Mad Money w/ Jim Cramer – January 27, 2026

Host: Jim Cramer
Podcast: Mad Money w/ Jim Cramer
Date: January 28, 2026

Overview of Episode Theme

This episode dives into the evolving landscape of U.S. markets—where aggressive government intervention is shaping winners and losers across key sectors. Cramer dissects how recent policy and regulatory moves, especially under the current administration, have upended traditional investment narratives, from healthcare to manufacturing, tech to defense. He peppers the episode with his signature vigor, guiding listeners through major headlines, sector analysis, and rapid-fire advice in the Lightning Round. Interviews and technical chart analysis further illuminate today’s hottest investing themes: semiconductors, precious metals, quantum computing, and more.

Key Discussion Points & Insights

1. A “Command Economy”: Government’s Heavy Hand in the Markets

Timestamps: 01:40–09:44

• Government Rate Changes Surprise Health Insurers

  • CMS increased rates for Medicare Advantage by just 0.09%—far below the expected 4–5%.
  • Health insurers like UnitedHealth (UNH, down 19%), Humana (down 21%), and CVS/Aetna (down 14%+) saw shares crash.
  • Cramer: "It's like by rote. This president does not mind inflicting pain on even the most powerful of companies who quiver at what he says." (03:34)

• Winners: Domestic Manufacturers & Tariff Protection

  • GM blew past profit estimates, aided by relaxed environmental regs (allowing more trucks/SUVs) and tariffs on imports.
  • "GM CEO Mary Barr: Time for you to take a victory lap. You're offering the best cars and trucks at the best prices. You deserve a huge amount of credit." (06:00)
  • Nucor, largest U.S. steelmaker, is a beneficiary of protective steel tariffs.
  • CEO Leon Topalian: "What we've seen out of Commerce in USTR is a very supportive trade environment that's pro-market and pro US manufacturing." (07:00)

• Losers: Defense Contractors Squeezed for Efficiency

  • President’s demands for quicker outputs are pressuring defense giants:
    • Boeing took a big charge on a tanker contract to speed up delivery.
      • CEO Kelly Orberg: "We took that decision, albeit a big gulp, and to have to take a charge here on the tanker program." (08:05)
    • RTX (Raytheon): Heavily reduced buybacks, increased responsiveness after presidential criticism.
      • CEO Chris Calhoun: "We fully support the Department of War’s transformation objectives..." (08:55)
  • "The true social post works. Now RTX is on board." (09:12)

• Broader Trends:

  • Banks relying on high credit card rates are again under pressure as the President eyes a 10% rate cap.
  • The government’s intervention has led to “unprecedented” influence over private industry.
  • Cramer: "It's an amazing and a preposterous time... We have a level of government intrusion in private enterprise that I haven't seen since before the Reagan administration." (09:28)

2. Lightning Round: Stock Opinions & Investment Advice

Timestamps: 09:44–13:17, 40:25–43:43

• Moderna (MRNA):

  • "We have to wait and see... the stock's up so much, 54% for the year. I just want to know how certain things really are." (10:16)

• AAR Corp (AIR, aircraft parts):

  • "I've been recommending AIR forever... part of the great aerospace boom." (11:09)

• Chipotle:

  • "A good franchise at a very reduced price... I think it's actually a decent level to put some stock on." (12:02)

• Other stocks covered:

  • Mueller Industries:
    • "Slow and steady wins the race. I am still a buyer." (40:45)
  • FIG (design software):
    • "I don't want to touch design software. I really don't. I think it's just too hard." (41:11)
  • Comfort Systems (FIX, HVAC):
    • "I think you put some on, and then if it comes back down, for heaven's sakes, you buy more." (42:01)
  • Credo Technology:
    • Market is saturated; Cramer recommends waiting and seeing how Corning does first. (43:04)
  • Sph (propane):
    • "Propane is way too wild... let's not mess with propane. It's just too inconsistent." (43:28)

3. How to Play the Memory & Semiconductor Boom

Timestamps: 15:17–21:44

• Storage & Memory Chip Stocks Have Tripled/Quadrupled

  • SanDisk (doubled in 2026 alone), Micron, Western Digital, and Seagate have skyrocketed.

• Cramer’s Caution:

  • "I don't want to chase the storage memory plays... it really doesn't take much to derail these commodity chip makers." (15:24)

• Semiconductor Capital Equipment as a Safer Play

  • ASML, Applied Materials, KLA, and Lam Research (LRCX) have strong, less-explosive rallies and may offer more durable gains.

