Mad Money w/ Jim Cramer 1/26/26

Summary

Mad Money w/ Jim Cramer – January 26, 2026: Episode Summary

Episode Theme

Jim Cramer takes listeners through a pivotal week in the markets, focusing on separating real market drivers from headline noise, preparing for a high-stakes week of earnings (especially from the Magnificent Seven tech stocks), analyzing the first big IPO of 2026, and exploring the ongoing boom in gold through a CEO interview. Cramer's signature investor Q&A and Lightning Round provide actionable advice and his trademark straight talk.

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1. Opening – Understanding Market Drivers

[01:41]

• Main Point: Market moves are about business fundamentals, not headlines or emotions.
• Cramer challenges the idea that major news events or “bad moods” drive stock declines, insisting investors focus on what truly impacts business. He provides extensive examples where news (shootings, bad weather, geopolitical chaos, metal rallies) had little direct impact on stocks, emphasizing:
  • “Stocks do not go down because people are in a bad mood… They go down because something goes wrong that impacts their businesses.” (Jim Cramer, 01:50)

Key Insight:

• Emotional factors and headlines (e.g., shootings in Minneapolis, weather, strong/weak dollar, precious metals rally) often have zero impact on earnings for most companies, especially major stocks in the S&P 500.

Memorable Moment:

• Cramer recounts how, after the Kent State shootings in 1970, the market dropped only 2.5% before surging 30% three weeks later, illustrating how even major national events don’t always set the market’s trajectory.

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2. Earnings Season Focus: Navigating the ‘Magnificent Seven’

[13:15]

Cramer prepares listeners for a critical week, as key tech behemoths are reporting. He urges investors to ignore the “fire hose” of data and instead hone in on the true plot lines.

Key Companies & What to Watch

Meta (Facebook) [15:10]

• Stock has suffered due to massive capital expenditures (capex) to build AI data centers.
• Key earnings issue: “If we get a gigantic capex projection, it’s going to be tough for Meta to rally. But if we get not terrible guidance on the CapEx front, then maybe the stock could break out of its downtrend.” (Cramer, 15:57)
• Needs to clarify what the multi-billion-dollar AI investment is actually delivering.

Microsoft [17:18]

• Suffered after increased capex guidance and slower Azure cloud growth rates.
• Listen for: No more capex increases, and a surprise beat in Azure growth.
• Investors want to know if Microsoft can maintain its “moat” against rising AI development tools and competitors’ self-built software.

Tesla [18:52]

• No longer a “numbers” story; stock moves with Elon Musk’s narratives about self-driving and robotics.
• “Tesla trades on Elon Musk storytelling.”
• Investors want details on robotaxi and humanoid robot timelines, but Musk’s optimism often exceeds near-term reality.

Apple [19:58]

• Watch for gross margin pressure from higher memory prices (key for iPhones, Macs).
• iPhone 17 launch strength could be critical for the stock.
• Cramer wants updates on Apple’s AI plans and the Gemini (Google) partnership.
• “Apple…the one tech titan that’s not spending like a drunken sailor [on AI data centers]. Own Apple, don’t trade it.” (20:35)

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3. Caller Q&A and Stock Analysis

Broadcom [08:34]

• Caller: Stock dropped from $414 to $325.
• Cramer: “Not hold, not sell, but buy…I think it will do it again. One of the cheaper ways to play artificial intelligence.”

Costco [09:26]

• Caller: Is it overvalued now?
• Cramer: Concerned at valuation (50x earnings), but core numbers strong. “I want you to stay long Costco, I still like it.”

Other Fast Takes:

• Nucor preferred over Cleveland Cliffs for steel exposure.
• Old Republic: “Great company…just keep buying, keep reinvesting…was an earnings miss, but all insurers are missing.” (31:04)

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4. Spotlight Segment: EquipmentShare IPO [22:59]

• Context: First major IPO of 2026; stock up 33% on first day, healthy market test.
• What is EquipmentShare?
  • Modern equipment rental platform; core product is T3 jobsite management software.
  • Asset-light model via sale/leaseback, strong organic growth.
• Financials:
  • Revenue up from $1.5M (2015) to $3.8B (2024), with 47% YoY growth recently.
  • Slight recent deceleration but still “nicely profitable.”
  • Trades at a higher multiple than established peers (14.5x vs 8–10x), but “worth paying up for growth.”
• Cramer’s View:
  • “It deserves to [trade at a premium] because it’s revolutionizing this industry.” (28:27)
  • Suggests buying a small position now, add on any weakness.

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5. Interview Segment: Amara June, CEO of Agnico Eagle Mines (Gold Miner) [32:54]

Gold’s Historic Rally

• Gold over $5,000/oz for the first time.
• Agnico Eagle stock has doubled since last year.
• Cramer: “You said be steadfast, stay long…and it has been unbelievable.” (32:56)

Why is Gold So Strong?

• June: “The fundamentals...are still there: government spending, global disorder, central bank buying (especially China)” (33:10)
• Crypto’s rise actually attracted a younger generation to gold: “It brought an entire young generation into the realization that fiat currency is risky…now really love gold, because…there’s no risk of somebody…stealing my crypto.” (34:48)

Agnico’s Strategy

• Second largest gold company by market cap and production.
• Focused on “tier one” (geologically and politically safe) jurisdictions: “At $5,000 an ounce gold, governments in other countries are looking at those mines and saying, ‘we want a piece of that.’” (36:56)
• Growth: Adding “another million and a half ounces a year production” over five years.

