Mad Money w/ Jim Cramer 12/2/25

Summary

Mad Money w/ Jim Cramer – December 2, 2025

CNBC

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Episode Overview

In this engaging, fast-paced episode, Jim Cramer dives deep into the current state of tech market rivalries—specifically the high-stakes battle between OpenAI and Google’s Gemini 3. He explores the implications for major tech stocks, discusses the financial challenges faced by AI companies, and evaluates the broader impacts across the tech industry. The episode also features a two-part interview with Amazon Web Services CEO Matt Garman discussing AWS’s pivotal role in cloud and AI infrastructure, followed by Cramer's technical analysis with market strategist Jessica Inskip, and the ever-popular Lightning Round with listeners’ stock questions.

Cramer’s signature energetic style is on full display as he blends market analysis, technology trends, Wall Street strategy, and actionable investment advice.

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Key Discussion Points & Insights

1. The "Code Red" at OpenAI & the Chatbot Wars

• Main Theme: The escalating competition between OpenAI (creator of ChatGPT) and Google’s Gemini 3, and what "Code Red" means for the industry and investors.
• Implications for Tech Stocks: The outcome of this rivalry affects a host of technology giants, shifting the industry landscape and offering new opportunities to competitors like Meta and Amazon.
• The Money Game: Cramer focuses on how access to capital—specifically deep bond markets—may ultimately determine the winners in the AI space.

Notable Quotes:

• “If OpenAI were a Netflix series, it would have some tragic moments, some tense moments, and some pure spit-take hilarity—and we’d all be addicted to watching.” – Jim Cramer [02:00]
• “Why code red? Simple. Google’s Gemini 3 might be passing OpenAI's ChatGPT in users because it’s incredibly fast. No nonsense. And to the point.” – Jim Cramer [03:00]

Key Insights:

• AI User Wars: The technology is evolving rapidly, and user allegiance is extremely fickle. Cramer’s own use case tests suggest both platforms still return mistakes.
• Resource Crunch: OpenAI is reportedly diverting resources away from new initiatives (like AI agents for health, shopping, and a Pulse personal assistant) to shore up its chatbot core, indicating strain and prioritization out of necessity—something Cramer interprets as a shot of opportunity for competitors such as Meta and Amazon.
• Bond Market Analogy: Drawing on historian Niall Ferguson’s work, Cramer compares the AI wars to historic military struggles, emphasizing the importance of access to credit: “States that can borrow win. States that cannot lose.” [08:00]
• Monetization Pressures: The speculated solution to OpenAI’s financial challenge? Possibly settling lawsuits to gain decisive data access or seeking additional investments (notably from Microsoft).

Important Segment:

• AI Market Finances & "Pity of War" Analogy: [06:44–11:11] – a must-listen for understanding the economic forces shaping the AI race.

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2. Amazon Web Services (AWS) in Focus

• Guest: Matt Garman, CEO of AWS [13:13–33:09]
• Main Discussion: The enduring growth, strategic advantages, and innovations driving AWS, particularly after a series of major announcements at the AWS re:Invent conference.

Key Insights:

• Growth Leadership: AWS continues to outpace competitors (Microsoft Azure, Google Cloud) in both growth rate and absolute revenue added.
  • “In the last year, we’ve grown by $22 billion—and that’s more than half of the Fortune 500’s yearly revenue.” – Matt Garman [16:09]
• AI Infrastructure Advances:
  • New tools: AWS Transform (legacy modernization), HERO (AI-enhanced software development), and "Frontier Agents" (state-of-the-art autonomous AI workflow tools).
  • Open Training Models: Nova Forge platform enables customers to finish model training using proprietary datasets.
    • “This has never been offered before... a model that deeply understands their domain, their data, their unique IP.” – Matt Garman [22:00]
• Startups & Market Share: AWS remains the top choice for startups, VC-backed firms, unicorns, and major disruptors—contrary to the perception competitors are gaining ground.
  • “85% of CNBC Disruptor 50 run on us. More than half of top tier VC-backed startups run on us… The vast majority of any unicorn that’s ever been built has been built on us.” – Matt Garman [18:45]
• Power & Scaling: Addressing industry power constraints with massive new data center capacity investment: “We’ve added 3.8 gigawatts of new data center capacity in the last 12 months alone.” – Matt Garman [20:00]
• AWS’s Secret Edge: Custom silicon development—Trainium chips—provides performance and cost advantages, including powering leading AI models like Anthropic’s Claude.
• Customer Solutions: The “factories” concept (custom AI zones for large clients, governments, regulated industries).

Notable Quotes:

• “The potential of this business is massive… today, AWS is a $132 billion business—it could be 200, 300, 400 billion.” – Matt Garman [32:20]
• “We want to offer customers the absolute best differentiated performance of the infrastructure that they can have… we can have great margin and give customers better price performance.” – Matt Garman [29:10]

Important Segments:

• AWS’s AI & Power Infrastructure Innovations: [14:05–23:29]
• AWS’s Competitive Dynamics & Customized Solutions: [25:43–33:09]

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3. Technical Market Analysis – with Jessica Inskip

• Guest: Jessica Inskip, Director of Investor Research at stockbrokers.com, co-host of the Market Make Her podcast [33:27–41:05]
• Main Focus: Technical analysis on the S&P 500, Bitcoin, and "safety" stocks (consumer staples).

Key Insights:

• S&P 500: Secular bull market remains intact on weekly charts, but daily trend is in a near-term downtrend with key resistance and support levels explained.
• Bitcoin: Recent rally saves it from breaking key support, but its speculative nature and link to riskier stocks make it a “market Achilles heel.”
• Consumer Staples: Traditionally defensive, but charts reflect ongoing weakness; no “safe haven” status currently.
• Actionable Summary: Stay bullish on the trend, be wary of speculative stocks and staples—market is at a crossroads.

