Mad Money w/ Jim Cramer 10/6/25

Summary

Mad Money w/ Jim Cramer – October 6, 2025

Overview

This episode finds Jim Cramer navigating the ever-evolving landscape of Wall Street, with a passionate focus on the AI boom's impact on chipmakers, key industry deals, and the resulting ripple effect on the broader market. He weighs in on the skeptics, analyzes game-changing deals between AMD, Nvidia, and OpenAI, and assesses how data centers are making utilities into unexpected growth stocks. Cramer also shares bullish and bearish takes in the Lightning Round and offers insights on select stocks, including Take-Two Interactive and Inspire Medical Systems.

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Episode Highlights and Key Discussion Points

1. AMD–OpenAI Deal and the Fourth Industrial Revolution

• [02:00–10:55]
• Cramer opens with his trademark energy, delving into the blockbuster news: OpenAI’s massive multibillion-dollar chip purchase from AMD, on top of its existing partnerships with Nvidia.
• Cramer references his conversations with AMD CEO Lisa Su (“She’s not worried and neither is Greg Brockman, the co-founder and President of OpenAI. He will be doing the pay.” – 02:17).
• He emphasizes that skepticism persists but insists the market is right to believe in the transformative potential of AI hardware investments.
• Drawing historical parallels, Cramer pitches this as the next ("fourth") industrial revolution: “Jensen [Huang] told me I was thinking too small… usher in the fourth industrial revolution. Now initially, I thought that seemed a little bit hyperbolic… And now is the fourth Industrial revolution, the era of artificial intelligence and machines.” (03:13)
• Cramer dismisses the bears and naysayers comparing the AI boom to the dotcom bust. He notes how the current leadership at OpenAI, AMD, and Nvidia is “honorable”—a stark contrast to the fraudsters of the dotcom era.
• Quotes:
  • “You either believe or you don’t believe… I prefer to accept the answer I got this morning from Lisa Su.” – [02:13]
  • “Machines that we’d rather deal with than humans. Machines that will either be our assistants or our enemies if you believe Hollywood.” – [04:10]
  • “Let me tell you just how wrong they are… This deal could be worth tens of billions of dollars to AMD and Lisa Sue. Now the stock market lapped it up.” – [06:52]
  • “But let me tell you, I trust them. What am I going to do?” – [08:40]
• Cramer forecasts that the fight among tech hyperscalers (Amazon, Google, Microsoft, etc.) for AI dominance will only fuel more spending—and more opportunity.

2. Lightning Round: Rapid-Fire Stock Opinions

• [10:55–13:30] and [39:36–43:17]
• Cramer fields call-in questions from listeners and offers quick takes, including:
  • Bank of America: “Let bank of America ride. It’s very inexpensive, I think go much higher… You’ll do well at Bank of America.” – [11:14]
  • Celestica: “That thing is just like a… that’s a freight train.” – [11:36]
  • Goldman Sachs: “Buy. The stock is selling at a ridiculous multiple still…going to blow through this level and you’re going to wish that you got in right now.” – [12:22]
  • Remitly Global: “That is very challenged group right now and I don’t think you want to be there.” – [39:52]
  • Upbound Group: “That model has not been a proven model. I do not like it.” – [40:28]
  • CommScope: “There may be another run in that one. You’re fine.” – [41:30]
  • USAR Rare Earth: “We said that they’re all speculative… You can play that. Remember, that’s what you’re doing. You’re not playing the earnings because there aren’t any.” – [41:56]
  • Globant (GLOB): “What the heck is that doing down there? I don’t know why that stock’s down like that. That’s terrible. We gotta do some work on that.” – [42:56]

3. Take-Two Interactive: Scarcity Premium and the GTA 6 Effect

• [15:16–22:12]
• Cramer takes a deep dive into Take-Two Interactive, whose shares have surged 40% in anticipation of Grand Theft Auto 6, due May 2026.
  • Notes long-term performance: “If you bought this stock eight months before the last Grand Theft Auto… in 2013, and then you held it for the next two years? 133% gain.” – [21:10]
• Take-Two’s other franchises—NBA 2K, Red Dead Redemption—and especially its growth in “recurrent customer spending” get praise.
• The acquisition of Zynga has turbocharged Take-Two’s mobile revenue.
• Industry context: With EA going private and Activision Blizzard now part of Microsoft, Take-Two is the last major American, pure-play, publicly traded video game company.
• Cramer’s verdict: “In the meantime, take [Take-Two] is already firing on all cylinders. And once EA goes private, it will be the only pure player market video game publisher that’s publicly traded.” – [21:44]
• Cautions listeners: Expect delays to GTA 6; those could even offer better entry points for investors.

4. Utilities in the Age of AI—Data Centers as Growth Engines

• [23:31–30:15]
• Cramer highlights the surge in Entergy stock following its major data center contracts with Google and Meta.
  • “These sleepy utilities have done something incredible. They’ve become growth stocks… Data centers have caused an unbelievable spike in demand for electricity.” – [23:54, 24:32]
• He explains how demand from AI/data centers is turning slow-growth regulated utilities into dynamic investments.
  • Dominion Energy: “Ever since that Enbridge deal closed last year, Dominion has just been a juggernaut. … centered around providing a dependable growing supply of power to many data centers in Northern Virginia.” – [27:38]
  • American Electric Power (AEP): “AEP has had a tremendous run this year… thanks to low growth in the data centers. … management’s commentary about the demand growth they see in the future driven by new data center customers, including Google.” – [28:50]
• Bottom line: “The data center built out requires an immense amount of electricity, and that’s turning regulated utilities into growth stories practically overnight.” – [29:52]
• Cramer likes Entergy, Dominion, and AEP as the main utility plays on the data center build-out.