Gold Market Supply/Demand

• Only 2% of supply replaced each year.
• No rapid new mine development expected; “To build a new gold mine…is probably a 10 or 15 year project.” (37:59)

Shareholder Returns

• Agnico has raised dividends quarter after quarter for 42 years.
• June: “Most of our shareholders want us to do share buybacks... it’s their money, not our money. And while we’re making a lot of money, they’re going to benefit from that.” (40:11)

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6. The Lightning Round [41:08]

Cramer answers a rapid-fire series of stock questions:

• American Towers: “Fewer demand for towers, it’s no longer as investable.”
• AppLovin: Great momentum, but multiple is too high.
• MPLX/Marathon Petroleum: Good income stock for older investors.
• MVGS: Likes LNG transport space, prefers Enterprise Product Partners.
• Pure Storage: Good tech and buyback, but expensive multiple—avoid if rates spike.

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7. Nvidia: The Ultimate “Battleground Stock” [44:53]

• Despite leading the AI chips revolution, Nvidia’s business is constantly questioned:
  • Recent $2B investment in CoreWeave sparked concerns of “vendor financing” (which Cramer disputes).
• “Nvidia…has more business than to do with…In the end all that matters will be the numbers.”
• Cramer remains bullish after speaking with CEO Jensen Huang: “My words of advice to the sellers after talking to Jensen today: Own Nvidia, don’t trade it.” (48:28)

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Notable Quotes & Memorable Moments

• On Market News:

  • “The stock market doesn’t care. I did not say that I thought the market would go down because weather crippled most of the country.” (Cramer, 04:29)

• On Meta’s Capex:

  • “If we get a gigantic capex projection, it’s going to be tough for Meta to rally.” (Cramer, 15:57)

• On Apple:

  • “Apple really doesn’t get enough credit for sidestepping the massive spending commitments…Own Apple, don’t trade it.” (Cramer, 20:35)

• On Gold vs Crypto:

  • “What crypto might have done, Jim, is it brought a entire young generation into the realization that fiat currency is risky…now really love gold…” (Amara June, 34:48)

• On EquipmentShare:

  • “It deserves to [trade at a premium] because it’s revolutionizing this industry with its asset light business model and impressive software platform.” (Cramer, 28:27)

• On Nvidia:

  • “Jensen’s biggest problem is how to keep customers satisfied with their smaller allocations. The CoreWeave deal helps address that problem.” (Cramer, 48:11)

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Major Timestamps & Segments

| Timestamp | Segment / Content | |-----------|-------------------| | 01:41 | Market rationality vs. headline noise | | 08:34 | Callers: Broadcom, Costco | | 13:15 | Earnings preview: Meta, Microsoft, Tesla, Apple | | 22:59 | EquipmentShare IPO analysis | | 32:54 | Interview: Amara June, CEO of Agnico Eagle Mines | | 41:08 | Lightning Round | | 44:53 | Segment: Nvidia as a battleground stock |

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Conclusion

This Mad Money episode provides Cramer’s actionable insight on navigating news vs. fundamentals, what to watch in the busiest earnings week of the quarter (with critical context on the biggest tech names), the promise of the EquipmentShare IPO, and a timely look at the gold rally and miners through an expert lens. The episode wraps with the Lightning Round and a passionate defense of holding, not trading, foundational stocks like Nvidia and Apple.

Cramer’s overall bottom line:
Stay focused on company fundamentals, ignore the noise, don’t overreact to headlines, and own—but don’t trade—the best-performing growth stocks.

Transcript

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Cramerica. Other people, my friends, I'm just trying to make you a little money. My job is not just to entertain, but to explain, to teach. So call me at 1-800-743- CNBC or tweet me imKramer. Stocks do not go down because people are in a bad mood. They don't go down because there's a highly controversial shooting in Minneapolis. They don't go down because gold's higher or the dollar's weaker. They go down because something goes wrong that impacts their businesses. And that something tends to elude many investors, both big and small. Take today, where the averages only did pretty well. Dow gaining 314 points as a climbing point five percent. Nasdaq advancing point four. Three percent one. We have so many things that are awry away from the stock market. You can tell how people expect stocks to march to the drum of chaos and destruction by looking at the S&P 500 overnight futures, which we often think represents some sort of arbiter, a judge of what will occur when stocks open the next day. Sunday night's futures are often the most emotional. And last night was no different. When they opened at 6pm last night, they were showing that the market would open down almost 1%. I've seen this Sunday night future plummet so many times in my career that you think that the stock market would be dramatically lower, not up since the S and P futures started trading in the 1980s. They often represent the sum of all that weekend's fears and nothing positive at all. They have been wrong so often, but they're still taking seriously. I find this otherworldly. I write this very long Think piece every Sunday for the CNBC Investing Club members and it often touches on some of our most important stocks. Yesterday was no different. I opined at length on why I thought Apple Matter and Microsoft would act well when they reported their earnings later this week. Apple, I said, would overcome worries about memory prices and triumph based on their strong demand for their phones. Microsoft would have stronger than expected Azure sales as it's natural to switch to that firm's web services offering because demand is off the charts. Matt, I think might actually be able to ratchet back and say I spending a huge capital expenditures budget that drove metal stock down last quarter. I think matter needs to be a little more measured in spending because workers and material just to cost just costing too much. We will have much more on the Mag 7 if you stay tuned after the break. Now those were my chief reasons why I said I expect a bounce starting today regardless of the downturn in the futures. Here's what I didn't say. I didn't tell you that I see the market going down because there was a terrible shooting, something that looked like a miscarriage of justice in Minneapolis. The fact that it seems a little like a war zone did not play a role in my calculus as much as my inbox was filled with articles about fascism, tyranny and the need to speak out. Regardless of where you stand on this one, the stock market doesn't care. I did not say that I thought the market would go down because weather crippled most of the country and left many stuck inside. I didn't extrapolate that seven dollar natural gas a ridiculous spike that shows you how Jerry built our natural gas pipeline system is and then reach the conclusion that the market should plummet anyway. I didn't rush the judgment that the airline stocks must be jettisoned because the nationwide weather torment. I did not say that the market would go down because of the insane rallies in gold and silver coupled with the vicious decline in the dollar. The precious metal complex seems extreme, signaling something for certain, but not anything that could relate to stocks in our market. A weak dollar can be worrisome too, but it's great for exporters. It's not much of a reason to dump the entire market. Now let's go over the cold, hard reality of things. You may think that the stock market should react to what happened in Minneapolis. Perhaps because you're upset after watching the patched together cell phone footage of a young man shot for protesting against ice.

