Mad Money w/ Jim Cramer 12/4/25

Summary

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.

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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.”

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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.

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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]

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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]

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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]

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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]

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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]

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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

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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.

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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.

Transcript

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Man Money. Welcome to Cramerica. Other people make friends. I'm just trying to make you a little bit of money here. My job is not just entertain but to explain. So call me at 1-800-743-CNBC or tweet me at Jim Cramer. Let me start out tonight by saying I am not a tech apostate. Far from it. I've loved tech ever since 1982 when Texas industries was cutting edge and National Semiconductor revolutionized those little silicon devils. But there's like today where The Dow dipped 32 points, S&P advanced.11% and Nasdaq edged up 0.22%. These days challenge my assumptions on tech. Even the ones I push in how to make money in any market. Like the idea that these are still the best tech stocks to own long term. I still believe that. But you know what? You got to be thinking long term because right now putting new money to work in this scrum of a sector feels a little early. Especially when the best acting tech Stocks right now have the worst balance sheets, income statements and the real good ones.

Crossfire. Again, 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. Lately I've been trying to direct your attention to the easy money groups like the banks. Wow. The transports and even the health care companies which have been tremendous. With the Fed in rate cutting mode, you want to own stocks that will benefit from easy money. Like a railroad that has no competition or, or credit card company or something related to travel and leisure. Fast growing retail. A dollar stall for instance. The dollar stores are on fire. Not a lot of battlegrounds there. There's only a couple of them. But tech, let's just say I know the first day of the Psalm when I see it and I don't want to go over the top into this current madness. Make no mistake, this is brutal trench warfare we're experiencing. I want to walk you through some of the battlegrounds. Let's start with Amazon Web Services which is having an incredible conference Reinvent. It's called Reinvent 2025. It's in Las Vegas. It's ongoing right now. Now I know what happens in Vegas days in Vegas. But this was ridiculous. The reaction to this conference didn't even leave the building, let alone go to Vegas. Nothing. In fact, the stocks reacted terribly to the conference. Now this was Matt Garman show who took over job from Kramer Faith Adam Selipsky last year. I'm a generalist, not a technologist like the tech bro from the Technology Business Programming Network or TBP and who were kind enough to interview me today. And really terrific. Speaking as a generalist though, I thought that Mac did a great job on the show showing up all these new gizmos and software and on ramps that Amazon Web Services now offers. When I thought it was fantastic frankly. But I think from the stock it looks like I'm the only one who thought that. Second there's Salesforce. Now we have CEO Mark Benioff on tonight and boy I love this quarter. When his company reported last night it was lights out people, lights out. He laid out a multi year program for Agent Force that suggested Salesforce might have the agent space to itself. This could be one of the largest markets in history. This is the holy grail, people for customer service. An informed salesperson at the point of contact who knows everything about you and is ready to help you instantly. Can't make mistakes, many languages even as it's not a salesperson at all. It's not a person. Salesforce now has the holy grail. An Agent Force bot answers your phone call, knows all about you from the get go, and can service you better than any human. The steak free. All for a fraction of the cost. And by the way, can I just tell you, no health care, no days off. It's amazing. Which is exactly why Costco, the world's best retailer, and cbs, the biggest drugstore, both chose this technology. And I'm told that they love it. This is a new business line for Salesforce, just unveiled last year on our show, by the way, and it's already hit a $500 million run rate. I think Agent Force can redefine this company within the next 12 to 18 months. I think they should rename it Agent Force. If I were kidding, I wouldn't have said it. The reaction? Well, the stock immediately jumped more than 20 points last night. That's right.

[Tarek Mansour]

Right.

[Jim Cramer]