Notable Quote:

• “When you look at the weekly chart, you can see that the S&P500 is still in long-term secular bull market mode. That’s the major theme to take away from this piece.” – Jim Cramer [40:50]

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4. Lightning Round – Audience Stock Questions

• Format: Fast-paced Q&A with callers about individual stock picks [41:12–43:41]
• Highlights:
  • Coinbase: Cramer advises selling into strength, sees better alternatives (e.g., Goldman Sachs) [11:11].
  • Linde PLC: “This stock has just been nothing but nastiness… it’s surprising the company doesn’t say something.” [42:07]
  • Aqua: Part of the “year of magical investing”—time to sell. “That year ended.” [42:32]
  • Enlight (under-the-radar defense/tech): Cramer promises to research before giving an opinion. [43:21]

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5. How to Spot a Market Bottom – Cramer’s Playbook

• Lesson: Don’t try to pick bottoms in speculative assets (like Bitcoin), but look for clear signs in stocks (using Boeing as a case study).
• Criteria: The end of the “negative revision cycle” in earnings forecasts is often the true signal of a bottom; CFO credibility is key.
  • “When you’re dealing with a company as dysfunctional as this one, but the CFO says the endless number cuts are over…well, that signals a bottom almost every single time.” – Jim Cramer [44:00]

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Memorable Moments & Quotes

• “The truly worrisome aspect of these chatbot wars… is who can finance the fight. Between Google and OpenAI, there’s no doubt Google has access to a deeper bond market.” – Jim Cramer [08:30]
• “AWS is the jewel in the crown of Amazon… more important than Prime.” – Jim Cramer [13:15]
• “85% of CNBC Disruptor 50 run on us.” – Matt Garman [18:45]
• “When you own a stock that’s getting clubbed, there’s always a voice in your head saying, Lord, get me out of this. I’ve lost so much money. The people who listen to that voice—well, they sold Boeing today and they shouldn’t have.” – Jim Cramer [45:25]

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Timestamps for Key Segments

• OpenAI “Code Red” Analysis: [01:55–11:11]
• AWS CEO Matt Garman Interview, Part 1: [13:13–23:29]
• AWS CEO Matt Garman Interview, Part 2: [25:43–33:09]
• Technical Market Analysis w/ Jessica Inskip: [33:27–41:05]
• Lightning Round: [41:12–43:41]
• Market Bottom Playbook (Boeing/Bitcoin): [43:57–48:05]

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Flow & Tone

Cramer’s style remains energetic and direct, mixing insights, humor, and market history. He uses analogies—from Netflix series to military history—to clarify finance concepts for a mass audience. The episode prioritizes actionable tips, real-world analogies, and demystification of technology’s impact on Wall Street.

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Essential Takeaways

• AI Market Battle: The rivalry between OpenAI and Google Gemini 3 is reshaping the tech landscape, with vast implications for investors.
• Financial Might Wins Wars: Ultimately, access to deep pools of capital will decide the AI race—giving established giants an edge.
• AWS Ascendant: Amazon Web Services is a foundational, resilient pillar of cloud and AI growth, offering unique advantages and innovation.
• Stock Market Temperatures: The S&P bull market remains, but caution is warranted in speculative sectors; no current refuge in “safety” stocks.
• Cramer’s Golden Rule: Don’t guess bottoms in speculative assets—watch for hard turning points based on real business signals.

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This episode is a blueprint for understanding tech’s frontlines, investing in innovation, and applying both fundamental and technical analysis—skillfully delivered for investors at any level.

Transcript

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[B]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Crame America. Other people make friends. I'm just trying to make a little bit of money. My job is not just to entertain, but to educate, to do some teaching. So call me at 1-800-743- CNBC. Tweet me. Imkramer I've been thinking. If OpenAI were a Netflix series, it would have some tragic moments, some tense moments, and some pure spit. Take hilarity and we'd all be addicted to watching. We talk about it endlessly, the interplay between CEO Sam Altman, CFO Sarah Fryer. The agony that currently seems to haunt the headquarters building at one point seemed filled with ecstasy. But wait. In this series, the pendulum can always swing back. I think there's at least one great season of TV in there. Even though Open Air is not a TV show, it's not even publicly traded. Its impact on the market is downright monstrous because it has a strangleholder on a host of major tech stocks. Today was no Different Dow gaining 185 points SB advancing.25% NASDAQ jumping.59% Today's episode named Code Red has to do with Sam Altman declaring just that call to action that smacks of desperation versus we're told Code Orange, which is less compelling, or Code Yellow, which basically sounds like a normal Tuesday. Why code red? Simple. Google's Gemini 3 might be passing open AI chat CBT in users because it's incredibly fast. No nonsense and to the point. The users of these various chat bots are incredibly fickle. But because of its connection to Google, Gemini 3 is easy to find and easy to trust. Is it really better than Chad? Cbt look, better is a strange word like GPT. Gemini could be wrong. I mean look, I asked an important question yesterday. Tell me. The public companies and videos invested in it came up a core wave. But it left out intel, the one time flailing semiconductor company that Nvidia agreed to take a 4% stake in for $5 billion. They paid $23.28 per share in September and it does not trade in 43 and change. Not bad for a few months work more important, this is the kind of big story even though the deal hasn't closed yet that that a human would never miss. Still, this is a vox popular game and an industry that could be winner take all. Lose or take nothing. We don't know. Which is why Open Air is definitely in code red mode. Gemini 3 can really surpass chat CBT that could be devastating to a company with endless financing needs and a run rate of just about $20 billion in revenues. A breakneck speed admittedly, but not big enough to support anywhere near what it wants to do. So the implications of the Code Red status cannot be ignored. The Wall Street Journal reported this very morning that Altman said OpenAI might be pushing back work on other initiatives like advertising like AI agents for health and shopping, along with a personal system called Pulse because of the need to divert precious resources to the basic chat CBC functions. Now wait a second. There's some real implications here for a lot of important stocks. I mean for instance, let's go to the series for a second. We' see Mark Zuckerberg, no doubt played by the slightly older but much more now ripped Jesse Eisenberg, taking his readiness down from DEFCON to just a DEFCON 4 as matters advertising model might immediately be less challenged. With Open Air diverting resources away from advertising that is an advertising based model, Zuckerberg can leak that he may not even need to spend as much on the data center build out as he previously predicted and still dominate advertising. Obviously less challenged now by mortal enemy chat cbt. Now if I were directing I'd have Eisenberg character. I'd have him watching CNBC and cheering as Meta stock goes to the top of the leaderboard. Because of this. Why not? It's down 150 points from its high. I think it's a buy open the eyes pushback of a personal assistant gives Amazon more of a chance to get people to go with the new more authoritative Alexa, perhaps marrying her to Rufus to end once and for all. Its characterization is doofus. It's enough to make me think that Amazon will easily solidify its shopping dominance. By the way, may I suggest that you stay with us because later we'll be speaking to the head of Amazon Web Services, the division where the real money is Can Salesforce take advantage of the agent pushback? Salesforce reports tomorrow to to it's too new to proclaim them some moat building company who would play Benioff in the show. What else? A quick way for Open Air to solve its expense problem and get a jump on Gemini is to settle its now gigantic lawsuit with the New York times. Start training ChatGPT on the gray Lady. That would give it a decisive edge over Gemini as it would have the rights to both the Wall Street Journal and the Times and Gemini's got neither. Good bragging rights, don't you think? Lower legal bills. Whole thing would probably cost a fraction of OpenAI's monthly in video bill. The main takeaway though, the truly worrisome aspect of these chat bot wars.

