Mad Money w/ Jim Cramer 2/25/26

Summary

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Mad Money w/ Jim Cramer – February 26, 2026

Episode Overview

This "Mad Money" episode finds Jim Cramer in classic form, taking listeners through the latest mania and panic on Wall Street, dissecting the so-called “Global Intelligence Crisis” triggered by a bearish AI research note. He contends with market overreaction and software stock selloffs by pressing for rational analysis, spotlighting strong earnings from enterprise tech giants, and emphasizing that AI is more a job creator than destroyer. The episode features in-depth interviews with CEOs from Arista Networks, Salesforce, and Snowflake, plus Cramer’s provocative take on the surprising troubles in the liquor industry and his trademark Lightning Round.

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Main Theme

Rationality Amid AI Hysteria and Market Overreactions

Cramer’s core argument is that the market has grossly overreacted to AI-linked doomsday narratives: "Wall street took a tiny kernel of truth and extrapolated into a financial tragedy of ridiculous proportions that caused many people to completely freak out and you know, sell, sell, sell, sell, sell, sell. Panic is not a strategy now.” [03:20] He insists that although AI will reshape industries, the fears of a white-collar jobs apocalypse and mass extinction for software companies are vastly overblown. Cramer highlights quality companies adapting to the new reality, using AI to boost—not destroy—profits and jobs.

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Key Discussion Points & Insights

1. The AI “Global Intelligence Crisis” vs. Economic Reality

• Context: Citrini Research’s alarming paper predicts mass white-collar unemployment and a collapse of enterprise software due to AI.
• Cramer’s Rebuttal: He dismisses it as “science fiction” [01:42], noting the subsequent market rebound and strong fundamentals at companies like Salesforce, Workday, and Nvidia.
  • Quote: "No apocalypse, just less money. They're going to have to do a little bit worse and accept that maybe some of the funds may disappear but the overall industry...is not truly about to blow up." [04:31]
• Historical Perspective: Cramer compares the current AI panic to past technological upheavals (PC, iPhone), all of which created more jobs in the end. [06:29]
• Investment Takeaway: Sectors clobbered in the selloff—retailers, credit cards, banks, travel—are buyable bargains, says Cramer, citing strength in TJX, American Express, Capital One, Booking Holdings, Marriott, Wells Fargo, and Goldman Sachs. [07:41]

2. AI as a Vehicle for Growth and Wealth Creation

• Nvidia’s Role: Lauded as the “bedrock of the fourth industrial revolution,” Nvidia’s blowout quarter proves that AI is creating vast new opportunities. [09:11]
  • Quote: "Nvidia has created the Entire AI boom with its ultra fast chips...a plentiful amount of new businesses are coming." [09:52]
• Survivability of Software: While acknowledging margin compression, Cramer maintains that well-run enterprise software firms can adapt and merge as needed: “The software companies are survivors." [08:31]

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In-Depth C-Suite Interviews

3. Arista Networks – CEO Jay Sri La [16:09–23:20]

• Massive AI Growth: Arista has grown AI-linked revenue from zero to over $3B in three years, providing ethernet infrastructure for hyperscalers. [16:34]
  • Quote: "Today Arista is at the forefront of building that all ethernet scale up, scale out, scale and scale across network...our technology is naturally suited for that." – Jay Sri La [16:34]
• Memory Supply Foresight: Arista pre-bought high bandwidth memory before shortages worsened. “Memory is the new gold.” – Jay Sri La [17:33]
• Industry Positioning: Partnerships by Nvidia/AMD with Meta are actually bullish for Arista: “Where there’s lots of AI accelerators, you’ve got to connect them...all of this is good opportunity for us.” [19:00]
• Efficiency Focus: Arista boasts an industry-best 47% operating margin thanks to disciplined engineering and use of AI for further efficiencies. [20:08]
• Customer Base Resilience: Differentiates sturdy, cash-generative cloud customers from the fragile dot-com era: “[Now] we have a much more important sector of responsible customers...” – Jay Sri La [21:09]

4. Salesforce – CEO Marc Benioff [25:17–32:09]

• Strong Earnings, Confused Market: Despite accelerated revenue and a $50B buyback, Salesforce remains "ridiculously" undervalued at 15x earnings. [26:19]
  • Benioff quips: “We are projecting $46.2 billion in revenue. The first time I was on your show I think it was a billion in revenue...just 46 times since 2008.” [26:36]
• Not the First 'SaaS Apocalypse': Benioff highlights past panics and robust seat growth, counters claims that AI will cannibalize demand. [27:16]
• Agentic AI Products: Huge growth in their agent/AI offering ('Agent Force', $800M business up 169% YoY), and seat-based products winning business from ServiceNow. [28:33]
• Buyback Justified by Value: “We’re going to do over $16 billion in cash flow this year...so yeah, we’re going to buy back because we are convinced.” [29:59]
• Margin & Growth Outpacing Giants: With over 34% margins and more cash flow than Walmart, Salesforce is a bargain, says both Cramer and Benioff. [31:00]
  • Quote: “Jim, it's not my first apocalypse, you know...SaaS apocalypse.” – Marc Benioff [31:49]

5. Snowflake – CEO Sridhar Ramaswamy [32:37–39:49]

• Strong Growth and Customer Retention: Quarterly product revenue rose 30% YoY; RPO at $9.8B (+42%), 125% net revenue retention. [33:34]
• AI at the Core: Snowflake views itself as “right at the center of this enterprise revolution,” with new AI-driven products (Snowflake Intelligence, Cortex) seeing rapid adoption. [34:17], [34:27]
  • Customers include United Rentals, US Figure Skating, Toyota Motor Europe, who use Snowflake for real-time, data-driven decision-making. [37:49–38:34]
• Partnerships Not Threats: Recent tie-ups with Anthropic and OpenAI are collaborations, not existential threats. “Anthropic is a huge partner as is OpenAI.” [39:07]
• Efficiency Through AI, Not Headcount: Recent acquisition (Observe) is responsible for temporary margin dip. "We're getting more bang for the buck ... using AI to drive efficiencies." [36:41]
• Product Innovation as Differentiator: “Innovation at a time like this really matters.” – Sridhar Ramaswamy [36:03]

