Mad Money w/ Jim Cramer 1/21/26

Summary

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Mad Money w/ Jim Cramer

Episode Air Date: January 22, 2026

Host: Jim Cramer (CNBC)
Main Theme: Navigating a Wild Political and Market Landscape — Greenland Drama, Trump’s New Market Impact, AI’s Achilles’ Heel, IPO Avalanche, and Key Earnings Insights

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Overview

This episode plunges listeners into a turbocharged Wall Street week driven by unprecedented market volatility, stemming largely from erratic political developments, particularly President Trump’s rumored Greenland ambitions and direct economic interventions. Cramer examines the outsized influence Trump 2.0 wields on daily trading, explores how AI’s new titans shape market tides, discusses risks posed by fresh waves of stock supply, and features deep dives with industry heavyweights like Johnson & Johnson. Regular features like the Lightning Round give listeners actionable, rapid-fire takes on hot stocks.

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Key Discussion Points & Insights

1. The “Greenland Effect”: Political Volatility and Market Surges

• Stock Market’s Wild Ride:
  • The market soared after President Trump publicly promised not to invade Greenland or levy new tariffs, calming geopolitical jitters.
  • “[The stock market] rallied today because we didn't attack Greenland, we didn't send the 101st Airborne into Copenhagen... President Trump said there ain't going to be no war no more…” (Jim Cramer, 01:42)
  • Dow up 589 points, S&P +1.16%, Nasdaq +1.18% ([02:20])
• Presidential Market Sways:
  • Cramer highlights how Trump’s unique, interventionist style means “the stock market is more important than anything” he does, except interest rate moves.
  • Trump’s unpredictability is both peril and opportunity:
    • “[He’s] giving you so many buying opportunities in this game of international domestic chicken since he took over that all you gotta do is just…wait for the hot ones and then do some buying.” (Cramer, 07:43)
• Greenland “Peace Dividend”:
  • Homebuilders and retailers pop after invasion and tariff fears cool off.

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2. Presidential Actions & Direct Impacts: Executive Orders and the Economy

• Housing Moves:
  • Trump signed an executive order banning corporate home buying—Cramer doubts legality, but notes market ignores checks-and-balances ([06:50]).
  • Reiterated 10% cap on credit card rates—seen as a negative for banks/credit card industry.
• Cramer’s Take:
  • “In this world of presidential intervention, you need to know two things. One, the President is the best bully pulpit in the world. And two, he can go to war, but the world ends tonight.” ([07:12])

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3. Feature Interview: Joe Walken, CFO of Johnson & Johnson

• Big Pharma Resilience:
  • J&J's 2026 outlook looks better than 2025, with strong revenue, robust pharmaceutical growth, and pipeline depth.
    • “A number of cards turned over and not only did we get face cards, I think we have some aces in there…base products…growing around 15%.” (Joe Walken, 13:40)
  • Vision care is a standout business, with impressive contact lens and vision surgery growth ([15:20]).
• M&A as Catalyst:
  • $54B in acquisitions in the past three years, bolstering cardiovascular and pharma pipelines ([16:37]).
• Neuroscience Innovation:
  • New drugs (like Capillarita for mood disorders and schizophrenia) set to bring in $5B+ and transform care ([17:14]).
• Government/Regulation Impact:
  • Trump’s “Most Favored Nation” (MFN) deal reduced drug costs but had less negative effect than feared.
  • $55B earmarked for US investments over four years, attributed to favorable tax/industrial policy ([18:35]).
• Litigation Strategy:
  • J&J stands firm on defending against “meritless claims,” emphasizing innovation over legal distractions.
• Cancer Breakthroughs:
  • “We had some outstanding data come out multiple myeloma...the outcome is 83% progression free survival after one year.” (Walken, 21:34)

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4. AI & Data Center Mania: OpenAI in the Hot Seat

• OpenAI’s outsized risk:
  • “Open air has become the Achilles heel of the AI data center complex.” (Cramer, 39:08)
  • Skyrocketing commitments ($1.4T over 8 years), but revenue lags behind ambitions; questions swirl after Gemini 3 launch from Alphabet and Anthropic’s “Claude Code” winning enterprise share ([25:52]-[32:42]).
  • Ongoing Elon Musk lawsuit ($134B damages sought) poses existential risk.
• Key Question:
  • Can OpenAI raise the rumored $100B at an $800B valuation? If not, it could drag down the whole data center/AI “arms dealer” cohort and even the wider market ([36:20]).

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5. Market Risks: Tsunami of New Stock Supply

• IPO & Secondary Wave Looms:
  • Resurgent IPO market threatens an historic flood—Databricks, SpaceX, Anthropic, and potentially OpenAI on tap.
  • Massive new issues could drain liquidity and spark a selloff:
    • “When the market often gets hit with a flood of new supply...the flood hasn’t hit yet, and we don’t know how serious it will be. But there’s a very good reason to believe that it’s coming sometime this year.” (Cramer, 40:10)
  • Recent secondary offerings, insider selling, convertible bond deals flag additional risks.

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6. The Lightning Round (Rapid-fire Stock Takes)

• Notable Calls:
  • Barrick Gold / Agnico Eagle: Cramer is a “Gold Bug”—buys on pullbacks (08:35)
  • JetBlue: Recommends United Airlines instead ([09:06])
  • DraftKings: Waiting on big state openings (Texas, CA, FL)—stock won’t move until then ([09:44])
  • Opendoor: “You can own one of these [non-profitable] stocks...that’s the one.” ([43:11])
  • Fiverr: Hold—doesn’t lose money, but highly commoditized ([43:37])
  • Robotics/Tesla: Still likes Tesla, hopes for a turnaround ([41:50])

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7. Semiconductors: Memory Chip Mania

• Historic Run in Commodity Semi Stocks:
  • Micron, Western Digital, and similar names exploding as AI demand triggers unprecedented pricing spikes (500%+), while supply remains constrained ([44:19]).
  • Cramer laments missing the move but maintains “discipline trumps conviction.”
  • Warnings about cyclical risks and unknown supply actions from giants like Samsung/Hynix.
    • “I don’t chase parabolic...I’ve abandoned [discipline] before and it’s blown up in my face.” (44:19-47:44)

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Notable Quotes & Memorable Moments