[C]

Has.

[B]

To do with something from far AF One thing I learned from one of the smartest people I've ever met, although he doesn't know I met him. That's economist and author Neil Ferguson. All big books are called Seminole, so I got to be careful, citing the Pity of War and the Ascent of Money. But these two unbelievably good works talk about the primacy of the bond market and determining who wins wars. And I think this is the kind of war not thought of when he wrote these that could come to fruition. In the Pity of War, Ferguson makes a strong case that the bond market gave Britain an edge over Germany in World War I, even though the Germans had a better army. The Brits could raise a lot more money and they let them hang on until we got involved in the Ascent of Money, which is broader financial history. Ferguson points out that for most of the 19th century, wars were almost always won by the side With a deeper bond market in any conflict, being able to borrow more money gives you a major advantage, and I bet that's going to apply to the war to win the artificial intelligence derby. Maybe this time could be different. But man, between Google and OpenAI, there's no doubt that Google has access to a deeper bond market than Open Air, which has made $1.4 trillion in infrastructure spending commitments. In fact, all of Open Air competitors have better access to credit. As ChatGPT put it. QUOTE when I asked about this quote deep credible bond markets allow the financing of long expensive wars. Chat CBT goes on to say states that can borrow win, states that cannot lose. That analysis is not reassuring, at least not for chat CBT parent OpenAI. Of course, we're learning that OpenAI is about to release a new version of Chat CBD literally next week. Who knows, maybe it's so sensational that the company can sleep back to Code Orange and CFO Sarah Farrar can attend some another high profile conference and laugh about the possibility of a government backstop ally Intel. She might even talk about how the company's timetable to come public to coincide with this user growth or to be when it hits a billion users, boom, we'll do the deal. Good way to finish the season, this year's season, don't you think? Maybe it'll be like slow horses and we don't even have to wait that long for the next iteration. That's on Apple plus too close to home. Although bond market will open, I can raise enough money to box out all comers and pay Apple $1 billion a year to be the default chat bot, thereby guaranteeing its longevity. I think the real code Reddit OpenAI has nothing to do with the rise of Gemini 3 and everything to do with the need to get Microsoft to take a larger stake in the business for a big chunk of change. These guys need to raise money if they don't want to end up in a pity of war situation. Because right now the bond market's on the side of their competitors. The bottom line, as Chachi Beat tells us, states that can borrow win. And right now every hyperscaler can borrow hundreds of billions of dollars. But OpenAI, let's just say as someone who once sold bonds for a living, I never wanted to hurt my clients. So I pass on that unattractive piece of merchandise now. Go to Lisa. New York, please. Lisa, hi. Booyah, Jim, booyah. Taking my call? Of course. I bought this stock at 407 a share just this past July and it has done nothing but go down ever since. Considering taking the loss and just moving on to something else. What are your thoughts on Coinbase? Okay. Coinbase is deeply linked to the price of Bitcoin. It's one of the many stocks that I talk about that frankly is just completely enthralled and linked and all this other stuff. I think bitcoin's bouncing probably to 97 to 98,000. And you know what? I think you should scale out of that thing on the way up. You just had a nice gain in the last six, you know, look, it's not, it's been up 6%. Sell it on the way up. There are other better stocks to own like Goldman Sachs, which my trust owns and I think is a lot better shape. Look, I think the real code red at OpenAI shouldn't be about the competition. Gemini. It's really all the money it's spending to keep the business running. Manny Tonight AWS had a ton of announcements from its reinvent conference and I'm running through all the news with the head of this important division in my two part exclusive. And bitcoin rebounded today. So what is the chart saying about where the cryptocurrency could be headed? I'm going off the charts to find out. And there's nothing hard in this business as spotting a market bottom. I'm sharing the clues I use to buy one and what to do once you get one. Stable foreign.