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Lightning Round Highlights [40:17–42:56]

• Yum Brands: Hold; Taco Bell strength makes the Pizza Hut spinoff attractive. [30:50]
• Visa & Mastercard: Both solid; prefer Mastercard slightly more, dismisses apocalyptic narratives. [31:16]
• Fortuna Mining: Suggests swapping for Agnico Eagle for stability. [41:17]
• Banco Santander: Hold or buy more if it dips; compliments caller’s daughters’ savvy. [41:24]
• PayPal: Not a takeover target; hesitates to recommend based on acquisition speculation. [41:46]
• Klarna: Favors Affirm and SoFi over Klarna. [42:11]
• Applied Digital: Forecasts a breakout, sees recent losses ending soon. [42:37]

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Special Segment: Liquor Industry Headwinds [43:11–48:01]

• Unexpected Trouble: Once considered bulletproof, liquor stocks like Diageo and Constellation are seeing sharp declines.
  • Quote: “We now know that literally nothing is immune to from competition in this market. The value destruction in the alcohol category has been appalling...” [43:14]
• Causes: Economic pressure, health trends, legalization of cannabis, new drugs (GLP-1s) reducing alcohol cravings, and agave-spirit lawsuits.
• Younger Consumers: Profound shift—Gen Z turns away from alcohol, prefers mocktails.
• Outlook: “Time to roll back price and accept...just can't make as much money in the business as you used to.” [47:09]
• Big Picture: Even the most established industries now face disruptive headwinds, reinforcing his message about adaptation and margin compression.

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Notable Quotes & Memorable Moments

• "Panic is not a strategy now...for all the hammering about how AI will be an engine of wealth destruction, it's hard to deny that it's also an incredible vehicle of wealth creation." – Jim Cramer [03:20], [10:22]
• “No apocalypse, just less money.” – Jim Cramer [04:31]
• “Memory is the new gold.” – Jay Sri La [17:33]
• “Our margin numbers...we’re doing more cash flow than Walmart.” – Marc Benioff [31:00]
• “This is a great time to be running a progressive company like Snowflake because you get all of the benefits of AI as long as you keep creating great products.” – Sridhar Ramaswamy [37:28]
• “We may marvel at the value destruction the software as service stocks...but we got to remember that disruption is nothing new on Wall street.” – Jim Cramer [46:56]

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Useful Timestamps for Key Segments

• 01:42 – Cramer’s opening monologue: AI “panic,” market reaction, and foundation for the episode’s theme
• 16:09 – Interview with Jay Sri La, CEO of Arista Networks
• 25:17 – Interview with Marc Benioff, CEO of Salesforce
• 32:37 – Interview with Sridhar Ramaswamy, CEO of Snowflake
• 40:17 – Lightning Round (quickfire stock takes)
• 43:11 – Cramer on the surprising decline of liquor stocks

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Conclusion

Cramer’s episode is a clarion call for calm, embracing the opportunity in AI and digital transformation while cautioning against the seductive doom of apocalyptic headlines. He affirms that while disruption is real—even in the unlikeliest of places—adaptation, innovation, and selectivity still pay off. The episode is especially useful for those seeking reassurance, strategic stock picks, and insight from three top tech CEOs.

