Mad Money w/ Jim Cramer – December 9, 2025 (Aired December 10, 2025)

Episode Overview

This episode of Mad Money features Jim Cramer’s signature energetic breakdown of current Wall Street dynamics and stock market psychology, focusing on the power of belief in individual stock investing despite the prevailing market skepticism. Cramer dissects the gap between company fundamentals and media or market sentiment, delivering deep dives into Nvidia, Apple, Warner Bros Discovery, Marvell Technology, CVS Health, AeroVironment, and KeyCorp. With CEO interviews and rapid-fire Lightning Round stock calls, he encourages listeners to take a long-term view and look past relentless negative press.

Main Themes

• The Importance of Belief in Individual Stocks: Cramer argues that investor success depends on conviction and sticking with fundamentally strong companies, despite negative media cycles or Wall Street pessimism.
• Disconnect Between Reality and Headlines: He highlights recent examples where companies achieve significant wins, but media and market reaction remain muted or negative.
• Exclusive CEO Interviews: In-depth conversations with leaders from CVS Health, Marvell Technology, AeroVironment, and KeyCorp explore strategies, address press controversies, and clarify performance.
• Educating Investors to Tune Out "Noise": Cramer seeks to empower individuals to make informed decisions beyond the hype and fear often dominating market narratives.

Key Discussion Points and Insights

[01:39] Cramer’s Opening: Stock Picking vs. Indexing, Media Negativity

• Cramer laments that the business is “rigged against you,” with a “cottage industry” of critics arguing it’s futile to pick stocks versus holding index funds.
• Negative media narratives sell, scaring individuals away from long-term winners.
• Quote: “Should you stop believing the critics? The history of Nvidia says you should. I'm going with history. History is a strong ally.” [07:01]

[02:08] Case Study #1: Nvidia and the China News

• Nvidia secures approval to sell its A200 chip to China, a move worth billions, albeit with a 25% federal surcharge.
• Despite this win, Wall Street and the media downplay its significance, causing retail investors to sell or ignore Nvidia.
• Cramer reiterates his call: “Own it, don’t trade it.”
• Quote: “Now though, our government just agreed with Jensen is allowing Nvidia to sell the Chinese a very high powered chip, the A200, only one generation behind the current Blackwell line of chips and worth a great deal in the market. Nobody cares...” [04:01]
• He calls out the media’s narrative flip-flop—when news was bad, it was everywhere; now with good news, it's ignored.

[07:10] Case Study #2: Apple and Persistent Skepticism

• Cramer revisits September’s iPhone 17 launch, describing how “professional detractors” tried to minimize Apple’s innovation and success.
• Despite negative press about incremental upgrades and key staff departures, Apple stock has excelled.
• “One of the greatest long-term winners I've ever seen.” [07:50]
• Quote: “Bulls like me were considered dreamers or even heretics... I didn’t need to be effusive. I could have been cold and circumspect. I chose not to be because I'm a student of Apple's phones and its CEO.” [08:22]

[09:17] Case Study #3: Warner Bros Discovery’s Rebound

• Cramer discusses CEO David Zaslav’s turnaround efforts—paying down debt, improving cash flow, and building valuable media assets.
• A bidding war now validates Zaslav’s strategy; the high price once ridiculed is now seen as justified.
• Quote: “These kinds of properties don’t come up for sale very often. Here’s what I do know: Zaslav told anyone who listened this could happen... I believed in this man the way I believe in Tim Cook and Jensen Huang.” [09:52]

[12:31] Interview: David Joyner, CEO of CVS Health

• Joyner details CVS’ transformation into a technology-enabled healthcare provider with a focus on convenience, accessibility, and managing high-cost, rare disease treatments.

• Technology and AI are driving operational improvements and patient engagement.

• CVS is emphasizing growth in its retail and clinical businesses, turning negative margins positive, and expanding the pharmacist’s role in frontline care.

