'Mad Money w/ Jim Cramer 12/9/25

Summary

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.

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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.

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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]

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[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.

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[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]

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[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]

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[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]

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[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]

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[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]

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[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]

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[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]

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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]

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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

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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.

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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]

Transcript

[Jim Cramer]

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[Matt Murphy]

Won'T find anywhere else.

[Jim Cramer]

This is the story breaking right now.

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[Matt Murphy]

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Crame America. I'll be my friends. I'm just trying to make you a little bit of money here. My job is not just entertain, but to educate. So call me at 1-800-7-for3 CBC or tweet me at Jim Cramer. On a day with A Dow dipped 179 points. SB declined 0.09%. Nasdaq actually inched up 0.13%. I want to talk to you about how the stock business works against you.

While I'm now on my incessant book tour to sell how to make it make money in any market, I've gotten intense pushback from many who are in this racket, including those who don't even know it is a racket. The whole point of my book is that it's possible for you you to make big money by picking individual stocks as long as you do it right. But there's a whole cottage industry of people who constantly argue that stock picking is a mugs game and you're better off parking your money in index funds that simply mirror the market. At the same time, the media loves to scare you away from great companies that produce terrific long term returns because negativity what to do. It attracts eyeballs. Sometimes the company's credible. You just can't take the press too seriously. So here's what we're going to. I'm going to walk you through three different incidents where I've seen the company tell you one thing while the street or the media said the opposite. So you know what's really going on. And we're going to start with Nvidia. For months, Nvidia has been looking to sell its best chips into China. Why? China is a $50 billion market. But our government and the Chinese government both said no. Our speakers of national security and the Chinese, because they want to develop their own industry and not rely on Nvidia. And that's why Jensen Huang, the CEO, always describes China as a bonus opportunity for the company. Listen to this.

I would like everybody to just assume that China is a bonus opportunity in the future. At the moment we got plenty of.

[Matt Murphy]

Our demand is really strong.

[Jim Cramer]

As you know, demand is really skyrocketing and, and over the next couple of.

[Chris Gorman]

Years we've got a lot of demand.

[Jim Cramer]

We have to go serve. And, and if, if China comes along.

[Matt Murphy]

Which I believe is going to be.

[Jim Cramer]

In the best interest of the United States as well as China and the rest of the world, that's going to be a huge bonus opportunity for us.