Transcript

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other boom. My friends, I'm just trying to make you a little bit of money here. My job is not just to entertain, but but to explain. To put all this stuff in context. Call me 1-800-743- CNBC. Tweet me at Jim Cramer. Wall street can overreact better than anyone. Earlier this week, an alpha called Citrini Research put out a paper titled the 2028 Global Intelligence Crisis that presented our country as a vast wasteland of white collar unemployables thrown out of pretty much anywhere they previously worked. Because of what we talk about all the time, AI. This piece of science fiction caused a huge downturn in the market, although we've now spent the last couple of days bouncing right back down, gaining 308 points today. S&P advancing.81%. And the NASDAQ, which was really hard hit the other day, up 1.26%. All right, let's deal with this thing's research thesis was pretty much as simple as it was wrong. Anthropic the lovable business to business AI disruptor has such a powerful hand. Trini says it'll pretty much be able to eliminate all white collar office jobs, effectively take out a huge chunk of America's middle class. It doesn't matter. It's real estate, it could be travel, it could be bank, it could be credit. Lose those jobs and you lose all the businesses that cater to them. You lose the economy, recession, depression, massive bankruptcies, the Great Recession too. Now the Great Recession to will include the downfall of a ton of software companies that get their funding from private credit funds firms. The private equity and debt mongers love the steady flow of cash coming from those cloud software business models that are going to be obliterated. And of course here you're thinking about Salesforce which reported tonight close delivering by the way, a robust top and bottom line beat. But their full year earnings forecast came in a little light. I thought it was conservatively made and that was enough to send that stock down in after hours trading as if it fit the Citrini model of Monday. On the other hand, though, they talked about spending $50 billion in buybacks which is equal to more than a quarter of the share count. They're sick and tired of the sell off and they're not going to take it anymore. I don't blame them. I saw a company called Workday report a really horrible number, opened down 12 and ended up finishing almost three bucks. And now Salesforce trades at 15 times earnings. Weird dichotomy. And that's why I'm very glad you'll hear from Salesforce CEO Marc Benioff later in the show. I bet he comes out fighting today. The Citrine worries were viewed as being way overblown. I say you got to take them with a box of Morton Salt. But you know what I like to hear? Contrary views to my own, by the way. Contrary views that include the idea that maybe in video won't be any good. We're going to talk about that in a second, but I wouldn't describe it as being bad as the bear. See it Monday's meltdown gave us a glimpse of the future, but two days later we've been brought back to reality after what's looking like one of the biggest overreach overreaches of all time. Which is right? The enterprise software domino theory or the idea that the global intelligence crisis is all smoke and mirrors? Wait a second. When AI tsunami really wipe out the entire white collar class? Oh come on. That's just not right. This is a case where Wall street took a tiny kernel of truth and extrapolated into a financial tragedy of ridiculous proportions that caused many people to completely freak out and you know, sell, sell, sell, sell, sell, sell. Panic is not a strategy now. It's a case where Nvidia seem winter and even that goes away in a depression. I'm going to tell you one thing, it sure isn't going away tonight. Not after that blowout quarter. Of course I am concerned about most enterprise software companies. They are in the crosshairs of the bears because they may not be able to reinvent themselves fast enough but not because they're threatened with extinction. I don't see this anthropic great firm wiping them out. I just think they maybe won't be able to make as much money as they used to which is why they're now getting lower and lower priced earnings multiples salesforce 15 times earnings. I do believe that some of the private equity and private credit firms that we're so worried about will have to take real hits. Maybe some of these funds can bring in money from individual investors because these companies are campaigning for the uninformed to come in to get those high yields. I don't like that. I agree with my old friend Lloyd Blankfein, former CEO of Goldman Sachs, author of Streetwise comes out today a great new book where he questions the goal of these private equity firms that are so desperate to get liquidity they want to hit up regular people. They would hit a view for cash in order to make their more sophisticated investors whole. Don't be fooled. But in the end I think most of the private equity and private credit firms will simply make less money. That's my theme. No apocalypse, just less money. They're going to have to be more realistic. They're going to have to do a little bit worse and accept that maybe some of the funds may disappear but the overall industry I do not think is truly about to blow up. At the same time, I don't believe in the white collar job apocalypse. Maybe I can eventually place most of the positions but it's going and that's very bearish. But it's going to take many many years for that to happen in many new jobs will be created in the process. So tons of stocks this total for Monday. Retailers, credit cards, banks, travel, should all come back. And which ones in particular? You know, I like names. I like to mention companies. I like TJX which had a terrific quarter. Homegoods was amazing. Marshalls, TJ Max. But it stock got hit anyway because it had been straight up. Management's always cautious in the conference call. I like the credit card companies. American Express got killed. That's a great company. Capital One, so good. I like Booking Holdings. I like Marriott for travel. I think the travel bull market lives. They won't be brought down by Anthropic. My favorite, the banks, Wells Fargo, Goldman Sachs. The former because it's doing the best job of integrating. I just hired a whiz from Amazon Web Services. The latter because it's the closest we have to a pure play of investment banking at a time an investment bank is on fire. These are entrenched companies. They're not going to blow up. Many of these will use AI to cut costs. Perhaps better than a salesforce or servicenow or workday could. Maybe not though. Maybe these software companies can do it cheaper to stay competitive and just make less money in the process. You see my theme, make less money. Price, earnings, multiple goes down, but no apocalypse, no extinction. Okay, there will be some earnings degradation, but I accept that. And you have to look, the software companies are survivors. They can merge, they can adapt, they can do whatever is really necessary to get it so they stay in business. They're priced for perfection though. And they do seem to have, let's say, kind of a rugby scrum feel about them. And we don't pay up for scrum. 15 times earnings for Salesforce. Something's wrong there. I'm talking real earnings here. When you include the impact of stock based compensation though, so am I worried. Well, look, you have to be worried. But I am not worried about the impact on the broader economy. I think AI helps the broader economy and for that we have to look no further than the most important company in the universe, which is Nvidia, which just reported a healthy top and bottom line beat. 75% growth in a data center, also gave better than expected guidance for the current quarter, enough to send the stock higher. Although remember, there'll be people who will say it's the end. They always say it's the end. You know me, I say you own in video, don't trade it. Even better, it doesn't seem like they're feeling much of a pinch from the memory shortage because their margin guidance was strong. We know Nvidia has been cleaning up with these hyperscalers and once again demand is off the charts. So for all the hammering about how I will be an engine of wealth destruction, it's hard to deny that it's also an incredible vehicle of wealth creation. And that's where I come down. Of course, regardless of where Nvidia trades tomorrow, what matters is that Nvidia has created the Entire AI boom with its ultra fast chips that can reason and accomplish time consuming tasks for a fraction of what you pay a human. Which means a plentiful amount of new businesses are coming. Nvidia is the bedrock of the fourth industrial revolution that will create more jobs than it destroys. I, I can't promise you that, but I'm sure, sure optimistic that that's going to occur. And, and that's certainly at odds with Monday's doomsday paper and doomsday stock market. I know those who just started, you may think maybe I'm just a Pollyanna, an older Pollyanna, but I'm old enough to remember what happened when the PC wiped out most of the big iron in tech except for IBM. The cheap PC was ascendant. Seemed like nothing would take its place. And then this was born. The iPhone. This was a total revolution in itself. It was, it was creating an app store that only employs millions upon millions of people. From the apps themselves to hardware to software to phones to PCs to all of the, let's say the accoutrements. And I say this to all of you naysayers out there. Did the iPhone destroy more jobs than it created? Did the PC? I don't think so. Don't think that this is either. Don't get pessimistic. Don't get sucked in. Here's the bottom line to all you naysayers. Tonight in video reported a picture perfect quarter. It shows me that is alive and well and actually making a ton of money for more than just Nvidia. Oh, we're going to have speed bumps. We're going to be fooled periodically. But let me tell you something. My optimism, which is including this moment, it has put me on the right side of 49,000 Dow points as I first walked down this street. And I got to tell you, I'm not changing sides anytime soon. Let's go to David in Louisiana. David. Greetings Jim and Sample Paradis from the Big Easy. Got a question, Got a question concerning Yum Brands. They recently announced they might spin off their pizza business. What's your opinion on a stock after seeing Domino's? Decent results in that. Okay. I'm so glad you asked about this. I was doing a piece about fast food. I will tell you, I think Yum brands, the stock has been a horse lately. It's up 9%. I want you to hold it. I would buy any Yum brands if it dropped because that plan to shed Pizza Hut, spin it off, whatever is going to give you amazing numbers because of how well Taco Bell is doing Taco Bell will shine, will know how great it is. Own Yum Brands. Kurt in Tennessee. Kurt. Mr. Kramer, how are you doing? I am doing well, Kurt. How about you? I'm good. My question is I bought a lot of this when it was $68 a share and it ran all the way up to 350 or 360 the stock today and it's had a pullback. I want to know what your opinion is on Visa. Okay. Right now there are people who are actually, there was a piece that came out on Monday talking about how Visa is going to be in huge trouble. Visa. All right. Here's the way I feel. I like both visa. I like MasterCard a little bit more. These are terrific growth companies. Periodically they sell off. Periodically they are cyclical companies. What? Not cyclical in their business, but cyclical. Whether they're loved by the stock market, whenever they're not loved. Like right now. I got it. I got a solution for you. What can I say to all the naysayers out there? Look at the quarter Nvidia just reported. The trade is alive and it's not wiping out anybody anytime soon. You may have to pay a little less for some companies, but you'll be paying a lot more for others. Homemade money tonight, shares of Arista Networks, one you're going to pay a lot more for. Stolen out so far in 2026. So what? What's going to get the AI networking player that has been one of the best performers in my lifetime moving again? Well, let's just check in with the company's top brass. And salesforce has been in the eye of the software storm. The stock's trading down. Why don't we do this? Why don't we do this? I think it's a good idea. Let's listen to CEO Marc Benioff. Maybe he sets the record straight after the company reported a great number. I know people want to sell. They wanted to sell workday this morning and how long were they. And Snowflake is also on the move after reporting earnings. I'm going to sit down with the CEO to see what's next for the company. I suggest you stay with Kramer.