But then it gave it all up. I mean, every penny of it. Of course, it did rebound in the afternoon. It closed higher. But I mean, this thing was down at one point. This was crazy. While investors came to their senses later on, the fact that Salesforce was down even briefly today just shows me. Wow, this is one nasty tech market. Third example. There used to be some honor among thieves in Silicon Valley. A sort of no poach rule that led to a lot of rich executives filled with stock based compensation. Then along comes Mark Zuckerberg from Meta, and he's poaching like mad, building the best roster in the industry. He's going after some very talented from Apple, including one we just learned who ran Apple's liquid glass portfolio, which I'm very interested in. What the heck? I know this is how it's supposed to be in a free market economy, but in practice, the big boys never really tried to compete on salary. Now they have free agency without a salary cap nightmare. Meanwhile, Zuckerberg's cutting his Metaverse bend. A black hole that I thought might stay a black hole. Because when you're making as much money as Met is, does anyone really need to be laid off? Apparently, yes. You know what I've been thinking? Zuckerberg makes Elon Musk look like a real softy. All right, let's get to the biggest publicly traded battle, the one that feels like a combination of Verdun and Gallipoli. I'm referring to the travails of Jensen, Huang and Nvidia. First, let me say there must be three or four Jensen Wongs running around. Remember little Jensen, because he's everywhere. Congress, the White House. Joe Rogan. Joe Rogan. He's on the firing line every minute, this guy. A firing line that feels more like the firing squad at the end of Pairs of Glory. An unjust execution that Johnson is going into with his eyes wide open. I feel that Jensen's fate. I feel it's his fate every day. I don't know how he stays sane, honestly. And he stays funny too, noting that he's the only person who is allowed to do business in China but banned by both sides. If you believe the critics. Somehow his chips are both inferior to the homegrown competition for Google, yet so incredibly advanced that we can't let the People's Liberation army get its hands on them. It's all a canard people. Nvidia semis are superior. Companies are making billions of dollars when they buy them. It's not a deadweight loss capex bunch if he charges too much. And why is the huge buyer which Alphabet they make their own but they're a huge buyer of Nvidia. Why are they seeing the market capitalization at hundreds of billions of dollars in value buying a fraction of that from him? I don't get it. Why is that ever talked about you want to own this stock, not trade it? And the stock was up almost four bucks today. But if it has become torturous, there's friendly fire going off everywhere as Jensen toggles between the globalists and the jingoists instead of just walking the grass line walls of his home turf. Talk taking selfies and chatting with his teammates. Finally, I want to end with the ultimate battleground of all time open AI. Here's a company that made $1.4 trillion in spending commitments based on what now seems like a tenuous lead in the chat bot space with chat cbd. They had the field themselves for three years, people throwing money at them. But all of a sudden Google emerged with Gemini 3 and there's a general acceptance that open air is relinquished the crown. Of course it could come out next week with a new version that could leapfrog over Gemini 3, but it'll cost a fortune. Stay in this game and we don't know if that company can raise that fortune. Could CEO Sam Altman be King Midas in reverse? Or you settle for being the biblical Sampson Post haircut. Either way, not a good ending. The fact is these aren't banks so there are no. There's no real big to fail metaphor going on here. But there's just something existential with this cohort is that the Whole group is winner take none. You think Union Pacific is winner take none? How about Goldman Sachs, JP Morgan, Johnson and Johnson. Even Bristol Myers can go higher in this market shares. But I'm not advocating the wholesale ban sector in history. Not at all. I am saying however, that there is a fierce competition with enfilading fire and exploding claymores everywhere and it's showing no signs of abating. But boy oh boy, is it entertaining. Unfortunately, don't value stocks entertainment per share. Which is why you should focus on boring stocks of companies that tend to win big when interest rates come down. Aside from just owning a lot of tech. Let's go to James in my home state of New Jersey. James. Boom boom, boom boom. Boolea from Belmont. Jim. Oh man. Belmore. Oh man. Dolce Vita. I wish I had that spaghetti cream sauce right now. Always wear a bib. Always wear a bib. Don't let it ruin your shirt. I had two shirts ruined there. Nick does the greatest job. How can I help while cooking my bolognese sauce, I heard you say one day Robinhood. I can't believe the stock is so Robinhood goes higher. It goes higher because it's a proxy for all the young investors. See young investors, they're on Robinhood the app. So they buy Robinhood the stock and you know what? They've been winning 267%. That makes other people want to be in Winners win. Stupid metaphor does work. EPS doesn't mean entertainment for share people. It's okay to stick to boring stocks. They'll make you money. Augment your tech portfolio with some boredom. Well, I'm going to tell you, Salesforce delivered a big beat in the quarterly report. As I said just earlier, didn't sit in stock higher. I'm getting all the latest in the Gentex AI with the company CEO. Then what's behind this new upward trajectory in drop maker work? I'm digging the company's pipeline and what's making it stand out from the pack. And prediction markets have become some of the biggest places to make trades on every everyday events. I'm learning more about Calshi and how it's been transforming the space with the company CEO and a new relationship it has with cnbc. So stay with Kramer.

Don't miss a second of Mad Money. Follow imkramer on X have a question? Tweet Kramer Madmentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com.

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[Mark Benioff]

We live for live streaming now.

[Jim Cramer]

Courage is the new currency in this country.

[Commercial Narrator]

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[Jim Cramer]

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[Commercial Narrator]

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[Jim Cramer]

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[Commercial Narrator]

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[Jim Cramer]

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[Jim Cramer]

Past year, most of the cloud software stocks have been punching bags as Wall street figured out they'd be live by competition from AI. But last night, Salesforce reported a great quarter. Okay, and today the bulls were in control. While the quarter wasn't all perfect, the slightly weaker than expected revenue the company delivered a terrific earnings beat. Management raised their full year forecast for the 2026 fiscal. Same time, Salesforce had some incredibly encouraging updates on Agent Force, their suite of tools that can build AI agents automate all sorts of white collar work. With annual recurring revenue already of the product reaching $540 million this year. That could be a. That could be a record. So could this be a start of a comeback for the stock which is down 27% for the year? Let's check in with Mark Benioff. He's the co founder chairman CEO of Salesforce to find out. Mr. Benioff welcome back to my money.