• On Political Ridiculousness Moving Markets:
  • “You really can’t make this stuff up, can you? Yet it’s truth.” (Cramer, 01:56)
• Market as Political Toy:
  • “Only fossil fuels and the derivatives seem to get the President’s unmitigated backing.” (Cramer, 07:33)
• Johnson & Johnson’s Resilience:
  • “By the time we reach 80, about 50% of us will have a cataract...these [J&J] have grown close to 10% in 2025.” (Walken, 15:26)
  • “The American citizens should be applauding the Trump administration. It is worth billions of dollars in reducing drug costs.” (Walken, 18:35)
• On OpenAI as Market Linchpin:
  • “If it can raise enough money, then I’m betting the whole group can roar...but if OpenAI can’t...maybe the whole market [will suffer].” (Cramer, 39:08)
• Discipline, Regret, and Semis:
  • “Discipline trumps conviction. That’s been my watchword...but every now and then, discipline becomes a real killer.” (Cramer, 44:19)
  • “I miss it, I regret it, I got it wrong. Maybe there’ll be a moment to buy some Micron or AMD at a lower price.” (Cramer, 47:00)

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Important Timestamps

• Trump’s Market Impact/Greenland Situation: [01:42] – [07:58]
• Johnson & Johnson Interview: [12:49] – [22:19]
• AI Data Center/OpenAI Risks: [24:06] – [39:08]
• Stock Market Supply Risks (IPOs, Secondaries): [39:08] – [41:01]
• Lightning Round (Stocks Rapid-fire): [41:01] – [43:52]
• Semiconductors Segment: [44:19] – [48:33]

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Conclusion

Cramer’s episode underscores that in the 2026 market, political posturing, AI platform upheavals, and the threat of massive new stock supply matter as much—or more—than classical earnings or Fed moves. He counsels discipline, skepticism, and calculated opportunism, reminding listeners: “My goal on this show is not to judge. It’s to profit.” Stay nimble, attuned to presidential whims, and wary of overhyped new issues—or risk being swept up when the next big shock hits.

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Transcript

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer arca. I'll be with my friends. I'm just trying to make a little bit of money here. My job is not just entertainment, to educate, teach you. Call me 1-800-743- CNBC. Tweet me at Jim Cramer. I'm going to say it even though it sounds ridiculous. This stock market rallied today because we didn't attack Greenland, we didn't send the 101st Airborne into Copenhagen. President Trump said there ain't going to be no war no more and even promised not to hit our allies with tariffs because he, quote, formed the framework of a future deal, end quote, with the Secretary General of NATO. He's optimistic it will happen and will no doubt, I think be the best deal ever in even exceeding the Louisiana Purchase. You really can't make this stuff up, can you? Yet it's truth. As I was waiting to get on TV this morning for squawking the street, the stock futures were weaker. Step by step by inch, they were growing down. Then President Trump spoke, sounding like a man of peace. And then the stocks roared. As I happened, I turned to my colleague David Faber and I said, greenland invasion ruled out. Here comes the futures. And that's exactly what happened. It's insane, people. It really is. But the market only finished up today. Dow rocketing 589 points, S&P closing up 1.16%. Nasdaq finishing up 1.18% as war was table and then a framework for Greenland occupation seems to be in the offing. How the heck did we get to this crazy point? At first I like to play with an open hand. Let me just say I hate talking politics. It's not in my area of interest or expertise. Way too polarizing. For most of my professional clear, politics didn't really matter. Regulators could matter, budget deficit could matter, government shutdowns matter. Most of the time though, the President doesn't have much impact on the stock market, at least on a day to day basis. The last president rarely got involved in the markets except when one of Biden's aides drew up a list of our friends to determine which companies could get in Video's latest chips. His regulators tried to block virtually every merger too. But the White House itself wasn't regularly moving the market. You know the White House see this, they were oblivious to this place. Believe me, even in President Trump's first term, he didn't directly try to move the average except when the economy froze up during COVID This time though, Trump too is so different is crazy. From trade policy to tax policy to capital return policy or military policy ramifications, the stock market are more important than anything other than the direction of interest rates, both the long rate set by the bond market and the short rate set by the Fed. And remember, Trump wants to set those two. There are huge stock market reverberations to almost everything this president does, and I think he knows it. I remember when he called the bottom after Liberation Day fracas, literally by posting on Truth Social that it was time to buy stocks. A great time to buy. David Faber and I were on the desk trying to figure out dispassionately what could happen. Well, it turned out the President was right. It was an amazing buying opportunity. Which brings us to the Greenland imbroglio. The President has been stewing over this Greenland issue for a while. We have a lot of history with Greenland. There's a huge US Air Force base built during the Cold War. It's very important to our nation's defense. Some might argue that we should have sovereignty over such a critical base. But Denmark's a member of NATO and we run Naito. Until very recently, it might as well have been on US soil. But this president doesn't respect Denmark or Naito for that matter. He seems angry at the Whole Scandinavia because he lost out on the Nobel Peace Prize. Look out Oslo. Enough of the history. Yesterday we were concerned that Trump might decide to take Greenland by force. The notion that we would actually go to war with our allies over Greenland, of course was totally absurd. But because this president is willing to use pretty much anything in the US arsenal to get his way from tariffs, bombings and kidnapping world leaders, Sellers took control of yesterday's session. They were scared. Normally you expect interest rates to go down as people seek the safety of Treasuries. Not this time. NATO members own about $3 trillion worth of U.S. bonds. Why they would hold them if they're worried about the United States declaring war on them? No, not going to happen. So sellers swarmed in dump Treasuries ahead of the pending US Denmark war. When rates shot up, we saw a frantic move out of high price to earnings. Multiple tech stocks as well as anything related to housing. That was the. That was really yesterday's market. The latter is brutal by the way, because there had been hope that the President was going to authorize buying mortgage backed bonds to bring down rates. Yes, it looks like that Way a goner. So even though Dr. Horton, largest homebuilder, reported pretty good quarter stock got crushed. That was on Greenland. Today though, we got to take the Greenland worries off the table. Not just the possible invasion, but also the threat of tariffs. And Horton and screamed higher. So did Home depot, which jumped $9.53 or 2.5%. That was the Greenland peace dividend. Of course, not everything went right from the stock market's perspective. The President's also decided to prohibit corporate home buying, something he thinks is needed to get housing prices down. He signed an executive order banning it. Of course, I don't think he has the authority to do that. But like with the tariffs, neither Congress or the court seems willing to push back or even care. And he reiterated the 10% cap on credit card interest rates, something that I believe would be an economic disaster because the credit card industry would just stop letting JP Morgan's Jamie Dimon told us that. Still one more area where the congressional action is needed. But you go tell Trump that I'm not going there. In this world of presidential intervention, you need to know two things. One, the President is the best bully pulpit in the world. And two, he can go to war, but the world ends tonight. We have Joe Walk on the CFO of Johnson Johnson giant pharmaceutical company. The President ran, among other things, on lower drug prices and then he got them. He also ran on reshoring, got that, too. Then it ended. And these drug stocks have had a sensational, well, let's say run after the peace dividend. Joe Walken explained that to us. Is the President's bark worse than his bite? He certainly does a heck of a lot of barking. You can't help that. But you have to try to figure out whether the worst case will really come true. This time. The worst case was an invasion of Greenland. You have to ask yourself if the President's threats are too outlandish to really happen. In this case, the bond market rebelled, and because the President doesn't want to wreck the economy, he changes mind. He's giving you so many buying opportunities in this game of international domestic chicken since he took over that all you got to do is just got to wait for the hot ones and then do some buying. But what really matters here is that you never know when the President and his team are going to strike or what sector will be hammered. Only fossil fuels and the derivatives seem to get the President's unmitigated backing. Unless, of course, they're unwilling to bid. Pitch in on that Venezuelan rebuild. So here's the bottom line. My goal on this show is not to judge. It's to profit. Unlike the first Trump administration, Trump, too, is far more comfortable taking the market down, not up. Just be ready. You should get plenty of good buying opportunities over the next three years. Heaven knows, he sure seems to love to provide them. Why don't we go to Sargon in Hawaii? Sargon.