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[Marc Benioff]

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[Sridhar Ramaswamy]

And the influencer did get us 53 new followers though.

[Jim Cramer]

AT&T business Wireless connecting changes Everything. Two weeks ago we got this really fantastic quarter from Arista Networks. Networking equipment companies become one of the big winners of the data center here. They're the default Ethernet backbone for most of the hyperscalers connecting massive clusters of chips and servers. When a risk reported, these guys delivered a healthy top bottom line beat with management raising their full year forecast. Yet even though the stock initially popped in response to these numbers, it's given up all those gains. In other words, you're getting a terrific quarter for free. Only way I can look at it. Don't take it from me though. Let's dig in deeper with J. Sri Yoel. She's the Chairperson CEO of Rista Networks. To learn more. Miss you all. Welcome back to bed Money.

[Jay Sri La]

It's great to be back Jim. Just looking it was a year ago we were here again.

[Jim Cramer]

Your stock has done terrifically since then. One thing I want to start with as I want people understand exactly how good you are. In your conference call you talk about how three years ago you had no AI. Now you're going to do north of 3 billion this year. How are you able to scale up like that? Oh wow.

[Jay Sri La]

Yeah. You know three years ago to to the point you just said we were literally outside looking in at a technology called InfiniBand where majority of the AI connections were made through a proprietary Network we went to work really hard. The engineering team developed standards for Ethernet and today Arista is the forefront of building that all ethernet scale up, scale out, scale and scale across network. But I couldn't have told you it would happen this fast and I'd really sign up to 3 billion. It's like a little startup or maybe a large startup inside of Arista. Our customers really pushed us there. Our technology is naturally suited for that and it's a natural progression from where we are with the data center to the now new AI center.

[Jim Cramer]

Did the customers push you also toward getting more memory than everyone else had? I know there's a question where you basically say look, we didn't really have enough memory like everybody else, but the fact is you bought a lot more memory than anybody else. How did you know to do that?

[Jay Sri La]

Well, I wish I could tell you I was clairvoyant but late last year we did see all the memory pressures and earlier in the year we had worked with our chip vendors to get a lot of the high bandwidth memory often called hbm. And so frankly I had, you know, not so much bought early but understood there was a memory pressure that was first affecting the server vendors and naturally made itself to us as well on memory intensive SKUs on networking. So we did get ahead of the problem. But I have to tell you Jim, the problem is more acute than just one company or my getting ahead of it. It's going to go on for two years and memory is the new goal.

[Jim Cramer]

Yeah, but it's going to go on for two years. But at the same time you're guiding up. You're obviously not distracted, destroyed by it. You're, you're able to either pass it on or you still have more a surplus and you're, you're less worried than others.

[Jay Sri La]

I could have done better with more memory.

[Jim Cramer]

Well, let's just say I think you're humble. But that's all right. We like humility. Now let's go to something that's bothering me about your stock. So met a good customer, they suddenly partner with video and your stock goes down because people feel, well, maybe there's something that's bad for you. Then AMD partners with Meta and your stock goes down. People think it must be something there you do. They don't realize you have like a software layer that you're not as easy to, to just disrupt and that no one really wants to disrupt you anyway because you're really good at what you do.

[Jay Sri La]

It's kind of the stock has a stock has A mind of its own. But we look at both those announcements that Nvidia made with the GPU and AMD made with their MI series as natural goodness for rista. Because where there's lots of AI accelerators, you've got to connect them and guess that's where we come in, right? So I don't think people are putting two and two together, they're just looking at the isolated news. But we're living in a world of multiple AI accelerators, whether it's GPUs, GPUs, homebrew, AI accelerators from inference, companies like Meta and Microsoft. And we love that because in a world with lots of GPUs and lots of model makers, guess what? We have to connect to that and make them better, more resilient, higher throughput, greater radix, greater scale and better latencies. So all of this is good opportunity for us. Of course, Nvidia is the gold standard in GPUs and they were a majority of the market. But more and more of them are coming to bear.

[Jim Cramer]

Okay, now Your operating margin, 47%. Your next closest competitor, 34.6%. Why is your operating margin so much bigger?

[Jay Sri La]

Well, I think we do more with less. Quite honestly, my engineers are just top of the line, exceptionally good. And in this world of new agent I, not only do we do more with less and we have excellent engineering, we have to be more efficient. We think we can be with the use of AI tools, 30% more efficient than even how we are today. So the days of just hiring people or having more employees is replaced with more and more automation and analytics tools combined with intelligent employees. And I think that's where our, our secret sauce really comes in.

