Mad Money w/ Jim Cramer – December 5, 2025 Episode Summary

Episode Overview

This episode of Mad Money with Jim Cramer dives deep into the current state of the tech sector, explores standout earnings from Salesforce, examines the resilience and transformations in big pharma and retail, and highlights the explosive rise of prediction markets like Kalshi. Featuring notable guest appearances by Salesforce CEO Mark Benioff and Kalshi CEO Tarek Mansour, this episode is packed with actionable investing insights, memorable market analysis, and Cramer's trademark energetic style.

Key Topics and Discussion Points

1. Tech Sector Turmoil and Investment Approach

Timestamp: 01:55–05:51

• Cramer’s Evolving Stance on Tech
  The episode opens with Cramer noting his enduring love for tech since 1982, but sharing current reservations about the sector. He highlights that top-performing tech stocks now often have poor fundamentals, while quality names are under pressure.

  “I’m not turning against tech. I’m simply saying that when I pick stocks, I like easy money and I like to avoid the battlegrounds.” – Jim Cramer [02:58]

• Battleground Examples

  • Amazon Web Services’ Reinvent Conference: Despite a strong showing, AWS’s new products did not excite investors; stock reaction was disappointing.
  • Salesforce: Cramer praises their results and tech innovation (AI-driven Agent Force) but notes the stock's whipsawing performance following earnings as an indication of market volatility.
  • Meta & Silicon Valley Culture: Cramer comments on Zuckerberg’s aggressive talent poaching and Meta’s cost discipline.
  • Nvidia: Acknowledges CEO Jensen Huang’s high-profile, relentless schedule and the contradictory criticisms Nvidia faces regarding its technology and China relations.
  • OpenAI vs. Google: Notes OpenAI's moment of uncertainty as Google's Gemini rises, questioning if OpenAI can maintain its edge.

  “These aren't banks so there's no real 'too big to fail' metaphor… but there's just something existential with this cohort: the whole group is winner take none.” – Jim Cramer [06:45]

• Cramer’s Broader Advice:
  Investors should lean into sectors that benefit from lower interest rates, such as banks, transport, healthcare, and “boring” stocks over the current tech “trench warfare.”

2. Salesforce’s AI-Driven Transformation – Conversation with Mark Benioff

Timestamp: 13:45–24:23

• Q2 Results and Agent Force Cramer sits down with Salesforce CEO Mark Benioff to dissect their strong quarter, driven by AI tool Agent Force.

• Agent Force’s Impact

  • Fastest-growing product in Salesforce history, already reaching a $540M run rate in less than a year.

  • Major clients like CVS, Aetna, Costco, Dell, and leading pharmaceutical companies are early adopters.

    “This is the holy grail, people, for customer service... Agent Force bot answers your phone call, knows all about you... and can service you better than any human.” – Jim Cramer [03:58]

    “It brings together humans and data and AI and apps and delivers an incredible experience for companies... fastest growing product I have ever seen.” – Mark Benioff [15:05]

• Competitive Moat

  • Benioff argues the core value isn’t in LLMs (which are commodities), but in unique customer data and killer apps tied together by Agent Force.

  • Robust deployments in healthcare: Pfizer, AstraZeneca, Novartis, Takeda, and transformative work with Dell’s supply chain.

  • Emphasizes Salesforce’s global dominance: $41B revenue, 80,000 employees, leading positions worldwide.

    “All these large language models are the same. We just want the lowest cost one... Those are not commodities. Sales Cloud is not a commodity.” – Mark Benioff [19:15] “Agent Force accounts in production are up 70% quarter over quarter.” – Mark Benioff [23:47]

• Salesforce’s Future & Brand Cramer floats renaming the company ‘Agent Force;’ Benioff highlights how Agent Force fundamentally redefines the company.

3. Pharma Sector Rebounds – Merck’s Turnaround

Timestamp: 26:05–32:13

• Big Pharma’s Resilience

  • Pharma stocks, led by Eli Lilly, Amgen, Regeneron, Bristol Myers, and Merck, rebound since tech’s October peak.
  • Focus on Merck’s nearly 17% rise post-October 29 and its overcoming of recent headwinds.

• Merck’s Transformation

  • Recovers from China’s sudden pullback on Gardasil (HPV vaccine).

  • Anticipates Keytruda’s patent expiry with strategic acquisitions:

    • Verona Pharma (COPD drug, $10B acquisition)
    • Sedara Therapeutics (ADC therapeutics, targeted antivirals, $9.2B acquisition)

  • Wells Fargo praises Merck as entering a “catalyst rich period.”