[Caller]

Hey, Jim, how are you doing? Nice talking to you.

[Jim Cramer]

Same. Sargon, what's happening?

[Caller]

I have a question about Barrick Gold. So it's two questions. Do you think it's going to go $55 or above? And what's your price prediction for that?

[Jim Cramer]

Okay. I like the new management of gold now. It's called gold.com. but I really prefer you to be an Agnico Eagle. I am a Gold Bug. I do not trade gold. I own gold. If gold is down, I buy. If gold is up, I don't. God. Agnico Eagle had a big turn today that was down. I think it'll be down again tomorrow. And I'm a buyer. I am a Gold Bug. Vince in Florida. Vince.

[Caller]

Jim, give me your opinion on JetBlue. Should I hold it or sell it?

[Jim Cramer]

I'll tell you, I had a pretty good trip the other day, and JetBlue has come back from San Francisco. The people are really nice. I want to thank them for being so great. Do I want to own the stock? I think United Airlines is amazing. This guy, Scott Kirby, I'm like, he's like so smart. I mean, I gotta tell you, that guy is Dino Might. But you can't fly there just because the stock's up. But you can buy the stock. Cool. How about Gabe in California, please? Gabe.

[Caller]

Hello, Jim. Thank you for taking my call.

[Jim Cramer]

My pleasure.

[Caller]

You have. So I have this stock. You've been positive on it for quite some time. With the recent turmoil, what are your thoughts on DraftKings?

[Jim Cramer]

Okay. You know, it is incredible. I swear, a downgrade of flutter today. DraftKings. I'm waiting. Look, it's gotta have these other states. It's gotta have Texas, California and Florida. It just has to at this point, as long as it doesn't, the stock's not gonna go anywhere. I thought they would have. They'd be all on the ballot. I still think so. I don't know. It hasn't happened and that's been disappointing to me. But it always could. All right. Unlike the last time around, Trump too is far more comfortable with taking the market down. You got to get used to that. I'm trying. Now, I tell you, as I mentioned, Johnson Johnson earnings were buoyed by positive news out of its cancer playing div along with an upbeat forecast. Sitting down with the CEO of the pharma giant and hear about the company's path forward. Do I like that stock? Then as goes open AI, so goes the data center build out. I'm taking a potential risk to the market if things go sideways for the AI behemoth. And aside from tariff turmoil, one of the biggest risks to the market is the supply of new stock. I'm explaining why that can be a bull killer. So stablecoin.

[Show Announcer]

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[Jim Cramer]

Well, many thanks, good sir. Here is my Discover card. They accept discover at Renaissance fairs. Yeah, they do here. Discover is accepted at the places I love to shop. Getth with the times. With the times. You're playing the loot. Yeah. And it sounds pretty good, right?

[Commercial Announcer]

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[Jim Cramer]

The February 2025 Nielsen report.

[Show Announcer]

This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] MarketUpdatePodcast or find Schwab Market Update wherever you get your podcasts.

[Jim Cramer]

All right, what do we make of these earnings from Johnson and Johnson? This morning the Pharmatitan reported a healthy revenue beat and a very modest earnings beat with a strong full year forecast, which I care about. Well, the stock was unchanged. Now it was down much more than that intraday in response to the print in part because it was up more than 40% last year and had it run up another 5% year to date going in the quarter. One of the best farmers there is. So could this be a buying opportunity? Earlier today I had a chance to speak with Joe Walk. He's the chief financial officer of Johnson Johnson. Once you take a look. First, thank you for being here on what I think is really a marvelous day for jj.

[Joe Walken]

It absolutely is, Jim. Thanks for having me. It's an honor to represent Johnson and Johnson coming off a year like 2025 and what really the outlook is for 26 and beyond.

[Jim Cramer]

It does seem like 2026. Unbelievably, after 25, you're setting up. It's going to be a better year even than last year.