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. In a novel approach, the federal government's putting a 25% surcharge on the product. But I don't think that's going to deter any sales. And, and what happens? Wall street shrugs. The media is almost universally filled with doubts about China even wanting these chips, which is totally untrue. They seem to think this move is worth nothing to Nvidia because the Chinese aren't interested. It's totally untrue. That's why the stock's doing nothing. It fell 58 cents today to close at $184.97 because of these untruths. Now here's what I know. The Chinese want these H200 chips badly. Their government won't crow about it because they've got this domestic. They have domestic competitors that they've been funding. They're trying to play catch up with Nvidia. That the government is favoring the domestic competitors is pretty obvious. But we know still the government wants our products. I even Think the President's going to push for Nvidia sales and the Chinese will ultimately be big buyers, but nobody cares. Keep in mind, just a few months ago, the media was acting like the Chinese shutout was the seminal issue facing Nvidia. An existential threat because it wouldn't be able to sell perhaps the best market in the world. When the China story was going against them, it was all important. Now they've got a big win. It doesn't matter why? Because Nvidia is what's known as a retail stock owned heavily by you, by individuals who are easily scared. Small institution. Take the cue from Wall street, which was lukewarm on the deal. Do you know why I say own in video? Don't trade it? Because this kind of thing has driven regular individual investors, including perhaps you, out of the stock. Since it was trading at 2 bucks when I recommended it, and that was a few years ago, I view as my job to stop the trading madness that grips so many people. To dispel the needless fear, to quell the rebellion against simply owning a stock. Should you stop believing the critics? The history of video says you should. I'm going with history. History is a strong ally. Second story equally well chronicled in how to make money in any market is Apple. It's about Apple and how some people seem dedicated to scaring you out of liking Apple. It's like they're on a mission from God to help you. They think they're the Blues Brothers. Questioning Apple's one of the most time honored pastimes on Wall street has been very effective at causing shareholders to panic. And so one of the greatest long term winners I've ever seen. In September of this year with the iPhone 17 was coming out. We were with Apple CEO Tim Cook in Harrisburg, Kentucky where the Corning makes the glass for phones. At the time, I was blown away by the new models. I question all those who told us these phones weren't any good or were merely incremental or meaningless for an already flagging bottom line. These same critics were quick to point out that many good people were leaving Apple, so how could it be safe to own the stock? Bulls like me were considered dreamers or even heretics because the very idea of owning this one seems so irresponsible. I don't get this attitude. 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. Who are these other People, what are the detractors? What do they know? How about nothing? The stock's been on a huge winning streak since September, almost straight up since we went to that factory. And the media that embrace these negative stories, they just want to pump out negativity to please their editors. We get one more price target bump just today, as club members know. I say own it, don't trade it. Third, let's talk Warner Brothers Discovery. I've always been a believer in CEO David Zaslav. I work with him at cnbc more than 25 years ago, where he was an executive for a long time when he got handed Warner Brothers portfolio from AT&T loaded with debt. He did his best to get that pile of debt down while cutting costs, creating some very good, lasting properties. He turned into the number one studio for television and movies while refining HBO into a very important streaming product, maybe second only to Netflix itself. He knew Warner Brothers Discovery couldn't rally with all that debt. But he also knew that if he could solve the cash, cash flow matches, which he very quickly did, then a stock that was trading at 10, the 9 and 8 would be a triple. Once the market came to its senses and the acquirers came calling. Well, now the acquirers here. And it looks like what the media originally called a preposterous price was too low. I have no idea how this bidding war between Paramount and Netflix will take shape. By the way, I have no idea whether there's not another one bidder war lurking. These kinds of properties don't come up for sale very often. Here's what I do know. Jaslov told anyone who listed this could happen, that this would happen, that this was something preordained and definitive. Definitive. I was ridiculed, of course, for believing Warner Brothers could get such a high price tag. But I believed in this man the way I believe in Tim Cook and Jensen Wong. Oh, and if you stick with us, by the way, you could have another company rocked and wrong by the complex I described just now. Marvell Tax. Let's see what they have to say about some stories that I think seem almost planted to drive the stock down. And those stories have been successful. Here's the bottom line. 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. Any stock that's a winner inevitably attracts endless negative attention from the press, because that's how you sell papers and belief is the only thing that will prevent you from getting scared out of your business. Best holdings instead of staying long and profiting from the big moves that could be ahead. Kathy in California. Kathy. Hi Jim, how are you? I am good. Kathy, how are you doing? Good, thank you. Wanted to thank you for all your help with the investment club. I really love being a member. Thank you. Friday meeting. Friday meeting. Go ahead. Yes, I'll be there. I'll be there. Wondering about a stock called Viva Systems. What are your thoughts on that? Okay. It's very controversial because what's happened is is that it was knocked several times in the Salesforce call. Salesforce was very successful. It makes me feel like wait a second, we got it. I don't want to be in Viva right now. Not with the way that Salesforce took them on and talked about with some huge clients from Viva. Let's stay away. All right. You need to believe if you want to make big money. And I showed you what was really going on behind the scenes which you didn't know about. Bad money tonight, the CBS turnaround seems to be working. The stock being the best performer in health care sector so far this year. I'm hearing what lies ahead. So you don't want to miss my sweet CEO Ben Marvel Tech just mentioned sort of week ago in earnings. But this has spent a little time here in the doghouse as investors try and sort out if Amazon's new chips could be more of a bust than a boom to the company's business Going straight to the CEO. Plus I'm sitting down with the heads of Key Corp and av A big show. Stay with Kramer.

Don't miss a second of Mad Money. Follow Im Kramer on X. Have a question? Tweet Kramer hashtag mad mentions. 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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[Matt Murphy]

I can feel the sweat and I can sweat a little bigger.

[Jim Cramer]

That was genius.

Yeah, that's what we talking about. Fox 1. We live for live streaming now.

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[Jim Cramer]

But what's happening with this turnaround? CVS Health this stock has become the best performer in the health care sector under CEO David Joyner and shot up another 2% today as management laid out some bullish long term earnings targets. Earlier today we welcomed David Joyner, the presidency of CBS Health. To find out more, check it out.

David. Some people come on, they got a narrative, they tell you some story and you get excited and then it doesn't, doesn't happen. You, I believe, are actually transforming the way America gets health care. You're doing it.

[David Joyner]

Yeah, I, I think we play a really important, important role in health care in this, this country. And I couldn't be more excited about one the turnaround over the last year as well as the investments that, that we're making to change and improve health care. So a lot of the story today was about reimagining health care. A lot of it has to do with how we engage both the consumer, how we change the relationship with the providers that are delivering the care, and ultimately using technology as our enabler to be a big part of how we, how we're going to change health care.

[Jim Cramer]

I was going to ask about technology because Marc Benioff from Salesforce said you're the one of the great adopters of Magentix, which makes things safer, better, quicker, and makes the the patient feel like they're not on hold for the rest of their lives.

[David Joyner]

Yeah. So we talked a lot about how technology is changing and transforming our business. In each one of the operating businesses today we're both one, improving our operating efficiency so we're getting the productivity gains. But more importantly, we're able to change what we believe is, is how health care is and how we're engaging with the, with the consumer because the consumer is frustrated. Today, Jim, we look at how, how expensive health care is, how impossible it is to navigate. We're trying to do the homework for them by using technology to do the work and make it easier to access and actually pay and navigate health care.