[Mark Benioff]

Jim. It's always so great to see you. Thank you for having me on your show once again.

[Jim Cramer]

All right, well, Mark, I'm going to start with something very simple and I'm not going to mince words. This was a great Asian Force quarter. And I want to tell you, I want to take. I want you to seriously consider what I say when I look at your deck. And you have one page, on page 15, say agent for sales agent for service agents want 360. But Mark, this business is going to be bigger than your other businesses and I think you should get ahead of it and call your company Agent Force. I think you should rename it.

[Mark Benioff]

Jim, you were at Dreamforce, weren't you, in San Francisco? We were all there together having a great time and we were there with 55,000 customers in person, 10 million online. You've seen. Even the Dreamforce keynote has 11 million views on YouTube. It is unprecedented. And I'll tell you, Jim, why everyone is so excited about Agent Force is because this is what I was meant to be. It brings together humans and data and AI and apps and delivers an incredible experience for companies. And you can see it in these results that there are now thousands of Agent Force deployments, thousands of customers who have found the promise in AI that we've been talking about now for over a year on your show. And it is the fastest growing product I have ever seen in the history of, of Salesforce. But I don't have to tell you, you saw it. You were there.

[Jim Cramer]

Well, I saw it and I kept thinking, just like when I, when Jensen first showed me what he was doing with that with chat cbt, I said, why aren't all the great retail. I said to you, CVS has to do this? And you said, well, I didn't have cvs. They haven't called. Well, I spoke to David Joyner. CVS is in love with this product and the reason is because it speaks many different languages, it makes no mistakes. It. It isn't put. Doesn't put you on hold and it gives CVS such a leg up over everybody else that I now think the CVS is a great stock because of Agent Force.

[Mark Benioff]

Well, Jim, you are right that CVS is an incredible customer of Salesforce, deploying Agent Force and even throughout Aetna as well. We see incredible action in the health care industry. But I also want to pivot quickly back to Dreamforce because you spoke to Michael Dell who has deployed 20,000 of his most important suppliers using Agent Force supply chain. Incredible Bringing another level of compliance and governance and intelligence to the most important supply chain in the world with Dell. I mean, the results have been just incredible. And while we're in health care, let's talk about an unbelievable win that just happened today with AstraZeneca. We're seeing pharmaceutical company after pharmaceutical company, including, you know, Albert. You talked to Albert.

[Jim Cramer]

Pfizer went with tremendous cloud. Well, how about the greatest retailer in the world? No slouch to to what happened at Wal Mart and how good Doug did. But Costco is the number one retailer in the world. And when I saw that they decided to use you, what that meant was they don't have any. They have a zero tolerance of going down for every aspect of this. They never go down. Your reliability must be equal to their zero tolerance.

[Mark Benioff]

We love working with Costco and of course we love all of our retailers equally. They're like our children. But I'll tell you what, Jim, Costco is amazing. Their CIO is an incredible person who we worked with also at Procter and Gamble, at Coca Cola, even at Mondelez. And now they've got him there automating Costco for the very first time. It's a very exciting story for Costco, based in Seattle, Washington. But I'll tell you something, not only do we have that, but it's that life sciences business that we were just talking about. It's really on my mind. You see, not only do we have AstraZeneca, not only do we have Takeda, not only do we have Novartis, not only do we have Pfizer, we're just knocking them all down. And I'm thrilled they're all moving from Viva to Salesforce and Agent Force Life Sciences. It is really exciting to see this competitive motion where these agent based systems can replace the old client server software of the past.

[Jim Cramer]

It is amazing. Now, Mark, I do worry you the other day had a change of heart. You said Gemini 3, you had a holy ass moment. Is there something that could come out that would make it so all of these people and companies we just mentioned would say, I don't need Agent Force, this one's much better. Or do you have something like their data, for instance, that would make it so it would be foolish for them to move?

[Mark Benioff]

Jim, what makes AI powerful for the enterprise? It's a combination of a few things. It is of course a killer app like Slack or a sales product or service product. You've got to have the killer app, then you have to have the data, the relevant customer data. I showed that to you because I showed you how Agent Force prepared me for this call. Amazing. And then of course, it has to generate the context and then you use the large language model, which is the AI to bring it all together. Jim, but that large language model is just a commodity feature. We can buy it from. Yes, Open Air, you mentioned them. Or Google or Anthropic or we can get on an open source. They're all the same. Jim, 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. Those are not commodities. Slack is not a commodity. Sales cloud is not a commodity. Service is not a commodity. And then Tableau is not a commodity. That then gives you this incredible new product. And that is what has happened. And it is just awesome.

[Jim Cramer]

Now, this eating software.