[D]

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[B]

Indeed. Amazon is a great company with an incredible retail business. Right now, Wall street only seems to care about Amazon Web Services, their Cloud and AI Infrastructure division that put up 20% revenue growth last quarter, its best growth rate since 2022. And I think Wall Street's right. Today, Amazon Web Services is hosting its annual Re Invent conference in Las Vegas. And as usual, they've made some major announcements. New agent offerings, new high performance chips to speed up the data center, and a lot more. This business is right at the heart of the data center theme and it is a huge profit center, much bigger than prime, that you're probably a member of. It's where CEO Andy Jassy came from. So let's take a closer look with Matt Garman, the CEO of Amazon Web Services. Mr. Garman, welcome to Mad.

[C]

Money. Thank you. Thanks for having me.

[B]

On. Okay, so Matt, I think a lot of people at home are trying to figure out, all right, why is he talking to Amazon to this web services when what I want, I get these, these, I get these presence at home and it's really important. But Wall street seems to care about your business. Let's start with the idea of why your business is so important both to Amazon, but also to customers and why customers are choosing yours and might even be more inclined to choose yours after what you announced.

[C]

Today. Sure. Yeah. And we, we serve millions of customers. So we started AWS about 20 years ago with the idea that we would help customers run their infrastructure. And over the last 20 years, we've built a pretty sizable business for $132 billion run rate business. And we have customers from every single industry. We have customers from media, entertainment, from financial services, from health care and countries all around the world, frankly, governments are all around the world that are running their compute infrastructure in us and so we're quite excited about that. And the growth, as you mentioned, has been quite impressive. It's. We've gotten to be 20% growth year over year and today we're really excited about many of the new things that we're bringing out for our customers think our customers are quite excited about the promise of AI and AI agents. And we announced a number of new features today that, that we think are going to help customers get a lot of the real value out of AI that, that the promise has been there.

[B]

For. Before we get to those and I want to get to them. I know I myself have spoken with, with many people at Amazon and have been frankly steered in a better direction than, than I've come from. From. I was concerned that we were being too minutiae that you were growing at 17 and maybe 20% at one time, 9%, 10%. I think we need to put some real numbers behind this. When you say you're growing at 20 versus say 17, what you're saying is you're growing at a rate, a business rate. That means that you're adding far more revenue than say Azure at Microsoft, than say Google Cloud. Because a lot of people listen to Microsoft and they say holy cow, they're passing Amazon Web Services. Which is not.

[C]

True. Yeah, it's the base, the baseline kind of matters. Right. And so when you're much larger, that percent growth matters. In fact, we had a stat that I shared on stage at Re Invent that the growth over the last year, we've grown by $22 billion over the last year. That's actually just in that 12 month of growth is more revenue than more than half of the Fortune 500. So that's just how much we've added in the last year alone. The growth, the absolute growth continues to be really, really large and as you said, is more than Microsoft, it's more than Google. We continue to add lots and lots of revenue as our customers move more and more of their workloads into the cloud and on.

[B]

Aws. Okay. Now this is a very competitive market, much more competitive than people realize. And it tends to rely on tools. I want to understand what tools people are really looking for. What tools are companies looking for? And the reason I say this is because I think people might not understand what you did today and why it matters to so many different.

[C]

Companies. Well, look, I think it depends on who you're talking to, to what kind of tools that they need mean or what they need. I think from there's some set of people where a lot of what they do is still on prem in legacy environments. And so we announced some tools today around AWS Transform, where we let customers use powerful AI agents to transform their legacy technologies into more modern cloud native applications. And so that's one of the things that customers are excited about. They spend a huge amount of their time supporting old Oracle databases or old Windows environments or old VMware environments. And now they can automate those and move them to much more modern capabilities. And that's where we see a ton of people getting excited. We also see developers who are really excited about the promise of AI development. And our new HERO development platform is helping developers move much, much faster by using structured AI we call specs, to really, really rapidly improve how fast they're able to deliver software for their.

[B]

Customers. So let's step back for a second. I think that people also may not understand that to capture startups is to capture the next generation's business. There are lots of people who say, wait a second, Amazon Web Services was. Whatever they're saying, they're not getting those new kinds of startups. They're going to Google Cloud or they're going to Azure. Again, this may be disinformation versus what the reality.

[C]

Is. Yeah, it's. I love when people kind of say that without any stats backing it up. So I'm happy to.

[B]

Share. That's why you're.

[C]

On. It's like, yeah, you know, we have 85% of the Forbes 2050. 202025 top 50. They all run on us. 85% of the CNBC disruptor 50 run at us. We actually looked at every single startup that's been funded by a top tier VC and more than half of them run on us. And so these companies are, by and large, they are still choosing us by a vast majority of them. In fact, the vast majority of any unicorn that's ever been built has been built on us. And so we, we take it really seriously. We support startups first and foremost. They're, they're some of our most important customers. Like you said, they're the enterprises of tomorrow. And we really lean in. We support them with credits, we support them with technology and we support them with advice. I personally spend a lot of time with startup startups, hugely important for us. And as a result, the vast majority of startups run.

[B]

On. A lot of people think that there is a gating factor here among the whole infrastructure that we're talking about and its power, that there is not enough power. I mean, I am so sick of hearing different companies telling me that they don't worry about it, we're going to be nuke. We're going to be. This could be that. The reality is, is that you may be the only company that has surplus power in this whole industry.

[C]

Correct? Well, I'm not sure if we have surplus power, but we're spending a lot of time making sure that we have plenty of power available. We've, we've added 3.8 gigawatts of new data center capacity in the last 12 months alone. And we're accelerating how much we're adding from a power perspective. And so, you know, look, this, the rate at which this industry is growing is really, really incredible. And so there's always going to be a new kind of blocker. But we are thinking two years out, three years out, five years out, how do we make sure that we have enough power, we have enough land, we have enough transmission capability, we have enough everything, every thing we need, whether it's networking, whether it's chips, etc. And so we're working across every single dimension of the supply chain to make sure that our customers are not unblocked so that they can go.