[Joe Walken]

Absolutely. You know, Jim, when we were if we would have sat here last year for 2025, investors had a lot of questions. People in the media had a lot of questions. Right. How are they going to handle the stellar loss of exclusivity? What's the Medtech performance going to be like? Will these new products and pipelines that they talked about emerge? Well, a number of cards turned over and not only did we get face cards, I think we have some aces in there. You look at pharmaceuticals now, $60 billion in revenue. It grew 8% in the quarter, 5% for the year. That's after absorbing $4.4 billion of Stellaris lost sales. Without that impact, the base products, the products that we're going to count on for 26 and beyond growing around 15%. MedTech, $34 billion growing. What I loved about their cadences, improving growth each quarter throughout the year. And it's not just about yesterday or tomorrow. We have 15. I'm sorry, 11 new product filings in Phase 3 in the pharmaceutical unit. 60 clinical trials that are active for new products in Medtech, highlighted by our de novo submission to the FDA on robotic surgery.

[Jim Cramer]

What I think is really impressive is, is that you're giving us actual, actual numbers. Numbers. I mean, a lot of guys are talking about, look, and I think this third, maybe phase three, this may phrase that, which makes me feel that I can get confident about 20, 30 numbers. No one else has that. Even Lilly. I don't feel confident like that.

[Joe Walken]

Yeah, no, I mean, we're highly focused. Joaquin's done a great job with the management team. We're strong in three areas in pharmaceuticals, oncology, immunology, neuroscience, and then in medtech. With the separation of orthopedics somewhere in mid 27, we'll have vision care, we'll have surgery, and we'll also have cardiovascular, our highest growing platform.

[Jim Cramer]

You brought vision Care. I have been negligent. Vision care turns out to be one of the great businesses that you're in.

[Joe Walken]

It's unbelievable. We've been the market leader in contact lenses, really propelled by our ACU view. One day, Oasis Max, Extreme comfort, less fatigue for users, but it handles presbyopia and astigmatism all in the same lens. But the real story there, Jim, is just the outstanding performance we've had with some new product launches in our vision surgery space. So cataract is the number one surgical procedure worldwide in the U.S. it's about 3 to 4 million procedures a year across the globe. About 25 million procedures. By the time we reach 80, about 50% of us will have a cataract, which is really the breaking down of proteins clumping together, causing cloudy vision. We have two platforms. Technos, Odyssey, Technus, Pure C. If you want to remove spectacles altogether, go with Technus Odyssey. If you. If you drive at night and you have glares and halos, you want to go with technique, Technos, Pure C. But these have grown close to 10% in 2025.

[Jim Cramer]

Now, I was back in San Francisco this week. I was struck by how many acquisitions seem to be done just because people, companies feel like they have to make an acquisition that is not change away. Two acquisitions in Medtech are extreme extraordinary in terms of taking a franchise and just leapfrogging everybody else. Speak to Those?

[Joe Walken]

Yes, Jim. We've done about $54 billion in capital deployment for acquisitions over the last three plus years. Abumen and Shockwave were instrumental to really revitalizing our cardiovascular portfolio. Building on our strength and electrophysiology, we did another acquisition known as Capillary Intracellular Therapeutics which has a great asset in capillary on the pharma side. Those three acquisitions took about 45 billion of the 54 billion.

[Jim Cramer]

We don't stop for Appleton because people are fascinated by this. They're seeing the advertisements. This is really something that is changing the world when it comes to depression, which almost everybody has failed. Nothing new in 50 years, Joe.

[Joe Walken]

Yeah, well, Jim, it builds on our 70 year history of working in neuroscience. You were one of the first vocal proponents of a drug called Spravato which has now helped 200,000 patients worldwide who suffer from treatment assistance and depression. This is our next step in the evolution of neuroscience presence. Capillarita is a drug that modulates the pathways around serotonin, dopamine and glutamate. It's amazing in that it's indicated for bipolar one and two, schizophrenia and now recently adjunctive therapy for medical major depressive disorder. This is a easy to start, easy to use drug. And the way I say that is because it has very limited side effects versus placebo. No weight loss, no impact on lipids, glucose, no reduced sexual function. It is a great drug. It's great for patients. It's also going to be great for our business. We project that's going to be about $5 billion in the coming years.

[Jim Cramer]

Extraordinary. Extraordinary because it's. Everyone's failed everyone. Now let's talk about what's happened with the government. There are a lot of people who felt that when brought in this most favored nation strategy that the president had that it would really hurt the profits, it hurt the margins. And at the same time that the big rebuild that he wanted, the onshoring, so to speak, when that would hurt the out years. It looks like that if anything I can put this in the past and in a positive way.

[Joe Walken]

Yeah, I think that's right, Jim. I mean we had great engagement. Joaquin and the team have really been engaged with the administration even before the inauguration last year. And it's to us, it's emblematic of how critical they view life sciences as the US being the preeminent country in the world. It's good for economic growth. It's also good for national security. Two different things though. The investments that we're making, the $55 billion marker that we put in U.S. investment over the next four years, starting last year was really based on solid tax policy that began in Trump's first term with 2017 TCJA. It was then reinforced with last year's passage with the OBB A. That really is the premise for where we want to place our investment. In terms of the MFN deal, as you've called it, we've struck a deal. It actually makes me prouder about the guidance that we were able to put out because it beat analyst expectations and they had no idea what the impact from that was. So the American citizens should be applauding the Trump administration. It is worth billions of dollars in reducing drug costs. We'd like to now turn our attention to the intermediaries who really don't put any capital at risk, who keep discounts away from patients. 50 to 60% of every drug dollar from the manufacturers goes to discounts and rebates. Why are patients still paying more?

[Jim Cramer]

We know that there are. There are. Without bringing them up, there are some people who are regarded as being attacks from the system. We'll take care of them at another time. I do want to point out that there was a time when I listened to your call and the conversation be. Tao, Tao, Tao. Yeah. I found it very limited this time. And I do want to point out that when you change your strategy, decide to go after the plaintiffs, is really when you saw the stock go from 150 to 220. Are you sticking by that strategy of going and defending every single case for JNJ is being, I'd say, hectored.

[Joe Walken]

Absolutely. Jim. Last night there was a recommendation from a special master to a judge with respect to the Daubert hearings. They upheld most of our experts in their opinions. They dismissed a lot of the expert opinions of the plaintiffs attorneys, but they really didn't uphold their gatekeeping duties. That's required by Rule 702 in the Federal Rules of Evidence. That doesn't matter because the story about JJ and what 99.99% of people at our offices are working on is finding those next cures for cancer, immunology, important devices and medical technology that really make a difference for patients. We will continue to fight these meritless claims. We will continue to aggressively highlight and expose the tactics of plaintiffs attorneys. The third party litigation financing, which quite frankly is. Is nothing more than a shakedown and it undermines American businesses.