I think when it comes to this new business you're in, is it. Is it worrisome? You know, your guys are willing to say, look, it's 12 to 18 months. There is a transition you have to undergo. There can be some. But. But your numbers already contain any attrition that you think could happen from your older businesses.

[Mark Benioff]

Jim, this has really been. One of the saddest things that have happened in the whole year is that investors have moved out, moved away, and missed out on a day like today for Salesforce because they somehow think software companies are under duress from AI when the opposite is true. Jim, software companies are being bolstered by AI powered by it. You saw it yourself at Dreamforce. You were a witness.

[Jim Cramer]

No, I know.

[Mark Benioff]

I was seeing how customers are.

[Jim Cramer]

Same way I was when I was. You saw it yourself because nobody else has the product. I have very rarely seen a monopoly on customer service in this world. And you have it. No one else even believed in it. You have the best ads. I mean, I'm not kidding, believe me. You know, we had a tussle in some of this stuff. Not anymore. Because you won. You won. And I'm sure that you could have put forward in because I know he loves your product.

[Mark Benioff]

I listen.

[Jim Cramer]

Of course.

[Mark Benioff]

Salesforce is the largest enterprise software company in the world. We're doing more than 41 billion in revenue this year. We have more than 80,000 employees. We're number one in every critical country from the United States. States to Japan to the United Kingdom and France. Salesforce is the number one enterprise software company in the world. But, Jim, here is the stat I've never given you before. The most important stat. And this will not Be the last time I give it to you. This is the first time, 3.2 trillion tokens that we've delivered so far with Agent Force 3.2.

[Jim Cramer]

And you're thinking it's subway tokens. You got to help the people at home.

[Mark Benioff]

They think it's JRR token and Bilbo Baggins is coming on the show.

[Jim Cramer]

But you use that in the call. I thought it was very funny. It was like, then you said, okay, I won't do any more jokes. I guess no one laughed. I thought it was funny.

[Mark Benioff]

Nobody laughed. This is tech humor. Tokens, 3.2 trillion tokens. That is the evidence that Agent Force is delivering value to these customers. And Jim, how many enterprise software company executives or any executive, any tech company so far has delivered to and said, I delivered this many trillion tokens so far and I might be the first, but I will not be the last. Well, and here's why. It's because you saw at the Open Air dev conference, they said, oh, here's the trillion token club. And we were one of the top five, right? Well, all of those vendors have their top five and we're all in their top five. The Google or the Anthropic or the Open Air or the open source vendors. When we add it all up, so far we've done 3.2 trillion tokens. What we're going to see is that we're going to deliver a level of value to these customers. We're going to make things so easy to use, so low cost, so reliable.

[Jim Cramer]

Do not have enough good people to do who you're replacing. It's not like you're replacing people. We don't have them. It is the only Force multiplier. Takes customer service from being a minus to plus. And that was always the dream. And you figured it out. And I want to congratulate you. You figured it out, Mark.

[Mark Benioff]

Thank you. Well, Jim, Agent Force accounts in production are up 70% quarter over quarter. But it was only a year ago that we used the word Agent Force for the first time on the show.

[Jim Cramer]

I came up with it that I.

[Mark Benioff]

People are always overestimating what you can do in the first year, Jim.

[Jim Cramer]

All right.

[Mark Benioff]

Underestimate what you can do in the first decade.

[Jim Cramer]

Let's put it this way, it's a different company as of that release. And I want to congratulate you because there's no more controversy, Mark. That's over. Thank you, Jim.

[Mark Benioff]

You were there. You were a dreamforce.

[Jim Cramer]

You saw it all happen very much, Mark. Mark Benioff's the CEO, co founder and chair of Salesforce.

[Mark Benioff]

Great to see you, Jim. Come back to San Francisco and see you. We love you so much, Jim. You're the best. You're number one.

[Jim Cramer]

Thank you. Man's back into the break.

Coming up, can drug maker Mercury keep its recent momentum, or does the stock need a new prescription? Kramer's diving in and giving you his take. Next.

