Mad Money w/ Jim Cramer – February 3, 2026

Episode Overview

Jim Cramer delivers his energetic, irreverent, and insight-packed take on the current state of the stock market after the first month of 2026. He dissects recent volatility, challenges negative narratives, analyzes sector shifts, reviews the best and worst performers of January, consults technicians for “off the charts” insights, and pronounces the “Magnificent Seven” tech stocks dead as a relevant investment group. The popular “Lightning Round” provides rapid-fire commentary on individual stocks, and Cramer fields live calls with actionable advice.

Main Theme & Purpose

This episode focuses on helping investors sift through “nonsense negativity” and market noise to identify real opportunities amid volatility. Cramer urges listeners to resist knee-jerk pessimism, understand the drivers behind market moves, and recognize evolving leadership in the stock market—particularly the red-hot semiconductor and data storage sectors, and the fading dominance of the previous "Magnificent Seven".

Key Discussion Points & Insights

1. Market Volatility & Misleading Narratives

Timestamp: 01:40–09:49

• False Correlations: Cramer debunks the idea that declines in oil, gas, gold, or crypto necessarily mean weakness for stocks.
  • Example: The oil price drop was due to easing Iran tensions—a positive, not a negative, for consumers and the economy.
  • Commodity declines (like natural gas and silver) reduce costs and inflation pressures, which is good for stocks and Main Street.
• Misinterpretations by Journalists and Traders: Cramer criticizes financial media for reporting causalities that don’t exist and warns against being “shaken out” by panic in futures or headlines.
  • “Both are irresponsible… I question the verbiage.” – Jim Cramer [05:08]
• Oracle’s Data Center Financing: Market commentators said Oracle couldn’t raise $45–$50 billion for data center buildouts—Cramer’s research revealed the deal was oversubscribed.
  • Result: Data storage and chip stocks like SanDisk, Micron, Western Digital, Seagate surged.
• Colgate’s Blowout Quarter Ignites Peers: Strong earnings created a delayed but powerful rally in related consumer staples stocks.
• ISM Manufacturing PMI: Strong report at 10am (timestamp: 08:58) triggered rallies in industrials (FedEx, Caterpillar), retailers (Walmart, Target, Costco), and reinforced breadth in the market.

“If you believe the constant barrage of negativity, you’ll miss some incredible buying opportunities in great stocks that rarely come in.”
—Jim Cramer [09:41]

2. Lightning Round & Live Callers

Timestamp: 09:49–11:56, 29:52–39:38, 39:55–42:37

• Dollar General’s Turnaround: Caller Robert celebrates Cramer’s successful Dollar General call; Cramer describes his hands-on research:

  “If I want to do a good job for you, I take the stuff that Wall Street does… then I go into my own aisles and see what’s going on.”
  —Jim Cramer [10:46]

• Advice on Marvell Tech: Marvell is a “derivative” chip play—currently out of favor compared to shortage-driven memory names. Cramer likes management:

  “Matt Murphy is a fabulous CEO at Marvell.” —Jim Cramer [30:11]

• Axon: Long-term winner, but recent price action warrants trimming some gains.
• Centrus (LEU): “Good company… stock’s been under pressure for no particular reason.”
• Teladoc: Down massively—Cramer sees little hope for a rebound:

  “Get rid of it. Wishing don’t cut it.” [41:16]

• Spirit Air Systems: Recently covered in-depth, “felt really, really good about it.”
• Dillard's: Cramer admits he doesn’t follow it closely and prefers to stick with familiar retail winners.

3. State of the Market: January 2026 Review

Timestamp: 13:55–21:26, 22:53–29:52

• Major Rotation in Leadership:

  • Russell 2000 (small cap) up 5.3%
  • Dow Jones up 1.7% (beating S&P and Nasdaq)
  • Energy, materials, and consumer staples lead; tech and financials lag

• Top 10 S&P Performers (January):

  • Deep strength in memory & data storage (SanDisk up 143%, Western Digital, Seagate, Micron all up 45%+)
    • All benefiting from AI-driven data center demand
    • SanDisk’s blowout quarter: EPS $6.20 vs $3.62 estimate, raising yearly guidance to $12–$14
    • Sustainability caveat: Capacity build-ups could eventually compress margins, but not likely until 2028
  • Other strong sectors: Lam Research (semicap), Moderna (vaccine firm on comeback), Lockheed Martin (defense), Bunge (agriculture), SLB (oil service), Intel (semis with new momentum)

• Notable Quotes:

  “The memory storage sector is the hottest bull market around.” —Jim Cramer [15:45]

