Mad Money w/ Jim Cramer – December 22, 2025

Host: Jim Cramer, CNBC

Air Date: December 23, 2025

Episode Overview

Jim Cramer delivers a year-end review, revisiting his "25 Questions for 2025" to analyze how the market performed against expectations across macroeconomic trends, sector performance, and technology. Cramer also highlights the ongoing power of mergers and acquisitions, recent notable deals, and finishes the episode with a staple Lightning Round and a featured interview with Prologis’s outgoing CEO, Hamid Mogadam. The tone remains energetic, insightful, and bullish on opportunities—even with caution in select areas.

Key Themes & Takeaways

• Mergers & Acquisitions as Bull Catalysts
  M&A deals are set to be a driving force for the market in 2026, countering stock dilution and aiding bullish momentum.
  “As Bad Money winds down for our 20th year, the chief pillar—takeovers and acquisitions—they’re going to be an extraordinary force for the bulls in 2026.” (03:12)

• Macro and Sector Review—25 Questions for 2025
  Cramer recaps how the year’s big questions played out, assessing bond yields, the labor market, administration changes, and earnings. He applies a sector-by-sector lens to highlight winners and losers.

• Lightning Round & Listener Q&A
  Direct, rapid-fire calls provide actionable advice on stocks like Costco, Home Depot, Rivian, Rubrik, and others.

• Interview: Hamid Mogadam, Prologis
  A forward-looking conversation about real estate, data centers, e-commerce, and market transparency as the CEO transitions roles.

Detailed Segment Breakdown

1. Mergers & Acquisitions: Outlook and Recent Highlights

(02:13–10:45)

• Cramer’s Case for Staying Invested
  Despite market highs, Cramer cautions against exiting: M&A will reduce share supply, supporting prices.

  “I’m so worried you’re going to leave. I don’t want you to leave this market. I know it’s high, I know people say it is, but there’s things happening… There are mergers and acquisitions that are really special to you.” (03:20)

• Administration Shift: Regulatory Climate Eases
  The Biden-era FTC was “dogmatic anti-merger,” but the new administration is friendlier, vital for shareholders.

  “This administration… wants strong companies that can extend their reach… That’s not the case anymore.” (05:04)

• Key Takeover Examples:

  • Warner Brothers Discovery: Bidding war between Netflix and Larry Ellison/Paramount.

    “Larry’s willing to provide backstop financing… to the tune of $40 billion. But Netflix wants it, and you know what? I think Netflix has the blessing of Time Warner board.” (06:45)

  • Janus Henderson: Going private via Tryan/General Catalyst.

    “Janus doesn’t feel it can make these kinds of moves with AI without crushing its stock… This deal is the template for dozens of companies going private in 2026.” (07:50)

  • Cintas/Unifirst: Aggressive offer, regulatory confidence signals changing FTC landscape.
  • Stanley Black & Decker Aerospace Sale: Divestiture strengthens balance sheet, stock rallies.

• Bottom Line
  M&A is creating new investment templates for 2026; stay engaged for gains.

  “New patterns, new methods, new money. What’s not to like?” (10:36)

2. Market Year-in-Review: 25 Questions for 2025—Macro Edition

(14:12–20:19)

• Bond Yields: 10-year Treasury touched 4% first; current ~4.15% is “fine for stocks.”

• Labor Market: Job growth slowed dramatically, unemployment rose—“not good,” but helped Fed remain market-friendly.

• Trump Administration Impact: Market bounced back after early-year tariff shocks; major indices up double digits.

  “The Trump administration has overall been just fine for stocks.” (16:25)

• Earnings Growth: 2024 slightly below expectations, but 2025/26 outlook now stronger than at year’s start (projected 14% EPS growth).

3. Sector-by-sector Breakdown: Winners, Losers, Surprises

(21:43–29:47)

Key Sector Takeaways:

• Communications Services: Winners were M&A targets (Warner Bros., Electronic Arts); Alphabet (big AI strides), Meta lagged.
• Financials: Deregulation led to “benignanza” in investment banking—Goldman Sachs, Morgan Stanley, JP Morgan big winners.
• Consumer Discretionary: Mixed—lower-income consumers struggling, but recent strong retail reports.
• Utilities & Industrials: Power demands and aerospace/defense outperformed.
• Consumer Staples: Packaged foods “one of the worst cohorts,” safety stocks became “safety last.”
• Energy: No discipline—production up, share prices down; pipelines prefered.
• Real Estate: Not hit by bankruptcies but by stubborn rates; “worst performing sector.”
• Healthcare: Initial policy headwinds reversed; sector soared.
• Materials: Commodities up overall but mixed; metals/steel strong, chemicals/agribusiness weak.