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After spending most of the year in the doghouse, big pharmas come roaring back over the past five odd weeks. Have you noticed that ever since most tech stocks peaked near the end of October, since October 29, Eli Lilly, which we own for the Chapel Trust, is up a whopping 25%, briefly joining the Trillionaires Club about two weeks ago. Meanwhile, Amgen, Regeneron and even Bristol Myers all up double digits. But there's one drug company that got to I'm particularly impressed over here, and that is Merck, up almost 17% since the tenor of the market changed October 29th. And much more than that if you go back a few months. I've only been a fan of this one. The investment that changed my entire life was a big bet on Merck Options back in the 80s. But the stock ran this in turbulence after it peaked at just under $135 in June of last year. From there experienced this incredibly sickening decline. A missing is for leaders I Mean, this thing fell all the way down to 733 and change in May with the stock above 101. Now Merck's made a comeback, but it looks like some time. It took some time. I mean the stock was still in the high 70s in late September and that's when it became a juggernaut, started charging back to the triple digits. Now some of that's because Wall street had no interest in Big Pharma for most of 2025. We had so many red hot AI data center plays and turbocharged speculative stocks nobody cared about daddy. Old Merker's compadres didn't help that the White House kept saber rattling on the need for lower drug prices. Now though, the year of magical investing is winding up. Okay, we had a rebound today. I get that rebounds can happen, but as I told you yesterday, you have to re, you have to use these rebounds to ring the register on the way up as these company stocks go higher. And you got to scale out to get into the best companies we have. You got to scale out into companies like Merck with have good dividends and good growth. That's made Big Pharma traditionally defensive sector like look a lot more attractive. At the same time, Washington hasn't done anything really to truly hurt the industry's profitability, has it? Now Merck was held back by some company specific issues. For some reason we still don't really understand, the Chinese pretty much stopped buying the company's popular HPV vaccine, Gardasil, which is maybe the most effective way to prevent cervical cancer. Whatever reason, China stopped buying it and eventually Merck just gave up. I mean shippers are pretty pause at least until the end of the year, if you can understand that. Tell me. I don't understand why a country's government would stop giving people a drug that saves lives. That's China. More importantly, Wall Street's been bracing itself for mercury lose patent protection on Keytruda, it's blockbuster cancer treatment that's been the best selling drug in the world for the past two years. Although it's about to be surpassed by Lilly's Miracle GLP1 weight loss drug. People are really underestimating what it'll mean when that thing goes on. Medicare still key to accounts for nearly half of Merck's sales and its patents expired in 2020 and that caused the price earnings multiple to shrink here. So what's gotten better recently that's allowed the stock to rally? All right, well let's start with the China issue, which really hasn't improved all that much. The one change is that this Gardasil issue started in the summer of 2024. So they've now lapped it year over year, which means they're up against much easier comparisons. When Merck reported at the end of October, Gardasil sales were still down 24% year over year. Not great, but much better than the 55% decline we see in the previous quarter. Plus, Merck's overall growth rate turned positive again, up 4%. This was the best quarter we've gotten from Merck in quite a while, with a healthy revenue beat. Key true to sales up 10% and their animal health division up 9%. The company's also seeing great numbers from Wind Revere, their new pulmonary arterial hypertension drug, which put up 360 million in sales for the quarter. Sorry, a blockbuster that was introduced in the show. I don't remember. This is something Merck picked up from the $11.5 billion acquisition of Acceleron Pharma back in 2020. 2020 21. Which brings me back to my next point. The people who run this company are not idiots.

They've long known that he Trudeau would lose patent protection. So for years, they've been making acquisitions to build up their pipeline. In early July, Merck announced the acquisition of a British company called Verona pharma for roughly $10 billion. Verona's focus on respiratory diseases. And they already have one drug on the market, the first new maintenance treatment for chronic obstructive pulmonary disease in more than 20 years. It will be another blockbuster, I predict. Then in mid November, Merck did another deal. They're buying Sedara therapeutics for another 9.2 billion. Cedar specialized in something called drug FC conjugate therapeutics, which in plain English is a delivery mechanism that helps target specific viruses, infections, even tumors. Their lead drug candidate is an antiviral agent that can prevent influenza in people who have high risk of flu complications. Technically, it's not a flu vaccine, but functionally it does the same thing and seems to work for every strain of the virus. So Merck's been making ample preparation for a world without key true exclusivity. And the analysts starting to notice. Last Monday, Wells Fargo upgraded the stock. A note entitled we can see a future beyond keytrude. Given the strength of this pipeline, this analyst sees Merck, quote, entering a catalyst rich period in the next 12 to 18 months with readouts across its pipeline. And in fact, they said that Merck may have added or DE risk over $20 billion of unadjusted peak sales just in the last three to six months. It sounds good to me. They're no longer predicting a huge drop off in sales in 2029 through 2031, the first four years where she would be off patent. And they see Merck returning to growth there for 2020 31. Look, I think it could actually happen sooner than that, which is why I like the stock so much. According to Wells Fargo math, the stock currently sells for less than nine times next year's earnings. Although when you use the consensus estimates, more like 11.4 times earnings. Either way, that's darn cheap. It's why I've been saying it's time to get out of the flybonites and get into the reels. So let's put this together. In general, the big pharma stocks have been doing much better since the end of October as Wall Street's gotten a lot more antsy about tech and RFK Jr hasn't really cracked down on the industry and Health and Human Services. Meanwhile, the previously downtrodden Merck has become a standout performer. The bottom line, as a long term admirer of Merck, and I'm talking about decade after decade, I do love to see this new trajectory. Of course, I wouldn't be surprised if there are setbacks along the way. That's the nature of the drug business. But for now, 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. Let's take some calls. Let's go to Steve in New Jersey. Steve?