[Jim Cramer]

I want to end on an extremely positive note. When I think about what you're doing with cancer, I don't see the. Well, we're going to keep people alive for two years and hope that something happens. I'm seeing cures from you. I'm seeing diseases that were fatal that are now maintenance. These are big diseases too.

[Joe Walken]

Yeah. And Jim, we had some outstanding data come out multiple myeloma. So we have four products. Eight out of 10 patients who suffer from multiple myeloma are taking a Johnson and Johnson product. We have a product for every patient. Some great data though combining two of those products are star of the portfolio, Darzalex, which is a CD38 and then a Bispecific antibody known as Tech Valley. We combine those and we took hard to treat multiple myeloma patients, those who were not responding to therapy and the outcome is 83% progression free survival after one year.

[Jim Cramer]

And we need to point out that these are not about to have a loss of exclusivity.

[Joe Walken]

That is correct.

[Jim Cramer]

Excellent. I want to thank Joe Wilkins, the CFO of Johnson and Johnson on still one more amazing quarter. Joe, good to see you.

[Joe Walken]

Thank you, Jim.

[Show Announcer]

Coming up, could the biggest risk to the market in 2026 come from one of the most exciting names of 2025? Kramer's peeling back the curtain to find out next.

[Jim Cramer]

Psoriatic arthritis symptoms can be unpredictable.

[Caller]

I had joint pain and I couldn't.

[Jim Cramer]

Move like I used to. I needed relief. I got Cosentyx. It helped me move better.

[Commercial Announcer]

Cosentyx Secukinumab is prescribed for people 2 years of age and older with active psoriatic arthritis. Don't use if you're allergic to Cosentyx. Before starting, get checked for tuberculosis. An increased risk of infections and lowered ability to fight them may occur like tuberculosis or other serious bacterial, fungal or viral infections. Some were fatal. Tell your doctor if you have an infection or symptoms like fevers, sweats, chills, muscle aches or cough, had a vaccine or planned to, or if inflammatory bowel disease symptoms develop or worsen serious allergic reactions and severe eczema like skin reactions may occur. Learn more at 1-844-COSENTIX or cosentix.com.

[Jim Cramer]

Ask your rheumatologist about Cosentix, a KFC tale in the pursuit of flavor, the Colonel despised the word empty. Empty plates, empty tables, empty stomachs. That's why he made the KFC $5 bowls like the famous bowl Creamy mashed potatoes, crispy chicken, corn, gravy and cheese. Because the only empty the Colonel liked was when you reached the bottom of that bowl. The Colonel lived so we could chicken five KFC bowls for just $5 each.

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Prices and participation may vary. Taxes, tips and fees.

[Jim Cramer]