[Homes.com Narrator]

Or.

[Jim Cramer]

Or maybe you were upset because you love the President of the United States and think he can't catch a break from the liberal media. Either way, these deaths in Minneapolis have zero impact on the vast majority of publicly traded companies. And that's what matters to the heartless stock market. The market isn't immune to what can happen at a time of national duress. In 1970, when the National Guard opened fire and killed four Kent State students who were protesting the Vietnam War, wounding nine others, the market did have its worst single day since the assassination of John F. Kennedy. That said, it fell 2.5%. But we were in the grips of a powerful bull market back a bear market back then, one of the worst market bear markets ever. Three weeks after the Kent State shooting, though, the stock market began a powerful rally, only gaining 30%. Some may fret about a weak dollar, but if you did, that would be kind of like a heads I win, tails you lose argument. We have many international companies that are located in the US for years they've been smoked by a strong dollar hurts them competitively. Now the opposite will occur. Procter and Gamble, with almost half of its sales overseas, could be a huge winner when it reports again next quarter. Maybe that's why it went up gigantically after that not so hot quarter last week. There's a reason so many countries try to manipulate their currency lower. Gold. I'm going to speak to the CEO of Agnico Eagle later this show. Second biggest. But gold itself doesn't impact much more than the cost of jewelry. Silver's way up, and that is some industrial uses, but not anything that will result in a material hit to any major company's earnings. Now both might hurt the earnings of Signet Jewelers, owner of K Zales and Jared. We have them all the time. Signet stock might be too high at 9 times earnings. Try as I may, I can't relate these crazy prices to anything else that you and I talk about. Though we knew the airlines would have to cancel a lot of flights thanks to the wizard, on Friday they did. So what? The stocks were therefore mostly unchanged Having discounted the storm in advance, we knew the retailers would have a rough time as people would stay indoors. Sure enough, that happened. We said that Home Depot would do well because of the emergency buying. Well, that did happen. I can't believe that actually went up a little bit. But Costco, where you saw Pantry stocking nationwide, its stock went lower because it was bit up last week in anticipation of storm. How about the stock of Generac, a company that makes emerging generators? It fell after rallying last week at one point today plummeted 11 points because the storm failed to knock out as much power as expected. These were discounted events. So it's not that the S and P doesn't respect everything that happened this weekend. It's that the S and P is made up of 500 stocks and the stocks that play the largest role in the index, the Magnificent Seven simply don't react much at all to the emotions of the moment. We're in earnings season and as I write in how to make Money in any market, earnings season is when stocks hue most closely to the fundamentals of the companies. The how the sales and earnings of a company were this quarter and the next quarter and the rest of the year. So let me give you the bottom line. I hope one day, one day we get away from using the futures overnight, making judgments on them and instead just have people go to Calcium and make bets on the opening of the market. Then again, if the futures were allowed to be traded, weren't allowed to be traded and all the money poured to Kalshee, you and I know what would happen very quickly. The best would dry out. Who wants to lose money every single weekend? Leave that to those who bet on the NFL. Let's go to Terry in Pennsylvania.

[Caller]

Terry, good evening Mr. Kramer.

[Jim Cramer]

Thank you.

[Caller]

Thank you for taking my call. I got a stock back on December 10th. It was 414. Now it's 325. I know the margins are not great on it and they're talking about a 9 bubble possible coming up and stocks are broadening out from tech. Should I hold or sell my stock, which is Broadcom?

[Jim Cramer]

I'm going to make a suggestion. Not hold, not sell, but buy. I think the Broadcom is down to the level. It's about 100 points from its high hop can is made quarter after quarter after quarter. I think it will do it again. It's got growth software and hardware. Both are are on fire. Does a lot of work with Google. It's expanding that work. I think that Broadcom represents one of the cheaper ways to play artificial intelligence. Let's go to Bill in New York.

[Caller]

Bill, hey, greetings Jim from Huntington, New York. Thanks for my call.

[Jim Cramer]

Of course, Bill. Thank you for calling. What's up?

[Caller]

I'm a new investment club member, Jim, and first time caller.

[Jim Cramer]

Thank you.

[Caller]

Back in December. Yeah, thank you too. I'm glad I joined.

[Jim Cramer]

Thanks.

[Caller]

Back in December, your column talked about a rich valuation and little room for error for this battleground stock. What are your current thoughts on Costco after its recent moves and is the stock price valuation too rich to get back into?

[Jim Cramer]

What a great question. Okay. But my concern about Costco, which we've owned pretty much for for as long as I had the capital trust, you know, my concern was is that it was selling at 50 times earnings, the highest it ever really trades at at 47. The number coming through though. And that matters. We need to see the re up rate right now. The re up rate is not as strong as I'd like. The stock has bounced. That's terrific. But a lot of that's technical. I'm urging you to say to stay long. Costco, it didn't do well today because it was up very big last week when people thinking that there would be a lot of pantry stocking. There was and it was already discounted. I want you to stable Costco, I still like it. All right. Now, it's not that the market isn't reacting to the events of the weekend that the S and P is made up of some very large stocks that don't trade on emotion. And a lot of the events that occurred this weekend were already discounted by the week last that we had before. That's how the market works. Well, maybe tonight it's a big week of earnings with the Mag 7 on deck. And I'm breaking down what you need to know, how you can prep for these big quarters. Then on Friday we had the first major IPO of the year, equipment share.com I am sharing where I come down on this new name and I think it's going to surprise you. And will gold ever quit its move higher? I'm getting answers from the CEO of Agneco Equal. So stay with Kramer.