Hi, Jim. How are you doing today? I'm doing well. Steve, how are you doing today? Doing okay. My question today is about Eli Lilly. With the stock dropping daily since its 1100 high a few weeks ago, in your opinion, where would be a good entry point to start a position? I think that people now are getting antsy and thinking that it's really breaking down. That's probably when I want to start buying. I think that this. We're very close to the Medicare payment and it also has new indication. If your new indication, new indication, new readout, new readout. Buy some here and then do what's known as the scale. Let's say you buy five here, you buy 10 at 900, and maybe you buy 20 at 950 and then you'll have a really nice pyramid going. That's what I like anyway. I love to see this new trajectory at Merck. It's a cheap drugstock with a terrific pipeline. They do a lot worse. Much more man Bunny ahead as prediction markets take the world by storm. I've got an exclusive with the CEO of Kalshi to find out more about what's happening and what's next. Then there's always an opportunity to be had in a turnaround. As long as you can spot one. I'm digging deeper on one retail name in particular that's been acing its comeback. And all your calls, Rapid Fire, tonight's edition of the Lightning round. So stay with.

Over the past few years and especially the last 12 months, we witnessed the rise of the prediction markets where users can put their cash to work betting on just about anything. The leader of the space, at least in United States, is a privately held company called Kashi which has opened up a nice lead for itself by working cooperatively with the regulators. They even got Steward a South park episode earlier this year which shows you that's when you know somebody's made it. This week Kalshee raised $1 billion in a Series E funding round. That company $11 billion. Then today our network CBC announced a multi year agreement with Kalsi which includes the use of Kalsi data for editorial purposes as well as commercial components. You know what, I think it's long past time for us to really take a closer look at this story. So let's dig deeper with with Tarek Mansour, he's the co founder and CEO of Kalsi. To learn more, Mr. Mansour, congrats on the fundraising, congrats on the new partnership and welcome to man.

[Tarek Mansour]

Thank you for having me, Jim. I'm very excited to be here.

[Jim Cramer]

Okay. So I think even though the younger people I mentioned, people watch out, know you, I do have to ask you to do like a, you know, kind of a cash you want to one for people who don't know exactly what you do, if you don't mind.

[Tarek Mansour]

Totally. So we started Cash with a simple premise and what we're building is a financial market like the stock market, but for everyone. So you can trade buyers buy and sell yes or no shares on whether Brexit is going to happen. Trump is going to win an election whether it's going to rain tomorrow, there's Covid is going to come back or whether Taylor Swift is going to release an album this year. These markets work so well because like the stock market, they price the future, they are predictive. And so Kashi has become the leading and most trusted brand for forecasting Anything about the future, whether it's an election. You saw Mamdani using the odds over his, his, his most recent election.

Yesterday, Secretary Basin was talking about who's going to be the odds of the next.

[Jim Cramer]

Right.

[Tarek Mansour]

Fed chair and so on. And this is why we're so excited about the partnership bringing these forecasts to cnbc.

[Jim Cramer]

Well, that's true. For instance, you know, I'm incredibly concerned about the tariff decision in front of the Supreme Court. Seems like a perfect thing to be able to, for some people to wager on. But for me, what I have to do is try to figure out whether I can incorporate that because there are a lot of knowledgeable people who'll be betting. And some of them may not be knowledgeable, but the wisdom of the crowd, it does matter, I think, to figuring things out.

[Tarek Mansour]

So the thing here is, and the reason why the markets work so well is one, they aggregate the crowd wisdom. But number two, which is critical, it's people that have skin in the game. People don't lie when they have money on the line.

[Jim Cramer]

Right.

[Tarek Mansour]

They're not pundits, they're not subjective. You know, they're thinking about what they're predicting because they're putting money on it. They're putting money where their mouth is. And that's a very critical piece here.

[Jim Cramer]

Now, you're right. I mean, look, we're resident in Pennsylvania and they called us like 10 times a day during the primary Right. And during the, in the presidential election. And you felt like just tell them the wrong thing. I mean, how many times? Okay, now I'm for Mickey Mouse at this point, so you're right. I mean, people don't have, when the pollsters call, it shouldn't matter. Now, how about this work that you did with the cftc? I think this is really important for people who think, wait a second, is this cowboy. This is not a cowboy situation.

[Tarek Mansour]

Yeah, totally. Look, we spent four years working with the federal government, with the CFTC to regulate this model as a legitimate financial asset class before we launch a single product. And the reason was always the vision is to make this a real legitimate financial market and to expand the universe of what is a financial market. You know, traditionally a financial market is a stock or a commodity. Now, a financial market is this idea of an event contracts where people can put money behind their opinions and predict the future. But the regulatory piece has been a very core principle in the company.

[Jim Cramer]

Okay, now I also want to know about your competition. I mean, I think we're kind of aware it's poly Market. I saw them because they have a deal with ice, who is our landlord here. What's the difference between you and polymarket when it comes to a user experience?

