Mad Money w/ Jim Cramer – November 6, 2025

Main Theme & Purpose

This episode of Mad Money was broadcast live from Harvard Business School, featuring Jim Cramer's signature mix of market analysis, investment philosophy, and candid Q&A. The main focus was on developing the skills and mindset required to succeed as a long-term investor, particularly in volatile markets. A centerpiece was Cramer’s in-depth interview with Larry Culp, the highly respected CEO of GE Aerospace, about corporate turnarounds, the breakup and rebirth of General Electric, and broader lessons for leaders and investors. The show also included Cramer’s analysis of big tech, the Magnificent Seven, healthcare M&A, quantum computing, and the impact of large corporate mergers, capped by a high-energy Lightning Round.

Key Discussion Points & Insights

Investing Mindset: Trust, Fear, and Opportunity

• Navigating Volatility: Cramer emphasized that successful investing isn’t about reacting to daily market swings but cultivating discipline, patience, and faith in long-term winners.

  “We all too often celebrate those who got it right for A day betting against tremendous companies instead of celebrating those who got it right by owning and hitching their star to long-term winners and making big money through the power of compounding.” (Jim Cramer, 02:02)

• Market Corrections as Opportunities: He cited the prior day’s market dip, explaining why broad sell-offs often wrongly punish good companies, presenting opportunities for those who keep their cool.

  • Example: Shopify’s stock fell in sympathy with Palantir’s drop, despite strong fundamentals and positive outlook for the holiday season. McDonald's, despite negative headlines, outperformed after adapting to consumer needs by cutting prices.

  “If you trust the market... a day like yesterday can be the way you finally get a chance to start wading in. Not all at once, that's for fools, but gradually, as we saw today, yesterday was a good time to start buying.” (Jim Cramer, 07:36)

Q&A with Harvard Students

Concentration in AI & Semis – Are We Unhedged?

[09:04]

• Q (Kailey, Illinois): Are big AI and semiconductor stocks "just momentum plays," and what if their monetization doesn't pan out?
• A (Cramer): He argued these are not mere momentum stocks—many still trade below market multiples (e.g., Meta, Google, Nvidia, Amazon, Apple). Unlike speculative derivatives and quantum/data center plays, “these are the best companies in the world. They're nation states with good balance sheets. They're not momentum plays.”

  “It's the quantum plays that's the problem. It's the nuclear plays that's promised, the derivative data center plays at the problem... Not these big tech conglomerates.” (Jim Cramer, 09:38)

Health Care M&A Outlook

[10:27]

• Q (Julian, NY): In rising M&A markets, are big pharma (buyers) or biotech (sellers) more attractive?
• A (Cramer): He highlighted the challenge in biotech (“so picked over”), naming Amgen as a likely buyer and Eli Lilly as the standout.

  “In the end, there's Eli Lilly and there's everybody else.” (Jim Cramer, 10:35)

In-Depth Interview: Larry Culp, CEO of GE Aerospace

[15:04–24:31]

Taking On the GE Challenge

• Culp discussed the daunting situation at GE prior to his takeover: $100+ billion in debt, operational chaos, existential risk.

  “We were really there looking at probably in excess of $100 billion of debt we really couldn't carry.” (Larry Culp, 16:59)

Hard Choices: Restructuring and Survival

• The pivotal move was selling GE’s biopharma business for $21 billion, providing a crucial cash buffer as COVID loomed.

  “The check came in literally a week before the world stopped...If we hadn’t seen that through, I can’t even fathom what would have happened.” (Culp, 17:54)

The Vision for Splitting GE

• The breakup into GE Aerospace, Vernova, and Healthcare required intense focus on deleveraging and operational excellence before any structural change was viable.

  “We needed to focus on the deleveraging. We needed to focus on core operations and leave for another day those strategic conversations.” (Culp, 18:13)

Revitalizing Power—and “the New Conglomerate”

• Culp pushed back against critics who wrote off GE’s power division, championing basic operational rigor (safety, quality, delivery, cost), which positioned the group for resurgence tied to the AI buildout.

  “Day by day...focusing on safety, quality, delivery and cost, they got that business back up on its legs.” (Culp, 19:05)

• On conglomerates: True value comes from focus on the customer, not just internal synergies. Modern conglomerates (like Alphabet and Amazon) differ fundamentally from industrial predecessors.