[B]

Build. All right, now there are a number of customers who have, are still on prem, but I am also sure that there are a number of customers who at any given time may say, you know what, I want to make a move. Is there anything that you announced today that is so leapfrogging what you get from some of the other companies in your industry? I'm thinking Google, Google Cloud, I'm thinking Azure, that people might say, you know what, I just saw some things, some frontier agents that make me think I got a.

[C]

Move. Yeah, I think there's two things that I would highlight today. One of them, as you mentioned, is, is frontier agents. We really think that these are going to be transformative to what in particular kind of software development teams can go deliver. These are agents that can run entirely autonomously. They can run for long periods of time, they can run at massive scale, and they can really supercharge your team. We've seen examples where teams have started to get 10x20x improvements and what they're able to deliver. And today we announced agents both in software development for operations as well as for security. And so having these autonomous agents come and help your team deliver more, I think is going to be really transformative and is something that no one else offers today. Second thing that I call out which I think is super interesting. We announced a new idea which is called Nova Forge which introduces this idea of open training models. And when I talk to customers out there, when they use a bunch of the models that are out there today, they like to use a leading model. And we have leading models with Nova 2 which we also announced today and are very excited about and are quite competitive with all of the leading models out there. But we also introduced the ability for customers to start with a pre trained checkpoint and actually put their own data into the model and finish training the model. So at the end of the day they have a model that the core pre trained model understands their proprietary data. This is something that's never been offered before and we allow you to mix in the Amazon proprietary data so that you actually get this robust pre trained model. And when you go talk to enterprises, this is actually what they want. They want a model that deeply understands their domain, their data, their unique ip. And now we've given them a capability where they can really intersperse that into the early training stages of Nova so that when they get this state of the art model at the end of the pipeline for a fraction of the cost to go do the customization work themselves, they get this industry leading model that deeply understands their business. And we think that that's going to deliver fantastic results for them. It's going to drive agentic workflows that actually understand their workflows and the nuances of their business. And we think this is a game changer for enterprises who are really thinking about how they want AI to actually come and change their line of business. Mission critical.

[B]

Workflows. Stay here. We're going to explain more about what you're offering and how important it is to people who are thinking about buying the stock of Amazon. So that's more with AWS CEO Matt Garman after the break. Thank you Matt for sticking with.

[D]

Us. Coming up, Kramer's got more with the CEO of Amazon Web Services talking all things AI and the cloud and what the company has in store for the future next. This ad is only 15.

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Seconds. In that amount of time, there are likely to be an average of over 15,000 cyber threats to all businesses. So there's no time to.

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Wait. Get threat ready with comcast [e-mail] cybersecurity. Southwestern family of Podcasts is the premier podcast network for business leadership, personal growth and more. Home to the Action Catalyst, ranked at top podcasts by Inc. Entrepreneur and Business Insider as well as let's Talk Legacy, presented by one of the nation's fastest growing providers of final expense coverage. The Talent Trade, a look into the world of recruiting from a top 10 firm, and the Growth Workshop podcast, accelerating growth and revenue for the modern business. Explore the [e-mail] podcasts or anywhere you.

[B]

Listen. Ever spend $200 on a fragrance only to realize you hate it? Micro Perfumes fixes that. Now you can try luxury scents without the luxury price. Pick from real designer fragrances like Dior, Tom Ford and Creed. It's the real deal. Authentic scents starting at just a few bucks. They come in sleek, travel sprays, ship fast, and there's no subscription required. Why gamble on a full bottle? Go to microperfumes.com podcast for up to 60% off. That's micro perfumes.com/podcast for up to 60% off. For the break, we spoke with Matt Gorman, the CEO of Amazon Web Services, that's the jewel in the crown of Amazon, about some of the biggest stories in tech. And we're not done because AWS is too important to limit ourselves to just one segment. And I want you to be educated about this. Let's get right back into it. Matt. Okay. Again, I'm trying to clear up misperceptions that I may have created. That's really important to me. It's really important to our.

[C]

Viewers. I.

[B]

Appreciate. Absolutely. I have gone to Andy and I have said at times, why don't you buy more Nvidia? Isn't that better for customers? Isn't that better for you? And he's always said the same, which is that we are great customers of Nvidia, but we also have some other things that we offer that are terrific for customers. Can you explain why you have something that could be better, given the fact it's all hail Nvidia, and I've done that candidly on Mad.

[C]

Money. Yeah. Well, what I'll tell you is, as we are absolutely great customers of Nvidia, I work with Jensen and the team very closely, and we announced new Nvidia instances today with GB 300 instances. And so we consider we're the first people to ever offer Nvidia in the cloud. We continue to work there and actually AWS is by far the best place to run Nvidia in the cloud. And we have choice for customers. As it turns out, we've been investing really heavily in our Trainium chips, and Trainium offers differentiated price performance for customers. And we think customers have choice or they need to have choice. They should be able to choose from having the very best environment in order to run an Nvidia cluster, and that's aws. And they should have a differentiated price performance where they can run on Trainium. And so customers as an example, who are running in Bedrock, which is the inference platform that most customers in AWS use, more than half of the inference on Bedrock comes on training, two instances. And so that delivers differentiated price and performance for us and for our customers. And we think having that, that option for choice is really important. And so, as you say, we've been really ramping up our Trainium business. We announced today that we've landed more than a million Trainium chips in us, which is fantastic. And we've ramped up training to four times faster than any other AI chip that we've landed. And Trainium is now a multibillion dollar business and growing really rapidly and.

[B]

Has been unrecognized until you started talking about it, frankly, at least to the public, not necessarily to the big hedge funds like that. Now, the next conundrum, Anthropic. Is Anthropic owned by Amazon? Is it owned by Google? Does it? Is Quad owned by who? You've got to help us figure out the where Anthropic fits and what Anthropic likes to use. They like.