[Tarek Mansour]

So, look, I mean, I think the success we've had this year has opened a bit of a goldmine. So it was a bit like a ChatGPT moment. And what happened in AI when ChatGPT happened? You know, everyone and the mothers went after that market. And, you know, we're seeing competition from offshore competitors, from incumbents, from legacy players like the cme. And we're really excited about that competition because it's a testament to how big the market opportunity ahead of us is.

[Jim Cramer]

Okay.

[Tarek Mansour]

And cash is the market leader. You know, what we're going to do is keep building a great product and keep going.

[Jim Cramer]

Well, is it like. Like Robinhood, where they basically won because they had the best app? Will that matter?

[Tarek Mansour]

I think for us is largest diversity, the Diversity of Markets. 30, 600 markets on cash today across economy, weather, politics, culture, and so on. Liquidity, like with any financial market, and it's hard to build liquidity and technology. The product, when you use the product, it is the best product on the street today.

[Jim Cramer]

Okay, now, how do we address the notion that if you're from states where there's no legalized gambling, you can gamble through your company? Is that. Is that a conflict? Are you concerned that people might say, wait a second, you're getting around the regulators.

[Tarek Mansour]

Look, I mean, it is not a secret that financial markets pretty. Is pretty consistently throughout history. And you might know this, Jim, there's always this tension. People call it gambling, or people are speculating what's going on here. But there's a few things that are important here. So we're regulated by the federal government because we're a neutral, transparent financial market. We're like the New York Stock Exchange right here. People are trading against each other. So it's Jim against your friend or your friend against Jim. There is no house.

[Jim Cramer]

Right?

[Tarek Mansour]

And that's very critical in traditional gambling model. There's a house and the house always win. On Cal State, there's no house anybody can win.

[Jim Cramer]

Okay, now, it seems like this progression from June to October to now in terms of the valuation of a company, it's pretty rapid. I mean, what was it? Two billion and five billion. And now this level, does it give you. Because you're probably a student of history, you're a younger person, but you obviously, because of what you do for a living, that's a very, very rapid rise. Does it. Do you Say, well, I don't know, a lot of companies could be attracted to that. Maybe there's going to be 100 guys who come in here.

[Tarek Mansour]

Yeah, well, I think competition is a good thing.

[Jim Cramer]

But I mean, at a certain point, if you're chachi beat, it looked like a good thing and then it turned out to be not so good.

[Tarek Mansour]

I mean, look, I think inevitably, I think there's like two types of markets. Markets, a market that you know are small and a market are massive. In a massive market, we live in a free market, there's going to be competition inevitably. And so I think there is only one way to proceed and go forward is to build a great product. And, you know, competition is going to push us to keep building a great product.

[Jim Cramer]

Let's just do existentially where we have young people. I'm trying to get them to invest in companies because I think it's a great. The power of compounding the greatness of American business. And against me might be people who just want to gamble, whether it be gamble on.

A parlay for tight ends this weekend or on, you know, who's going to. What's the next state that Russia is going to go after?

[Tarek Mansour]

Yeah.

[Jim Cramer]

What do we tell people about. About trying to get them to invest when we're also trying to promote what some people just say is out now, gamble.

[Tarek Mansour]

Look, I think the way that we think about what we're doing is we're sort of opening up, you know, growing the sort of universe of what people consider a traditional financial market to bring in people that, you know, historically don't really understand traditional financial market. They don't feel like they work for them. They feel like the game is rigged. You know, the new generation feels like the game is rigged against them because the large institutions have kind of like have asymmetric information, they have access that they don't have, and so on. But the beauty of what we're building on Kalshi is everyone is an expert on something, right? You know, whether it's culture, what Taylor Swift is going to do.

[Jim Cramer]

That's a really good point.

[Tarek Mansour]

And economics and Kalshi is an outlet for you to basically make money off of that passion or expertise.

[Jim Cramer]

Instead of just putting it on X or having some posting that shows you have expertise, just go, why not make a little money on your expertise? I like that. That makes me feel very good.

[Tarek Mansour]

People on X you can basically make money.

[Jim Cramer]

No, I really like that. I want to thank Tariq Mansour. He's the co founder and CEO of Kalshi and I want again. It's important that we have a partnership. We just announced with them. I don't want anyone to think. Why didn't you say that? Because I know that you trust me and I know that I want you to know that I understand our relationship with Kalshi. We have. Money's back in.

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

[Tarek Mansour]

Next.