[Jim Cramer]

At the same time. You've made some gutsy predictions. Compound annual growth rate 20, 28, you took it out too. And you're talking about measuring things by margin, which we don't hear very much about in the health care business.

[David Joyner]

Yeah. So one of the, one of the commitments that we've made was one I want to deliver on my promises. So over the last year, this is 1/4, 4/4 in a row which I both beat and raised our guidance. So we laid out what we saw as our long term strategy between rolling out our 26 guide as well as the 27 and 28 with a 15% CAGR on our business. So we feel really good, especially in the health care sector with the, with the performance and the guide that we provided.

[Jim Cramer]

Now I know when we used to speak to Larry, Larry Merlot quite a bit and I know his dream was to become the health care company, but this last step with you coming in as is not evolutionary. You're, you're revolutionary in the way you're doing it. Tell people the tent poles that basically you've raised in the short time that you've been CEO.

[David Joyner]

Yeah, well, that past year was a lot focused on, on the recovery. So we spent a lot of time especially at Aetna focusing on the recovery, stabilizing our business, getting our pricing and our, in our, in our forecast. Right.

[Jim Cramer]

Which you will admit was, was, was very wrong unfortunately.

[David Joyner]

Yeah, I think we, we priced into a rising health care marketplace and so there was a lot of learnings. But most importantly we have a team brought in new leadership and really focused on the things that were going to help us get to the recovery. So we'll now go into 26, you know, with the second year of improved performance. So then that sets the stage for the other things that we're doing in our business. And so the most proud thing that we had over the last year was in retail, which was two years ago guiding down negative 5%, turning that into a growth business for us. So we, we announced today that we're going to have either flat and, or growing margins in that business. And we believe the retail business becomes the front door or the gateway into, into our other enterprise. So as we think about changing the market, we have a consumer brand, we have trust with the consumer and ultimately that enables us to actually have a very different relationship with the, with the customer, consumers.

[Jim Cramer]

Okay. But when I go to my cvs, I got to go through, I go through the candy aisle, to go through the food aisle. And those don't feel very healthy to me.

[David Joyner]

Yeah, so we have, we've done a lot of different things to try to promote and advance, you know, healthy and, or alternative choices. So we want to give consumers choice. So there's ultimately there's alternatives. And part of what we're doing is making sure that people look holistically at managing their, their health care. So we're in the pharmacy, we're helping people manage, you know, chronic conditions and in some cases rare chronic conditions. And so part of how we think about managing the, the overall patient care is one lifestyle, diet, nutrition, etc. But ultimately we're still, you know, we're offering a convenient solution for those, those in the communities which we serve.

[Jim Cramer]

One of the positions, one of the pages in the deck that actually kind of frightened me was the rare disease. You said it's 2%, but it's 50% of our. But yeah, that's not sustainable, sir.

[David Joyner]

I think that has been a growing trend, you know, where you have, you know, medications that are coming to market that are great. They're treating conditions that were generally untreated, but they're really expensive. So you have this concentration of spend and a very small percentage of the population. And so our job, especially in the pharmacy benefit is to manage those, those costs. So when you are saying if the average median price of, or the median price for new drugs coming to market is $350,000 for a branded medication, they need us to provide affordable solutions and alternatives. And so that's part of managing the, you know, that high cost, rare, rare conditions.

[Jim Cramer]

Now has it helped to designate a particular company like you did with WeGovy Novo versus not Lilly? Because Dave Ricks came with his plan right after you.

[David Joyner]

Yeah, yeah. So I think the GLP1s, which are the medications you're talking about, are breakthrough medications. So nobody's debating, you know, the value they bring.

[Matt Murphy]

Right.

[David Joyner]

Everybody is worried about the cost. So to treat the population, it's simply gonna, it's just not affordable for this country. So we are introducing competition to look to lower the overall cost for the customers that we serve. They simply can't afford it. And so they look for ways in which they can, they can create competition to lower cost.

[Jim Cramer]

Right. Now I dug up an old deck from your predecessor who was on our show, Carolyn. This is 2021 and she's talking about doing 8, 10 in 2022, low double digit year growth, 2024. And when I mentioned that, I like that A lot, you know, because I've been praising you analysis. I think this is really the biggest change people say to me, oh, come on, Jim, the steel and up front is ridiculous. And the pilfers, you can't touch it. And they've made their promises before. What do I say to them?

[David Joyner]

Well, I think the last year has been the proof point. In fact, I told you that I wasn't going to join you here live until I actually had a year's worth of and four quarters which to be able to tell the story. So I think I look back and say we've delivered on our promises. And as I look forward, the plan that we've laid out for the next three years, I think is achievable. We're very much committed on delivering on our promises that we've made and providing what I think are credible and reasonable guys for the business. And I think the plans that we laid out, the recovery effort at Aetna, the return to growth at, in our retail business, the, the strength that we have in our, in our clinic and in pharmacy benefit, all I think are going to contribute to the growth rate that, that we've laid out today.