Extra shipping, billing, admin, payroll, marketing. You're managing all the things, so why waste time sending important documents the old fashioned way? Mail and ship when you want, how you want. With stamps.com print postage on demand 24. 7 and schedule pickups from your office or home. Save up to 90% with automated rate shopping. That's why over 1 million small businesses trust stamps.com go to stamps.com and use code podcast to try stamps.com risk free for 60 days. All this week, I'm on a mission. I want to focus on what could go wrong with this market. Not just because stocks sold off hard yesterday. We're bouncing back today once President Trump said he's formed the framework of a future deal for Greenland. I'm just trying to be disciplined. The averages have had a tremendous run for some time now. So you need to consider what might derail this bull market. Look, if the market was down these last few years, believe me, it wouldn't be like this. We do the inverse and explain what could go right. There's a lot to consider here. But right now, let's talk about the biggest chink in the armor of the massive. Incredibly important to the market. At least a data center build out. It is powering literally hundreds of stocks of all sorts of varieties. It can't go bad. And I'm talking about Open Air, the sprawling hyperscaler that invented chat, cbt. And it tends to dominate the artificial intelligence world. Now, last fall we started hearing about OpenAI placing hundreds of billions of dollars of orders with Oracle. That's to build out data centers. Nvidia, Core Weave, amd, Broadcom, Amazon Web Services. Some of these deals raised some eyebrows because companies would invest in OpenAI and then OpenAI would use that money to buy things from them. All right, it's called circular deals. Not my problem here. Initially, it sent the data center stocks into the stratosphere. But Wall street quickly started wondering how the heck OpenAI would be able to pay for all this stuff. Reasonable, reasonable concern, he added up. And CEO Sam Altman said they committed to $1.4 trillion in compute spending over the next eight years. That works out to $175 billion per year just on computing power. Wow. Remember OpenAI finished last year with a $20 billion annual revenue run rate. Okay. Amazing accomplishment given how quickly they got there, how young the company is, but is nowhere near enough to cover these bills. Sure. Management says they can generate hundreds of billions of dollars in annual revenue by 2030. But that's so far above the numbers that they're putting out now that it's hard to put much faith in that forecast. Although of course I want to believe. You know what, it didn't help that CFO Sarah Fryer threw around these comments at a Wall Street Journal conference about a possible government backstop last November if things got tight. The those comments crush the entire group again. Even though the company only walked back the comments. You never want to contemplate that a company you might invest in could need a government backed up. There's a reason that so many of the major data center stocks actually peaked in late October or early November. Open I have been the driving force by much of last year's AI rally and it become a question mark question mark of their own doing frankly. And that was the top of many of the arms dealers. Then in mid November, Alphabet released its latest AI model, Gemini 3, which quickly became regarded as the best in the business by a lot of us who just turned now I should let our views Reviews were positive. Alphabet had been counted out because doubters couldn't imagine how they could prevent Gemini from cannibalizing Google search. I was one of those doubters, but they just put the search results out on the same page. Problem solved. Gemini right next to it. You know, look, you just got to go see it. I promise you you might switch. A good chance you'll switch from chat CBT if you if you go to Gemin I have we have to ask if OpenAI's no longer got the best generative AI platform, can we really count on them to make enough money to cover their spending commitments? Logical question. The truth is these guys were always going to have to raise a lot of money to pay their bills. The only question is how richly their stock will be valued in December. Open I got a $20 billion plus cash infusion from SoftBank to complete a funding round from March of last year. Later that month we started hearing that the company was looking to raise $100 billion in another private funding round, perhaps at a valuation of more than 800 billion. There's also been chatter that they might be considering a very, very large ipo. But CFO Sarah Fire shot that idea down back in November. I doubt they'll do an IPO anytime soon, and if they did, I bet they would have to reveal a set of his financial results that would show significant losses, very negative cash flows. Frankly, I'm just not sure that the public investor really would support the deal right now, especially if they're trying to raise hundreds of billions of of dollars. Now with the new year, we've gotten some additional news on the opening situation. It's actually good. Not all of it though. Let's start with the positive. This past weekend Sarah Fryer, that's that CFO published an update about the business including some new financial details and there were some great numbers in here. Both weekly active users and daily active users continue to produce all time highs. While their compute spending has skyrocketed, their annual recurring revenue has grown at the same pace, which suggests they aren't wasting their money. This year, Fryer says their focus is on practical adoption, meaning finding ways for real world industries to harness their platform. That's encouraging. I thought the exposition frankly was brilliant like its author and it gave me conviction that OpenAI's thinking big and won't just be a business to consumer operation. As for the more negative news though, two things really stood out. First, we continue to see more and more interest in Claude Code, another rival. This one is a product from OpenAI's and Chief I'd say. Well let's say that they are. They're not. They go against each other pretty hard. How about that? I'm trying to think about it because I don't want to call it these guys are all kind of prickly. I don't know if you know that Anthropic is a very good business to business site. By the way, Claude Code is one of the reasons why most enterprise software companies have continued to get hammered in the New York because it is so good. I asked it a question. I literally wrote a program. I wrote a program. I couldn't believe it. I don't know how to write a product. I achieved me right Netflix program. In other words Anthropics Claude has emerged as one of the most favored AI platforms for the enterprise at the same time that Google's Gemini is increasingly seen as the best AI platform for the consumer. So where does that leave Open? I don't know. Although we know OpenAI has its eyes on the enterprise markets I mentioned. How about the second negative development issue? This one I really don't like. It's a long standing lawsuit from Elon Musk, who co founded OpenAI back in 2015 when it started as a nonprofit venture and it's starting to look like it could be a major problem for the company. Earlier this month a judge ruled that the case could proceed to a jury trial, which should start in late April. According to a court filing from last week, Musk is seeking up to $134 billion in damages from OpenAI and its partner Microsoft. I'm calling that negative. Thousands of pages of evidence from the case have been unsealed this month. Speaking of someone who went to law school, some of the details here look pretty suboptimal for Open Air. The company already sent letters to investors warning them to expect, quote, deliberately outlandish claims and quote from Musk. There's an old saying, don't get into a pissing contest with a skunk. And that's exactly what this lawsuit feels like to me. I usually don't use that saying, but I put it in. So as we begin 2026, here's what I'm thinking about OpenAI. First, I have a pretty simple question. Can this company complete the private fundraising round that was rumored in December? OpenAI wants $100 billion. The largest private funding round in history was when These guys raised 40 billion last year from SoftBank. The largest IPO in history is when Saudi Aramco, Saudi state oil company raised just under 30 billion in 2019. So it's not going to be easy for OpenAI to raise 100 billion no matter what. Then of course there's a question of whether or not they can get a valuation near what they've been what's been rumored, call it 800 billion or more. If OpenAI can truly raise 100 billion at an $800 billion valuation. You know what? I think the whole data center complex could really get going again after a three month pause. But what if investors insist on a lower valuation, say 500 billion which was the last valuation used October for secondary sale? No, confidence is part beyond fundraising. We need to see OpenAI make even more progress on the revenue growth front. Otherwise it's optimistic. Long term forecast just won't seem credible. And I say that fully knowing that OpenAI's revenue growth is is astounding. So here's the bottom line on