[Jim Cramer]

It is time for the lightrooms. I had it down my staff. Professional graphics for my. You play the sound and then the lighting round is over. Are you ready, Ski? Dag time. Lori equipment start with Ron in California. Ron, Jim, is that you? You bet it's Jim. How about you? This is Rod. My heart's beating a mile a minute. I'm shaking right now. You're the best thing since sliced bread. Your caller told me to do this short and sweet. I'm gonna do it all in 30 seconds. Are you ready? I am ready, Ski daddy, what do you got for me? Year and a half ago I bought this particular stock. Every time the earnings come out, I get more and more upset. The stock keeps dropping, dropping, dropping. I think they're going to turn around and, and here's why I think they're going to turn around. 30 million in October from Roach Genentech. 785 million in cash. They're going to have a major announcement on one of their drug trials on December 8th. I think it's going to be favorable. But here's the big thing. Najad Khan, who is a genius, takes over for Recursion Pharmaceuticals on January 1st. With her experience and expertise, I think 2026 will be a banner year for recursion. Take it from there. Well, Ron, I'll tell you, I am myself confounded by it. The stock has been horrendous. We got to put that right on the table. I'm talking about horrendous. Okay? So I do not like to recommend horrendous stocks. It is so low that it comes in under the category of speculative. As long as you're willing to take the pain, they can't, you know, you, you, you said it. They have a lot of money, but wow, I have to tell you, bad taste in my mouth.

[Tarek Mansour]

Bad.

[Jim Cramer]

Let's go to market New Jersey.

[Commercial Narrator]

Mark.

[Jim Cramer]

Jim, second time caller here, man. Hope you're doing okay. I wanted to know your opinion about the nuclear sector and more specifically if I should be buying more holding or selling new scale power. Smr. The only one that worked to buy is GE Vernova because they actually know how to build one of these things. I want you to scale out on the way up. Is it 23 at 25 sell. Some at 27 sell summit 30. Get rid of all of it. And that, ladies and gentlemen, conclusion of the Lightning Round.

The Lightning Round is sponsored by Charles Schwab.

Coming up, Kramer's digging deep into the turnaround at bargain retailer Five Below and seeing if the company can keep things up or if the price is just too high. Next.

I love turnaround stories. If you catch a turnaround early, you can make big long term money. And that's especially true in retail where comebacks are very hard to find. But if you do find them, ooh, they tend to be bountiful. Example, we're seeing one right now in Gap under Richard Dixon. We've seen one in Williams Sonoma, of course, here by Laura Albert. I like what's happening in Tapestry under Joanne Cravasserat. And who can quibble with the work that Patrice Lavey has done resuscitating Ralph Lauren? But to me, you know what the most most impressive term right now is? The remarkable resurrection of Five Below, the largely kids themed store that just delivered its second consecutive quarter of over $1 billion in sales. With so much more growth ahead of it. As is often the case in retail, the person at the helm either makes or breaks the business. And CEO Winnie park has made it, taking the stock to heights that would have seemed impossible when she was appointed a year ago today. At the time, Five Below had lost its way, falling behind the industry in both new ideas and profits. Company had become a serial disappointer and even a bit of a joke versus his competitor. Under park, that's all changed. Something that's obvious from the amazing quarter they just reported, the one that sent the Stock up another five points. It's up 60% so far this year. Of course, some would say that she and her better than expected company with improvement coming from the immediate predecessor, interim CEO Kenneth Bull. Look, he deserves some credit. But it's park who set up Five Below for multi year growth, even as the chain already has 1900 stores across almost every state in the union. And look, the numbers will incredible. In the latest quarter announced last night, park delivered an astounding 14% same store sales growth almost unheard of for chain like Five Below. Some of the transformation comes from going back to basics. Park has worked hard to, as she said in the conference call, sharpen the focus on the customer, the kid. Second, she's using digital channels and social media to help drive people to the stores. Third, she's developed what Five Below calls curtain up moments holiday merchandise for six different occasions. She says this management job to please the boss, which isn't her, it's the customer. She killed it in the two most recent curtains up, Halloween and Back to School. They caused sales acceleration throughout the quarter and now we're in the biggest shopping season of all. Some of the success came from scrapping the 5 beyond section of the store which is hobbled stores that kind of a no fly zone of expensive merchandise. They've taken that space for big time seasonal merchandise instead. Now there's some secret sauce we don't know about.5 below at some of the worst pilfers in the industry last year, just rampant shrinkage. Technical term snailed down a great deal because of mitigation efforts. But management didn't tell us how they did that. We don't know how they avoided taking a profit hit from tariffs either. Something. Look, the tariffs took this stock down very hard. There'd be another buying opportunity. All in all, I think Five Below story is all about duration. Park uses terms like generation of content, not closed content, not toys. She's basically putting on six shows a year that are driving an immense amount of traffic. The changes though are still in their infancy. That's why I think that Five Below last year, the butt of many jokes, is firmly in the turnaround mode. A successful turn can generate years of terrific gains for you, the shareholder, meaning the stock might indeed have a lot more room to run. I like to say, as always, just for you.

[Mark Benioff]

Right here.

[Jim Cramer]

Money. I'm Drew Kramer. See you tomorrow. Wow.

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[Mark Benioff]

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[Jim Cramer]

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[Jim Cramer]

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[Jim Cramer]

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[Jim Cramer]

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[Jim Cramer]

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