[Jim Cramer]

Like those seem far more sustainable. The last question I have is, would this have been the way that you'd like health care to be delivered the way it is now? Because the way I think of it is I think about the drugstore from like It's a Wonderful Life, where there's a guy serving medications, never thought they'd be a key part of the health care chain. But does it work? I mean, because remember, you're the only one left. Walgreens disintegrated, Rite AIDS vanished.

[David Joyner]

So this is probably one of the most exciting parts of where we're going because I think in historically the pharmacists have not been utilized to their fullest extent. We have 30,000 pharmacists across this country. Our goal is to have them practice at the top of their license. We all know that there is a primary care access issue in this country. And so now deploying 30,000, you know, care providers in the marketplace to help people manage their, their conditions is really the most exciting. And I think, you know, I'm most enthusiastic about where we're taking this business because we keep the brand, we build that trust and relationship with the consumer, and we're now elevating the role of, of a pharmacist in the community.

[Jim Cramer]

Well, you know, I'm a believer. I've been saying it because I never wanted the past is different. It's, it's the future and you're the future. And it is the way that I think health care is going to be given. As someone who takes advantage of myself, I can tell you that at CBS Health Care. CBS Health President and CEO David Joyner off their huge analyst meeting today. Matt, Money's back at you.

Coming up, Marvell's latest earnings sent the stock higher last week, but could new competition cause this chip maker to fall out of favor? Kramer's got the exclusive with the CEO next.

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[Jim Cramer]

Indeed.

What a crazy difference a week makes. Seven days ago, Marvell Technology, the semiconductor networking equipment maker, you know I like it reported its latest quarter and after initial sell off the stock soared in after hours trading as the forecast growth was huge and the company made a terrific acquisition. Then reports emerged saying that they lost some chip business with Amazon web Services, might be losing more business from Microsoft. I find this confusing. The stock plunged 7% yesterday and second of the 3% day it's given up these gains. I hope we can clear some of this up because the company's firing on all cylinders. So let's dig deeper with Matt Murphy is the Chairman CEO of Marvell Technology to get a better read on the situation. Welcome back to Mad.

[Matt Murphy]

Money. It's great to be back Jim, on Mad Money. Thank.

[Jim Cramer]

You. Okay man, I've never heard you be a more exciting and actually.

Say more robust guidance than I've ever heard from you. In terms of long term growth, what makes you so confident you can pull this.

[Matt Murphy]

Off? Well, first of all Jim, the track record we've established now in this cycle has been very strong. Think about it. When I was here a year ago we were a less than $6 billion revenue company. This year we're going to end over 8 billion and where the street ended up for next year is 10 billion. And actually where I guided everybody and we'll talk about that on a multi year basis. We see another 30% growth for the company in calendar 27. So we definitely have a multi year view of where the business is headed. But think about just this past year we grew the company over 40%. Look at all large semi companies in the last 12 months who's grown faster in.

[Jim Cramer]

Video. That's about it. Now you made an acquisition that I thought was brilliant because we had spent a lot of time with Corning in Harrisburg, Kentucky and I realized it's going to be fiber everywhere. If possible, this acquisition could position you fiber scale up maybe inside. Tell us about it because it was, it was really a shock to analysts that you got.

[Matt Murphy]

It. Yeah, no, it's first of all it's a company called Celestial AI. It's a phenomenal company. It's venture backed startup in a very hot space which is exactly what you talked about, which is in silicon photonics. So their product is called a photonic fabric chiplet. Okay. And what that does is it integrates the photonics and the fiber onto the chip and inside the data center. So today.

There'S silicon photonics technology used to connect data centers together. But this actually is pioneering technology that's going to bring the technology inside the data.

[Jim Cramer]

Center. Well, this is important because we keep hearing about miles and miles of copper in a data center. Copper will not work as these scale up and get bigger.

[Matt Murphy]

Right. It's out of must be your stuff. It's out of gas because there's a certain trace length or limit to the cable. Right. And then at some point when you want to increase the bandwidth through the through copper you're going to run out of gas. So you actually need optical technology to do that.

[Jim Cramer]

Now. And you're the king of optical technology.

[Matt Murphy]

Inside. That's right. Because we started off, if you remember, a few years ago we acquired a company called Infi which at the time people thought we were.

[Jim Cramer]

Nuts.

[Matt Murphy]

Right. Paid $10 billion for a company that was doing about 650 million in revenue. That company now is doing over 3 billion in revenue four years later. Actually the revenue on that company now is bigger than the TAM that we thought was available at the aggressive market. So that, that's that this is the.

[Commercial Announcer]

Next. This.

[Matt Murphy]

Is. Think of this as like in five. But the next generation of technology in fact was for scale out. This is for scale up. That means connecting all the compute elements.