[Mad Money Announcer]

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[Jim Cramer]

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[Jim Cramer]

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[Amara June]

The February 2025 Nielsen report.

[Jim Cramer]

Every earnings season, there's one week where it feels like corporate America is trying to give me a heart attack on air. That's this week. We're here from 40% of the companies in the Dow Jones industrial average, nearly 20% of the S&P 500, and four members of the Magnificent Seven. Wednesday alone, we've got better Microsoft and Tesla after the close, with Apple following up the next day. That's a lot to process, which is why I want to help prepare you for the Mag 7 members that are reporting this week. Rather than trying to consume the whole fire hose of information that comes from these quarters in real time, it's helpful to know the most important plot lines so you can narrow your focus. Why don't we start with Metta Platforms, which saw its stock plunge 11% last time, reported late October, and it's now down almost 16% from its August highs. At these levels, Met is selling for less than 23 times. This year's earnings estimates make it look pretty darn cheap. But if the stock's going to turn around, it needs a new catalyst this time. As I told members of the CMC Investing Club in my Weekend Think piece, I expect a great set of numbers from that, especially from the core advertising business. But these guys reported strong numbers last time, too, and it didn't matter because Wall street only cared that they raised their capital expenditure forecast to fund a massive AI data center buildout, CFO Susan Lee said 2020 capex growth would be even more significant than what we saw in 2025, and that just crushed the stock. So in better reports on Wednesday, the big question is how much money are we talking about here? If we get a gigantic capex that's capital expenditure projection, it's going to be tough for Meta to rally. But if we get not terrible guidance on the CapEx front, then maybe the stock could be break out of its downtrend beyond the spending projections. It sure would be helpful if Meta could explain exactly what it's getting out of its AI related investments, of which there are billions of dollars worth. Now they've made the case that has helped the core advertising business and it's a compelling case. But without a popular generative AI platform or cloud infrastructure division, they don't have it. The other guys do. It's harder for people to understand how these investments will pay off. For Metta, for instance, can the Meta ray bans, for example, ever become a needle moving business line? I love mine, but there are a lot of competitive ways to get data, including your iPhone. Next up, Microsoft had the same problem when it reported on the same night as MET in late late October. All the numbers for the reported quarter look great, but after previously saying that their capex growth in fiscal 2026 would be lower than it was in fiscal 25, they basically took that back and said the opposite was now true. Oh man, did they kill their stock. Capex growth will be higher this year than it was last year, so the stock got rushed. The other issue with Microsoft's last quarter, they projected a slight decline in the growth rate of their Azure cloud business. That's decline in the growth, not a decline, but in their growth rate. Even as management explained that that was purely due to supply constraints, not a decrease in demand. Following the fact that Microsoft had some guilt by association when investors grew concerned about the prospects of its close partner OpenAI late last year. And you can see how why Microsoft stock has just been pummeled down 13% since the last report. So from Microsoft, I want to see two things. First, no incremental increases to the spending outlook. Microsoft speaks somewhat vaguely on this subject, but I think investors just want to hear that the company's capex budget isn't growing like a wage. Second, an upside surprise for Azure growth would be a major positive. That might be a tall order, but it would be very encouraging if Microsoft can deliver two year Azure growth rate closer to 39% than they've done in the past two quarters rather than the 36% number that's expected. These are big numbers that it's on though. Club members know I expect some real upside here. I don't know if they can blow out the 39 number. At the same time, we want to see some positive commentary about Microsoft's copilot AI functionality for Windows as investors seem to be losing faith in this product, treating it like the next Clippy. And it certainly wouldn't hurt for the company to make clear that its core Windows enterprise software suite is not vulnerable at all to the rise of generative AI platforms that can help software engineers build their own applications. I don't know if you've been on some of these, but you can kind of like for instance on Anthropic and Quad you can write programs. I wrote a program this weekend. I still can't believe I was able to do it. I would inspire a lot of confidence if Microsoft would tell you that they do have a moat against that. Tesla's the last Magic 7 company reporting on Wednesday and it'll be the one I'm actually paying lease attention because this is the only Magic 7 stock that we don't own for the Chapel Trust. At the same time, Tesla doesn't really trade on the numbers at all. If it did, the stock would be in the gutter because the electric vehicle business exist in such a bad shape. Instead, Tesla trades on Elon Musk, storytelling. He's been pitching a fantastic narrative about self driving taxis and robots. So we need to hear more details on how these technologies are going. At the World Economic Forum Davos last week, Musk said he expects Tesla to start selling humanoid robots by the end of 2027. But even though he's a brilliant businessman, he has a history of being overly optimistic about his timelines. So anything that he can say to make investors feel like that data solid will bolster the stock. Finally on Thursday night, Apple reports and this stock has been on an eight week losing streak, although it managed to post a nice 3% gain today. Much of that pullback relates to the rising cost of memory chips because those are key components for iPhones and Mac Mac computers. Apple's now forced to choose between sacrifices on margin or raising prices and possibly hurting demand. I want to see what kinds of gross margins Apple's able to generate and and hear from management how they think that it could change in the future. I'm not optimistic on the memory issue, but we did get some positive commentary from an analyst about how memory margin problem is manageable and that could be why the stock was up $7.37. First good day in ages by the way. I also want to hear about the durability of iPhone sales. A strong Launch for the iPhone 17 was one of the main positive catalysts in the fall, helping propel Apple to its early December all time high. Some of those strong iPhone numbers should be in the quarter that Apple reports Thursday, so that could help. Finally, for Apple, I kind of have an update on the company's AI strategy as the long delayed Siri reboot should finally happen this spring. Couple weeks ago I broke the story that Apple's working with Google's Gemini technology to power its Apple foundation models that we didn't get any indication that Google's paying Apple for the privilege like they pay to be the default search engine on the iPhone. In fact, it looks like Apple could be paying them a small amount. Still, it would be good to get more details on the Gemini partnership, which should still net Apple more than $20 billion this year. I think that that's Remember the judge that was against this monopoly payment initially reversed that the money could still be flowing to Apple big. Now Apple really doesn't get enough credit for sidestepping the massive spending commitments that fellow mega cap tech companies keep making to stay competitive in AI. You don't hear them spending tens of billions of dollars in data centers, but maybe some huge capex numbers from Matt and Microsoft the night before will remind investors that Apple's the one tech titan that's not spending like a drunken sailor. Regardless, you know my view on this own Apple don't trade it. Here's the bottom line now you know what to watch out for when Metta, Microsoft, Tesla and Apple report right on top of each other this week. Don't worry, I'll be going through every aspect of those quarters because I just can't help myself. And I know you want them man. Money is back after the break.