[C]

Training. They do. So yeah. So Anthropic is a huge customer of training. Anthropic is an independent company, a startup that we are investor in and a huge partner of ours. And they look, we are their primary cloud provider. Their whole net current generation of cloud models is built on Trainium to in fact, if you're running Claude 4 or 5 that was running on training, that wasn't running on anything else yet. And so when they launched it only ran on training. And so that's how deeply partnering we are with the Anthropic team. We think they have some great models. We love that team. Many of our customers love to use the Anthropic models and we continue to partner with them really.

[B]

Deeply. There's a perception that what matters is a chat bot. But business to business is where the money is. Anthropological, philanthropic is primarily business to business. Can you help people understand why that is and what it means to use, say project, you know, project Veneer or any of the things that we know that are really fabulous that you have training for with it within V link? Because I need people to understand these are what drives the stock, these are what drives the big.

[C]

Money. Yeah, so, so for us, if I, if I take a step back and you think about where for Us, we want to offer our customers the absolute best differentiated performance of the infrastructure that they can have. And we want to make sure that we can do that at a profitable business for Amazon and for our investors. And so we think that offering custom silicon allows us to do both. We can have great margin and give customers better price performance. And, and that is one of those keys. And so when you think about project Rainier, it's 500,000 training M2 chips in this gigantic cluster for customers like Anthropic to go build these cloud models. And as you mentioned, these cloud models are really great at programing. They're the best in the world today at doing software development and we leverage them pretty extensively. And all of that is built on this infrastructure. And so these things build on themselves. We have the world's best infrastructure. We have a price performance of custom silicon that allows them to build on it. It allows us them to get a great deal on price performance and for us to have margin on that. And then we build models that we can then jointly go sell to customers and deliver outstanding value to our enterprises so that they want to run on bedrock together with all the other.

[B]

Offerings. Now, some of these enterprises are gigantic and you're offering a factories for government, for large organization. Factories goes over a lot of people's heads. Explain what that is and why they're going to.

[C]

You. Yeah, factories is something that not everyone will use, but it is this, this offering that's designed to be, think about it as a custom AI zone that's just for one customer. Maybe they have a data center or they have power that they want to take advantage of and they might have some sovereignty requirements or they may have some particular compliance things where they have to run in a particular area. And then we take AWB technologies, whether it's trainium, whether it's GPUs, together with our services like Sagemaker and Bedrock, and we put them all together for a customer to be able to run in this custom zone just for them. And we think that unlocks some of these really, really large use cases, whether they're government use cases or, or country wide use cases and, or some regulated industries that were maybe blocked from doing AI in a, in a other.

[B]

Setting. Right now you control huge budget. And I have to believe that when you announce all these different products, you have an idea that this could be needle mover levers. Is the goal, is it realistic to think that you get the 22%, 23% growth or is it just like, listen, it's steady, she goes Jim, and this is the table stakes to just have steady. She.

[C]

Goes, what I will tell you is I think we're at such the early stages of this business that it's hard to predict. And in fact, people ask me to predict like how much bigger this business is going to get. And every time I project, I project too low. So it's really probably not good for me to keep guessing because I keep undershooting it. But the potential of this business is massive. Today, only something like less than 15 or 20% of workloads have even moved from on prem to the cloud. And so that's, that's massive. That means there's 5,6x growth. They're just an existing business that needs to move to the cloud. AI is in its infancy and this is needs massive amounts of compute and storage and services built on top of that. And we are in the very first inning of what that potential is going to be. And so I think, you know, today, AWS is $132 billion business. It could be 200, 300, $400 billion. The market potential here is really, really massive. And so we're, we're quite excited about the potential there for us. And so, you know, I think that that alone is something to get really excited.

[B]

About. Well, look, I'm glad you're, you're a great spokesman person for it, especially because I'm getting tired of hearing that all anybody does is lose money on this when the reality is there are billions on the line, maybe tens of billions, and your company is going to haul in more than its fair share. Matt Garman, CEO of Amazon Web Services. Go back to your conference. Go make a lot more money for Amazon shareholders, including my trust. You're our largest position. Thank you so much for coming on the.

[C]

Show. Thank you for having.

[B]

Me. Absolutely. Bear money back.

[D]

In. Coming up, Kramer's charting a course towards profitability, looking at Bitcoin, the consumer staples sector and the S&P 500, and seeing whether there's a bullish future in.

[B]