5. Individual Callers and Stock Advice

• Oklo – “You’ve got a really good position and you don’t mess with it… Let’s just stay the course.” – [30:42]
• Accelerate Energy – “I just can’t be excited about it.” Re-affirms preference for Entergy, Dominion, and AEP. – [31:22]

6. Inspire Medical Systems: GLP-1 Headwinds

• [33:05–39:20]
• Cramer answers a follow-up about Inspire Medical, a developer of implantable devices for sleep apnea.
• He details how the rise of GLP-1 weight loss drugs (from Eli Lilly, Novo Nordisk, etc.) has upended the landscape for companies treating sleep apnea, because weight loss addresses the condition’s root cause.
  • “Inspire peaked at $330 in mid July of 2023 and as of today it’s trading at 76 bucks and change, a staggering 77% decline. Mostly because Wall Street’s worried that the GLP-1s will solve sleep apnea before too many people can benefit from Inspire’s technology.” – [35:28]
• Cramer critiques management’s argument that the GLP-1 drugs will eventually help Inspire by expanding the addressable market: “I’m not buying this one bit.” – [37:11]
• Final word: He cannot recommend Inspire; “Rest [ResMed] has been still putting up good numbers.” – [38:55]

7. The Consumer: Stronger Than Headlines Suggest

• [43:23–47:32]
• Cramer takes on the “weak consumer” narrative, citing solid consumer spending, resilient retail numbers (excluding the highest-end brands), and strong bank lending and credit metrics.
  • “In short, the weak consumer narrative should be retired outside of Washington. I think the country’s doing just fine.” – [46:40]

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Notable Quotes & Memorable Moments

• “Machines that we’d rather deal with than humans. Machines that will either be our assistants or our enemies if you believe Hollywood.”
  — Jim Cramer on the era of AI, [04:10]
• “Jensen [Huang] has created $4 trillion of market capitalization in less than five years. Why the heck wouldn’t I believe it?”
  — Jim Cramer on Nvidia’s visionary CEO, [07:41]
• “I take offense when people question what Jensen’s doing, I really do.”
  — Jim Cramer, [09:04]
• “They are right to keep spending. They have to. And that’s what OpenAI’s partnership with AMD is all about. They need every bit of computing.”
  — Jim Cramer, [09:52]
• “If OpenAI gets this computing power… I think this company can go after everybody’s business. No wonder the hyperscalers are spending so aggressively, too.”
  — Jim Cramer, [10:32]
• “Grand Theft Auto 6 is almost guaranteed to be a major hit. And in the meantime, Take Two is already firing on all cylinders.”
  — Jim Cramer, [21:35]
• “The data center built out requires an immense amount of electricity, and that’s turning regulated utilities into growth stories practically overnight.”
  — Jim Cramer, [29:52]
• “I can’t give Inspire Med my blessings because it really does seem like the company is being hurt by the GLP-1s... And from the looks of things, the GLP-1s may be eating them alive.”
  — Jim Cramer, [38:15]
• “In short, the weak consumer narrative should be retired outside of Washington. ...the country’s doing just fine.”
  — Jim Cramer, [46:40]

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Timestamps for Major Segments

• AMD, OpenAI, and AI Industrial Revolution: [02:00–10:55]
• Lightning Round (1): [10:55–13:30]
• Take-Two Interactive and Video Game Industry: [15:16–22:12]
• Utilities/Data Center Demand: [23:31–30:15]
• Lightning Round (2): [39:36–43:17]
• Inspire Medical Systems/GLP-1s and Health Tech: [33:05–39:20]
• The Consumer Economy: [43:23–47:32]

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Conclusion

This episode of Mad Money channels Jim Cramer's signature blend of informed optimism and hard-nosed skepticism. He remains a strong believer in the ongoing AI revolution, urges listeners to look past the skeptics, and highlights the unexpected ways tech trends are revitalizing traditional sectors like utilities. While warning about specific risks (such as the shock disruption to sleep apnea medical device makers), Cramer persists in his mission: “There’s always a bull market somewhere—I promise to find it just for you right here.”

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For further details or clips, visit madmoney.cnbc.com

Transcript

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[Caller]

Sam Kramer welcome to Mad Money.

[Jim Cramer]