[Mad Money Announcer]

Coming up Friday brought us the first major IPO of 2026. So should you be buying in? Kramer's digging into equipmentshare.com to give you the scoop next.

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[Jim Cramer]

On Friday, we witnessed the first major IPO of 2026, when equipment share.com came public with a bang, finishing the session up 33%. Regular viewers know that I'm worried about a big wave of IPOs coming later this year that could flood the market with excess supply. But for now, we're still earlier in the IPO cycle, and some of these deals I think are going to be very lucrative for you. I think this Share, the stock of Equipment Share will be one of them. It's pretty compelling story. This is a modern equipment rental platform that was founded by a pair of former contractors a little over a decade ago. At the heart of the equipment share story is something called T3. It's a proprietary job site management software platform that the company says, I'm going to quote, connects assets, materials and people. Contractors use T3 to locate and secure equipment, track utilization of assets that they've rented, coordinate crews, monitor compliance. Equipment Share has also developed its own set of T3 hardware products. Think access control keypads that restrict who can use certain equipment and allow site managers to see who is operating equipment and when. And that is very useful. The Data from the T3 software platform also helps Equipment Share run its rental business. The other thing differentiates Equipment Share is something that the company calls the own OWM program. Here's how it works. These guys purchase new equipment at industry leading prices thanks to good relationships with the manufacturers. Then they deploy the equipment to their rental fleet. Shortly thereafter, the company offers the equipment for sale to institutional investors and Equipment Share effectively leases the equipment back from them while retaining control of the assets. When Equipment Share rents out the equipment to its customers, the owner of the equipment gets a cut of the rental revenue. This sale leaseback model has allowed the company to grow rapidly, which is what's known as the it's an asset light business model. Having to own the equipment is a huge expense, so taking that out of the equation saves these guys a fortune. That's one reason Equipment Share has been able to grow like crazy over the past decade. The company credits a three part flywheel for its rapid growth. First, customers love the T3 operating system. Then customer demand quote seeds organic site expansion. End quote meaning national customers working with Equipment Share like it so much that they invite the company to expand to some of their other locations where they have operations. At this point, Equipment Share is up to 373 full service rental locations nationwide, nearly all of which were started organically. Then Equipment Share expands at each site, which you can do quickly thanks in large part because it sells most of its equipment to outside investors, allowing the company to rapidly refill its coffers. Honestly, it's a very impressive business model. You know what it reminds me of? It's kind of like Carvana, which brought a new smarter business model to the stodgy used car industry and managed to grow like a weed. Make it one of the strongest stocks in the entire market. And you know I've like Carvana from when it was a single digit stock. So how about the numbers here? They look pretty darn good frankly. In particular, Equipment shares revenue growth has been excellent with 140% compound annual growth rate from 2015 to 2024. Wow. As revenue has grown from $1.5 million in 2015 to to 3.8 billion in 2024. That's very impressive that revenue growth has remained elevated in the last few years. Equipment shares total revenue grew roughly 47% in both 2023 and 2024. Now, while the company doesn't have its final financials for 2025. Some preliminary numbers offered in the IPO perspectives indicate that last year total revenues grew in the 15 to 60% range. That is a big deceleration. The company's nicely profitable though. Equipment Share has been reporting positive net income since 2022, though net income has been trending lower for the past few years. So then why on it? Well, maybe that's the wrong metric. The better metric is to look at the adjusted earnings before interest, taxes, depreciation, amortization, or what's known as EBITDA. And that has been growing nicely from $402.8 million in 2022 to 533.5 billion in 2023 to 603 million in 2024. Again, we got some preliminary numbers for 2025 and those show adjusted EBIT growth of 10 to 12% last year. That's the number that we need to know. Put it all together, you know, it's a pretty darn good positive story. There's a reason the stock had a hot start on Friday when it made its debut after the equipment share IPO priced at 2450, the stock opened at 2850 on Friday, rallied to $32.56 at the close. Up the 33% from the offer price today, the stock dipped just a little bit to under 30. It's been a nice solid debut where everyone's done well. The company raised exactly as much as it wanted to. Everyone who bought the offering has a nice profit. This isn't like some of the hottest deals from last year. I warned you off of where the stock would double or triple on its first day. People would buy them. Now. It's just not sustainable. I'm talking about deals like bullish Figma, people hurt. This is not the kind of stock you get hurt. It's the kind of stock you buy, you put wet. So after that, nice start. Is Equipment Share still worth owning? I tell you 29. Change Equipment shares a market cap of around 7.5 billion, add in a little over 2 billion in net debt and the company has an enterprise value of just under $10 billion. And we have to go through some numbers here, but using the midpoint of last year's preliminary EBITDA numbers, this thing has what's called an enterprise multiple. That's the enterprise value to ebitda ratio of 14.5. That doesn't look too expensive to me on an absolute basis, not for a fast growing disruptor in an attractive industry. Now, full disclosure though, Equipment Share is expensive compared to some of the top existing players in this equipment rental space that I talk about a lot. I'm talking about companies like the larger largest United Rentals or HERC Holdings. They have trailing enterprise multiples of 10 and 8 respectively. But I'm talking about growth here. I think it's worth paying up for equipment shares growth which seems like it's come up with a much better model for an established industry and has a three year revenue compound annual growth rate of around 36% compared to say 12% for United Rentals, 17 for Herc. See, that's the real difference. As I've told you again and again, I'm willing to pay more for a company with outsized growth. I'd be okay putting on a small position now then hoping the stock comes down. Maybe you can buy a little bit more weakness. Here's how I see it. Equipment shares debut marked the first meaningful IPO of 2026. And after looking more closely into the story, call me a fat while the stock already trades at a premium against its more established equipment rental peers. It deserves to because it's revolutionizing this industry with its asset light business model and its impressive software platform. You can quibble about how much of a premium you're willing to pay. The bottom line is I think this is a great story and a stock I want to own. More broadly. Equipment share IPO was a good test case for the ipo market in 2026. I got some worries about what might happen in the corner of the market when the big deals start dropping later this year. But in the meantime, I bet you could See more solid IPOs like Equipment Share ones that aren't too expensive, have good growth and are priced right in the sweet spot for both seller and buyer. Let's talk to Tom in Connecticut. Tom.