[Jim Cramer]

Together. The big money. Now I do want. This is a great chance. Matt. There's an outfit called Semi Analysis. They talked about how you had lost a design bake off with a chip for AWS business. You have a very close relationship with aws. Then there's a report yesterday information about Microsoft and Broadcom converging to take some of your Microsoft business. It is very difficult for any CEO to talk about clients. It's almost. It's struck and verboten as far as I can.

[Matt Murphy]

Stuff.

[Jim Cramer]

Yeah. At the same time when journalistic outfits say things right that are not true or won't prove to prove to be true and people sell stocks, I get angry and I know that I know you as a man of honor for many many years. Can you at least give us a sense of. Do you need all the. Well these things that were mentioned knock your forecast and your forecast is already wrong.

[Matt Murphy]

Right? Yes. Yeah. I don't know what word to use, confused or astonished. But let me just tell you what happened. So as you said in your intro, we announced our earnings last Tuesday. Stock performed very well after hours in the next day. I think people love the messaging and like you said, I was very optimistic and very confident in the business. Not just next quarter, not just next year but on a multi year basis and actually laid it all out. Jim, this was the longest script.

[Jim Cramer]

And said it was long. It took me a little while.

[Matt Murphy]

I ever did but I did it for a reason. I did it so that I could get the transparency out there. And so that was last Tuesday. Now somehow between last Tuesday and Friday somehow we lost.

One article said we lost a huge piece of business which I had just said on Tuesday. Not only are we going to deliver that next year, I have the bookings thank.

[Jim Cramer]

You. Backlog you. I said that I could not believe they could get away with writing.

[Matt Murphy]

That. So those orders are on the books. That's.

[Jim Cramer]

Done.

[Matt Murphy]

Okay. And then the other one was about, again, a potential lost piece of.

[Jim Cramer]

Business. And Broadcom's a tough, tough.

[Matt Murphy]

Competitor. And what I would say is, look, we have deep key relationships with all the major US.

[Jim Cramer]

Hyperscalers. Deep relationships, including a war situation with one that. That's.

[Matt Murphy]

Right. @ AWS. And it was actually a year ago when I was on your show, we. We had just announced that. Which was to buy AI custom products from US Networking products. And then with the Celestial acquisition. I don't know if you caught this, but there was an update to the.

[Jim Cramer]

Warrant.

[Matt Murphy]

Agreement. Yes. So we added silicon photonics and photonic fabric as a third swim lane.

[David Joyner]

To the. To.

[Jim Cramer]

The warrant. Right. And it's very clear in the conference call because an analyst asked about it. And you complimented the analyst for. For.

[Matt Murphy]

Noting.

[Jim Cramer]

This. Right. Because there's a lot of information in that quarter. There was a lot that was, you know, my feeling is on this, and you got to correct me, is you gave us a lot of info.

And it. It was hard. Right. It was dense, but at the same time, it was about how close you are with customers that they don't have to read the next day that you're.

[Matt Murphy]

Not close.

[Jim Cramer]

That's.

[Matt Murphy]

Right. So. So I can tell you this. From Tuesday to Friday, nothing changed. We didn't lose.

[Jim Cramer]

Any business.

People need to hear this. Okay. This stock has lost a dramatic amount of capitalization for.

[Matt Murphy]

No reason. Yeah. Now just let me give you another data point. Just it's really the consternation, and I get it.

[Jim Cramer]

Is around. That's why you're gutsy to come here. People here, people should know how hard it is to talk about the stuff he's talking about. You're not.

[Matt Murphy]

Supposed.

[Jim Cramer]

To. Right. But you want a clear message up.

[Matt Murphy]

For shareholders. Absolutely. My shareholders and my employees and even my customers understand what we're going through. They.

[Jim Cramer]

See.

[Matt Murphy]

It. Right. They've all called me about this stuff. So here's the way to think about it. The consternation is on these custom silicon business. The reason is there's lots of headlines.

[Jim Cramer]

On.

[Matt Murphy]

This. Right. It's in the daily news cycle, who's doing what. So I guess there's money to be made. But here's the deal. On our custom business, from calendar 23 to 24, that business quadrupled.

[Jim Cramer]

From.

[Matt Murphy]

Our. Right. From calendar 24 to 25, that business doubled for Marvell. We said for next year it's going to grow 20%. So it's got this huge steep ramp. It's still going to keep growing and then the year after it's going to double again. And I have total visibility.

[Jim Cramer]

To.

[Matt Murphy]

This. Okay. And the reason, let me.

[Jim Cramer]

Tell.

[Matt Murphy]

You. Sure. We talked earlier about communication circuits and interconnected in our company. We think a lot about and it's an engineering term called signal to noise ratio. Signal to noise snr. And so here's the deal. So in a communication system, the signal is what you're trying to solve for. Right. That gets data from point A to point B. The noise is all the stuff in the system around it. Could be imperfections in the fiber, could be heat, could be noise. So same thing in the stock markets. Same thing with Marvell. There's all this noise out there. 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 in our.

