Mad Money w/ Jim Cramer – October 8, 2025

Host: Jim Cramer (CNBC)

Episode Overview

This episode takes listeners deep inside the current landscape of Wall Street investing, with Jim Cramer dissecting the “three economies” driving market behavior. The episode explores the explosive growth propelled by AI and data centers; the struggles of the traditional “real” economy; and the froth of speculative stocks reminiscent of the dot-com era. Major interviews include Michael, CEO of CoreWeave, and Sean Boyd, Chairman of Agnico Eagle Mines, offering insights into the AI infrastructure boom and historic moves in gold. Cramer also covers technical market perspectives, provides actionable takes on growth versus safety stocks, and delivers his signature Lightning Round of rapid-fire caller Q&A.

Main Themes and Purpose

• Dissect the “three economies” shaping the market: AI/data center boom, struggling real economy, and speculative excesses.
• Push back against bubble fears in AI and highlight where the real speculative bubbles lie.
• Feature interviews with leaders in AI infrastructure (CoreWeave) and gold mining (Agnico Eagle Mines).
• Offer tactical advice for investors on sector allocation—emphasizing growth over traditional “safety”.
• Include actionable, no-nonsense takes via the Lightning Round and chart-based technical analysis.

Key Discussion Points & Insights

1. The State of the Market: “Three Economies”

[01:39–08:50]

Cramer’s Framework:

• First Economy:

  • AI & Data Centers: The “Fourth Industrial Revolution”
    • Dominated by major players (Meta, Alphabet, Amazon, Dell, Micron, AMD, Microsoft, Qualcomm, Oracle, Nvidia).
    • Since late 2022, data center buildout responsible for 75% of S&P 500 returns, 80% of earnings growth, 90% of capital spending growth ([02:31]).
    • Bears constantly warn of a bubble, likening it to 2000’s dot-com collapse—Cramer rejects the comparison.
    • Quote:

      “Nearly everyone involved with the data center story makes real money. There’s no real basis for comparison [with the dot-com era].” (03:38, Cramer)

    • Cramer’s Nvidia loyalty:

      “I named my dog after the company when the stock was just under $4 and now it’s 189 bucks. So far it’s paid much more to be a believer.” (04:25, Cramer)

• Second Economy:

  • The “Real Economy”: Sluggish and Needing Help
    • Hiring slowing (Carlyle Group survey), less freight movement (FedEx downgrade), weak housing, slow retail and industrial numbers.
    • Small/medium businesses surprisingly resilient, banks still lending, but many big companies and consumer packaged goods are struggling.
    • Needs “multiple rate cuts” to revive growth ([06:57]).

• Third Economy:

  • Speculative Mania and True Bubble Behavior
    • Parallels dot-com era: companies with no earnings raising money—nuclear, crypto, and quantum stocks led by retail investors.
    • Cramer: “I fear we’re at the cusp of some gigantic equity offerings for some kinds of these companies.” (07:20)
    • Example given: Joby Aviation’s flying car stock plummeting after a dilutive equity raise.
    • Calls on bears to target these, not AI growth names.

2. Caller Q&A and Investment Philosophy

[08:50–09:33]

• Advice on portfolio composition:

  “50% of your money should be put in index funds and only 50% stocks. I want you to take control of your money.” (08:57, Cramer)

• On speculation and sports prediction markets:

  “There’s a general belief…that there’s too much gambling and that does have me worried because that’s an existential threat.” (09:33, Cramer)

3. Interview: Michael, CEO of CoreWeave (AI Infrastructure)

[12:09–22:05]

• CoreWeave’s Unique Positioning:

  • Provides AI infrastructure to large clients—massive contracts with OpenAI and Meta.

    “Our software integration with hardware gives us a 90%+ client win rate after proof of concept.” (14:17, Michael)

• Rejecting the “circular deal” narrative:

  “There’s a narrative out there that has to deal with circular investment. I think it’s just fundamentally flawed… This is a fundamental infrastructure buildout.” (16:02, Michael)

• Investment value of AI infrastructure:

  “At the end…we are left with what I refer to as the equity slot…you then get to run [infrastructure] in a fully depreciated manner…much longer than people expect.” (18:12, Michael)

• M&A Activity:

  • Recent acquisitions (Monolith, Open Pipes).
  • Positive about Core Scientific acquisition:

    “We are extremely confident this deal is going to go through, and if it doesn’t, they’re going to be great partners…they run some of our data centers.” (20:50, Michael)

• Cramer’s endorsement:

  “People who think it’s just plug-and-play really don’t understand.” (21:39, Cramer)

4. Technical Market Analysis & Bubble Talk Rebuttal

[23:59–30:57]

• Cramer and technician Joe Fahmy (Zur Capital):

  • Draws on charts comparing the current AI/data center rally to the dot-com era—noting we’re only in “1997” of that cycle, with room to run.

    “If you want to use the .com analogy…we’re still in the equivalent of 1997, and telling people to sell now, right here…Guess what, sucker?” (25:10, Cramer)

  • No exuberance in sentiment or positioning indicators.
  • 4Q is historically strong for markets, especially after new highs.