Welcome to Crane Mark I'll give my friends hey, I'm just trying to make money here. My job is entertainment. I'm going to be doing some explaining, so call me at 1-873-CBC. Tweet me Jim Cramer look, either believe or you don't believe. It is as simple as that. You either accept that OpenAI is going to pay for the billions of dollars of chips they just order from AI amd, or you refuse to believe it and you assume AMD will get stiff because OpenAI doesn't have the money or won't need the chips. I prefer to accept the answer I got on this walk on the street this very morning from Lisa Su, the brilliant CEO of amd. She's not worried and neither is Greg Brockman, the co founder and President of OpenAI. He will be doing the pay. Even though there are countless AI skeptics, the market clearly believes that OpenAI can afford to spend tens of billions of dollars or on AMD's highest end chips in addition to Nvidia's chips. Which is why AMD stocks shot up 24% today, igniting almost the whole market. Dow did dip 63 points. SB of is 0.36%. The Nasdaq jumped 0.71%. That's what the action is. I know that I am a believer ever since Jensen Huang, the CEO of Nvidia told me about the possibilities of accelerated computing and and artificial intelligence. I don't know 2018, I thought that there could be some sort of revolution going here. Jensen told me I was thinking too small. He said it was actually going to usher in the fourth industrial revolution. Now initially I thought that seemed a little bit hyperbolic. We've had three industrial revolutions. First, there was the steam engine and the rise of machine production. Second, electricity and mass production. Third, the last five decades of digital technology, automated production, electronics, telecom, the PC and the Internet. And now is the fourth Industrial revolution, the era of artificial intelligence and machines. That reason that is the next iteration. Machines that we'd rather deal with than humans. Machines that will either be our assistants or our enemies. If you believe Hollywood. I see no reason to disagree with Jensen Huang. His predictions have been right the whole time. He predicted I would be seismic and his company would be at the heart of it. Today though, today we found out we have a second heart with OpenAI. The most aggressive of the generative AI plays stepping up the plate and announcing a gigantic deal with AMD to supply cutting edge chips. The kind that rival what if videos making rival. I wish. I found it shocking. I knew that AMD was working on chips that could compete with Nvidia. I knew that for a while. OpenAI's Greg Bachmann told us this morning that he basically needed all the computing power he could get his hands on. And AMD's product was excellent. OpenAI will be taking a stake in AMD. A slug of warrants which kick in as AMD stock goes higher. This deal could be worth tens of billions of dollars to AMD and Lisa Sue. Now the stock market lapped it up with AMD rallying $39 from nearly 24% in one session. But more important, all the parts of the data center went higher. The usual suspects, a Dell, aam, Marvell Micron and the more pro se companies that design and build the centers. They all had still one more rally in them. Any good news about this particular part of the economy since everything connected to it roaring. But what matters to me is that there's a never ending parade of billionaires, hedge fund managers and their journalist mouthpieces who simply will not relent. They refuse to accept that all this is happening. It is happening. They think these sky high levels of spending have to lead to a crash not unlike the dot com implosion in the year 2000. Oh, they got the same old litany. The spending will get more reckless and more and more reckless companies involved, more and more they'll trade based on alchemy. The transactions be phony lazy Susan deals where you give me 10 million investment, I give you 10 million. Orders are 10 billion and 10 billion just a table and a swivel. It sends you the money and then you send it right back. Yes, that's a lazy Susan sale. These critics are so confident that they can make you feel like a fool for trying to make money this way. They act as if the gains in the stock somehow don't count. Like you have no right to them because someday, someday they're going to go away. Now I've been wrestling with these naysayers and pessimists for my all my working life all the way from Dow 1000, Dow 46,700 and it's incredible what magicians they are. They can still make you somehow feel foolish for buying stocks and me for recommending them. You can bet they don't believe in the fourth industrial revolution. They think it's all snake oil. I talk about this endlessly and how to make money in any market just endlessly that these people have kept. These are the people who have made you so you can't make a lot of money. The billionaires, they come on, they have the money and it's almost as if they don't want you to make the money. No, it's like they don't want, they don't want you to make the money. But let me tell you just how wrong they are. Okay. Last month Jensen Wong won a very similar deal with opening this time a 10 gigawatt deal. The AMD was 6 with the latest and greatest Nvidia merchandise. Unlike AMD with its granted warrants, Opening Video actually is going to be investing 100 billion in open air in stages over the life of the deal. If you haven't studied Jensen's moves, you might not know that he's an excellent investor. He does all the work himself. I'm telling you I have people been in the room. He intimated that rather than this being a circulated lazy circular, lazy Susan dealers as the billionaires described and the hedge fund shorts described simply great investment, up and coming company. He pointed out that there can be no circular deal if there's no quid pro quo. No matter I hear from people immediately, ones I haven't talked to in years, who are outraged that I believe that Jensen, when. I believe Jensen when he said that the deal was exclusive. This Guy has created $4 trillion of market capitalization less than five years. Why the heck wouldn't I believe it? Of course I heard from none of those critics today when we found out that it really wasn't exclusive. To the point where OpenAI seems to view AMD's chips as equal to Nvidia's. I mean, I found it a little insulting. They needed computing power to meet the demand because the demand is overwhelming them. I asked how they were going to pay for it and they told me basically not to worry about it. But they have a no nonsense cfo and Sarah Fryer, a story fixture at young companies and former managing director at Goldman Sachs, whom I trust through and through. And AMD's Lisa Su is one of the toughest execs in the business. Both have impeccable credentials. But look, what can I tell you? I trust them. I mean, what am I going to do? That's all I can tell you is I trust him. In 1999 though, well, there was nothing but scheissers and crooks and liars and mountbags right at the top of the big companies. As the founder of the street.com I know wherever I speak the executives running OpenAI and AMD are not like these people. They, these, the current iteration, are honorable. The people back then had nothing to do with the people right now. I take offense when people question what Jensen's doing, I really do. But what's the hurry here? Aren't the hyperscalers worried that the equipment they're buying isn't worth it, that it might, they might go broke spending all this money, that by the time they get the equipment it is going to be obsolete? No, no, no, no, no. That's not what they worried. Or in part because the hyperscalers, all very deep pockets, they don't care about the cost. In the end they're afraid of being the next Microsoft. Being left, but left in the dust, left behind. See, each one has its own verticals that need a matter, has social ads. Tesla's robotics, autonomous driving. Google has searched. Microsoft is the enterprise. Amazon is retail. They're all deathly afraid of someone else coming in to take their business. After today's announcement by Open Air, I think they're right to be afraid. They're right to keep spending. They have to. And that's what OpenAI's partnership with AMD is all about. They want to challenge every one of these verticals. They need every bit of computing. They need both Nvidia and amd. Oh, and what do I think about the stock of Nvidia here? After this Open air deal with amd, I, oh, nothing's changed. It's just like the second industrial revolution. I always knew there would be another railroad. Here's the bottom line. The hyperscalers are all vulnerable. If a open Air gets this computing power and given the number of chips is buying, I think this company can go after everybody's business. No wonder the hyperscalers are spending so aggressively too. If they stop, they're worried about open Air. Well, let me just say, Bill, OpenAI will eat their lunch. And I've got to tell you, those guys are tough enough that I believe them. Let's go to John in Indiana. John.

[Caller]

Hi, John. Jim, how are you doing today?

[Jim Cramer]

I am doing well, John. How about you?

[Caller]

Good, thank you. First time caller, longtime listener.

[Jim Cramer]

Excellent.