[Jim Cramer]

Data.

[Matt Murphy]

Center. Right. And nothing has changed since.

[Jim Cramer]

Last Tuesday. Okay. I will tell you that I had, I think I had an identical discussion with you last time we had a we overdrive. I said to you, I can't believe your stock dropped. This money was like ridiculous. Right? You said, well, you know I'm not. And you said, he's fine. Next thing I know, I read you bought a huge amount of stock in the open market. You go by the filings. You didn't tell me then you bought more. Now you are up substantially. I know you don't flip and you can't flip now. Is this another opportunity where, you know, Matt Murphy makes another statement.

[Matt Murphy]

By look, I not only did I.

[Jim Cramer]

Buy, I'm talking about next last.

[Matt Murphy]

Few days. I know. Well what I'd say in over. In general, the silver lining is there's a massive opportunity right now to buy Marvell. I mean look, if you just look at where we trade today, relative just to the semiconductor, we're trading below the average multiple. And we are not an average company. We've had outsized growth. We have huge prospects in our tie into the data center, all the things we're doing. I've never been in a more high momentum business environment, Jim, than.

[Jim Cramer]

Right now. I've done you a long time and I am. You've been money, good money good the.

[Matt Murphy]

Whole way. Think about this last three quarters. Q2, record bookings, Q3 record bookings, Q4, quarter to date I've already booked more. I've already had more bookings quarter to date than I did all of last quarter and the reason why is I laid in all that backlog and all those bookings for that piece of business that's supposedly gone. So anyway, we can, we can move off this, but yeah, we're going.

[Jim Cramer]

To roll. But you came on this show not for that. The acquisition is great. The numbers great. But thank you for clarifying because you know that people can write whatever they want because there's no such thing as a.

[Matt Murphy]

Journalism jail.

[David Joyner]

It's.

[Matt Murphy]

Okay. It's. Hey, look, it's a moment in time. I get it. It's a.

[Jim Cramer]

Last time. You bought a lot in the moment in time. We'll see what happens this time. That's Matt Murphy, Chairman CEO of Marvell mrbl. I hope he got a lot out of. But to me, let's just say the truth will out. That money's back into.

The brain. Coming up, AV is on the move after the bell and Cramer's getting the latest on the drone maker with big ties to the.

US military. Next.

What do we make of these numbers from av? The old aerovironment the drone maker reported mixed quarter. Management cut their full year earnings forecast. Long term, though, I think this remains a very compelling growth story. Earlier tonight we had the chance to speak with Waheed Nawabi. He is the Chairman, President and CEO of AV. Take a look. Mr. Nawabi, welcome back to.

Man Money.

Thank you, Jim. Great to be with.

You again. Oh, so glad you're here. Now, I have to tell you, unlike most of your quarters, this was a little harder to understand given the fact that you made an acquisition and it looks like a miss. And I want to try to assure people that this is actually on plan and there's just a lot of.

Moving parts.

Absolutely true. We are on track with our plans. We are delivering exactly what we said we're going to deliver. We're setting record quarter in terms of revenues as well as bookings, funded and unfunded backlog, as well as the total contract value, nearly three and a half billion dollars worth of sole source IDIQ contracts. That equates to about $3.5 billion in value. Just that's.

In Q2. Right. Before I get. Well, let me just get this out there. There are some people who say, listen, to look it over, margins have really come down. But you do have a bit. You have a service business now. That's.

Very important.

Absolutely. So the margin story again, for us, on a quarterly basis, the margins fluctuate quite a bit. We expect the Q2 margins to be lower. It is Going to get significantly higher in the second half. That's why we actually reiterated our guidance for the full fiscal year. The mix and the volume on a quarterly basis makes a huge difference in terms of the margin profile itself. Let's not forget that we also had a government shutdown for nearly one month of the time of the quarter. And so that affects also in terms of our fixed cost over the period that we.

Have reported. Good. I want that out of the way because I think there'll be people who just who really do sell it because of that and they maybe should be thinking differently as they sold it. When you and I were on last and the Stock went up 100 points without them, I don't want them to do that now. I want to focus on that backlog. But first want to start with the one big beautiful bill, if I didn't know any better, was it was designed so that you got a lot more business and the old hardware guys.

Have less.

Absolutely true, Jim. The big beautiful bill and the strategies within the Department of War and within our new administration right now is such that it favors the business model that we have invented or created, have been practicing for decade, which is invest in R and D ahead of the customer requirements, develop commercially available products, bring innovative capabilities to the market fast. Focus on unmanned and robotic systems with AI and autonomy and scale production at very high capacity levels quickly. That is the formula that he has had. The new acquisition strategies within the Department of Defense as well as with our new administration favors all the things that we're doing. So we benefit significantly. There's never been a better time for AV in terms of benefiting from the trends and the macro level.