Store. Next, Can the market keep holding up despite the recent choppiness in the averages? I think you had some real issues going on here with the most speculative stocks out there. You know, they bother me. Some new pockets of weakness in the data center space, including a private one. But overall, this market really has managed to hang in there, hasn't it? But will that continue to hold true? I ask that every day to answer that question. We're going off the charts. With the help of Jessica Inskip. She's got the hot hand. She's the first woman on the active trader desk at Fidelity, who's now director of Investor [e-mail]. she is a pioneer and she's also the co host and founder of the Market make her podcast who's made some pretty strong calls this year. You know, in late October she told us that health care sector was finally ready to roar. And since the xlv, which is the Health Care select spider. Oh my God. This thing is run from 146 to 154. This was the most hated group for most of 2025 and she nailed this thing. All right, so what's her assessment of the current moment? It's nuanced. Let's start with the weekly chart of the S&P 500. As this can see that the SB remains, thank heavens, in a secular bull market. Well, we always like to hear that, don't we? She likes to measure this by watching a set of key moving averages. We would be looking in here for the 13 week blue. Okay. The 26 week red and the 40 week moving average which is yellow. These represent 1 quarter, 2 quarter and 3 quarter. I love this because the quarter has always been the most important unit of time in the stock business. Unlike lots of chart stuff, watching the quarter quarterly moving averages makes intuitive sense to me. Hopefully to you, with the S and P, all three of those key quarterly moving averages are still sloping upwards. Right. And acting as force of support underneath at the same time. Friendship. That represents textbook bullish trading cycle. Thank you. We love that behavior. Right now she says the S P has a strong floor of support at 67 06. Okay. Right there. And that's the blue 13 week, almost 125 points from where it's currently trading. The next floor is 26 week moving average which currently stands at 6500. All right. And underneath that there's another 46147 where the S& P peaked in February before President Trump started slapping tariffs all over the place. If we get a pullback to the 13 week moving average around 6700, Inscript says. Well you know what that'll be, let's just say constructive. How about that? When we last checked in with her at the end of October, she said she was watching the relative strength index down at the bottom here. Well it had reached overbought levels and the moment it came down she told us to expect a pullback in the S&P 500. Sure enough, we got that in mid November, but we've since recovered right now inscripts keeping an eye on those floor of supports as long as they can hold, the bull market remains intact. So in other words, we had some good action here. We're kind of. This makes me sanguine, let's put it that way. Now let's zoom into something. It doesn't make me sanguine. The daily chart of the SB 500. While the weekly looks good, the daily is not a pretty picture. Right now the S and P has a ceiling of resistance is 686 9. Okay, I know this can be confusing. Don't worry, we're going to get to it. Here's the ceiling. Okay. That's about 40 points from where it's currently trading. That's the lower high we got on November 12. At the same time Minsk points out that we're still got that floor Support Sport near 6700. Thank heavens. In this case it's a 50 day moving average propping us up at 6727 right there. 50 day, 50 week. I'm sorry. On the daily chart she likes what's known as the Ichimoku cloud. Don't let your eyes roll over. I've used this a lot of times in the last 30 years. It's the pink area. It's a technical tool that actually combines just a bunch of moving average Give you one glance freedom the situation shortcut. When the SB plunged into the cloud it managed to bottom at the low at the low end, then bounce back. Thank heavens. Right here. This was very effective. Friends get that right here. Encouraging sign. Unfortunately, she points out the SB has made a series of lower lows and lower highs on the daily chart. The textbook definition of a downtrend. The S and P needs to break through that ceiling at 6869. Now it's got to change its direction given where it's currently trading to take only one or two decent days to smash through that ceiling. Like the Kool Aid man. Plus Inskip points out that the moving average convergence converges divergence line. The MACD recently made a bullish crossover than Kevin is right there. That's where the black line crosses above the red one and this one. The most reliably positive technical indicators in the book. I like this. But now let's talk about what's possibly the greatest weakness in this market besides potential problems with Code Reddit Open air yet. You know what I'm talking about. Bitcoin. Let's look at this. Check out the weekly chart. Like I told you last night, the people who own Bitcoin tend to buy it with borrowed money. Look at this man, not so hot. So when it pump plummets they get margin calls, often have to sell their other holdings to raise money. That means a lot of the S and P. As it so happens, the same kind of people typically own lots of speculative stocks. Which is why they seem to trade in lockstep with crypto. Remember I told you the other day that crypto leads a lot of stocks down. It's because of what she's describing perfectly right here. After a vicious sell off, Bitcoin caught a major reprieve today, rallying 7% at this point it's still a long way down from its ceiling of resistance at 103,515. Okay, see it's all the way down here which is the 40 week moving average. But it's bounced hard from its floor of support at about 80,000. Says the support zone has been propping up bitcoin since the spring. As of today it's going higher again. But you need to keep an eye on this because bitcoin is the Achilles heel of the most speculative stocks in the market. If it goes into free fall, those spec names are doomed and you're going to lose money. Finally, take a look at the weekly chart of the xlp. Now this is the consumer Staple select sector Spider or SPIDER fund. Traditionally we think of the consumer staples as the ultimate in safety stocks. But boy that sure hasn't really been the case since inflation picked up a few years ago. Certainly hasn't been the case this year. It points out that the XLP has got a bearish trading cycle as the 13 week, 26 week and 40 week moving averages are all sloping downwards and acting as ceilings of resistance above this thing. See these are all not so hot. Luckily the consumer staples Spider fund has a floor supported 75 and change. That's down 3 bucks from where it currently is. Okay, so we got the the floor support 75 and that floor is held. But as this could sees it, there's no safety in the safety stocks until the XLP breaks out above its 26 moving week moving average at 7,949. That's going to be hard to do. Okay just to get be very success to get there. And it's not through that yet. That's up About Dolphin is currently trading but I don't think it's going to be able to take it out. Here's the bottom line. The charts interpreted by Jessica Inskip paint a mixed picture right here. When you look at the weekly chart you can see that the s and P500 still in long term secular bull market mode. That's the major theme to take away from this piece. But when you look at the daily chart, it's stuck in a pretty dire near term downtrend. At the same time, Bitcoin's chart doesn't look that pretty. Although at least it's a floor of support. It's held and it managed to rebound nicely today. Finally, there's no joy in the consumer staples. At least, least not yet. Something I totally agree by the way in my new book how to make money in any Market. While softness in staples is not the end of the world, it's certainly worth keeping an eye on knowing that again there's no safety anymore in the so called safety stocks. That money's back after the.

[D]

Break. Coming up, Kramer takes your calls and the sky's the limit. It's a fast fire lightning.

[B]

Round. Next. Listen, I don't want you to miss out on our club special. This is your shot to join me in the CNBC Investing club. Get into our live morning meetings and go through what we do with the club portfolio act. Give you some ideas, scan that QR code or go to cnbc.comkramer club to become a member of. Best time of all year to join the club. And now it is time. It's time for the lightning round. Kramer's memory. That's right. Holding Sam Stockton. Bye bye Celsius. I'll just go to another core stock but that's talking about Steph. Prison Grammar, Planet Sound. And then the lightning round is over. Are you ready, Ski Daddy? Time for the light round. Craigslist. Let's go to Leslie in California. Leslie? Yeah. Jim Leslie. This is a name that you.