[Jim Cramer]

Your secret sauce also allows you to have, I think a better view of almost everybody in your industry. So I want to know why is it that someone, every single conference call says, you know what, is someone going to pull back? Is someone going to pull back? Why don't people realize you can't afford to pull back? It's too dangerous to pull back. These companies that are your clients, if they pull back, they could be obsolete.

[Jay Sri La]

So there are two schools of thought and things like this. If you went through the dot com industry like you and I probably did, we were born then there's enough people pattern matching to what can go wrong, right? And in the dot com industry, what people don't Understand is the pets.com or the web band or the who have now disappeared were not real customers. They were kind of in this build it and it will happen. But today we have a much more important sector of responsible customers. Our cloud titans, our hyperscalers, our NEO cloud providers, our model providers, our content providers. These are very real and responsible customers who see that Arista can improve the utilization of their AI models by using a better network and therefore get more out of their GPUs. This is the big difference. But you can't help the analysts from saying what if something can go wrong? That's, that's always in the people's minds. But I think lots can go right because of the responsible customer suite.

[Jim Cramer]

We serve your customers. Why can't they take down some debt? Why do they have to have it doesn't mean they have no longer pristine balance sheets if it's producing revenue. Do you think this is going to produce revenue on mass in the next two, three years?

[Jay Sri La]

Are you talking about our customers taking down.

[Jim Cramer]

When I hear, I mean Amazon takes down debt for the first time, everyone says, oh my God, I don't want to be in Amazon anymore. They're back being they're not now going to go back to selling books or something. The fact is, is that these companies are uniquely able to pay you at take down debt and pay you because they actually generate a huge amount of cash flow.

[Jay Sri La]

Like I said, these are the most responsible companies generating, like you said, tremendous billions of dollars of cash flow. Debt is just another vehicle for them to pay because their investments and capex are so monumental. So absolutely they'll pay well. But again, part of their responsibility is to look at various avenues of cash flow. I think they're doing a tremendous job of that.

[Jim Cramer]

All right, that's good. I'm glad to hear some sanity. I'm tired of hearing everyone say what a big mistake it is to be able to do what they're doing. They're obviously smarter at this stuff, as are you, Jay Sri La CEO and chairperson of Arista Networks. You are getting this great quarter for free. Thank you, Jay Sri.

[Jay Sri La]

Thank you, Jim.

[Jim Cramer]

Of course.

[Jay Sri La]

Great to be here.

[Jim Cramer]

Mad money's back. You have good break.

[Mad Money Announcer / Advertiser]

Coming up. With Salesforce on the move after its latest revenue guidance, Kramer is getting the latest from the company's CEO next. Hey, this is Will Arnett, host of Smartless. Smartless is a podcast with myself and Sean Hayes and Jason Bateman, where each week one of us reveals a mystery guest of other two. We dive deep with guests that you love, like Bill Hader, Selena Gomez, Jennifer Aniston, David Beckham, Kristen Stewart and tons more. So join us for a genuinely improvised and authentic conversation filled with laughter and newfound knowledge. To feed the smartless mind, listen to Smartless now on the SiriusXM app. Download it today. It's tax season, and at Lifelock, we know you're tired of numbers, but here's a big one you need to hear. Billions. That's the amount of money and refunds the IRS has flagged for possible identity fraud. Now here's another big number. 100 million. That's how many data points LifeLock monitors every second. If your identity is stolen, we'll fix it. Guaranteed. One last big number. Save up to 40% your first year. Visit lifelock.com specialoffer for the threats you can't control. Terms apply.

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[Jim Cramer]

I'll tell you one thing, Salesforce just can seem to catch a break. The cloud software kingpin reported a better than expected quarter after the close with this Asian ford business up 169% year over year annual recurring revenue growth. But the full year revenue and non adjusted earnings forecasts were tad light. So the stocks getting slammed in after hours trading. Wall Street's just not willing to give these enterprise software companies the benefit of the doubt. As I said at the top of the show, even though they've come down huge from their highs and are now actually inexpensive on an earnings per share basis. Plus Salesforce just announced a $50 billion buyback equal to more than a quarter of the company's market capitalization. Clearly management believes the stock's gotten way too cheap. Earlier today we got to check in with Mark Benioff. He's the CEO of Salesforce to get a better read on the quarter and the future. Take a look. Mark, welcome back to Mad Money.

[Marc Benioff]

Oh thanks Jim for having me. I am delighted to be here with you today. Well, from San Francisco.

[Jim Cramer]

Well, look, I want to get right a couple of things. Just right now I'm seeing accelerated revenue 12%. I am seeing a $50 billion buyback and yet I am seeing a stock that sells at 15 times earnings. Something's ridiculous here it has to be the P. E multiple if you ask me.

[Marc Benioff]

Oh, Jim, the part that's ridiculous is that we are projecting 46.2 billion in revenue. Jim, the first time I was on your show I think it was a billion in revenue. We're talking 46.2 billion. It's just a 46 times since 2008 when I was first. 2009 I think I was first on the show. Amazing.

[Jim Cramer]

Well and Jim.

[Marc Benioff]

Yes, Jim, that of course was one of our first sass apocalypses. You know, remember that you Ted, I had to come on the show because it was a SaaS apocalypse. And then you know, we lived through the 2020 SaaS apocalypse when you're like, oh how are you going to survive through the pandemic? And here we are, Jim, we're in another SaaS apocalypse. Well, it's a series of SaaS buckle.

[Jim Cramer]

Well, everyone told me that your older business, what would happen is that there would be fewer seats, the customers would pay you less and you wouldn't be able to transition to Agent Force in time. I don't see a drop off in the number of seats from the older business.