Effects, effects that are going on in.

The market. When you were with us last year, just made the acquisition, how is it working and is it producing all the results that you were hoping for?

Blue Halo.

Jim, I could not be more excited about the acquisition. The acquisition of Blue Halo is precisely what we needed and what we wanted. We're incredibly pleased with the results. We're aggressively integrating the two businesses together. We're realizing more than the expected synergies, both on cost as well as on top line revenue and leverage on R and D and the market. The market that we're going after needs the solutions that we acquired and integrated with our solutions that we have won over $2 billion worth of new orders in the last quarter alone related to the Blue Halo product lines and the Badger Space technologies for communication and directed energy and lasers and also in RF counter UAS measures against drones. These are all the areas which the US Department of War and our military is focused on, that we have significant gaps as a nation and our allies and we're the best company that actually can provide that. Because our solutions are relevant, they work in the battlefield, they're ready to be purchased today and deployed and we can deliver capability quickly. And that's precisely the strategy of our.

Current administration. So let's go over the what you're doing with counter unmanned because I think there are a lot of people who basically have given up the bad guys have better drones than us and you have restored us. That just doesn't matter. Good. Given.

Your counterweight.

That's right. So not only do we have the best portfolio of drones, lethal and non lethal drones such as Switchblade, one way attack and surveillance drones, we also have the best in class layered defense solution against drones. It's called Counter UAS or counter drones. We have a layered approach that allows us to defend against all sorts of drones from group 1, 2, 3 and 4. So smallest to the largest. We can use radio frequency jammers. We have the best in class jammers called Titan series. We have the best directed energy solution called lasers that's proven and it's actually deployed in the field today that doesn't require any kinetic lethality. And we also want a program just recently this quarter called Freedom Eagle 1 for next generation counter UAS missile. This is a program that is going to be over $1 billion. We were down selected and we're going to deliver 80 of those missiles in the next 18 months to the US Army. And we believe that our solution set is the most robust layered defense solution for Counter UAS in the entire industry. So we are positioned really well to benefit from that. Not only in terms of the needs for these things, but also in terms of the Golden Dome initiative.

And opportunity. One last one and it's nitty gritty. But if someone came out and said that you did 44 cents versus 78 and it was apples to apples, what would you.

Tell them?

Oh, so the consensus is all over the map in terms of the actual projections. Because we just came in this quarter with a very new combined company that's fairly new. We're right on track with our performance. We expected the results that we delivered. We set records in terms of total contract value, bookings, backlog, funded and unblock. Our funded backlog is over $1 billion. Our unfunded backlog stands at $2.8 billion. And we booked over three and a half billion dollar worth of contracts. That are essentially sole source to air ev. In the last quarter alone, this is monumental results. The margins on the quarter, we expected it to be low. We are ramping up R and D because there's so much demand for products. We're ramping up production even more to get ready for the next fiscal year. And we have a mix that was challenging for Q2 that we expected it to be and then it's going to get better in Q3 and Q4. So we're right on track with our strategy and with our plans and we're delivering record results, which I'm.

Really pleased. That's terrific. That's why I wanted to hear. Exactly. I needed that clarified because I want to use that tomorrow morning. If people think that this is that you did not deliver, you clearly did. Waheed Nawabi, Chairman President CEO of av. Always great to have you on the show. And another great quarter.

Thank you.

Thank.

You, Jim. Great to be with you. Absolutely. Mad Money's back in for.

The break.

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

Round next.

It is time. It's time for the light round. Chris, Mitch. I'm Ralph and Gross Chamber of Stockton. Bye bye bye. Seltzer salt just for good old cold stock play sound. And then the lightning round is over. Are you ready? Ski, dad. Tub. Lorraine. Criminal Monday. Let's start with Stafford in California. Stafford. Hey, Jim. I just wanted to get your thoughts on Dorman car products. Oh, man. I'll tell you the only thing worse than housing is cars. I'm going to have to stay away from that one. I appreciate the call up. Let's go to Georgie in Pennsylvania. Georgie.

[Matt Murphy]

Hi, Jim. I'm a club member and I love.

[Jim Cramer]

The learning. But I have a question. You're welcome. I have a question on Corey. Look, 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. Let's go to Jacob and Alaska. Jacob. Hey, Jim. Laska Airlines sold off after.

[Matt Murphy]

The IT outage and.

[Jim Cramer]

Guidance cut. Is this pullback? Alaska is good, I think. But it's a trading vehicle only you want to buy it or a trading vehicle. And that, ladies and gentlemen, conclusion of the.

Lightning round.

The Lightning round is sponsored by Charles Schwab.

Coming up, could Keycorp be the key to more gains for your portfolio? Kramer's sitting down with a CEO to get a read on the regional.

Bank next.

Oh, yeah. Jim, your integrity makes you the booyah saint of.

Wall Street. Booyah.