[Caller]

I have owned this stock for two plus years. Do I take my 65% profit or let it ride? Bank of America.

[Jim Cramer]

Let bank of America ride. It's very inexpensive, I think go much higher. I don't think it's going to be stuck at this level. And I like the way the financials trade very much. You'll do well at bank of America. Stephanie in Colorado. Stephanie.

[Caller]

Hello, Jim.

[Jim Cramer]

Thank you for taking my call. Of course, Stephanie. What's up?

[Caller]

I am calling you about a great.

[Jim Cramer]

Little company called Celeste from Canada. Did you see that stock today? Did you see how beautiful that stock acted? Holy cow. I mean, J Bill was acting not nearly as good. I think J Bill's good company, but Celestica, they better. Come on. I mean that thing is just like a. That's a freight train. Let's go to Wesley in California, please. Wesley.

[Caller]

Jim bought the book. Sorry I couldn't make it to 555 Fifth Ave. But I bought.

[Jim Cramer]

No, you don't have to worry because they ran out of books. They ran out books real early. So you didn't have to worry. You see, I didn't have any backpack, you know. That's okay. There's plenty of where I came from. Sorry. 95 play for dinner.

[Caller]

Easy peasy, Jim. Here's an easy one, Jim. Goldman Sachs. Buy, sell or hold Buy.

[Jim Cramer]

The stock is selling at a ridiculous multiple still. It's hovering around this level. People get nervous. This level, it's going to blow through this level and you're going to wish that you got in right now. I look this deal between Open Air and AMD is a shot across the bow to all the other hyperscalers. Don't just see that. And I think they are right to be spending as much as they are to defend. And the billionaires who want to keep you in your chains, throw this at them. Or at least make them read it. All right man Money Tonight with the release of Grand Theft Auto 6 on the horizon, I'm giving you my take on the Take two interactive story and I'm revealing my cheat codes for this name. Then what's behind the latest move in shares of it? Electricity Coming Energy. I'm taking closer look at that Louisiana powerhouse and you called in and you stumped me with this Inspire Medical. What was that all about? Well, I did the work. I'm ready to give you my prognosis. So you better stay tuned to Kramer.

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Touchdown.

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Phew.

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[Jim Cramer]

Even with the government shutdown, this has been a phenomenal market with so many stocks up here. But which ones can keep running? I mean, that's what you know, maybe even away from the data center. All right, let me give you a big one take to interactive yes, the video game powerhouse you probably know from their iconic franchises like Grand Theft Auto, Red Dead Redemption and NBA 2K. In the past couple of months, this stock has really caught fire. It's now up roughly 40% for the year, in part because with EA going private, there's a now a newfound sense of scarcity in the video game space. But mainly it's because the next installment of Grand Theft Auto GTA 6 comes out next May. This is one of the biggest franchises of all time. Maybe not just gaming, but any form of media. Some could argue it is is the number one franchise of all time. Until that comes out though, Take Two shareholders find themselves in a weird limbo. How much the results even matter with an almost guaranteed blockbuster on the horizon? Well, they matter if the numbers are good. Take Two report its latest quarterback in August delivery, a strong top and bottom line beat net bookings reached 1.4 billion, surpassing management's own forecast as well as 1.31 billion number that Wall street have predicted. As a result, despite being only 1/4 into their 2026 fiscal year, management felt confident enough to raise its full year forecast for both net bookings and earnings before interest, tax, depreciation, amortization. That said, Take Two guidance for the current quarter came in a tad softer, but the quarter was still strong enough to get stock running. Plus, it's not like this is some tiny company is doing nothing until the Grand Theft Auto Company franchise puts out its new edition. This is one franchise among many. On the conference call, management highlighted the success of their NBA 2K franchise, the latest iteration of which already sold 11.5 million units. These sports video games are so terrific. You know why? Because they get to release a single new every single year there's a new one and people buy them. Even more impressive daily active users climbed 30% year over year, signaling healthy engagement. This surge in player activity also fueled a 48% jump in quote recurrent customer spending, end quote. Because increasingly the video game companies find all sorts of things to sell you after you've already purchased the game, usually in the form of add on content. Now many of Take Two titles are still rooted in PlayStation, Xbox and PC, but they have now rapidly growing mobile business too. After the acquisition of Zynga three years ago under the company's peak mobile library, I label my this is a label Match Factory posted record net bookings growing 33% year over year. Toon Blast also delivered another strong quarter, growing revenues 22%. Very impressive given that it was up against some real tough compares. None of these, though, are Grand Theft Auto, and it certainly doesn't hurt to have a highly successful mobile business. And it's not just these casual mobile titles driving momentum. The mobile adaptations of Take Two's core console games continue to perform, with WWE Supercard boasting more than 37 million downloads to date. Still, everybody's focused on GTA 6 for good reason. The last GTA theft came out 12 years ago, and it's now sold more than 215 million copies worldwide. They've actually seen a pickup in Grand Theft Auto 5 and Grand Theft Auto Online, which saw new players accounts surge 50% year over year. Not bad for a game that launched in 2013. At the same time, Take Two's recent releases have been earning some rave reviews following the success of NBA 2K25. The newly released NBA 2K26 appears to be off to a very strong start, and we don't have the official numbers yet, but some analysts have been sifting through the available data and what they found is pretty encouraging, according to analyst at Cowan. And since an early September release, NBA 2 case 26 ranked number six on the PlayStation's most played list and number 11 Xbox is during its first full week of release. That's a step up from the previous iteration, which peaked at number 13 on PlayStation, number 18 on Xbox Plus. They also pointed out that Twitch viewership for the NBA 2K franchise is up 34% versus the previous quarter. For those of you who are my age, Twitch is where your kids watch other people play video games. Not sure I see the appeal, but then again, I'm not the target audience. Take 2 also mentioned that their 2K banner is working on a quote, college basketball experience, end quote. Now, we don't have any ideas what that would entail, but it's been 15 years since the last NCAA basketball video game. Could there be a lot of potential here? Hopefully the players can get paid. What else? A few weeks ago, Take two launched Borderlands for another big franchise that was apparently well received. Given that this franchise has sold over 90 million units, I got to believe it makes good money. But honestly, for more Far more important than the latest earnings report is the simple fact that just last week the old Electronic Arts announced it will be taken private at $210 per share by a consortium of private equity firms including the Saudi Arabian Investment Fund, Silver Lake and Affinity Partners the leverage bio came just two years after Microsoft acquired Activision Blizzard, the other huge American Voice game video game player publisher. This was an industry with three major players, but now with Activision gone and EA going private, Take Two is now the only major publicly traded American video game company that's a pure play. Now I think this is huge. Not only were some very sophisticated investors willing to pay a premium for ea, but Take two has real scarcity value. Now, if you want a traditional video game publisher, you either need to mess around with the Japanese market or bet on Take Two. Sure, Microsoft and Sony have huge gaming divisions, but most of their sales come from other businesses. That's why I'm feeling really positive on Take Two right now. Even now, eight months before the next Grand Theft Auto comes out. If you bought this stock eight months before the last Grand Theft Auto is in 2013, that would be in January 2013. And then you held it for the next two years. 133% gain. Here's the bottom line. Grand Theft Auto 6 is almost guaranteed to be a major hit. And in the meantime, take this already firing all cylinder. And once EA goes private, it will be the only pure player market video game publisher that's publicly traded. Just keep in mind, if you're taking the plunge into Take Two here, you have to be able to stomach any delays to GTA 6. In fact, you should expect delays. Video games aren't like movies which come out on a regular schedule. But I'm so confident in Take Two that I actually hope that the next big game gets delayed and the stock comes down hard, which would give you an even better buying opportunity. Their money's back after the break.