[Marc Benioff]

Oh, Jim, not only do we have more seats, we're also introducing incredible new products. You know that we have our incredible new ITSM product that's a seat based product going after our friends at ServiceNow. We have five amazing conversions now from ServiceNow to Salesforce including companies know like Sunrun, Cornerstone, Coolsys, Mystone, Thames Valley Police and others. So more seats. Seats. But Jim, in every case it's apps and agents. You know, we are selling not just apps, we're also selling agents too. And you know, because the first time I ever used the word I think agentic was on your show and I think you had to stop the show and go, what word did you use? I've never heard this word before. But now, Jim, everyone knows what an agentic is and also everyone knows what agent force is. But Agent Force is now an $800 million business up 169% year over year and our customers are deploying apps to seats with humans. You know there's still humans in the world or at least there's two, I think me and you.

[Jim Cramer]

Right.

[Marc Benioff]

I don't know how many other humans there.

[Jim Cramer]

How many are there in the army? How many are in the army which is a customer? How many are there? Wyndham, which people don't realize is 8280. 200 users. You're talking about them. Probably the most. Let's Say place that you need agents to be able to handle round the clock calls of any other cost.

[Marc Benioff]

Jim, the army deal is a $5.6 billion deal. Unbelievable. And here's another one. We have this other brand new life sciences product, you know, that's also about apps and agents. Going after Veeva. We closed AstraZeneca, AbbVie, Novartis, Pfizer, Takeda. Turns out there's still some humans in those companies too. And they want apps and agents. All right, now, you know Jim Case, I'm Casey number one. You know that because like on my service this year, we've talked about it, I'm running a huge call center, contact center service operation, but I'm also extended it with agents. You can see [e-mail] so that's been amazing. This week I qualified 50,000 leads for my Salesforce. That's now 15,000 reps all over the world using agents. And Jim, I am deployed employing apps and agents. So our opportunity is bigger and more exciting when you.

[Jim Cramer]

But you must think that people don't recognize that because you're up in your. But you're talking about a $50 billion buyback right now. You're $170 billion firm. You'll be buying a gigantic amount if you're in the marketplace.

[Marc Benioff]

Jim, that is because of one thing. You keep telling me how cheap our company is because we're going to do over $16 billion in cash flow this year. Now, I know cash flow isn't real anymore. I read that also on these social media feeds. You know, Jim, revenue is not real anymore. Margins aren't real. Cash flow is not real. RPO is not real. Nothing is real anymore. So. Thank you for clarifying that because, Jim, here's the funny part. You got to look at companies, not just ours, but so many others and go, this is very low prices.

[Jim Cramer]

Right.

[Marc Benioff]

And so yeah, we're going to buy back because we are convinced. And yeah, when I looked at our price yesterday, I'm like, buy it all back. Look at the prices. I mean that's just.

[Jim Cramer]

And you, you right now raised your. The 60 billion is now more. You raised what you think you can do. A lot of people felt that you'd never make that. They're right. You're going to make more than that. Correct.

[Marc Benioff]

Jim, you see our margin numbers?

[Jim Cramer]

Yeah.

[Marc Benioff]

Do you see we're delivering more than 34% percent margins. The cash flow numbers. We already delivered 15 billion in cash flow for the year. When you have 50, we're doing more Cash flow, Jim, than Walmart. I know Wal Mart's got $1 trillion market cap. We're envious.

[Jim Cramer]

They have a 50 times. They have a 50p, you have a 15p. Something is wrong.

[Marc Benioff]

Well, our growth rate is more than twice theirs, Jim, you know that. And by the way, I love Wal Mart. They're a huge customer of mine. Huge fans of Doug. He's a huge role model of mine. But Jim, I'm envious of that market cap because how can they have a higher market cap and we got twice the growth rate and we have more cash.

[Jim Cramer]

You explain it because you're the market's wrong. Now I'm going to let you do your call. I'm thrilled you came on the show. Everything that you promised, you delivered in more. That's all you can do. Thank you, Marc Benioff.

[Marc Benioff]

Jim, it's not my first apocalypse, you

[Jim Cramer]

know, it's not before.

[Marc Benioff]

I always have to come on the show. Whatever.

[Jim Cramer]

You've been on the show.

[Marc Benioff]

The Sasquap is.

[Jim Cramer]

And I am thrilled that you came on. And I think that it is if you're buying back 50 billion, maybe people should think about buying too. Thank you so much, Mark. Good to see you.

[Marc Benioff]

Jim, great to see you.

[Jay Sri La]

Bye.

[Mad Money Announcer / Advertiser]

Bye.

[Marc Benioff]

Come to visit us in San Francisco. Love you so.

[Jim Cramer]

Can't wait. Thank you. That's Mark Benioff. Salesforce chairman and CEOs back after the break.

[Mad Money Announcer / Advertiser]

Coming up, software stocks have been getting hammered by AI fears. But Kramer thinks one could actually be the way to go. He's digging in with the CEO of Snowflake next.

[Jim Cramer]

Okay, can any enterprise software company catch a break in this environment where Wall Street's terrified I will destroy the profit margins even if it hasn't even started yet. Look at Snowflake. Now this is a cloud based data management analytics platform. This is more of an infrastructure play and they have a consumption based pricing model rather than charging per c which should make the stock a lot less vulnerable to AI. In fact, their platform is borderline essential for building AI tools. They've recently announced major partnerships with both anthropic and OpenAI. Yet the stock's down nearly 40% from its highs early November. And when Snowflake reported after the close, even though the results were much better than expected, terrific annual product revenue forecast, it wasn't enough to change the narrative. Initially, the stock jumped higher in after hours trading, but then it gave back all those gains and then some. What's going on here? Let's take a closer look with Sridhar RAMASWAMY he's the CEO of Snowflake. To find out. Mr. Ramaswamy, welcome back to Mad Money.

[Sridhar Ramaswamy]

Hey, Jim. Always great to talk to you.

[Jim Cramer]

Okay, so, sweetheart, there is a sense that maybe all of AI is slowing or the enterprise software companies. You are not slowing at all. Your growth is fantastic.