Jimmy chill. Booyah, Jimmy chill.

Quadruple. That's a lot of booyah.

Lately the banks have been getting this market higher and that is includes everything from the major national players to the smaller regionals like Key Corp. Which is headquartered in Cleveland, Ohio. This week, an activist firm called Holdco Asset Management announced it had taken a stake in the bank, released a blistering presentation about how the company's been underperformer though this year the stocks are much more than its rest of its Ohio cohort. Hey, let's take a close up with Chris Gorman, the chairman CEO of Key Corp. Who's fresh off his presentation at the Goldman Sachs financial conference today. Mr. Gorman, welcome back to.

[Chris Gorman]

Money. Great. It's great to be.

[Jim Cramer]

Here, Jim. All right, so Chris, your stock is been red hot. It's been the best performer of the major banks in Ohio and more than double more double digits. What are you doing? That is making it so that people are gravitating toward owning K.

[Chris Gorman]

So we're really focused on organic growth and we've been investing in our business, Jim, for some time. For example, in all of our main businesses, we grew our sales force by 10% this year. We continue to invest in technology. And so these investments that we've made have just kind of a multiplier effect. And we also, by the way, our balance sheet is such that NII is up about 22% this year. So we just have a lot of tailwinds and just a lot of momentum.

[Jim Cramer]

Right now. Okay, so Chris, tell me you had been the one of these things that hold code didn't like. Is that you. Well, they wanted you to buy back that stock, commit to that, but you committed just to that strategy. Was that something that you wanted to do? Or maybe you sat down with the whole people and they said listen, we really wish you buyback. And you said.

[Chris Gorman]

We agree. Well, first of all, we, we are aligned with the investor on that. We didn't sit down and talk to them about it. But what we did do is we announced when we report our third quarter that we'd be buying back about $100 million worth of stock. To date, we've bought back about 175 million. And what we said today is we'll buy back about 200 million this year. That'll leave us about 800 million in our authorization and we'll burn through that in 2026 and then go back to the board for more authorization. So we have the benefit right now that we're generating a lot of Cash. We're generating a lot of capital, and we start with a pretty elevated.

[Jim Cramer]

Capital position. All right, so are you guys set for if the Fed does start cutting again? I know they've already cut 150, but I think they need to do more. But are you set up if they do.

[Chris Gorman]

Start cutting? The answer is yes. So we think there'll be a cut tomorrow. It'll obviously be good for our customers, but we're a little bit liability sensitive. So we're well positioned if in fact there's a.

[Jim Cramer]

Cut tomorrow. Okay. Now, Ohio has been really a focal point of business activity and for debt from data centers to industrial. And I wonder whether you're seeing your fair share of business there or should I be thinking about the panoply of states that you have as what matters? Because a lot of your states are deep in data center. Data.

[Chris Gorman]

Center country. Yeah. So actually, I mean, Ohio has been very, very, very, very successful in terms of garnering chip factories and data centers, etcetera, And a lot of investment. But we also have a big presence out in the Pacific Northwest. And so if you think about where our retail business is growing the fastest, it's really growing in the Pacific Northwest organically, again, this is all organic growth, about 5%. And of course, when you start talking about. About power, we're one of the leaders in financing power broadly. And you think about technology. You know, for example, Bellevue, Washington is literally the cloud computing capital of.

[Jim Cramer]

The.

[Chris Gorman]

World. Right. And we have a significant presence.

[Jim Cramer]

In Washington. Okay. Last thing I need to know is your belief that you should be able to build up some of those areas if you commit to doing those aggressive buybacks. I used to tell your successor, Beth, me, I said, oh, my God, these cities are so great. And I love the first Niagara acquisition. The reason I loved it, by the way, is because I'm from Philadelphia and was the only way to crack in. You couldn't get. Is it better to put somewhere those money into those great places, or is it better just to say, my Stock's the cheapest, 13 times earnings, I'm going to.

[Chris Gorman]

Buy it. Right now, the best thing we can do is just buy our own stock. And, you know, we've made the investments to grow organically. We have great momentum and we're really focused, Jim, on allocating our capital to buying Key.

[Jim Cramer]

Corp stock. Yeah, look, you have a 4% yield. I think it should be lower. But not because you got it. No, I mean, yeah. Well, look, I think that your presentation, which I've looked at, is just terrific. And I want to congratulate you for being the best in your state. Maybe the people who are not happy with you should rethink their game plan. How.

[Chris Gorman]

About that? Well, thanks so much Jim. Great to be.

[Jim Cramer]

With you. Absolutely. That's Chris Gorme, Chairman CEO of Key Corp. Which I have to tell you, got 4% yield in this pretty good growth there, I'd like to say. There's always a bull market somewhere. I promise trying to find it. Just for you. Right here at Midmoney. I'm Jim Cramer. I'll see.

[Commercial Announcer]

You tomorrow.

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[Jim Cramer]

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