Mad Money with Jim Cramer – October 28, 2025

Episode Overview

In this episode, Jim Cramer dives deep into key market drivers, the prospects for mega-cap tech stocks (focusing on Amazon and Alphabet), the impact of tariffs on US steel producers (notably Nucor), and the dynamics fueling the “Year of Magical Investing” in 2025. Cramer also features exclusive interviews with industry leaders and answers probing questions from retail investors during his signature Lightning Round.

Key Discussion Points and Insights

1. Amazon, Alphabet, and Long-Term Stock Holding (01:54 – 09:14)

• Cramer addresses criticism regarding Amazon's underperformance relative to the S&P 500 since July 2021. Despite the lag, he defends holding Amazon in his Charitable Trust, emphasizing a long-term investment horizon.

  • “I'm not wrong ... The Chapel Trust takes a long term view. Longer than the period since Andy Jassy took over CEO.” (02:54)
  • He stresses the need to own companies that remain vital and reliable to consumers—Amazon and Apple top his list.
  • Cramer discusses Amazon’s competitiveness in web services, rising competition from Microsoft Azure and Google Cloud, and upcoming earnings as a catalyst.
  • Noted layoffs of 14,000 Amazon corporate workers, linked to AI-driven productivity gains, are interpreted as disciplined cost control.

• Reflection on selling Alphabet (GOOGL):

  • Cramer confesses a significant investment mistake—selling Alphabet over fears of DOJ anti-monopoly action and AI-driven cannibalization.
  • “Dumping Alphabet was a huge mistake. And I'm not going to make the same mistake a second time. A gigantic company run by brilliant people figures out a way to win.” (08:50)

Memorable Quote:

“A hedge fund can't afford to own something through four years of underperformance... But with Amazon, I'm sticking to the fundamentals.” — Jim Cramer (03:57)

2. Lightning Round: Stock Assessments and Listener Q&A (09:14 – 13:15)

• ARM Holdings:

  • Caller Madeline asks if she should “chase” the stock after it rebounded.
  • Cramer: “No, look, don’t chase it. You’ve got a position. That’s fine. Let it run.” (09:37)

• Disney:

  • Caller Dan voices frustration over stagnant performance.
  • Cramer: “There’s value there and someone’s going to bring out the value. And when it happens, I got to be in Disney.” (10:07)

• Macro commentary:

  • Cramer highlights the busy earnings week, with key focus on data centers and the Federal Reserve’s interest rate decision.

3. Interview – Leon Topalian, CEO of Nucor: Steel, Tariffs, and Data Centers (13:15 – 22:59)

• Tariffs as a positive for US steel:

  • Tariffs have stabilized the market, reduced imports to 16–17%, increased predictability, and encouraged re-investment.
  • “We’re about fair trade ... when countries illegally dump and subsidize their steel coming into the United States, there’s got to be something done.” — Leon Topalian (15:04)

• Growth and innovation:

  • Nucor’s $16 billion investment campaign is highlighted, with major data center infrastructure capabilities—a unique position supplying 95% of steel products for data centers.
  • Expansion into towers/structures for utilities and multiple new mills/projects nationwide.
  • “The tsunami of pent up earnings power is going to flow through and bring Nucor to heights it’s not seen before.” — Leon Topalian (17:40)

• Strong balance sheet:

  • Nucor is uniquely rated A or higher by all credit agencies; Topalian places a premium on fiscal discipline to ensure resilience through cycles.

• Community impact:

  • Nucor’s mills often revitalize struggling towns, serving as equal partners in local development.

Quote:

“Nucor is always taken a long term growth position and how we think about returning value to our customers and shareholders.” — Leon Topalian (16:20)

4. The Economy and Rate Cuts: Cramer Makes His Case (24:17 – 31:46)

• Fed decision looms:

  • Cramer expects a quarter-point rate cut, but notes muddied economic signals due to the ongoing government shutdown (28 days in).
  • He cites mixed but weakening labor data, including Amazon and UPS layoffs, as signs the “real economy” (housing, retail, travel) is hurting even as tech booms.
  • Key companies needing cuts: D.R. Horton, Carrier, Royal Caribbean, VF Corp.

• Quote:

"There is real pain being masked by the wonders of technology earnings ... the evidence for weakness comes from the private sector. Let's hope Jay Powell is watching." — Jim Cramer (30:40)

5. Interview – Rob Mionis, CEO of Celestica: “Under-the-Radar” Tech Titan (34:36 – 40:44)

• Celestica’s growth:

  • Transitioned from commodity manufacturing to high-value design and OEM capabilities—now a “tracks layer” for the AI and data center revolution.
  • Celestica is a partner of Broadcom, helps develop new bleeding-edge equipment for hyperscalers, and is at the forefront of optical (CO packaged optics) advancements.

• Industry leadership:

  • About 40% of Celestica’s business is proprietary equipment for hyperscalers. Also solidly positioned in aerospace, defense, and semiconductor equipment.

• Secular trends:

  • Echoing Cramer, Mionis affirms this is an infrastructural revolution, not a bubble: “If AI is a speeding freight train, we’re laying the tracks ahead of it.” (39:56)
  • Margin expansion and bullish projections extended to 2026.

6. The 2025 “Year of Magical Investing” (43:44 – End)

• Speculation rewarded:
  • Cramer observes that surprising and lucrative deals are occurring daily—Nvidia’s investment in Nokia (AI networking), explosive spikes in uranium and cybersecurity names, deregulated M&A activity.
  • “It’s almost crazy not to sit in ... The Year of Magical Thinking has a ton of alchemy to it, but it’s producing a whole lot of gold." (47:22)
  • Cramer warns of speculative risks reminiscent of 1999–2000, but emphasizes the ongoing windfalls for patient or lucky investors.

Notable Quotes & Timestamps

• On long-term investing:
  • “I believe at last AI is ready indeed to help big companies figure out who can do more with less.” — Jim Cramer (07:50)
• On selling Alphabet:
  • "Dumping Alphabet was a huge mistake. And I'm not going to make the same mistake a second time." — Jim Cramer (08:50)
• On US steel policy:
  • "Nucor is not about free trade, we're about fair trade." — Leon Topalian (15:04)
• On the AI era:
  • "If AI is a speeding freight train, we’re laying the tracks ahead of this freight train." — Rob Mionis (Celestica) (39:56)
• On the speculative market:
  • "The Year of Magical Thinking has a ton of alchemy to it, but it's producing a whole lot of gold all the same." — Jim Cramer (47:22)

Key Timestamps

• Amazon & Alphabet analysis: 01:54 – 09:14
• Lightning Round / Q&A: 09:14 – 13:15, 31:46 – 43:44
• Nucor CEO Leon Topalian interview: 13:15 – 22:59
• Fed, economy, rate cuts macro discussion: 24:17 – 31:46
• Celestica CEO Rob Mionis interview: 34:36 – 40:44
• Speculative investing & “magical” 2025: 43:44 – 47:22

Episode Summary

Jim Cramer’s Mad Money episode (10/28/25) is an action-packed rundown of investing lessons, sector-specific interviews, and market-wide trends fueling what he dubs the “Year of Magical Investing.” The episode debates patient tech stock holding (Amazon, Alphabet), explains the positive impact of tariffs on Nucor and American steel, warns about hidden pain in the “real economy,” and marvels at a speculative market that repeatedly delivers outlandish windfalls. Key CEO interviews with Nucor and Celestica offer insights into the backbone of America’s industrial and digital future. Cramer’s trademark passion, humor, and unfiltered advice keep the show lively, accessible, and rich with actionable wisdom for retail investors.