Mad Money w/ Jim Cramer 11/11/25 – Episode Summary

Episode Overview

In this episode (aired November 12, 2025) of Mad Money, Jim Cramer declares the end of the “era of magical investing” dominated by artificial intelligence and speculative data center plays, shifting focus to investments based on profits and sound fundamentals. Cramer shares insights on market patterns, explores the risks building in the AI sector, highlights alternative growth opportunities, and hosts a special Veterans Day interview with Jim Tanklin, CEO of Lockheed Martin, discussing the value of hiring veterans. Technical analyst Bob Lang joins for a chart-based strategy session, and Cramer fields caller questions in his signature Lightning Round.

Key Themes and Insights

1. The End of “Magical Investing” in AI and Data Centers

• Market Shift: Cramer points to recent market action—Dow up, S&P up slightly, but Nasdaq (and AI/data center stocks) down—as evidence that “the easy money may have been made” in AI.
  • "The year of magical investing may be drawing to a close… the easy money may have been made. Maybe the magic’s starting to fade away." (Jim Cramer, 02:12)
• Risks Emerging:
  • Debt Concerns: OpenAI’s potential need to borrow “hundreds of billions” to fulfill obligations signals increased risk.
    • "Until now, this data center build-out was done with cash, not debt... But once you see tons of debt getting involved, everything’s more risky, everyone’s more vulnerable." (Cramer, 03:46)
  • Build-Out Delays: Companies like CoreWeave are missing targets, showing infrastructure challenges.
  • Government Backstop Fear: OpenAI’s CFO Sarah Friar’s mention of possible federal guarantees riled investors.
    • "Suddenly, instead of OpenAI being the invincible godfather of AI, it joined the ranks of Humpty Dumpty." (Cramer, 07:09)
• Narrowing Winners: Cramer predicts fewer winners among AI/data center stocks, with many former high-flyers set to underperform.

2. Investment Strategy Shift

• Diversification Call: Cramer urges investors to move beyond AI and data centers, seeking growth in overlooked sectors.
  • "In this kind of environment, you need to start diversifying into other growth areas." (Cramer, 08:57)
• Own, Don’t Trade Nvidia: Despite concern over SoftBank’s sale of its Nvidia stake, Cramer says to “own, not trade” Nvidia if convinced in the data center build-out.
• IPO Market as Salvation: OpenAI could "raise hundreds of billions of dollars" through a public offering, potentially extending the AI boom.
• Focus on Profits: "Investing not as if by magic, but as if by profits." (Cramer, 09:00)

3. Veterans Day Feature: Lockheed Martin Interview

Why Hire Veterans?

• Jim Tanklin (CEO): Veterans bring teamwork, accountability, and leadership — all essential for operational success.
  • "Veterans have great attributes... teamwork, responsibility and accountability, and leadership." (Jim Tanklin, 15:38)
• Roles at Lockheed: Veterans fill jobs from mechanics to managers, even up to ex-generals.
• Company Commitment: 20% of Lockheed's workforce are veterans or active service members; $8 million donated to veteran nonprofits last year.

Industry Comparisons & Defense Technology

• Stan for Boeing: Cramer presses Tanklin on whether Boeing’s troubles relate to corporate culture; Tanklin responds diplomatically affirming both companies seek top talent, including vets.
• Manned vs. Unmanned Systems: Lockheed works on a range from drones to AI-piloted aircraft, adapting “manned-unmanned” mixes consistently.
  • "We've got an F16... that can be flown autonomously. The other thing... [is] the Black Hawk... pilot-optional... can fly this helicopter off a tablet." (Tanklin, 19:15)
• Ukraine Conflict Lessons: Faster feedback needed for tech improvements; Lockheed helped quickly update Aegis radar systems with AI-driven software to respond to evolving threats.
  • "Satellite download AI-driven updates changed the game in the Red Sea for the US Navy." (Tanklin, 21:11)

Market Commentary and Technical Analysis

1. Market Trends Off the Charts (w/ Bob Lang)

• S&P 500: Still in a clear uptrend, making “higher highs, higher lows.” (Cramer, 24:27)
• Small Caps: Despite recent trouble, Russell 2000 uptrend intact.
• Junk Bonds (HYG): Junk bond prices correlating with equities—rising “higher highs”—are a bullish sign for risk assets.