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Coming up, the lights are on and the servers are humming. Kramer on why data centers will may be lighting up Energy's future next.

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911, what is your emergency?

[Jim Cramer]

Get off the field. 911 has faced nearly every emergency on earth. ABC Thursday. They will go where no first responders have gone before.

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All contact with the spacecraft was lost due to a sudden geomagnetic storm.

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Central on ABC and stream on Hulu. What made you confident that you could do something that hadn't been done before? I have no fear of failure.

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One of my favorite pieces of advice. Think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself.

[Jim Cramer]

Life is short and you just got to think big to accomplish big things.

[Julia Boorstin]

Julia Boorstin hosts CNBC Changemakers and Power Players New episodes every Tuesday. Wherever you get your podcasts.

[Jim Cramer]

We need to talk about this incredible run in Entergy. The New Orleans based electric utility which is seen in stock move up from 87 to 97 month. I mean come on. Including some big moves just over the last two sessions. So energy hit a new all time high today which has become semi regular cards these days. The stock now up more than 28% year to date. Money. This is a utility stock. What's driving this latest leg higher? Okay, last Thursday night Energy announced that its Arkansas subsidiary will be powering Google's new $4 billion data center in West Memphis. This is just the latest example of regulated utility catching fire, thanks to some new data center announcements. Yet these sleepy utilities have done something incredible. They've become growth stocks. When you hear me talk about regulated utilities, that means the profit margins are basically fixed by state regulators. Regular utilities are allowed to raise the rates gradually over time, but some process to submit requests and obtain approvals. So really if these companies want to grow, it's not, they're not going to go up in pricing can only come from additional demand. Ports in these energy hungry data centers have caused an unbelievable spike in demand for electricity. After aggregate US electricity consumption was effectively flat for 15 years from 2005 to 2020. The US Energy Information Administration estimates that electricity consumption should grow at about 2% from 2020 to 2026. And many aspects now of electricity look low growth more than that headed in the end of the decade. I think it could be as high as 5%. Now this is hardly a news story. The independent power regulators, I mean the producers, the non regulated utilities that produce electricity and then sell it to the highest bidder. Oh man. Well, you're familiar with them, you've seen them. They've. Their stocks have roared here. I'm thinking about Constellation Energy, Vista Energy Energy and Talon Energy. Ever since Chat GPT launched at the end of 2022, most of these are up between 315% and 825%. But it's taken longer for Wall street to realize that this theme is so big that it's turned the sleepy regulated utilities into winners to take energy, which I've been recommending for a while. This company held a bullish analyst meeting way back in mid 2024 where management detailed how data centers, as well as liquefied natural gas terminals, some other industrial end markets were driving elevated demand for power in their coverage area. We spoke to Editor G CEO Drew Marsh a little less than a year ago and he was almost giddy at the scale of the opportunity here. At the time of the interview, Marsh teased the large forthcoming customer, and just a couple of weeks after that conversation, we found out that the customer was Meta Platforms, which is building a $10 billion data center in Louisiana that said energy stock flying and it has not looked back since I selected her, even after this magical run. Sure, Energy. Now look, it's a tad expensive here, trading in 25 times this year's earnings estimates. I used to pay nearly that much for electricity, but I'm willing to pay up for a dependable company with accelerating earnings growth. Plus, the stock's actually going to look cheaper forward. It sells for roughly 22 times the extra numbers and I expect more datacenter announcements that will send this thing higher and then higher again. And it's got some nuke too. It'll take many years for these to pay off, but again, this is the first time in decades that the regulated utilities have anything remotely resembling a growth story. There are plenty of other regulated utilities with similar dynamics. Take Dominion Energy, the Richmond based Richmond, Virginia based utility that operates on the east coast down to South Carolina. Not long ago, Dominion was a bit of a trouble company spreading itself too thin with major investments in renewable energy generation, including a very costly offshore wind initiative that turned into a quagmire low some unwieldy natural gas assets. But the story has been simplified significantly over the past couple of years after management reined in the renewable investments and simplified its business, including with the sale of three gas distribution businesses to Enbridge for $14 billion last year. Ever since that Enbridge deal closed last year, Dominion has just been a juggernaut. The company now is a much cleaner story, one that's centered around providing a dependable growing supply of power to many data centers in Northern Virginia. According to management, their total debt data center power capacity under contract has almost doubled in just over a half a year. Best of all, the Stock sells for 18 times this year's earnings estimates with a hefty 4.3% dividend yield. So cheaper than interest energy. Even some of the nation's largest regulated utilities are finding that this seems a needle mover, like AP American Power, the Columbus, Ohio based utility that maintains the nation's largest electric transmission system and is also one of the country's top electricity producers. AP has had a tremendous run this year with A stock up 25% year to date thanks to low growth in the data centers. That's hiding right in your plain face. It's so big, we should all figure it out. When America Power last reported in late July the quarter was excellent. The stock jumped 4% response. Now, some of that's because the numbers were generally strong, but a lot of it came from management's commentary about the demand growth they see in the future driven by new data center customers, including Google, which announced a new $2 billion data center campus in Indiana, right in AP's coverage area. So Google's helped out multiple utilities with its data center plans. On the last conference call, AP said it now projects a staggering 24 gigawatts of new customer load by 2030, which was a 14% increase from what they forecast just three months before. That's how fast the story is moving. At the same time, AP said its customers are actively looking to connect an additional 190 gigawatts of load in their system. That's roughly five times the current system size of 37 gigawatts. CEO Bill Furman called the low growth quote unprecedented, but he said that AP is uniquely suited to address this challenge because it has such an advanced transmission network. We mostly don't have a great electric grid in this country, people, but that's nothing the AP needs to worry about. Stock sells for just under 2020 times this returns estimates solid 3.2% dividend yield. I am a big fan, have been for 20 years. So here's the bottom line. In the grand scheme of things, Energy's new deal with Google to power a data center project in Arkansas is not that big a deal. But it's just the example of the latest one of many examples because the data center built out requires an immense amount of electricity, and that's turning regulated utilities into growth stories practically overnight. I like Energy, Dominion Energy and American Electric Power, all three. With so many datacenter projects, I wouldn't be surprised if the whole industry is a winner. Let's go to Randy in Washington. Randy.