4. Tech Year in Review: 10 Focused Questions

(31:45–37:25)

Notable Insights:

• AI & Infrastructure: Ramp-up in data centers, now more “discernment”—healthy for long-term.
• AI Software: Palantir winning, many enterprise names struggled as customers use AI to self-code.
• Semiconductors: Memory makers led the S&P 500—unexpected superstars.

  “Four of the top five performers in the entire S&P 500… are memory chip makers… up more than 2% year to date.” (34:30)

• Legacy Tech: Cisco and IBM both hit record highs.
• Cybersecurity: “Winners and losers”—CrowdStrike a standout.
• Robotaxis: Waymo (Alphabet) remains leader; Tesla lagging.
• Crypto: Regulatory environment improved under Trump, but prices down from highs.

  “I still like crypto as a hedge though.” (37:15)

5. Lightning Round: Listener Stock Q&A

(37:44–40:10)

Highlights:

• Costco (COST): Cautious, might sell remaining shares.
• Home Depot (HD): Bullish—benefits from upcoming rate cuts.
• Rivian: “Take some off the table… let the rest run.”
• Rubrik (RBRK): “Own it. Continue to own it.”
• Gorilla Technology: Too small cap; needs further research.
• Oil & Gas: “Flat out no on this show”—not bullish.
• Fubo (FUBO): “Had a big run… too high to pile on now.”

6. Interview: Hamid Mogadam, Prologis CEO

(41:12–47:23)

Key Insights:

• History & Transformation of Real Estate:

  “When we started this business, the real estate industry was highly fragmented... the format, pretty much everything has changed in the last 42 years.” (41:40)

• Durability and Returns:

  “The dividend yield is somewhere between 3 and 4% depending on the day. And the growth rate over time has been in the high single digits… a good place to have capital.” (42:50)

• Data Centers—Boom or Bust?
  Some investment is overheated, but long-term future strong; ultimate returns depend on management quality and technology evolution.

  “If you’re asking me 10 years from now, will data centers be a pretty significant investable aspect… absolutely. Whether they will be growing at the rate people project or not depends on a lot of things.” (44:05)

• Market Transparency Concern:

  “We’re sort of giving up the most transparent way and efficient way of investing in the future of this economy…” (47:10)

• Parting Wisdom:

  “The public markets are an excellent way for individuals to gain exposure to the best businesses in the world.” (47:38)

Notable Quotes

• “Take that, bears.” (on deep value M&A wins) — Jim Cramer, 08:40
• “Earnings growth is the single most important determinant of your stocks… and the outlook has gotten better over the past 12 months.” — Jim Cramer, 19:45
• “Some sectors, like consumer staples—the jury’s still out. And for foods, let’s just say: safety last.” — Jim Cramer, 31:19

Important Timestamps

| Time | Segment | Content | |------|---------|---------| | 02:13 | Monologue | Importance of M&A for 2026 | | 06:40 | M&A Examples | Warner Bros. Discovery, Janus Henderson, Cintas/Unifirst | | 14:12 | Macro Q&A | 10-Year Yield, Labor, Trump, Earnings | | 21:43 | Sector Q&A | Sector-by-sector market review | | 31:45 | Tech Q&A | 10 focused questions on technology | | 37:44 | Lightning Round | Audience Q&A on individual stocks | | 41:12 | Interview | Prologis CEO Hamid Mogadam | | 47:38 | Parting Thought | “Public markets… excellent way for individuals…” — Mogadam |

Episode Summary

Jim Cramer’s year-end Mad Money is a must-listen for investors seeking perspective on what drove 2025’s market and what to expect in 2026. The show shines in distilling complex shifts—like the M&A wave, sector pivots, and regulatory changes—into actionable insights. It balances bullish enthusiasm with market realism, reminding listeners to leverage evolving trends, stay selective, and not overlook the advantages of public market transparency.

For further details on specific sectors or issues discussed, head to the timestamped sections above for quick insights or the notable quotes for a flavor of Cramer’s unique style and worldview.