• Key Catalyst:

  • TSMC's monster $52–56 billion capex streak; Micron’s new U.S. and Singapore fabs; Intel short on capacity.
  • "Micron's investing in new production now and will continue investing in new production for several years into the future." (18:47)

• Focus on Lam Research:

  • Lynx Equity analyst says: "A beat and raise result is already baked into Lam Research stock... But much better numbers in 2027 than the rest of Wall Street is looking for." (20:57)
  • "If Lam Research does sell off though, that may be the real opportunity. I would be a buyer." (21:27)
  • Cramer: "I think the semiconductor capital equipment makers will be more durable winners here." (21:32)

4. Metals Mania: Are Gold and Silver in a Bubble?

With technical expert Carly Garner
Timestamps: 23:35–31:45

• Huge Rallies Likely Fueled by Both Momentum Traders & Central Banks

  • "She hasn't seen silver running like this since 1980, when the market was cornered by the Hunt brothers." (23:45)
  • Volatility levels in both metals rival all-time records.

• Danger: Overbought Extremes

  • Silver’s RSI at 94 (never above 86 even in 2011); up nearly 10x since 2020 and 57% since January.
  • "You don't get moves like this unless the economy is about to collapse or someone's cornering the market." (25:28)
  • Technically: both metals trading well over their Bollinger bands, historic sign of unsustainable moves.

• Potential Outcomes:

  • Silver could fall back into $19–$40 range, unless there’s a true global currency crisis—then $100 and $78 could act as floors.
  • Gold: Extreme volatility usually presages a trend reversal.
  • "The charts... suggest that gold and silver markets are busted. They're broken, they move so far so fast..." (30:38)
  • Cramer's warning: “Commodity markets can stay crazy for longer than you can stay solvent if you bet against them.” (30:54)

5. D-Wave Quantum: Emerging Quantum Computing Powerhouse

Interview with CEO Dr. Alan Barrett
Timestamps: 33:57–39:52

• Key Announcements from D-Wave at Their 2026 Conference

  • $10M quantum compute-as-a-service deal with a Fortune 100 company.
  • $20M system sale to Florida Atlantic University; D-Wave also moving HQ to Florida.
  • New partnership with Davidson and Anduril for sensitive Department of War applications.
  • Acquisition of Quantum Circuits, advancing both annealing and gate-model quantum technologies.

• Application Focus:

  • Practical, commercial deployment of quantum for business optimization problems as well as defense.
  • "We have customers using them on a daily basis as part of their business operations." (36:37)
  • D-Wave positioning as a "one stop shop" for quantum computing tech. (37:25)

• Cramer’s Take

  • "We put out the challenge. You met the challenge. These are all very exciting commercial agreements and congratulations." (39:29)

6. Corning’s Explosive Fiber Optic Story

Timestamps: 44:10–47:53

• $6B Meta Fiber Optic Supply Deal Sends Corning Stock Soaring

  • Cramer discovered Corning’s fiber business after a visit for Apple partnership; identified a new bullish thesis.
  • CEO Wendell Weeks: "Next year hyperscalers will be our biggest customers." (46:07)
  • Cramer notes data center construction (especially for AI/cloud) will drive demand for fiber over copper.
  • Potential "second act" if Corning can make fiber for inside chips.

• Investment Lesson:

  • "If you use your powers of observation, if you exercise some curiosity, you can find some very, very good investments." (44:11)
  • Sometimes “the best investment ideas are hidden in plain sight.”

Notable Quotes & Memorable Moments

• "We have a level of government intrusion in private enterprise that I haven't seen since before the Reagan administration. Makes me feel like a kid again, back when I had a full head of red hair." – Jim Cramer (09:28)
• "The government’s both a positive and a negative matter what you do." – Jim Cramer (08:32)
• "Commodity markets can stay crazy for longer than you can stay solvent if you bet against them." – Jim Cramer quoting Carly Garner (30:54)
• "If Lam Research does sell off though, that may be the real opportunity. I would be a buyer." – Jim Cramer (21:27)
• "If you use your powers of observation... you can find some very, very good investments." – Jim Cramer (44:11)

Important Timestamps by Segment

• Government & Market Overview: 01:40–09:44
• Lightning Round (call-in stock Q&A): 09:44–13:17, 40:25–43:43
• Semiconductor Storage & Capital Equipment: 15:17–21:44
• Metals Analysis with Carly Garner: 23:35–31:45
• D-Wave Quantum CEO Interview: 33:57–39:52
• Corning & Fiber Optics Segment: 44:10–47:53

Closing Thoughts

This episode embodies Cramer’s quintessential style—opinionated, detail-rich, and fast-paced—delivering sharp market insights on the ripple effects of government intervention, ongoing sector shifts, and where savvy investors might look for future opportunities. The message: Be adaptive, skeptical, and always keep your eyes on both Washington and Wall Street.