[Caller]

Booyah, Jim.

[Jim Cramer]

Booyah, Randy.

[Caller]

First time, long time, won't be the last time. I My My question's on Oklo. Open the position early September at 72. Three weeks later it's at 140. So I sold half my position because as we know, hogs get slaughtered. Pulled back to 110, it's on the move again. My question Should I buy now or hold for a better price?

[Jim Cramer]

You've got a really good position and you don't mess with it. I was joking with Jeff Marks. I Said, why don't we just go buy some alcohol? I can't take it anymore. That's how I talk all the time. And he said, why would we do? I said, because it just does nothing but go up. When you hear someone say that, even if it's me, I'll tell you what you do. You don't touch it. Let's just stay the course. John in Missouri. John.

[Caller]

Hey, man, thank you for taking the call. Longtime listener and I've done real well taking your advice.

[Jim Cramer]

Oh, thank you, boss. Thank you.

[Caller]

I got one here I'm kind of concerned about. It's ee. Accelerate Energy.

[Jim Cramer]

Yeah, you know, I looked at that. I don't think you have. I mean, first of all, energy is in the wrong place to be, but second, that LNG terminal service, I thought it was going to be great because we don't have real deep water there, but I just feel like after reading Rusty Brazil stuff, I just can't be excited about it. I'm sorry, I just can't. Can't be. Look, I like Energy Dominion and Power. Those like three huge ones. They're really easy. I mean, I think they're going to go up slowly over time. But with so many data center projects, I wouldn't be surprised if the entire industry wasn't a winner. Watch, my man Money, including my deep dive on a little known medical play that you called about. Then when the government shutdown, where can we turn to get good data about the state of the consumer economy? I'm citing all my sources for you and all your calls. Rapid Fire, tonight's edition of the Lightning Round. So stay with Kramer. Okay, so last Wednesday I get this call from Andrew in North Carolina. Wanted to know about Inspire Medical Systems, which is a company that's come up with a minimally invasive procedure that's an incredibly effective treatment for obstructive sleep apnea, where your airways close up while you're asleep. I told him I got to look into this one because anything related to sleep apnea has been eviscerated by the rise of the GLP. 1 Weight loss drugs from Eli Lillianovo Nordisk after doing some research, I gotta tell you, a few things in this business are more important than timing. Inspire spent years working on an incredible technology to replace the current standard of care for sleep apnea, a disease that impacts 30 million Americans. And it's not linked to high blood pressure, strokes, heart attacks and many other serious problems for a long time. The standard of care here is a kind of face mask hooked up to tubes and A machine, it makes it look like you're on your deathbed. Or if you get one of the sleeker ones, it can double as a nice costume. If you want to go as Bane from the Dark Knight Rises for Halloween. We've had RAS men on the show many times and over the years they've made a form fortune from these machines. But obviously nobody wants to open themselves up to a whole apparatus to get a good night's sleep. And that's where Inspire came in with just brilliant idea. They implant a little neuro stimulation device near your collarbone that helps keep your airways open. And the efficacy numbers for the latest model, they're incredible. According to the company, 91% of patients say it's better than the breathing machines. 79% reduction reporting reduction in sleep apnea events. Most 90% of bed partners report limited to no snoring. Got to go get one of those anyway. Inspire first got FDA approval for the original system 2014. By last year was already an $800 million business. Last summer they received approval for their fifth generation model which was even better than what they had already. Finally, Inspire looked like it could take a ton of market share from the CPAP machines and rule the sleep apnea business. Unfortunately, they were about a year too late. Because the GOP Dash 1 weight loss drugs have proven to be incredibly effective treatments for sleep apnea. The number one cause of this condition is obesity. Now there's an anti obesity shot. Every stop connected to sleep apnea has suffered. Inspire peaked at $330 in mid July of 2023 and as of today it's trading at 76 bucks and change, a staggering 77% decline. Mostly because Wall Street's worried that the GOP Dash 1s will solve sleep apnea before too many people can benefit from Inspires technology. Because CPAP machines are so cumbersome and because Inspire solution involves a surgical procedure, the first thing doctors tell anyone with sleep apnea is that they should go lose weight. Willpower and losing weight has become a lot easier over the past couple of years thanks to GOP1 ones, which are better than Willpower. We first started to see Gopi1 concerns enter this market right around this time two years ago. With everything from packaged food companies to other health care names like Inspire taking a hit. Once investors began to suddenly price in what the rise of GOP Dash ones might have meant, who knows. But while other sleep apnea plays like ResMed managed to bounce back from their late 2023 lows better than expected earnings, Inspire kept sliding lower and lower. Why? Because residents been able to report a series of good quarters. Inspire simply hasn't. Now, some of that's led to execution issues like a limited