[Sridhar Ramaswamy]

We had a Great quarter, Jim. Q4 was 30% year on year. We guided to 27% for fiscal 27, 2 percentage points above consensus in a monstrous RPO quarter. RPO for Snowflake now sits at $9.8 billion in the quarter, it grew 42% year on year. But I think the bigger question is really around AI and software. And we actually feel really good that Snowflake is right at the center of this enterprise revolution solution. Now you rethink. I'm sorry, that. Yeah.

[Jim Cramer]

Well, I just want to say that don't Forget you have 125% revenue retention, which to me says your customers know that you are indispensable.

[Sridhar Ramaswamy]

Well, they are investing in us because they believe in our future, but we have to will that into existence. Because AI is so disruptive. We think the platform that's going to win is the one that is a single source of truth for the enterprise. That has built in security, auditability and trust, that has governance for things like access built in. Of course, we have the partnerships, as you were saying, with the best model makers there are. And we combine all of these with our trademark line of having really easy to use products. So products like snowflake intelligence, 2500 customers less than a quarter after GA are on fire. Similar. The cortex code has hit 4400 customers less than one month after going to GA. And we are seeing this effect on our customers. United Rentals recently Talked about how 1600 branches have access to all of their business metrics in natural language because of Snowflake Intelligence. And you know the funny thing our partners are telling us that Cortex Gold is giving them a bulldozer to get work done with that previously they were shoveling with their hands. I think it's product innovation that is going to create durable value for Snowflake. And that's why I feel confident about the role that we are going to play in this enterprise.

[Jim Cramer]

Well, in this way, I feel that not only are you immune from so called AI competition, but any new company that starts up is probably either going to go to what there is, a competitor of yours, a database, or go to you. And that's pretty much it. There's just two of you and you're doing you're getting more than your fair share of business

[Sridhar Ramaswamy]

and we are accelerating our pace of innovation or 430 launches. And this other competitor that you mentioned does not have the equivalent of a Snowflake Intelligence or a Cortex Code. Innovation at a time like this really matters. And with a great set of partnerships and product innovation, we feel very good about racing ahead.

[Jim Cramer]

Well, should we be concerned? I know that one of the reasons why the stock's trading down after the close is some people feel that there is margin pressure. Specifically free cash flow margin was 25% and they're expected to fall to 23% this year. Is that something I should be concerned about?

[Sridhar Ramaswamy]

You should not be. Because in that 23% is a one time bump from the Observe acquisition that is going to contribute 150 basis points of that. We run an exceptionally disciplined business. In fact, our headcount was pretty much flat between Q4 and Q1 because we are now beginning to use AI to drive efficiencies. Whether it's our support team or our services team or even our study team, we're getting more bang for the buck from the folks that we have because we are the biggest deployers on top of Snowflake Intelligence and of Cortex code. And you should expect to see that accelerate where we are able to have a lot more impact for every employee that we have at Snowflake. This is a great time to be running a progressive company like Snowflake because you get all of the benefits of AI as long as you keep creating great products. And I think we have shown that we can create great products and take them to market very quickly.

[Jim Cramer]

You certainly have. And you mentioned uri. I think it would be important to mention the US Figure skating team. Everybody watch. You're involved. It's one of your clients.

[Sridhar Ramaswamy]

That's correct. The US Figure Skating Steam, the bobsled team. They're all our customers. Why? Because those are data driven activities. You want to know every little nuance of what contributes to a great outcome. And having access to the data right at your fingertips on your phone as it comes out is part of, of what makes those teams successful. We are proud to partner with them. We are proud to also lead the way in what can be done with data in real life.

[Jim Cramer]

Now you also have big, big auto companies. So we, we go United Construction. We've got the, we've got the Olympics. But Toyota Motor Europe uses you. What do they get from working with, with Snowflake?

[Sridhar Ramaswamy]

Toyota Motor is a big, Europe is a big customer of Snowflakes. It all comes down to data and what you can do with everything from things like supply chain optimization, knowing where things are, how do you quickly optimize all of that information now is at their fingertips because of Snowflake intelligence. It is that rapid access to information that really ends up making the difference.

[Jim Cramer]

We keep hearing anthropics out to destroy everyone. Anthropic just made a big partnership with you. They're obviously not out to destroy you.

[Sridhar Ramaswamy]

Anthropic is a huge partner as is OpenAI we they create incredibly capable models. But the people that are going to succeed are the ones that harness the power of these models and put them into great products. That's what we have done with cortex code. And just internally you're seeing massive reductions in everything from how much time it takes to resolve a support case or how quickly you can generate a new proposal for a customer or funnily enough, how much my finance team can analyze travel information to drive efficiencies there, for example. It's all across the board.

[Jim Cramer]

Let's leave it there. CEO Sridhar Ramaswamy Snowflake with an excellent quarter. Sridhar, it's so great that you came on the show. Thank you.

[Sridhar Ramaswamy]

Thank you, Jim. Always great to chat with you.

[Jim Cramer]

Sridhar Ramaswamy Snowflake CEO Stocks a little down, but it was up very big earlier today and may have money to be back after the break.

[Mad Money Announcer / Advertiser]

Coming up, you've got questions. Kramer's got the answers. Get charged up for a fast fire lightning round. Next.

[Jim Cramer]

Before we start the lightning round, don't forget about our president's day deal for the CNBC investing club. This special offer ends real soon. So if you want to see all my marketing moves and get an inside look at our monthly meetings with the next meeting coming just this Friday. And look at the charitable trust portfolio. I want you to scan the QR code or visit cnbc.com/kramer club. And now it is time for the white and round crab. You have my ass. We don't run from close to samuel. Stock attended. Bye bye. Just of course ahead of time I stepped first of episodes live playing the sound and then they'll light up. Round is over. Are you ready Ski downtown lawyer. I'm Kramer. Let's go to Joe and north. Kidding. Joe. Hey, how you doing today, Mr. Kramer? I am doing well, Joe. How about you? I can't complain. I had a question for you. It's about for Tono Mining. I'm sorry, for Tono Mining. Yeah, look, it's a mining stock and they all go up and they all do well. And then when things get tougher, you say, why didn't I own Agnico Eagle? Swap into that one. One. Next is Matthew in Utah.