  • Stock valuation remains attractive.

    “Merck’s a very cheap stock that still doesn’t even get nearly enough love for its terrific pipeline. Or for that matter, its solid 3.4% dividend yield. Believe me, you could do a lot worse.” – Jim Cramer [32:13]

4. The Rise of Prediction Markets – Interview with Tarek Mansour, Kalshi CEO

Timestamp: 33:47–41:37

• What is Kalshi?

  • Kalshi allows users to trade “yes/no” shares on real-world events: elections, weather, regulatory decisions, pop culture.

  • Now the trusted U.S. leader in the space, verified with federal regulatory approval by the CFTC.

  • Announced new $1B Series E funding, $11B valuation, and a partnership with CNBC.

    “These markets work so well because like the stock market, they price the future, they are predictive.” – Tarek Mansour [34:52]

• Why Prediction Markets Work

  • Cramer and Mansour discuss how having “skin in the game” creates more reliable forecasts than punditry or simple polls.

  • Competition (PolyMarket, CME) is intensifying, confirming the sector’s potential.

    “It’s not a secret that financial markets pretty consistently throughout history... people call it gambling, or people are speculating. We’re regulated by the federal government because we’re a neutral, transparent financial market.” – Tarek Mansour [38:43]

• Bridging Investment and Speculation

  • Kalshi regarded as a way to engage younger generations who distrust or overlook traditional stock markets.

  • Offers an outlet where “everyone is an expert on something” and can monetize their insight.

    “The beauty of what we’re building on Kalshi is everyone is an expert on something... Kalshi is an outlet for you to basically make money off of that passion or expertise.” – Tarek Mansour [41:21]

5. The Lightning Round – Stock Opinions Rapid Fire

Timestamp: 42:14–44:21

Key Calls:

• Recursion Pharmaceuticals: Too speculative, “bad taste in my mouth.” – Jim Cramer [43:45]
• GE Vernova: The only nuclear name Cramer endorses for actual execution in nuclear power [44:10]
  • “Scale out on the way up… Sell some at 27, sell some at 30. Get rid of all of it.” [44:18]

6. Retail Turnaround Highlight – Five Below

Timestamp: 44:54–48:05

• Five Below’s Comeback

  • CEO Winnie Park revitalizes the discount chain: refocus on core customer, strong digital tactics, introduction of “curtain up moments” for seasonal sales.

  • Posted two consecutive $1B+ quarters, same store sales up 14%.

  • Transformation in loss/theft management and merchandising breathes new life into the stock, up 60% YTD.

    “Park uses terms like generation of content, not clothes, not toys. She’s basically putting on six shows a year that are driving an immense amount of traffic.” – Jim Cramer [47:50]

Memorable Quotes

• “My job is not just entertain but to explain.” – Jim Cramer [01:55]
• “Courage is the new currency in this country.” – Jim Cramer [12:11]
• “All these large language models are the same. We just want the lowest cost one. Then we plug it in. We’ve got all the customers data. We have our killer apps.” – Mark Benioff [19:15]
• “Merck’s a very cheap stock that still doesn’t even get nearly enough love for its terrific pipeline. Or for that matter, its solid 3.4% dividend yield. Believe me, you could do a lot worse.” – Jim Cramer [32:13]
• “People don’t lie when they have money on the line.” – Tarek Mansour [36:14]

Notable Timestamps

• 01:55 – Cramer’s opening monologue, tech sector overview
• 13:45 – Salesforce Q2/Agent Force discussion, Mark Benioff interview
• 26:05 – Deep dive: Merck’s comeback and big pharma trends
• 33:47 – Prediction markets segment: Interview with Tarek Mansour of Kalshi
• 42:14 – Lightning Round: Rapid fire stock calls
• 44:54 – Five Below’s retail turnaround analysis
• 48:05 – Episode conclusion

Episode Tone

Cramer’s signature animated, candid, and occasionally irreverent style permeates the show. The insights are practical, market-savvy, and oriented to both everyday investors and finance enthusiasts.

Useful for Listeners Who Missed the Episode

This summary outlines all major discussions, key investment takeaways, and sector analyses covered in the December 5, 2025, episode of Mad Money. It highlights actionable stock opinions, timely market trends, behind-the-scenes tech and retail transformations, and unique industry perspectives—making it an invaluable resource for investors seeking Cramer’s market wisdom in a digestible format.