product recall last summer because of a manufacturing defect. The stock did get a lift when Inspire's latest device was approved by the FDA last August, but in the months afterwards it gradually gave up those gains. The reasons for that are pretty messy. For starters, the new device hasn't been selling as well as they expected. At the same time, back in February, management disclosed they were cooperating with a kickback investigation by the Department of Justice. By the way, we haven't gotten any update on that issue since the usual disclosure that News broke alongside Inspire's fourth quarter 2024 earnings report, overshadowing what was actually a pretty solid result for the company with a much better than expected outlook for 2025. And in early May, Inspire delivered another better than expected quarter. But the last time Inspire reported in early August, the whole story fell apart. While Inspire actually managed a small revenue beat and a sizable earnings beat, nobody cared about that because management cut their full year revenue forecast by 4.5% and slashed their earnings forecast by nearly 80%. That was devastating. After previously guiding for $2.20, $2.20 of earnings per share, they now says it's going to be more like 40 to 50 cents. That's bad. The problem apparently the launch of Inspires next generation sleep apnea implants simply isn't going that well. A lot of the surgical centers that install these things simply don't have the training to handle this new one. At the same time, there was a change to Medicare Medicaid billing policy that made it impossible for the surgical centers to build products until July 1st. Magic believes that they can turn this thing around now that most of the problems are in the rearview mirror. But the guidance was disastrous. On Inspire's last conference call, CEO Tim Herbert gave a lengthy explanation of what has gone wrong with the Inspire 5 launch, specifically calling out five different things that have hurt, including the ones I just mentioned. But the fifth and final factor was very simple. Listen to this quote Some patients may be delaying Inspire therapy to try GOP Dash 1s. End Quote Management wasn't able to quantify the impact and they continue to insist that you'll be DASH once will be a long term positive because tons of people are actually too obese to get Inspires implant. They argue that the GOP Dash 1s will increase their total addressable market by helping those people lose weight. I'm not buying this One bit. It feels like a crazy argument to me to make when you're cutting your earnings forecast by almost 80%. More importantly, these GOP dash ones have proven to be incredibly effective treatment for sleep apnea even before they make you lose lots of weight. Lily Zeppbound has already been approved as treatment for for obstructive sleep apnea. And the others are all in clinical trials. In the end, I can't give Inspire Med my blessings because it really does seem like the company is being hurt by the GOP Dash one is something even management's finally acknowledging. But look, it's not just the GOP Dash one's issue. Got a bad track record. They've had one execution issue after another after another. Their latest product launch was a nightmare. If you want to play sleep apnea, Rest has been still putting up good numbers, which is why that stock's up 23% for the year. Here's the bottom line. In a world without the GOP Dash ones, Inspire might be a very exciting story. But that's not the world we live in. And from the looks of things, the GOP test ones may be eating them alive. Maybe this company can finally sort out its short term execution issues and triumph. But I'm not going to hold my breath. That money's back yet for the break.

[Mad Money Announcer]

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

[Caller]

Foreign.

[Jim Cramer]

It is time for the light welcome every member of Raphael same Liam as documented by so just questions after and then the lightning round is over. Are you ready, Steve? That is time for the light round question. Let's start with Tom in New Jersey. Tom, how you doing?

[Caller]

Jim?

[Jim Cramer]

I'm doing well. How about you, Tom? New Jersey. All right. I would like to have your opinion of remitly global. Well, that's the remit for immigrants to be able to money and I think that is very challenged group right now and I don't think you want to be there. I'd rather just be the traditional bank. Let's go to Edward in Texas. Edward.

[Caller]

Jim, my favorite person.

[Jim Cramer]

Oh, thank you, buddy. What's up?

[Caller]

I'd like to know. I've been doing homework as well want us to do and I'm looking at upbound groove.

[Jim Cramer]

That model that's at least known model has not been a proven model. I do not like it. I am sorry. Let's go to Gregory in California. Gregory.

[I]

Well, 2025 is turning into a magical year in more ways than one. Jim, congratulations on 20 years of mad money. Congratulations on your new book.

[Jim Cramer]

And I hope to get to see maybe you're here tomorrow. Are you here tomorrow?

[Caller]

I'm.

[Jim Cramer]

That's right. That's right. All right, let me help.

[I]

So I can't believe I'm asking you about this company. I mean, it really sounds like I sound like one of the companies you warned us about in your weekend piece for the club. That balance sheet look like frankly a word I can't say on television until very recently. But last earnings, they announced a ten and a half billion dollar sale greatly improving the balance sheet. Have I been drinking too much phosphoro or will Pope Kramer bless a small spec position in comm Scope?