[Caller]

Hi Jim. Thanks for taking my call.

[Jim Cramer]

Of course. What's up?

[Caller]

Tom, I have an outsized position in Cleveland Cliffs and I was wondering if you you consider it a buy, sell or a hold.

[Jim Cramer]

Okay. My favorite is Nucor. I'm not going to recommend Cleveland Cliffs over Nucor because I think Nucor is a superior operator and has been for some time now. You're going to be able to buy new quarter discount. They reported a number of people didn't like it but it was at its, at its 52 week high. Going to the session, I call me a buyer of Nucor on any weakness. You know, I think that Leon to Pollion does a fantastic job with that company Rich in Massachusetts. Rich.

[Caller]

Hey Jim, I just want to say thanks. I love your show. Thanks for looking up at the little guy.

[Jim Cramer]

You're very kind. Thank you. And I try to. I do my best. What's up?

[Caller]

Excellent. My question tonight about Old Republic. I bought it back in 2021 at $18. I've held it since, collected all the dividends. It was recently as high as 46, but it got hammered last Friday. After earnings, it's down to 38. So my question to you is wholesale or buy more?

[Jim Cramer]

On the, you know, you know, it's surprising. I mean, look, I was saying this weekend, I don't know if you caught my running commentary about the insurers. When I was watching the football game, I watched all these running commentator guys from Boston. Enough of them. I said the insurers are under pressure. These quarters aren't that good. But I want you to look through it all. Republic is a great company. I will not let you. I have followed this company for many years and I knew the quarter was bad. There'll be many good quarters after this. Just keep buying, keep breaching investing and I think you will do just fine. It was an earnings miss, but all the insurers are missing this quarter. Equipment share is a great story and it's a stock I would want to own. Plus, I think it bodes well for the health of the entire IPO market this coming year. Much more me have money, including my Susan with Agnico Eagle. With the stock soaring alongside the price of precious metals, I'm getting a read on the space with the CEO. Then I always say stay away from the battle ground stocks, but one of my favorite names is caught in the middle of a fight. I'll reveal what I think should be done with the stock and of course, all your calls, Rapid Fire and tonight's use of the lighting round. So stay with Kramer. Is Go Rally ever going to run out of steam? I have always urged you to own the precious metal in some way, in some shape, in some form because it's an excellent hedge against inflation and economic chaos. Sure enough, the price of gold is now broken out above $5,000 an ounce for the first time in history, up from less than $2800 an ounce a year ago. This has been a huge boom for the gold miners like Kramer, Faye Bank, Nico Eagle with a stock that has more than doubled since last year and it's rallied 27% since the beginning of January. Could it keep climbing? Let's check in with Amara June. He's the CEO of Agnico Eagle to find out. Amara, welcome back to money.

[Amara June]

And it's always a pleasure. Great to see.

[Jim Cramer]

First of all, I want to thank you for our viewers because you said be steadfast, stay long, and it has been unbelievable. So I have to ask you, can it stop? People keep saying where it can stop. I keep saying you haven't seen anything yet.

[Amara June]

Well, you know, who knows where it's going to be next week, Jim, or next month. But, you know, you've been, you've been bullish on gold since I can remember. And you know, the fundamentals that have pushed gold up are still there, government spending. Now add to that, you know, the catalyst we had a couple of years ago with Russia invading Ukraine and getting kicked out of the Swift system, and now a new catalyst, which is this, this ordered world we've lived in seems to be becoming less ordered. And that obviously has an impact on the world monetary markets and gold is playing its role in that.

[Jim Cramer]

Well, also, we have to believe that the Chinese, which we know have been selling Treasuries, will I think, be a buyer of whatever large size amount of gold there is. And they, it seems insatiable to them.

[Amara June]

It is insatiable. And they, relative to their reserve currencies, gold is still a pretty small part. And you said something interesting, Jim, which is, you know, the Chinese and their treasury position, it's not just the Chinese anymore. Other countries are, or at least there's a perception that other countries are getting a little bit nervous about their treasury holdings as well.

[Jim Cramer]

Well, I've got to tell you, there had come a time when everyone said gold was done and that what you needed to be doing was buying crypto, any form bitcoin. You and I and your predecessor, we all agreed that that was just nonsense. Is gold showing its true colors and is crypto showing its true colors?