2. Stock Picks and Technical Patterns

• Meta Platforms (META):
  • Corrected sharply, oversold, but showing signs of a base. Potential to "run past 700 by the end of the year." (Cramer, 28:50)
• Starbucks (SBUX):
  • Range-bound, but multiple bullish signals (MACD crossover, Morningstar pattern, positive Chaikin Money Flow) suggest turnaround potential.
  • "Starbucks is building a nice base here. And if the stock can break out above 90... it could roar." (Cramer, 30:52)
• Intercontinental Exchange (ICE):
  • Stabilizing after heavy selling; near-term risk, longer-term upside as a 2026 story.

Caller Q&A and Lightning Round Highlights

1. Stocks in Focus

• ELF Beauty (ELF):
  • Cramer surprised by persistent weakness; sees value at $4.6 billion market cap, calls it a “buy.” (09:55)
• Applovin (APP):
  • Cramer supports holding or adding: “AppLovin is an amazing company... knows how to make money better than almost any company on earth.” (11:20)
• GSI Technology:
  • Cautious on recent speculative run-up. Intriguing tech (AI chips), but limited revenues and unproven demand. Not a buy. (36:42+)
  • “There's a long list of AI-related chip companies that have real businesses and real revenue... GSI isn't worth sticking your neck out. At least not this time.” (Cramer, 39:41)

2. Other Caller Stocks and Rapid Takes

• Amphenol (APH): Still a growth winner, not expensive relative to its trajectory. (41:47)
• Aquestive Therapeutics (AQST): Speculative, likes pipeline but notes the risks. (42:48)
• Joby Aviation (JOBY): Loves the idea, but losses too steep — not a buy for now. (44:01)

Special Segment: Consumer Packaged Goods (CPG) and Defensive Stocks

• Cramer signals a possible generational bottom in CPG names as dividends become more attractive compared to bonds.
• "Peak inflation would drive their costs down... undervalued winners." (Cramer, 45:16)
• Notables: Procter & Gamble (PG), Kimberly-Clark (KMB), Clorox (CLX), General Mills (GIS), Johnson & Johnson (JNJ), Amgen (AMGN).
• Cautious on food names unless betting on takeovers due to “weight-loss drug” headwinds.

Notable Quotes & Memorable Moments

• Cramer on AI Euphoria:
  “Maybe the magic’s starting to fade away. It’s not 1999 goes to 2000… but things have gotten out of hand for the moment.” (02:12)

• Cramer on investing discipline:
  “I’m proclaiming that for the rest of the year it’s the era of investing not as if by magic, but as if by profits.” (09:00)

• Jim Tanklin (Lockheed) on hiring veterans:
  “Everything in the military is done as part of a team... you just gotta get it done... Leadership is not a rank... it’s earning that leadership role by how you treat people.” (16:29)

• Caller Mike on Carvana:
  “The last record flag I gave you was Carvana two years ago. It went from $4 to $400. Now... with nearly 45% high short interest, it's a nice gamma squeeze candidate.” (32:54)

Timestamps for Major Segments

| Timestamp | Segment | |-----------|---------------------------------------------------------------------------| | 02:12 | Cramer opens on end of AI/data center “magical investing” | | 09:46 | First Lightning Round (ELF, Applovin) | | 14:39 | Veterans Day Segment – Jim Tanklin Interview (Lockheed Martin) | | 24:27 | Technical Analysis Market Check (w/ Bob Lang) | | 32:45 | Caller Mike on Carvana (deep-dive Q&A) | | 36:42 | Cramer revisits GSI Technology (speculative AI chip maker) | | 41:22+ | Lightning Round (Amphenol, Aquestive, Joby Aviation, others) | | 45:46 | CPG/Pharma sector bottom fishing advice |

Conclusion & Takeaways

Jim Cramer delivers a clear warning that the days of easy, “magical” returns in speculative AI and data center equities appear over; it’s time to focus on fundamentals and seek profits, not dreams. He spotlights the increasing risks hidden in the AI sector, advocates for diversification, and singles out undervalued areas like CPG, pharma, and established growth names. The episode’s dialogue with Lockheed Martin’s CEO underscores the real-world value of veterans in business. Technical analysis suggests bargains in select large caps (Meta, Starbucks, ICE), while the Lightning Round reinforces Cramer’s preference for quality and skepticism toward speculative hype. The overall message: Adapt strategies for a shifting market, pay attention to risk, and remember—not every hot sector will stay hot forever.