready next year and it's already got Humane as a client. That's the Saudi AI company backed by a sovereign wealth fund that wants to become a power in data centers. Qualcomm's chips are focused on the inference portion of the food chain. The contracts for 200 megawatts. Now Qualcomm is not alone. Nvidia is already into humane for 500 megawatts. But 200 is a much bigger deal for Qualcomm than it is for Nvidia. Hence why it's rallied more than 11% today. I get it. Ever since AMD said it was going up against Nvidia, that stock has rallied nearly 100 points. Who want to miss the next AMD? So why not just buy the stock in Qualcomm? My problems are twofold. First, Qualcomm is a boastful company. I don't want to say any more about that. Second, the action Qualcomm today reminds me of the action of Qualcomm in 1999 when that stock advanced 2,600% oil experienced one of the worst collapses of the entire dot com Europe. It's the ghost of Qualcomm bull markets past. It's very different company now than it was 25 years ago, but I do not like the parallel. Perhaps the most worrisome though is the fact that all the semiconductor stocks have been up at the opening off the a possible Chinese deal but then reversed, reversed hard when the Qualcomm news broke. That's a telltale sign of the dot com era where there was this pool of hot money that would plow into a stock until some other company then had good news that it would swap out of that stock and into the second stock. We saw this over and over and over again. Not a lot of new money in, just furious rotating chasing one huge press release after another. And there are plenty of other signs of froth. Quantum computing stocks came roaring back today. People betting the US government still might subsidize them to stay ahead of China. And what what NASDAQ would be without Tesla. Today the stock rallied on robots and self driving cars. As the narrative continues to move away from car sales in general. Of course Elon Musk pay package vote got in the way. I wouldn't worry about it, but I am worried about what's happening right here, right now. I've been a big believer that the AI movement, the so called fourth Industrial Revolution is still in the early innings compared to the.com year I'd say is still in the mid-90s. In the documentary, you made a fortune from the mid-90s through the beginning of the year 2000, at which point you did have to sell everything to avoid one of the worst bear markets in history. As someone who's been bullish on this entire move, I don't want to be caught up in 1999 again, but I can't be oblivious to what I see happening on a daily basis. This extraordinary move on just a press release from Qualcomm really jarred me. I know there'll be more competitors to Nvidia. I know Qualcomm has a history of developing lower cost and lower powered chips, which is exactly what the data center needs. If Qualcomm you do it, the why not ARM holdings issue a press release? Why not intel, why not anyone? And that's what this market seems to be saying. We're advancing past the bold to the ridiculous with this Qualcomm move. Just like 1999 when you could put out a press release about a new client, your stock shoots up more than 1%. And by the way, at one point was up much more than that. And I question the judgment of the buyers. And I question the judgment of the entire market. We need to throw water on the fire of froth, not gasoline. Like I said, as always, bull market summer prom stuff. And just for you, right here on Man Money, I'm Jim Cramer. I'll see you tomorrow.

[Disclaimer Narrator]

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[Jim Cramer]

Is allowing us to have a podcast. I'm Gabe Wiedman. I'm Max Silvestri, and we've been friends for 20 years, and we like to reach out to kind of get advice on how to live our lives.

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[Jim Cramer]

You should make sure that you subscribe.

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