[C]

Probably remember some time.

[B]

Ago. Lindy tlc. Yeah. This stock has been my Chapel Trust shows this stock has just been nothing but nastiness. And I don't know, you know, look, it's a, it's a great industrial gas company. It has done so well over many years. This is not one of those years. And I really think it's surprising that the company doesn't come out and start saying something because, wow, it's been in free fall. Let's go to Nancy in Missouri. Nancy. Hi.

[A]

Jim. I love your.

[B]

Show. Good to have you. Nancy, what's going on? I bought this stock about eight, nine weeks ago. You talked about it on your show and I doubled my money and then I lost it all. Okay. Ello, what's going on with it? Okay. That's a. That's a stock that is part of the year of magical investing. That year ended. You need to sell the stock of Aqua. I'm going to give you two for sell Iren R E E N. Why? Because they just did a convert. I don't want you near that one either. Let's go to Ed, New York. Ed. Good evening, Mr. Kramer. Thanks for taking my call. Of course. Thank you. I found under the radar stock I invested in. It's up 218% the past year. They're into medical applications, metal cutting, defense sector on track vehicles to destroy drones and a huge backlog. I like that. As the market is endlight. I don't know, Enlight. We're gonna have to get to work on N light, do some homework and come back to you. And that, ladies and gentlemen, conclusion of the Lightning.

[D]

Round. The Lightning round is sponsored by Charles Schwab. Coming up, how can you truly tell when a stock bottomed out? Kramer's giving you some tips on when you can tell and whether or not a bottom means a good buying.

[B]

Opportunity. Next. In this business, nothing's harder than spotting bottoms. So much money has been lost in the process that I feel they need to show you how it's done so you don't lose money too. First, though, let me just say that some situations defy bottom calling and you're liable to get killed if you try to bet on a rebound. Take bitcoin. If you bought it yesterday at $85,000, you probably feel like a genius. Now that it snapped back to around 92,000, that sure feels like a bottom, doesn't it? It could be. Bitcoin's down a lot from its highs and it's held this level before. But man, like all cryptocurrencies, it's very easy for a few aggressive traders to manipulate bitcoin higher or lower, at least in the short term. What matters the most here is not bitcoin itself, but a company called Strategy run by Michael Saylor, a bitcoin evangelist who has adopted what I consider to be a Malcolm X style, by any means necessary approach to keep Bitcoin higher. He has a huge amount of money on the line because Strategy has transformed itself basically into a bitcoin accumulation machine fueled by borrowed money. Saylor is a clever guy and he may be able to forestall the executioner, in which case we're to bottom. But if Strategy is still in trouble, then the company might be forced to sell the largest bitcoin hoard in the world. At least Some of it which would produce a furious crescendo of selling. In that case, who knows, maybe bitcoin goes to 60,000. But the operative and problematic term in that sentence is who knows? When you're fishing for a bottom, who knows doesn't cut it. So we aren't even going to try to fathom how many fathoms there are between bitcoin and the bottom, because I honestly have no idea. So let's do this. Let me show you what a hard and fast bottom really looks like. Let's talk Boeing. Coming into today's session, the only word I could use to describe the stock of Boeing was free fall. Ever since management gave you a September update filled with charges and push outs, the stock's been more toxic than the goddess canal on a steaming summer's day. Today, the Boeing spoke and lo and behold, it didn't take down numbers. In fact, it reaffirmed the previous estimates. When you're dealing with a company as dysfunctional as this one, one that is huge. Mind you, they didn't really raise their forecast or Dwayne like that, but that didn't matter. The chief financial officer who gave the talk did something that signals a bottom almost every single time. He called the end of what's known as the negative revision cycle, basically told us that the endless number cuts are over. The stock is de risk now ahead of the January earnings release, which is why it shot up 10% today and why it's most likely after some churning, not done going higher. Now my chapel trust has been buying Boeing all the way down. Anticipation this moment, the end of the negative revision cycle. We knew that when we got there it would be time for CEO Kelly Ortberg to start playing offense. And now I think he will do just that one point. Because of the huge demand for Boeing's planes, any sign the negative revision cycle is over means that it doesn't really matter when you buy the stock, even up almost 19, as it was today, because so many pessimistic analysts have been waiting for this moment to upgrade. I'm sure there are some long suffering shareholders who bolted today into strength. When you own a stock that's getting clubbed, there's always a voice in your head saying, lord, get me out of this one. I've lost so much money. And the people who listen to that voice, well, they sold Boeing today and they shouldn't have. That's usually a big mistake. Because as much as you want to get out, there are often a lot more people who have been waiting for green light to get in, start buying. They just got the all clear today. They want to buy Boeing for 2026 when the planes start coming off the assembly line. And desperate waiting hands of not just airlines, but whole countries that have promised President Trump that they'll buy Boeing planes to shrink their trade deficits with us. How do I know that the Boeing CFO is telling the truth? Well, because his career's on the line. If you tell the world basically that you're done cutting your forecast and then you keep cutting the forecast, you lost all credibility. And a CFO without any credibility does not keep his job. There's no easier way to get fired than to de risk the risky. Everyone on Wall street knows that. Which is why Boeing, one of the worst stocks in this entire market, finally bottomed today. And even after this move, do you know what? It's not too late to buy some tomorrow after the profit taking subsides. I like to say there's always a bull market somewhere. And I promise I'd find it just for you right here. Money. I'm Jim Cramer. See you.

[A]

Tomorrow. All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of cnbc, NBC Universal, or their 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 Jim Cramer 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 it's time to save the.

[B]

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