what I think is probably the biggest issue for 2026. Open air has become the Achilles heel of the AI data center complex. If it can raise enough money that I'm betting the whole group can roar and the taunt of Achilles will disappear. But if Open I can't raise that money, if they keep losing money and they keep losing share to Gemini and Claude, or if they lose the lost to Elon Musk, well, that's real bad news for the many data center companies that are relying on Open Air for a big chunk of their orders. I think nothing is more important for the success of the complex and open AI. But there are enough question marks to make me more cautious than last year. And as I intend to say at tomorrow's investing club meeting, there are many other sectors that might be more attractive if this company lets us down. Let's go to Lanai in Florida. Lanai Booyaski, Daddy, second time caller, longtime listener, and I am glad you're calling to make me a better investor. Oh, thank you. That is the goal. It's a simple goal. I tell my daughter that yesterday I said, look, I want to make people better investors if they make money. Fantastic. Let's go to work. All right. My stock is Motorola Solutions Ticker msi. I've owned it for years and it's had a nice run, but it's backed off. What are your thoughts? I think Greg Brown is doing a terrific job. I like the company very much. I have to tell you, I thought they were going to give Axon a run for the money. I'm actually not giving up on that. I think it still happened. And thank you for the kind words. I'm really focused on this. In 2026, we are going to make you a better investor or else. All right. Open air is the Achilles heel, the data center complex. If something goes wrong for them this year, then the whole group is going to suffer and then maybe the whole market it will. Much more money ahead, including my continuing series on what, like we just heard, could go wrong. This time I'm going to focus on the potential introduction of new supply of stock, something I'd like to think I'm a bit of an expert on. I'll reveal what the risks are to your portfolio and I always say, discipline Trump's conviction. But for one area of the market, it's been, let's just say it didn't come out the way I like. I'm going to explain why an order calls rapid fire in tonight's edition of the Lighting Round. So stay with Kramer. Yesterday we got hammered, but today the market came roaring back after President Trump promised that he wouldn't try to take Greenland by force, although he still wants it and may have a treaty in hand without new tariffs, which apparently all we need to do to get a rally going. Still, I think it's worth considering what be could go wrong for a market when we're still not too far from the highs. That's why I've been highlighting potential issues all week. Now I want to focus on something that's historically been just lethal to market throughout history. I'm talking about a supply shock from A wave of stock offerings. Remember, at the end of the day, the stock market is above all market and markets are controlled by supply and demand. If you remove supply through mergers and buybacks, it helps the averages levitate. But if you flood the market with new supply from stock offerings, sell, sell, sell, sell, sell. Eventually there's not enough money to sop up the supply and we go lower. After the big run that we've had for the past three years, including extremely frothy action we've seen in the past few weeks, my biggest worry about new stocks by comes from existing companies. We've seen huge runs in speculative stocks that make little or no money. Those companies will all need to raise capital eventually, probably through secondary offerings. And the best time to do that is when your stock is up flying. For example, let's do this. Check out Resolve AI. It's a British company that says it's developing AI software for E commerce, but one that's still a long way from profitability. Like I mentioned last night, Resolve preannounced some solid revenue numbers last week and the stock caught fire. Coming into this past weekend, it was up nearly 80%. Year to date. Year to date. But that's no longer the case because yesterday morning Resolve announced the selling 62 0.5 million shares at $4 each, raising $250 million in gross proceeds. That $4 price was a 13% discount from Friday's close and the stock ultimately plunged 23% yesterday for losing another 1.4% today. The big gains of the past week. Okay, they've completely disappeared. Of course, sometimes companies are more subtle with their fundraising. Instead of selling stock, they'll sell convertible bonds at be transformed into equity at the owner's discretion. Just look at strategy. That's the old microstrategy, which has borrowed a lot of money to turn itself into a leverage bitcoin play. Strategy has done that through convertible bonds they offer. They often issue zero convert bonds, meaning they don't even have to pay interest on them and with conversion prices that are well above the spot level of their shares. Strategy. Share prices come down a lot over the past several months at$164. Today it's down 64.4% from its 52 week high last July. The main reason is that Bitcoin's come down. But it doesn't help that there are all these convertible bonds floating around that could turn into stock. Maybe sooner than you think. The next source of the new supply comes from insider sales, meaning when top executives, board members or large shareholders sell stock in their company. These insider sales have to be disclosed via the SEC filing so you can monitor them. And when you see it, powerful warning sign. These are the things I worry about. Of course, we haven't seen a ton of secondary offerings or selling in the past three weeks. Still, I'm watching it. Finally, let's address the big source of news of stock supply that I'm most concerned about that could be coming later this year. The IPO market. Do you know that the IPO market is maybe my number one worry for 2026? Because it's going to be so big, I expect the IPO market to keep recovering in 2026. Last year we had just over 200 deals collectively raised 44 billion billion, according to Renaissance Capital, the IPO research firm. This year, the same firm expects 200, 230 deals raising 40 to 60 billion dollars. If Renaissance is right, then the market will be fine. You know why? Because 60 billion is actually not enough to overwhelm us with supply. I like that. My concern is that we could have a wave of colossal deals later this year. Companies like databricks. They've been on our show. The data storage and analytics company, or elon Musk, the SpaceX, or this anthropic, the parent of Claude, or even Open AI, although I think the latter is unlikely. Still, those are four of the largest privately held companies in the world. So if any of them comes public, we're talking about some of the biggest IPOs of all time. A deluge of stock databricks was valued at 134 billion in a private fundraising round just last month. Space X was valued at 800 billion. A secondary sale last month. Anthropics are poorly working to raise money at a $350 billion valuation. Typically, in an IPO, a company sells roughly say 20% of its shares to the public. But even if these companies only sell say, 10%, you're talking about 128 billion in stock issued from just databricks. Space X and Anthropic alone. Based on those valuations just cited, and that's. That is a very positive way to look at it. These three could raise proceeds that are two or three times higher than what Renaissance expects for the year. And for what it's worth, under $28 billion is not that far from the record150.42 billion in total IPO proceeds from 2021. Not a good thing. By the end of 2021, the market eventually ran out of steam and we had a brutal correction that lasted most of 2022. The flood of supply from those 2021 IPOs, and that horrible wave of SPAC mergers was a major contributor to the end of the bull run. Again, this isn't something that's going to happen overnight. Maybe none of these used privately held companies decides to come public. Maybe the deals only happen toward the end of the year. But it might be sooner than you think. Just today, the Wall Street Journal reported that Elon Musk wants to complete a space X IPO by July of this year because he's trying to get ahead of the anthropic deal. The article also said that Musk wants to raise money in order to build data centers in space. Up. Whatever. For now, just know that these potential mega deals present a real risk factor for later this year. Because in order to raise cash to buy newly issued stocks, giant money managers will typically have to sell something else. And that will put downward pressure on the entire market. What happens? Your best stocks, which you think everything's fine about, may get sold down just so the big funds can raise enough money to buy databricks. Anthropic and Space X. Bottom line, when stocks were the market often gets hit with a flood of new supply from secondary offerings from insider sales from IPOs. The flood hasn't hit yet, and we don't know how serious it will be. But there's a very good reason to believe that it's coming sometime this year. So keep your eyes open. Oversupply has killed many a bull. It could always do it again. Net money's back after the break.