[Amara June]

Well, gold is certainly showing its true colors and it has been demonstrably over the last couple of years. And that's why, you know, we continue to be constructive on gold. But I will tell you, you know, there's a, there's a glass half full with, with the crypto in that. I think what crypto might have done, Jim, is it brought a entire young generation into the realization that fiat currency is risky. And what they're now realizing, this same young generation, in fact, the same people who like crypto now really love gold because they're saying of all the things to have as a hedge against fiat currency, gold is the most liquid, it's the most real. There's no risk, there's, there's no risk of somebody you Know, figuring out the algorithm and stealing my. My crypto. So I think in a strange way, in a constructive way, crypto has actually brought in an entire generation of people into gold.

[Jim Cramer]

I couldn't agree with you more. These are people who view it as more as insurance. They view it as maybe a way to be able to deal with the fact that there's no way we can ever pay back the debt that we owe. I hope that's not the case. I also want people to understand that just because the United States and Canada could conceivably be at economic war. Nothing whatsoever to do with you or your stock. No.

[Amara June]

I mean, well, so first of all, as a. As a Canadian, and, you know, I have family in the United States, where I hope we're never at any sort of war and we'll get through this. And we're, you know, we're not just neighbors. We're family. You know. That said, as far as Agnico goes, you know, we sell our gold globally, typically very little of it actually goes into the US and we're not really subject to any sort of tariff pressure or anything like that.

[Jim Cramer]

Okay, so, Mark, one thing that I want to get to your company now, because it's just remarkable what you have. I was looking over your. Your holdings for your top mines, and there you have just an enormous amount of reserves, far more than anyone else. Can you talk about your standing in both the senior and junior gold companies and where you. Where, you know, basically where you rank in terms of your assets under management?

[Amara June]

Well, we are, by market cap, the second largest gold company in the world, and by production, the second largest in the world. But what really differentiates us, Jim, and you know as well as anyone, is our strategy of being in tier one countries. Not just tier one geologically, but tier one politically safe countries. I am telling you, at $5,000 an ounce gold, governments in other countries are looking at those mines and saying, hey, we want a piece of that. So more than ever, this strategy that we've had for 68 years, good geology, but also good political stability, makes an awful lot of sense. And by the way, not only do we have exceptional assets and reserves, but, you know, we are within the next five years, probably going to be bringing on about another million and a half ounces a year production.

[Jim Cramer]

Okay, could you tell people how little gold there is in the world and how little is found every year versus the demand right now?

[Amara June]

Well, a very good point. People say, look at $5,000 gold, you know, maybe there'll be more supply there Won't be all of us together, all of the gold companies in the world, we produce about 2% of the above ground supply and gold companies other than us have over the last 10 and 15 years been cutting back on exploration. So we really have this, this trough that we need to get through. And by the way, to build a new gold mine from scratch between exploration and permitting is probably a 10 or 15 year project. So you know, you're not going to see gold flooding the market at all, Jim. It's just not going to happen.

[Jim Cramer]

Should we be talking at all about and I've been negligent perhaps. Finland, Australia, Mexico, these properties seem unbeliev believable and at these prices, I've got to leave it one of these, if not all, could be major homeruns for you.

[Amara June]

Well, they're all home runs. I mean I talked about a growth of million and a half ounces of additional production over the next five years. That's just from the five big projects. We're also expanding Finland, we're expanding Australia, we're getting some good, good progress on a new mine we're building in Mexico with tech. So across the board we've done pretty well and we're continuing to do well. And as you know, we're going to be building a new mine in Nunavut as well. So across the board, in the best regions in the world, we're not only having record financial results, but again, and this is important, you know, we're one of the few senior companies that are going to be seeing this type of growth. And by the way, when I talk about that type of growth basis, it's on a per share basis. At these levels, not only do we have enough capital to build our projects, but we have enough capital to go and buy back shares, etc.

[Jim Cramer]

Well, one last thing. I know that in your most recent conference, the one I know you're in quiet beard, we got to be careful but December 11th you talked about the idea your dividends going up consistently quarter after quarter for 42 years. What do you think now? I mean you've got the chance to be able to say, do a special dividend or really raised the. What are you thinking?

[Amara June]

I think that's an excellent question. You know, financially, to me special dividends make a lot of sense. But I'll be honest Jim, most of our shareholders want us to do share buybacks and you know, we're indifferent. It's their money. The most important thing I tell our shareholders is it's their money, not our Money. And while we're making a lot of money, they're going to benefit from that.

[Jim Cramer]

Well, and we're going to return a.

[Amara June]

Lot of money to our.

[Jim Cramer]

You've been a great steward as your predecessor, Sean. Tell him I said hi. That's a market. He's the president and CEO of Agnica Eagle Mines, the best gold mine in the world. Thank you.

[Amara June]

Thank you, James. Have a great day.

[Jim Cramer]

You too. Everybody's back at.

[Mad Money Announcer]

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

[Jim Cramer]

It is time. It's time for the lightning. And then the lightning round is over. Are you ready, ski daddy? Time for the light round. Crazy. We're going to start with Ryan, Ohio. Ryan. Booyah, Jimbo. Booyah, Ryan. What's it? I sold out of some technology stocks. Got the money put to play. What do you think of American Towers? Well, American Towers, look, I gotta tell you, there's been fewer demand for towers. It's been slowing down. I think that stock is no longer as investable as it was at one time, actually, when James Takelit ran it. Let's go to Matthew in Arizona. Matthew.

[Caller]

Jim, thank you so much for taking my call.

[Jim Cramer]

I really appreciate it.

[Caller]

Okay. App loving.

[Jim Cramer]

You know, look, Apple has got great momentum, but the fact is it trades at one of the highest price earnings multiples in the entire market. I am not recommending stocks that have a price of multiple that is that high. Too much danger, even if I think the company's great. Let's go to Barbara, New Jersey. Barbara.