  Notable Quotes:

  • “We're trying to do the homework for [consumers] by using technology to do the work and make it easier to access… and navigate health care.” – David Joyner, [13:43]
  • “Our goal is to have [pharmacists] practice at the top of their license... deploying 30,000 care providers in the marketplace to help people manage their conditions is really the most exciting.” – David Joyner, [20:19]
  • “We're delivering on our promises... The plan that we've laid out for the next three years, I think is achievable.” – David Joyner, [19:12]

[23:24] Interview: Matt Murphy, CEO of Marvell Technology

• Murphy responds to recent negative press alleging Marvell lost significant cloud chip business with AWS and Microsoft; he strongly denies any truth to these rumors.
• Marvell recently acquired Celestial AI to enhance its leadership in optical and silicon photonics for data centers.
• Business with hyperscale cloud customers is robust, with multi-year growth laid out; signal-to-noise analogy invoked for market rumors.
• Quote: “From Tuesday to Friday, nothing changed. We didn't lose any business.” – Matt Murphy, [31:51]
• Quote: “We are not an average company. We've had outsized growth... there's a massive opportunity right now to buy Marvell.” – Matt Murphy, [32:24]

[34:07] Interview: Waheed Nawabi, CEO of AeroVironment (AV)

• Discusses the company’s “mixed” quarter due to an acquisition, but asserts performance is on plan with record contracts and backlog.
• Federal policy and defense spending shifts favor AV’s robotics, drone, and counter-drone solutions.
• Blue Halo acquisition is exceeding synergy expectations, with significant U.S. defense contracts awarded.
• Quote: “Never been a better time for AV in terms of benefiting from the trends and the macro level effects...” – Waheed Nawabi, [37:12]

[41:40] Lightning Round

• Dorman Car Products: "Only thing worse than housing is cars. I'm going to have to stay away from that one." [42:05]
• Corey (Cory?): "I like Corey but survival oncoming by going trader there are better place to play the data center. But it's doing very, very well." [42:11]
• Alaska Airlines: “It's good, I think. But it's a trading vehicle only; you want to buy it or a trading vehicle." [42:29]

[42:45] Interview: Chris Gorman, CEO of KeyCorp

• KeyCorp's stock is the top performer among Ohio banks, driven by organic growth and strategic focus.
• The bank is committed to ~$200M in share buybacks for the year, with strong capital and a 4% dividend yield.
• Geographic focus includes both Ohio and expansion in the Pacific Northwest, especially data center financing and power.
• Quote: “Right now, the best thing we can do is just buy our own stock... we've made the investments to grow organically. We have great momentum.” – Chris Gorman, [47:11]

Notable Quotes & Memorable Moments

• On Market Skepticism: "Negativity...attracts eyeballs. Sometimes the company's credible. You just can't take the press too seriously." – Jim Cramer [02:08]
• Investor Mindset: “If you want to make big money, individual stocks, you need to be a believer. Sometimes it doesn’t pay off. Everybody makes mistakes. But if you don’t believe in your stocks, then you'll never be able to stick with them through thick and thin.” – Jim Cramer [10:12]
• Marvell’s CEO on Media Rumors: “I am the signal. I know what's going on. I have the visibility, I have the relationship with these customers. And so our business is rock solid.” – Matt Murphy [31:47]
• CVS CEO on Technology: “We're trying to do the homework for [consumers] by using technology to do the work and make it easier to access... and navigate health care.” – David Joyner [13:43]

Timestamps for Important Segments

• [01:39] Cramer’s Opening/Stock Picking Philosophy
• [02:08] Nvidia Case Study and China News
• [07:10] Apple: Media Negativity vs. Reality
• [09:17] Warner Bros Discovery: Redemption & Bidding War
• [12:31] CVS Health CEO Interview
• [23:24] Marvell Technology CEO Interview
• [34:07] AeroVironment CEO Interview
• [41:40] Lightning Round (Stock Calls)
• [42:45] KeyCorp CEO Interview

Tone and Style

True to Jim Cramer’s style, the episode brims with rapid-fire analysis, bullish optimism for winners, and mild exasperation with what he sees as “madness” from media and short-term traders. CEO interviews allow a more measured, confident corporate tone, while callers and guests bring variety and real-market concerns.

For Investors

This episode is a must-listen for those navigating headline risk and short-term volatility, offering actionable insights on sticking with proven leaders, tuning out “noise,” and understanding CEO perspectives. Cramer reminds listeners: "There's always a bull market somewhere. I promise to try to find it just for you, right here at Mad Money." [47:41]