[Show Announcer]

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

[Jim Cramer]

Next, It is time to stop for the wide mountains. So still don't start to crosshawk there. Might stay in prison, but play this out and then the lighting round is over. Are you ready, Ski daddy? Tell the light round cringe. Let's go to Ian in California. Ian. Hey, Jim. Booyah. Booyah. Ian, what's going on? Well, I'd really like to know what you think of their robotics. Okay, we're not going to go into robotics other than to say that we want Tesla. I know. Tesla's done nothing. I heard that a hundred thousand times today. So maybe it's time that Tesla did something. Let's go to John in New Jersey. John. Jimbo.

[Caller]

How you doing today, buddy?

[Jim Cramer]

All right, partner, what's shaking?

[Caller]

Okay, so I called you before about this company. You weren't sold yet.

[Jim Cramer]

That's okay.

[Caller]

I didn't cry about it. Now Eric Jackson and Anthony Pomp have drilled into the open army.

[Jim Cramer]

We keep swinging.

[Caller]

There's no quit now. Pomp is dropping an interview with Cavs tomorrow. It's going to be electric. You got management that's all in with performance pay. Million dollar open. Open market buys from the boys himself. There's no hype here.

[Jim Cramer]

There's all you know. This ain't hype.

[Caller]

It's a real company. It's a real mission of tilting the world back to home ownership. Homes have been frozen. Open door is gonna melt it, Jimbo.

[Jim Cramer]

Open door. Okay? So listen, listen and listen. Good job. See, I wrote this book for you, all right? The reason I did is I said you can own one of these stocks. You can own a wild space. The company doesn't make money because you think about all those things in a pomp and a circumstance. Here's the issue. That's the one. I don't want you on a lot of others, okay? But I'm going to say you can own that. No one else, by the way, in the history of the western world would actually endorse that except for me. And let's at least get that done. Let's go to Terry in Florida. Terry.

[Caller]

Hi, Jim. It's Terry. Port Charlotte, Florida club member. I bought this stock about a year, year and a month or so ago and it's down 55%. The 51, 50 and 200 moving averages are all pointing down about 45 degrees. I'm wondering if I should just dump it here or buy more and hold for the long term. The stock is Fiber International fvrr.

[Jim Cramer]

You know, you got to hold it because it doesn't lose money. But it is the most commoditized stock that I've. That I've been asked about this week. And this is a week of great commodity. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

[Show Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, the memory chip market has been a rocket ship this year. So should you buy in? Kramer's discussing whether it's too late to get on board. Next.

[Jim Cramer]

Discipline trumps conviction. That's been my watchword for decades, and it saved me millions of dollars over my 44 years of professional investing. But every now and then, discipline becomes a real killer. Right now when it comes to the semiconductors, especially the commodity semiconductors, discipline has been a horrific, horrendous tactic. I want to confront that tonight. First, the visceral side. Every day I come in, I watch the stocks of Micron, Western Digital, sand to see explode higher. All the moves are parabolic. It's one of the greatest runs of all time. They have no quit in them. It's agonizing to watch when you don't own them. And I don't own them for the Travel Trust because I don't chase. I know it's a suckers game. Or at least it has been Chasing these stocks historically big losses as you tend to come in late and then get hammered as buyers turn holders and holders turn sellers. Historically, it's better just admit that you were too late, wait for a better moment. But all this discipline and thoughtfulness failed me with the memory stocks this time. History says these commodity tech stocks follow pricing so they can go higher and higher and higher, but only they peak and pirouette and flay you alive. Until this move, there's never ever been a time where price has gone up so far so fast. I can recall say, a 300% increase in pricing between 2016 and 2018 for a sharp decline. Totally gaffed you. That's a huge move. But the decline seemed just as sharp this time. We've got an astounding, unheard of 400 to 500% move in memory prices. No peak in sight. Why is that? First, the explosion in demand from artificial intelligence is so huge that companies like Micron, Seagate, Sandisk and Western Digital are going full out just trying to meet the demand. They can raise price at will though, because demand has completely overwhelmed supply. As someone who once owned 5% of Western Digital 35 years ago, I always thought this could happen. That's why I took such a big position. But it failed me back then as a hope for shortage never materialized. Too much supply. I was lucky to get alive this time. The company can't keep up in the marketplace, is so desperate that there's seemingly no price that they won't pay. Hence the big gains. Last week, Micron broke ground $100 billion facility that will produce its highest end chips. They won't be producing those chips though until 2030, and not much of a help if you want memory to get cheaper. In the past, when we had these spikes, the semiconductor capital equipment makers would go go all out and come up with what's necessary to make a ton of money, even if it alleviates the shortage. But the companies that make this kind of machinery aren't up to the task either, because they too have never seen anything like it. So buyers are taking up Applied Materials, Cali, Lamb research every day because their stuff is in short supply too. As long as there's a machinery shortage. The memory shortage isn't going anywhere. Hey look, they weren't clueless. Even a couple of years ago there was a huge glut of these kinds of chips. They had a long boom bust industry history. I don't think it's changed. But try telling that to the people who've written SanDisk up 100% this year. Of course there are other companies that make the memory chips is sk, Hynix, Samsung, Korean giants that are both dominant players. When I tried to ride these cycles before, I got blindsided by those two companies having more supply than I thought. The pretty darn secret of causing these mistakes, these markets I'm sorry to go into equilibrium and then just to outright crash hasn't happened this time though it would be annoying to watch these rallies if they kept themselves. But these products tend to go into a lot of different end markets, mostly pertinent PC servers, cell phones. As the memory makers go up their customers earnings go down which is causing a lot of weakness in Dell, hp. And yes, you've wondered Apple. That's why it's been going down. It's been eating into their profit margin the whole time. That's why Apple's been such a lousy performer. Can you get in on a temporary downturn? You can try, but I hesitate to recommend it because we don't know what Hynix and Samsung are up to. That first decline might be the big precursor. That's why in the end I have to stand here and suffer. I miss it, I regret it. I got it wrong. Maybe there'll be a moment to buy some Micron or AMD at a lower price. I like the latter. Or maybe there won't be because I don't chase parabolic. All right, I don't usually have to suffer the consequences because I don't. But I still stick with my discipline because every time I've abandoned it, it's blown up in my face and I'm not going to risk it to catch what goes. Could be near the tail end of this incredible rally. I like to say as always, bull market summer pumps are friend just for you are here Mad money. I'm Jim Cramer. I'll see you tomorrow.

[Legal Disclaimer Narrator]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its 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 Kramer as a specific inducement to make a particular investment 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 MIC Check 12 Are we recording?

[Jim Cramer]

Hi, I'm Michelle Bernstein, an award winning chef, restaurateur and mom. I have a lot on my plate, including my psoriatic arthritis symptoms. That's why I was prescribed Cosentyx. It helps me move better.

[Commercial Announcer]

Cosentyx Secukenumab is prescribed for people 2 years of age and older with active psoriatic arthritis. Don't use if you're allergic to Cosentyx before starting, get checked for tuberculosis. An increased risk of infections and lowered ability to fight them may occur like tuberculosis or other serious bacterial, fungal or viral infections. Some were fatal. Tell your doctor if you have an infection or symptoms like fevers, sweats, chills, muscle aches or cough, had a vaccine or planned to, or if inflammatory bowel disease symptoms develop or worsen, serious allergic reactions and severe eczema like skin reactions may occur. Learn more at 1-844-cosentyx or cosentyx.com Ask.

[Jim Cramer]

Your rheumatologist about Cosentyx.