[Caller]

Hi, Jim.

[Jim Cramer]

How you doing? I met you on October 7th at.

[Caller]

The stock exchange and I called you one of the.

[Jim Cramer]

You like Elvis and the Beatles.

[Caller]

I don't know if you remember that. Anyway, thank you for the book.

[Jim Cramer]

The book is great. I bought.

[Caller]

In addition to Nvidia, I bought mplx, Marathon Petroleum.

[Jim Cramer]

Well, you know, I like it from the book. I think that's a terrific inexpensive stock I gave. I put. I put those stocks in for one particular reason because I think it's great to have some income as you get older. That's not a younger person stock. That's an older person stock. I one day might have to look at it as I grow, as I grow in wisdom. Let's go to Mark in Wisconsin. Mark.

[Caller]

Dr. Kramer, thank you for taking my call.

[Jim Cramer]

Of course.

[Caller]

A company that works out of the Houston shipping channel with Enterprise. I own this one. The ticker is mvgs.

[Jim Cramer]

Look, it's doing well, what can I say? It's not an Expensive stock. Look, I believe in lng. I believe in the transport's been one of the, one of the strongest stories there. I'm not going to go against you, but I do like enterprise product partners more. I like one of four and buy half about energy transfer. But advertising in the football games, I mean, do people know what they're buying? They're buying you. Let's go to Paul in Illinois. Paul. Booyah.

[Caller]

Jim, how you doing?

[Jim Cramer]

Spirited. Booyah. What's shaking with you? A Micron standis, Western Digital, Seagate, they've all gone parabolic. My company plays in the same space. It's got great earnings, great technology, a $400 million buyback program and a potential hyperscaler deal.

[Caller]

What are your thoughts on pure storage?

[Jim Cramer]

You know, I hadn't thought about that as a flash day. A flash array that data could be stored on flash arrays without a problem. But it does sell at extremely high priced earnings multiple. And again, I'm staying away from those stocks because I am concerned that we could have higher interest rates spike and these stocks will trade down no matter what happens. And that, ladies and gentlemen, conclusion of that Lightning round.

[Mad Money Announcer]

The lightning round is sponsored by Charles Schwab. Coming up, with Nvidia increasingly locked in battleground stock status, Kramer's drawing the lines to help you decide which side you should take with the chip maker next.

[Jim Cramer]

Stay away from battlegrounds. You never want to own a stock where there are people taking shots at from all sorts of a battleground stock is exhausting. Find yourself fighting every day. You begin to feel like it's your only position that matters. So you forget the rest of your portfolio and any opportunities that might be ahead. Unfortunately, in video, one of my all time favorite companies has become the ultimate battleground stock. How this company, which is leading us into the fourth industrial revolution, become so stuck in the mud as a tug of war that never seems to conclude. I had to ponder this this very morning when Nvidia announced that it invested another $2 billion in Core Weave, buying 22.9 million shares at $87.20 per share. It was a fantastic verification for Core Weave demonstrating its preferred provider in video chips. These are hard to procure. If you're a big hyperscaler, you're going to get a serious allocation. If you're not though, you know who to go to. Now you can set up with Nvidia by getting it through coralweave. This morning on Squawk on the street, we got to interview Core Weave founder and CEO Mike Entrader as well as Jason Wang himself coming from China to talk to us about this deal, I immediately asked Jensen about the state of demand and he replied that it's incredible. The number of applications being built on video chips is through the roof. David then asked the question on many minds of many skeptics which is isn't this deal just one more example of vendor financing? Nvidia gives corweave $2 billion then Corey turns around and buys product from Nvidia. Now we know this is the kind of deal that haunted the dot com era. A major firm in 2000 wanted to do one of those deals with [e-mail] I get $5 million investment then I turn around and buy $5 million in wares from the investor. The investor even called it a lazy Susan deal. I was appalled. Broke things off immediately. Never spoke to the guy yet. Would Michael and trader take the money and spend it right back as part of a lazy Susan deal? You know what I think that's preposterous. That would presume that Jensen is trying to make his quarter by spending money to get business. He has more business than to do with that was in that intra needs the cash or the couldn't buy the chips. But insurers had no problem financing his purchases. Not only that, but Corvette has been selling its old chips more than they pay for them. Because the market's so tight. Many thought that the chips would be worthless after five years of depreciation. That was totally wrong. So why did you do the deal? I think it wants to show that market the marketplace the core of is a great partner. So anyone who can't get the latest and greatest Nvidia chips can go to core even work things out. The demand will certainly be there. You know what didn't matter at all to these bears though? I got tremendous assurance that there could be some very big Chinese sales on the horizon. Chances in China that matters to me sounded sanguine. He urged that no one take the sales for granted. I think that's terrific. I also think that the companies that keep on announcing the reliance on their own chips Google, Amazon, today Microsoft continue to be gigantic customers of Nvidia. And the demand away from the hyperscalers is enormous and growing. In the end all that matters will be the numbers. But it's nagging at me that people seem to have so little faith in video after all that's been accomplished here. In fact, the stock went down today despite Jensen's Jensen's reassurances of strong demand Reassurances that have repeatedly drawn me to the stock not repulsed me as seems to be the case for so many others these days, as has been the situation so many times these last two decades. I think the sellers will be wrong. Jensen's biggest problem is how to keep customers satisfied with their smaller allocations. The core weave deal helps address that problem. My words advice to the sellers after talking to Jensen today. Own Nvidia, don't trade it. That's the best way to play in video. I like to say. There's always more market somewhere. I promise. I find just for you or your mid money. I'm Jim Cramer. See you tomorrow.

[Jim Cramer Disclaimer]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to 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 Real talent is.

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