  “When you’re big and when you do a lot of different things, sometimes that focus can come in house....It’s all about synergies, perhaps, rather than real value creation in the eyes of customers.” (Culp, 20:27)

Continuous Improvement & Government Relations

• GE’s “lean” focus is neverending; inspired by Toyota/Kaizen, compounding small gains. Culp credited strong government support in aerospace, emphasizing trade surpluses and bipartisan policy benefits.

  “Continuous improvement...if we take an honest look in the mirror...the compounding effect there can be pretty significant.” (Culp, 22:13) “US aerospace enjoys a $75 billion annual trade surplus...zero for zero tariff regime...sets America up to continue to lead in aerospace all around the world.” (Culp, 23:01)

Career Advice for Students

• “Be substantive. In the age of PowerPoint and social media...it's too easy...to be superficial. But be substantive in what you do...it’s still scarce in the work world today.” (Culp, 24:05)

The Appeal of Turnaround Stories

Cramer reflects on why GE’s turnaround is so important—and rare

• Transformation led by strong, visionary CEOs (e.g., Culp at GE, Joyner at CVS, Breen at DuPont, Kapoor at Honeywell, Hayes at RTX, Dillon at Ulta) delivers value outside tech—but misses are common and hard to predict (e.g., Foot Locker, Nike).

  “Most CEOs are content to just keep doing what they've been doing with some tweaks…But when they do something major, it can be dazzling.” (Cramer, 27:01)

• Despite non-tech successes, tech still dominates as the “Magnificent Seven” are the only consistent growth giants.

  “In the meantime, there's nothing wrong with falling back on big tech and the Magnificent Seven, the only assured growth behemoths in the entire market.” (Cramer, 29:00)

Emerging Tech & Sector Questions

Quantum Computing

• Only IBM and Google are real quantum plays now—everything else is speculation, years from practicality.

  “There are only two quantums right now that are actually real. One is IBM and the other is Google...IBM's got something that's gonna work in the next year or two.” (Cramer, 29:02)

Pfizer: Buy or Not?

• Despite its reputation and low valuation, Cramer says Pfizer is not a buy due to lack of a growth engine and disappointing acquisitions/results.

  “It is what I call an uninvestable situation.” (Cramer, 30:21)

Skyworks Solutions/Qorvo Merger – Phil Brace Interview

[32:02–38:12]

• Deal Rationale: The $22B Skyworks/Qorvo merger was lauded for its strategic complementarity, scale ($7.7B revenue), and new market reach (defense, auto, IoT). Both stocks rallied post-announcement.

  “The combination...gives us access to a whole new set of markets in defense and aerospace and automotive, IoT…I couldn't be more excited.” (Phil Brace, 32:42)

• Minimal Overlap: Products are more complementary than expected, enabling a larger “dollar per phone” capture and less revenue volatility.

  “The complementary nature of the technology portfolio should give us increased scale, less volatility, more predictability.” (Brace, 33:28)

• China Regulatory Risks: Confident in regulatory approval due to market competitiveness and shrinking China exposure.

  “In general, the customer support's been good. The combination is complementary and we're gonna take a deliberate methodical approach to get through regulatory and I think there should be a path here.” (Brace, 36:44)

• Beyond Handsets: Cramer pressed for growth outside smartphones—Brace highlighted automotive, data centers, and, crucially, defense/aerospace as new engines.

• Jobs: There will be some duplication from the merger, but intention is to increase investment and remain competitive in the US.

Lightning Round Highlights

[38:46–41:46]

• Henry Schein (healthcare): Private equity involvement looks positive; company’s last quarter “really good.” (39:17)
• Career advice for HBS students: Storage tech sector. “We just don’t have enough storage.” (Cramer, 39:43)
• Bloom Energy: Former doubts overcome; business has clicked, stock going higher. (39:55)
• Tyler Technologies: Still too expensive; “hold off.” (40:31)
• Boeing: Recent results positive, under $200 a buy; “buy Boeing in size.” (40:46)
• Tesla: Trades not as auto, but as robotics/AI platform; “as long as [Elon Musk] wins that shareholder vote and stays, the stock can go up much higher.” (41:14)
• Chipotle: Too expensive, “not executing well.” (41:24)

Earnings/CEO Segment: Axon Enterprise (Rick Smith)

[42:39–47:44]

• Earnings “Miss”: Not a true miss; GAAP EPS impacted by high stock compensation and tax accounting, but adjusted EBITDA hit targets and profitability remains.

