Mad Money w/ Jim Cramer (11/25/25)

Hosted by CNBC | November 25, 2025

Episode Overview

In this dynamic episode, Jim Cramer navigates the latest seismic shifts in the tech sector, particularly focusing on the AI wars between Google’s Gemini and OpenAI’s ChatGPT, the implications for Wall Street’s "Magnificent Seven," economic indicators that could move the market, and deep dives into the state of key companies like Six Flags and Kimco Realty. Cramer’s trademark Lightning Round delivers rapid-fire stock opinions, while he also sounds caution over an increase in IPO and insider activity that could threaten the bull market.

Key Themes & Discussion Points

1. The AI Arms Race: Gemini vs. ChatGPT

Timestamps: 01:54–09:40

• Google’s debut of Gemini 3 is seen by Cramer as the largest threat to ChatGPT and OpenAI to date. Cramer documents his personal experience migrating from ChatGPT to Gemini, citing major improvements echoing influential figures like Salesforce’s Marc Benioff.

• Quote from Cramer (02:45):

  "You just get hit by a tech lightning bolt. That’s how I felt about ChatGPT… But with this Gemini 3, there’s a real breakout in the stock. The implications here, both positive and negative, are enormous."

• Marc Benioff’s Viral Endorsement of Gemini 3:

  “Holy ass. I’ve used chatbots every day for three years…just spent two hours on Gemini 3. I’m not going back…the leap is insane.” (quoted by Cramer at 03:29)

• Market Impacts: Alphabet (Google) stock surges on the news, up 68% on the year, “a real rocket ship,” while Broadcom, a chip partner for Gemini, also rallies. Cramer highlights possible negatives, especially for OpenAI and its major business partners, including Oracle, as Gemini disrupts a previously unchallenged space.

• The Semiconductor Angle:
  Nvidia takes an initial hit despite blowout earnings due to fears it could be sidelined. However, geopolitical developments around potential sales to China trigger a stock rebound during the session.

2. Wall Street’s “Magnificent Seven” and Broader Tech Rally

Timestamps: 06:36–09:30

• Cramer reviews the week’s performance among leading tech names:

  • Amazon: Up 2.5%, driven by a JPMorgan report noting strength in its core retail business.
  • Tesla: Up nearly 7% for the day, as the story shifts from vehicle woes in China to Elon Musk’s AI and automation ambitions.
  • Apple: A “biggest winner” as Google pays $20 billion to be the iPhone’s search option. Cramer speculates about similar deals for AI services.
  • Meta and Microsoft: Quiet, but positive on market momentum.

• Quote from Cramer (09:00):

  “We have to recognize that Gemini is the biggest threat to ChatGPT we’ve seen so far… the emperor better have something better, something to strike back.”

3. Economic Data Preview: What Could Move the Fed

Timestamps: 11:26–18:05

• Cramer prepares listeners for a major economic data dump, delayed due to the government shutdown:

  • Inflation: Producer Price Index (PPI) at 8:30 a.m.; Wall Street expects 2.6% growth. “A huge win for the stock market” if it’s lower.
  • Retail Sales (also 8:30 a.m.): Expected at 0.4% growth.
  • Consumer Confidence (10 a.m.): Most recent reading expected to be 93.4, watch for surprises.
  • Housing Data: Multiple metrics at 9 a.m. and 10 a.m. give insight into price relief and market turnover.

• Fed Rate-Cut Odds:

  • Decision remains a “close call”—Cramer notes a possible 6–6 tie among FOMC members.
  • Data could tip the balance either way.

• Quote from Cramer (17:15):

  “The upcoming Fed decision is why tomorrow’s economic data dump is so important even when a lot of these numbers are stale.”

4. Six Flags Deep Dive: Can Travis Kelce (and Jana Partners) Save the Company?

Timestamps: 19:41–28:48

• Company Woes Post-Merger:
  The merger with Cedar Fair, anticipated to be synergistic, instead resulted in a collapse—stock down 73% since last July. Poor attendance, operational failures, and consumer weakness (especially among lower-income families, the park’s core audience) have plagued results.

• Notable Incident:
  “Sirens Curse” ride at Cedar Point suffered breakdowns, with viral images of stranded guests (22:19).

• Activist Involvement:
  Jana Partners, with NFL star Travis Kelce, disclosed a 9% stake. Though Kelsey’s participation may be mostly for clout, his name generated an 18% pop when announced. Gains quickly faded after a poor Q3 report.

• Leadership Shakeup:
  Incoming CEO John Riley (from Palace Entertainment and SeaWorld) to start December 8. Optimism for a turnaround, but challenges persist: high leverage (6.3x) and urgent need to improve operations.