    “The only time you need to be worried about an AI bubble is when the bears give up. And that definitely hasn’t happened yet, has it?” (28:40, Cramer)

• Advice on Broadcom (from “Charlie in Texas”):

  “I would tell you this—it wouldn’t hurt you to buy more. I think it’s that good a situation.” (30:57, Cramer)

5. Gold’s Big Move – Interview with Sean Boyd, Agnico Eagle Mines

[32:51–40:52]

• On Gold’s Historic Surge:

  • Gold crosses $4,000/oz; up 54% for the year; Agnico Eagle Mines stock up over 117%.
  • Central banks and investment demand are key drivers.

    “For the last 20, 30 years, gold’s been under accumulation by central banks…there’s still inability or unwillingness to make the tough choices to manage debt. This is a perfect environment for gold.” (33:17, Boyd)

• Limited New Mine Supply:

  “We're just not [seeing a massive wave of new mine supply], even at $4,000 or $5,000.” (34:31, Boyd)

  • Challenges: permitting timelines, building costs, and global risks have reduced the growth in new mines.
  • Agnico’s strategy is to “stick with good rocks” in jurisdictions with rule of law and long-term runway.

• Gold vs. Crypto:

  “I think crypto and gold can exist together. Digitization will actually open new markets for gold.” (36:53, Boyd)

• Retail Gold Demand:

  • Cramer quips about buying gold at Costco—which sells out quickly:

    “What Costco is selling is a 1 oz gold maple leaf, and that maple leaf contains 100% of the gold in that coin comes from our Detour Lake mine.” (37:59, Boyd)

• On whether gold is just “catching up”:

  “Gold’s up a total of 1400% since 2000…The annualized CAGR is almost 11%. It’s done well, but done well very quietly.” (38:48, Boyd)

6. Lightning Round & Safety vs. Growth

[41:14–44:06]

• Sample Lightning Round Takes:
  • International Flavors & Fragrances (IFF):

    “Sales are flat. There’s really nothing I can say that’s good about it. It has no growth and that’s disappointing.” (42:15, Cramer)

  • New Fortress Energy:

    “Take out your cost basis tomorrow and you can let it run.” (42:55, Cramer)

  • Soundhound (AI voice tech):

    “It’s up a great deal. It's not making money. I would take a little bit off tomorrow and let the rest run.” (43:28, Cramer)

7. Rethinking “Safety Stocks”

[44:06–47:31]

• Cramer argues that traditional consumer “safety stocks” (Clorox, Campbell’s, Kraft Heinz, etc.) now lack the defensive value they once provided:

  “There’s no safety in these stocks. Same goes for many of the pharmaceutical companies… But the tremendous growth stocks are hanging in there like champions. This is a complete inversion of how things were when I first started out in the business.” (45:33, Cramer)

• Key message:

  “The only safety out there is growth. Because these days the traditional safety stocks… always seem to be on vacation.” (46:41, Cramer)

Notable Quotes & Memorable Moments

• On dot-com vs. AI comparisons:

  “I hate that analog…I ran money in the year 2000… The stocks look nothing like those. I know one when I see one.” (03:02, Cramer)

• On AI infrastructure and CoreWeave’s edge:

  “Once they get to the proof of concept stage, it’s overwhelming. There’s over a 90% win rate…” (14:17, Michael, CoreWeave CEO)

• On gold and global instability:

  “When you have uncertainty and instability and disorder, gold is king. And that's where we are.” (33:45, Boyd)

• On the function of growth stocks as the new “safety” plays:

  “The only safety out there is growth.” (46:41, Cramer)

Timestamps for Key Segments

• [01:39] Breakdown of "Three Economies"
• [04:25] AI/Data center stocks vs. dot-com comparison
• [06:57] Real economy struggles, the need for rate cuts
• [08:50] Callers: Index funds vs. stock picking & speculation risks
• [12:09] Interview: Michael, CEO of CoreWeave
• [18:12] CoreWeave’s strategy on infrastructure value
• [23:59] Technical analysis and market bubble talk (Joe Fahmy)
• [25:10] Comparison of today’s market to “1997” of the dot-com run
• [30:57] Broadcom: to buy or not to buy more?
• [32:51] Interview: Sean Boyd, Agnico Eagle Mines – the gold surge
• [36:53] Gold vs. crypto
• [41:14] The Lightning Round (caller Q&A)
• [44:06] Rethinking “safety stocks” and why growth now equals defense

Episode Takeaways

• The so-called “bubble” in AI/data centers is unlike the dot-com era; real earnings, real demand, and deep pockets set these companies apart.
• The “real” economy is struggling, and needs policy help, while speculative froth persists mainly among loss-making tech and “story” stocks.
• Gold and gold miners are thriving due to central bank demand, inflation fears, and limited new supply—even as gold competes with crypto for investment flows.
• Traditional “safety” stocks can’t be relied upon—growth names now provide the true defensive characteristics in modern market cycles.
• Cramer remains bullish on selective, innovative companies and urges listeners to be cautious of retail-driven speculation.