• Bottom 10 S&P Performers (January):

  • Enterprise software names hit by “multiple compression” on AI competition fears: AppLovin, Intuit, ServiceNow, Salesforce, GoDaddy, Tyler Tech
    • ServiceNow example: “The numbers don’t matter when Wall Street doesn’t believe your industry as much of a future.”
  • Health insurance (Humana) hit by flattening Medicare Advantage subsidies
  • Constellation Energy and Trade Desk also slump on sector-specific concerns
  • Las Vegas Sands suffers on China exposure and consumer weakness

• Key Insight:
  “Knowing the multiple, knowing why it compresses or expands—how to make money in any market. This is what you need to know if you’re going to own stocks of high price-earnings multiple companies.” —Jim Cramer [24:00]

4. Technical Analysis – "Off the Charts" with Jessica Inskip

Timestamp: 33:15–39:38

• Secular Bull Market Intact:
  • S&P 500 weekly chart: 13-, 26-, and 40-week moving averages all slope up—classic bullish cycle
  • Key support: 6,920 (breakout level), 6,550 is the “real line in the sand”
  • S&P 500 Equal Weight Index: Breaks out, indicating “bull market’s broadened out very nicely”
• Speculation & Bitcoin’s Role:
  • Bitcoin’s chart is bearish (all major weekly moving averages sloping down)
  • Critical support: $73,802—if breached, “the entire speculative complex loses its footing” and high-risk stocks could plunge
  • “The year of magical investing is over. I wouldn’t touch those stocks.” —Jim Cramer [38:04]

5. The Obituary of the “Magnificent Seven”

Timestamp: 43:18–47:40

• End of an Era: Cramer officially retires the term “Magnificent Seven” for the big tech cohort as the group loses its relevance.
  • Only Nvidia (“coiled spring, still up 55%”) and Alphabet (“beat and raise every quarter, up 68%”) outperforming meaningfully
  • Apple, Amazon, Meta, Microsoft, Tesla have underperformed the S&P over the past year
  • Cramer is candid that even his own trust holds many of these, but warns:

    “In the aggregate, they kind of do nothing. There’s nothing magnificent about them. There’s nothing special.” —Jim Cramer [43:51]

  • Digs at Microsoft’s muddled communication and lackluster innovation; notes even Tesla is being outperformed by General Motors now
  • Warns not to keep using the “Mag Seven” term in 2026

Notable Quotes & Moments

• “If you’re a prisoner of pessimism, you must break free if you’re trying to make real money in this stock market.” —Jim Cramer [09:44]
• “I can’t tell whether they (Microsoft) understood their stock would get obliterated. Maybe they thought it was going to go up. Did they know they lost the air race?” —Jim Cramer [46:50]
• “Reports of the death of the Seven… they are late. They are finished. And if you use the term, you are warned—the Seven is now dead to me.” —Jim Cramer [47:33]

Key Timestamps & Segments

• [01:40] — Cramer’s thesis: market negativity, futures, and narratives
• [08:58] — ISM manufacturing PMI report triggers sector rallies
• [09:49] — Callers: Dollar General turnaround, Cramer’s research process
• [13:55] — January sector & market recap; top 10 S&P winners
• [22:53] — Worst 10 S&P performers: why multiple compression matters
• [29:52] — Calls: Marvell (semis), Axon (body cams), practical portfolio advice
• [33:15] — Technicals with Jessica Inskip: S&P uptrend, Bitcoin’s danger zone
• [39:55] — Lightning Round: rapid-fire stock takes
• [43:18] — The Magnificent Seven: formal eulogy
• [47:40] — Episode wrap-up

Overall Tone and Takeaways

Cramer blends his trademark bombast with data-driven caution, encouraging investors to keep their heads amid shifting narratives and market leadership. He celebrates analytical optimism, warns against doom-mongering, and admits prior errors where appropriate. The episode ends with a call to action for smart, sector-rotating investing in a market that is no longer dominated by the past’s megacap icons.

Useful for Listeners Who Missed the Show

• Provides a detailed, play-by-play recap of market events, sector shifts, and actionable commentary
• Helps demystify complex topics like “multiple compression” and technical chart signals
• Equips listeners to recognize market misconceptions, adapt to new leadership trends, and avoid stale themes like the “Magnificent Seven"
• Highlights specific stock opportunities, risks, and trading strategies shared during the show

Main Investing Lesson:
Don’t become “a prisoner of pessimism” or a relic of the last bull market. Adapt, dig deeper than the headlines, and look for the “bull market somewhere,” which, as always, Cramer promises to find—just for you.