  “If you actually get rid of all the weird gap stuff, adjusted EBITDA is 25%. So we're maintaining profitability and still growing our seventh consecutive quarter over 30%.” (Rick Smith, 43:56)

• Tariffs: Managed impact; did not hurt operating results as feared.

• Prepared911 Acquisition: Upgrading US 911 infrastructure, using AI to boost efficiency and automate non-critical tasks.

  “240 million phone calls to 911...Most modern technology stack. Can layer in an AI agent that helps the human.” (Smith, 44:43)

• Competitive Threats: Not worried about Motorola; focusing on customer needs and tech lead.

Notable Quotes & Memorable Moments

• On investing during volatility:

  "What's the best course of action when you have days like yesterday? ... find a stock you like ... It's time to buy Shopify, not sell it. Or how about a stock like McDonald's? ... What matters is how they respond to the darn challenge." (Jim Cramer, 04:24–06:27)

• On GE’s turnaround:

  "We were really there looking at probably in excess of $100 billion of debt we really couldn't carry." (Larry Culp, 16:59)

• On conglomerates:

  "What matters most is focus on the customer. And when you're big and when you do a lot of different things, sometimes that focus can come in house." (Culp, 20:26)

• On continuous improvement:

  "Go back to lean, go back to Toyota, go back to Kaizen. This idea of continuous improvement...the cumulative, the compounding effect there can be pretty significant." (Culp, 22:13)

• On substantive work:

  "Be substantive. It's too easy in the age of PowerPoint and social media...even when you don't mean to be." (Culp, 24:05)

• On sticking with visionaries:

  “A corporate turnaround is harder than it looks. That's why you find an exec, you can pull it off. You stick with them.” (Cramer, 30:30)

• On the future of quantum computing:

  “There are only two quantums right now that are actually real. One is IBM and the other is Google.” (Cramer, 29:02)

• On Tesla:

  “It’s entirely trading as if it’s on autonomous drive and on robot, and therefore you got to own it.” (Cramer, 41:14)

Timestamps of Important Segments

| Time | Segment Description | |----------|-----------------------------------------------------------------| | 01:17 | Cramer’s intro, mission, and setup | | 04:24 | Discussion on market psychology, fear vs. opportunity | | 06:27 | Shopify & McDonald’s as case studies | | 08:42 | Q&A: AI/semis concentration | | 10:24 | Q&A: Health Care M&A | | 15:04 | Larry Culp (GE) Interview begins | | 16:59 | Culp on GE’s existential threat, balance sheet | | 17:53 | Key asset sale (Biopharma) prior to pandemic | | 18:11 | When the three-way split became possible | | 19:33 | Discussion on conglomerates’ future | | 20:51 | Operational transformation of GE Aerospace | | 22:13 | Kaizen, continuous improvement | | 23:01 | Government relations under Trump administration | | 24:05 | Culp’s advice for students: "Be substantive" | | 27:01 | Cramer on value creation CEO stories | | 29:02 | Quantum computing outlook | | 30:21 | Pfizer “uninvestable” | | 32:02 | Phil Brace (Skyworks) interview | | 35:59 | China outlook/Skyworks-Qorvo merger compliance | | 37:49 | Skyworks: Impact on US jobs | | 38:46 | Lightning Round begins | | 41:14 | Tesla outlook | | 41:24 | Chipotle – Too expensive, not executing | | 42:39 | Axon CEO Rick Smith interview | | 44:14 | Tariffs/earnings clarification | | 44:43 | 911 acquisition rationale | | 45:58 | Customer adoption, modernization of 911 | | 47:07 | Motorola competition | | 47:46 | Show wraps, Cramer’s closing |

Takeaway

This episode was a master class in managing through market noise, keeping a long-term focus, and recognizing transformative leadership. Cramer’s conversations with Larry Culp demonstrated the power of bold, focused execution, while his market analysis delivered practical wisdom for investors navigating uncertain times. The extended Q&A, timely interviews, and rapid-fire Lightning Round provided actionable insights for investors across experience levels.

For investors and aspiring business leaders:

• Seize opportunity in panic, not in euphoria.
• Study and back real corporate turnarounds—they are rare but can be hugely rewarding.
• Don’t fall for the hot sector; do your homework.
• Tech dominance continues, but real value is still being created by visionary leaders outside the glamour sectors.

Notable Quote for All:

“Be substantive in what you do. And I think that's still scarce in the work world today. And as a result, if you can do that, I think you'll do just fine, whatever path.” (Larry Culp, 24:05)