[Jim Cramer]

You know, I got to tell you, I think the real Gregory. I know that I feel awful that we missed the big run, but you know, there may be another run in that one. I think that you're not drinking the. The phosphoro. I think you're fine on that one. I know that sounds strange, but I really think you're fine. And thank you for the really great comments. Let's go to Frank in Texas now. Frank. Hi, Jim.

[Caller]

Today I'd like your opinion on USAR Rare Earth.

[Jim Cramer]

Okay. Now, we did a piece last week on rare earth companies and we said that they're all speculative, but we recognize that the president at any given moment could take a stake. I am going to say that this fits that pattern and we are not going to fight you to take it. Now, it's not like I'm just saying you can buy any one of these. I am saying that there's White House talk trump steak. That's what we're concerned about. You can play that. Remember, that's what you're doing. You're not playing the earnings because there aren't any. Let's go to Carl in Oklahoma. Carl.

[Caller]

Jim, we Oklahoma Sooners appreciate all you. You do for us now. You're great, Joshua.

[Jim Cramer]

Thank you.

[Caller]

And for our appreciation, we give you and the Eagles. Jalen hurts. I hope that's working out for you.

[Jim Cramer]

Oh, he's terrific. And it just needs a little bit more offensive coordination there, so to speak. What's happening?

[Caller]

The stock I'm talking about was rect to me by the same guy that recommended Nvidia back in 2015. It's Globit G L O B, but it's not doing as good.

[Jim Cramer]

What Coleccio B. What the heck is that doing down there? I don't know why that stock's down like that. That's terrible. We gotta do some work on that. I gotta find Ben. Ben Stoder Research Director we find out what's mad with Globin. Okay. And that, ladies and gentlemen, conclusion of the Lightning Round.

[Mad Money Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, Wall Street.

[Jim Cramer]

Sweet.

[Mad Money Announcer]

Worried. But Kramer says the consumers still got cash. His take on the real state of spending.

[Jim Cramer]

Next. Every morning I start my day looking at what the research says. I know that might sound alien to you. I mean, who reads all the research reports? Create an opinion. The answer? Simple. I do terrific. A lot of research about how the consumer is in terrible shape. I saw notes. But how Shake Shack pop John's may be too expensive for some people. I've been a big fan of Shake Shack stock. I was proud to learn to. Customers are being hurt by the price of beef and a softer economy burger has got a little pricing. But I didn't think it was make or break this morning. Matthew Boss, arguably the best retail analyst out there from JP Morgan downgraded to Abercrombie and Fitch and Bath and Body Works. You wouldn't do that if you thought the consumer was robust. Lots of these analysts choose to blame the government's shutdown and the idea that the president might use it to make a statement by firing a lot of people going after the deep state. It's one thing to have 900,000 people not being paid as part of the furlough. That's the highest estimate. It's another thing to have a president that seems hellbent on canning a lot of federal employees. You probably don't want to do a lot of spending if you think that's what's coming. Instead, you save. Especially because there seems to be no resolution whatsoever. That said, I'm sticking to my thesis that these shutdowns really do last and damage the economy or the stock market. Still, in the absence of actual employment data not available because of the furloughs, we really don't know our employment numbers. But the reasons what. The reason why I think the research is is trending toward that way is exactly because they have a feeling that the number is going to be quite bad. Oh, and there's the lurking layoff machine that is artificial intelligence. We all know someone, including ourselves, who could be let go to make room for something like an agent force the Salesforce AI platform. Let me tell you what I think. Right now we're still seeing a robust economy as measured by the Fed. With an economy, they're saying it's got a 3.8% GDP growth according to the latest live forecast for the third quarter. We haven't seen any real shortfalls from any retailers save Lululemon, which we know is very expensive. We've gotten terrific numbers from the cruise lines. And yes, I know that a cruise is a bargain relative to a lot of other vacations, but cruise reservations have historically dried up in other downturns. You don't take vacation if you're worried that you're about to get laid off. Meanwhile, we've had solid figures on bank loans and credit cards. In a real downturn, you expect a big surge of delinquencies and bad loans, but that's not happening. And then there's the most important indicator, the incredible merger between Comerica and Fifth Third announced today, where Fifth Third, a very strong bank, is taking on the Comerica Colossus. Now, Comercial doesn't have a lot of bad loans anymore versus the old days, but the stock's done nothing for years, which is not a good sign. Banks merge and take on other troubles only when they're so confident that they won't be acquiring a lot of bad loans. It's too risky otherwise. What a sign of strength. It is true that we've seen an increase in traffic at discounters and here I'm speaking about a Costco or Walmart or TJX as well as the dollar stores. But I think the idea of value has become a constant of late. People are sick and tired of high prices after years of inflation. That doesn't necessarily mean though the consumer's in bad shape. The stocks that have been doing poorly in retail have been doing poorly for ages. We can't attribute the consumer's frugal behavior to any economic weakness because we've seen that same economic weakness for a while now. In short, the weak consumer narrative should be retired outside of Washington. I think the country's doing just fine. Washington is a powerful enough influence that we may see and feel weakness that's not really there. And that's what I think the research is falling for. I'd like to say there's always bull market summer promise to find it just for you right here on Mid Money. I'm Jim Cramer and I'll see you tomorrow.

[Julia Boorstin]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC, NBCUniversal or their parent company or affiliates and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular 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 what made you.

[Jim Cramer]

Confident that you could do something that hadn't been done before? I have no fear of failure.

[Julia Boorstin]

Trailblazing women, Changing the game One of.

[Jim Cramer]

My favorite pieces of advice?

[Fidelity Representative]

Think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself.

[Jim Cramer]

Life is short and you just gotta think big to accomplish big things.

[Julia Boorstin]

Julia Boorstin hosts CNBC Changemakers and Power Players New episodes every Tuesday. Wherever you get your podcasts.