[Marc Benioff]

Matthew.

[Jim Cramer]

Booyah.

[Mad Money Announcer / Advertiser]

Jim.

[Jim Cramer]

My daughter's bought shares of Banco Santon there after you mentioned it last year. What should they do after the acquisition of Webster Financial? I think they should hold it. And if it goes back to 10 11, I would even buy more. Your daughters are very, very smart. Let's go to Hutch in New Jersey. Hutch. Hey, Jim, I'm just getting your thoughts on PayPal.

[Marc Benioff]

What are you thinking about it?

[Jim Cramer]

Well, I mean, people keep saying that it's ready for a takeover bid. I think it's not doing that well. And I don't like to recommend stocks on the basis of takeovers. It always seems to be the wrong thing for me to do. Let's go to Brian in Minnesota. Brian, Jim. Booyah. How you doing? Booyah. I'm doing fine. How are you?

[Marc Benioff]

I'm doing pretty good. Calling in about Klarna.

[Jim Cramer]

Yeah, people, Klarna was just kind of not great, you know that. It was just fine. That's why I keep recommending affirm and I'll put in Sofi as a twofer right there. Let's go to Gordon in Virginia. Gordon. Hey Jim. It's an honor to speak with you. Thank you, Gordon. Love your show. Love you. And a brand new member of your investment club. Oh, great. Don't forget Friday's 12 o' clock meeting. Yes, yes, sir.

[Marc Benioff]

Certainly.

[Jim Cramer]

Well, hey, I wanted to get your take on Applied Digital. I think Applied Digital is going to have a breakout quarter and therefore you should own the stock. I know it seems like it's expensive because it has generated a lot of losses. I think those are going to come to a conclusion very, very soon. And that ladies, Bridget of the Lightning Round.

[Mad Money Announcer / Advertiser]

The Lightning Round is sponsored by Charles Schwab. Coming up, could it actually be last call for alcohol stocks? Kramer is pouring over what's going wrong for the industry and letting shareholders know if they should close out their tab.

[Jim Cramer]

Next. When I got into St Came, I knew there was one industry that would never be disrupted by anything. A business where you could build a brand, raise prices regularly and it always stick that indestructible category. No, it wasn't enterprise software. It was liquor. Whether it was sold at a bar or liquor store, you could bet the return would be amazing because we are a society of drinkers and we are willing to pay a little more each year for the magic Elixir but that's no longer the case. We now know that literally nothing is immune to from competition in this market. The value destruction in the alcohol category has been appalling in the last couple of years. Whether we're talking about Constellation brands, that's. The big daddy Diageo. Think of all those Johnny Walkers as well as Morgan Tanker. Drop offs. And an overall sense of doom. Yes, doom. The endless spiral of the stock of brown format is already well known. But last night Diageo reported the results were so horrible that they had the dividend in half. I always thought the dividend was sacrosanct. The stock of this king of all alcohol fell 15% one session. As is so often the case when you get this sort of decline match, new managers like the team at the ajo, they're hopeful they can stem the decline. We want that optimism. But they always seem to underestimate the changes in the marketplace. They did list some of the causes of decline. The consumers feeling the pinch. Younger people are drinking less. The GOP dash 1. Drugs eliminate your craving for alcohol and there's legal competition from cannabis in half the country. But then these guys dismiss those problems as having kind of a relative, maybe even transient impact. That's wrong. They admit that the economic pressure has meaningfully impacted disposable income. Despite the sanguine tone of our president last night. Over the past five years, Americans are spending 25% more on consumer packaged goods that are not alcoholic. But they're receiving 8% fewer items. Even though the rate of inflation has come down. People are still feeling the pinch from high prices. They don't have enough left for the liquor or mixed drinks that they used to crave. Worse, the moderation in drinking is a huge problem for the liquor business, especially among younger people. The members of this cohort seem almost repulsed by the whole concept of of alcohol and what it does to your body, instead opting for alcohol free mocktails in record numbers. Perhaps Diageo doesn't want to talk about it, but the aging, alcohol loving baby boomers just seem to obscure how much the kids hate to drink when the boomers age out. Oh boy. I think we'll see the numbers. They'll be appalling. How about this GLP1 issue? If it's transitional, why are the drug companies doing so many studies about how these drugs cut alcohol use pretty substantially? And if the GOP Dash ones end up being approved to treat alcoholism, Keep in mind that heavy drinkers are responsible for a huge amount of consumption. Now, some of Diageo's weaknesses seem self inflicted. The astounding drop off in the agave spiritile had to be extra painful. Agave has been one of the bright spots for the company, but Diageo's agave sales fell 23%, a stunning 30.9% decline in Casa Amigos 20.9 full in Don Julio. These are fantastic brands. I think they've been hurt by a lawsuit filed in the Eastern District of New York by a trio of relative unknowns including Sushi Tokyo, alleging that while these two brands claim to be 100% agave, they have non agave elements in them. I never thought this lawsuit would ever hurt these brands so so hard. But it's definitely weighing on these two Diageo properties that had been stars. Now what could change things? Maybe radical price cuts rekindled love affair with what we call the Browns and the Clears. Well a nation turn in beer in January means something with alcohol sales of 0.8%. Call me skeptical though. My point here is simple. We may marvel at the value destruction the software as service stocks that keep being kneecapped by anthropic or OpenAI, but we got to remember that disruption is nothing new on Wall street, and it includes the once unassailable liquor giants that now find themselves being pushed off by mocktails and a sale by a new generation of consumers who view their bodies as a temple. The kind of temple where Johnnie Walker's no longer allowed in. I say it's time to roll back price and accept like so many other industries I talk about just can't make as much money in the business as you used to. I like to say there's always more market somewhere. I promise. I find it just for you right here on Money. I'm Jim Cramer. I'll see you tomorrow.

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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 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 Anderson 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 Pandora makes it

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