• Quote from Cramer (25:15):

  "While Six Flags new management should be able to turn things around… I wouldn’t stick your neck out in this one unless you’re willing to be incredibly patient."

5. Kimco Realty Interview: Value in Shopping Center REITs

Timestamps: 28:48–36:30

• Connor Flynn, CEO of Kimco Realty:
  Discusses how Kimco has outperformed, beating and raising guidance three times this year, despite retail bankruptcies in some tenants (Party City, Rite Aid).

• Resilience to E-Commerce:
  Flynn argues that top e-commerce retailers (including Amazon’s Whole Foods, TJX) are all tenants, and physical retail is an irreplaceable last-mile fulfillment channel.

• Supply and Demand Favor Retail REITs:
  Only 0.3% of national retail space under construction, far less than office space—supply constraint gives pricing power (33:16).

• Quote from Flynn (33:09):

  "The nice part about our business is we have all this embedded value that we’re unlocking. So parking lots for us, we think of as like future upside."

• Cramer’s Verdict:
  Strong buy case for Kimco for yield-seeking investors (36:08): "I think everyone, especially people…should be thinking about a 5% yield to replace a high-flyer."

6. The Lightning Round: Rapid-Fire Stock Opinions

Timestamps: 36:36–43:18

• Cramer’s high-energy segment covers diverse stocks:

  • Hold: Howmet Aerospace, FTAI Aviation, JE Jacobs Solutions
  • Wait Before Buying: Marvell Technology (await “takeover fluff” to subside)
  • Not Recommended: Astera Labs (too expensive at 82x earnings)
  • Cautiously Optimistic: Iron Mountain (sell into any bounce), Rocket Lab (speculative buy here)
  • Positive Surprise: Lemonade (as an insurance disruptor)
  • Buy: Spotify, citing its subscription model and value

• Notable Quote (38:18):

  “Marvell is a winner… I want to wait for that fluff… I’m not going to recommend the stock up $6.”

7. The Threat to the Bull Market: Supply, IPOs, and Insider Selling

Timestamps: 43:37–47:48

• Cramer’s Chief Concern:
  Too many IPOs and insider selling could swamp demand, recalling what “slays bull markets.” 194 IPOs YTD, raising $36 billion, brings echoes of pre-2022 bear market conditions.

• Warning Signs:
  Several of this year’s biggest IPOs already substantially underwater:

  • Venture Global: Down from $25 IPO to $7
  • Figma, SailPoint: “Round-tripped” or disappointed
  • Heavy insider selling at Figma, SailPoint, CoreWeave noted as caution signals.

• Quote from Cramer (44:13):

  “Never forget what really slays bull markets. Supply. Once we have more supply than we can handle, we’re headed straight to the slaughterhouse.”

Memorable Quotes

• "You have to recognize that Gemini is the biggest threat to ChatGPT we’ve seen so far. There’s simply no two ways about it."
  — Jim Cramer (09:03)

• "When you’ve got 80% of fund flow dictating share price, and 90% of all REITs are trading out of favor… focus on what you can control."
  — Connor Flynn, Kimco Realty CEO (29:51)

• "IPO Class of 2025 is a decidedly mixed bag… Too many deals, you get too much real turmoil. We don’t have that yet, but stay vigilant."
  — Jim Cramer (47:16)

Timestamps for Major Segments

• AI & Tech Market Analysis: 01:54–09:40
• Economic Data Preview & Fed Watch: 11:26–18:05
• Six Flags Analysis: 19:41–28:48
• Kimco Realty Interview: 28:48–36:30
• Lightning Round: 36:36–43:18
• Supply, IPO, and Insider Selling Concerns: 43:37–47:48

Tone & Style

Cramer is characteristically high-energy, candid, and direct—mixing humor, skepticism, and bullishness throughout. He provides both nuanced market analysis and actionable takeaways for everyday investors.

Summary Takeaways

• Tech Disruption Is Accelerating: Google’s Gemini AI has catalyzed a fierce race in generative AI, with market ramifications across the Magnificent Seven.
• Economic Data Holds the Key: Inflation, retail, and housing data will quickly shape the Fed’s next move and market trajectory.
• Stocks: Select opportunities exist in retailers and REITs (Kimco), but patience is vital in deeper turnaround plays (Six Flags).
• Watch for Market Headwinds: Cramer’s warning on new supply—via IPOs and insider sales—serves as a note of caution as bull market fatigue could set in.

For listeners and investors, this episode is a must for context on the AI revolution’s Wall Street impacts, insight into turnaround situations, and a dose of Cramer’s disciplined, opportunity-seeking philosophy.