Mad Money w/ Jim Cramer – February 26, 2026

Episode Overview

On this episode of Mad Money, Jim Cramer unpacks a turbulent day on Wall Street dominated by abrupt sector rotation – a massive, programmed sell-off of tech hardware stocks (notably Nvidia, AMD, and semiconductors) in favor of long-struggling enterprise software names. Cramer uses the day's perplexing action to teach listeners about the power of ‘program trading’ and highlights why fundamentals sometimes get sidelined by machine-driven strategies.

The episode features Cramer’s takes on GE Aerospace, Palantir, Hinge Health, and a meaty segment breaking down recent results and strategy at McDonald’s as a case study in consumer-driven value. Notably, CEO interviews with Sassan Goodarzi (Intuit) and Bob Pagano (Watts Water Technologies) provide deep dives into how legacy and growth companies are navigating AI disruption, consumer changes, and industrial trends. The episode closes with Cramer reflecting on the alleged "SaaS apocalypse" and the future of software with Salesforce’s Mark Benioff.

Key Discussion & Insights

1. Market Madness: Program Trading vs. Fundamentals

[01:41–09:21]

Cramer opens with a breakdown of the day’s market action: massive selling of hardware tech stocks regardless of their positive fundamentals (Nvidia, AMD, etc.), and simultaneous, seemingly indiscriminate buying of enterprise software.
Cramer emphatically argues that what looked nonsensical was the result of “program trades” – algorithmic strategies done by big hedge funds, not considered stock-by-stock:
- Quote: “From the outside, today's action was just crazy... Of course not. But it's what's known as a program. And on any given day, the program can rule over the actual market.” (02:29)
He recounts his own early days constructing “stock baskets” pre-ETF to illustrate the logic of these moves.
Emphasizes how strong Nvidia earnings and guidance (with “terrific case for the next wave of AI”) didn't matter: the sector was chosen as “cannon fodder” by sell programs.
- Quote: “Basically, Nvidia gave you everything you could ever want... But it was all for naught. Why? Because today Nvidia stock became cannon fodder for the unannounced sell program.” (05:19)
Likewise, software stocks with weak fundamentals (Workday, Salesforce, Datadog) were suddenly bid up, not because of actual performance but owing to basket trading.
Cramer’s lesson: investors should avoid falling for the narrative post-rationalization of these swings and use them to buy great companies at discounts when prices disconnect from fundamentals.
- Quote: “We don't buy sectors, we buy companies. And... I'd use the program to buy the stocks you’d like at discounted prices to where they should be.” (08:45)
Bottom line: “The stocks were treated as playthings of that account, not companies. They were puppets on hedge fund strings... I prefer when stocks represent the fundamentals of the underlying companies but on days like today don’t be fooled. The program is all that matters.” (09:12)

2. Lightning Round: Cramer’s Stock Takes

[09:21–12:49 & 39:37–42:41]

Call-in Highlights:

GE Aerospace: “Larry Culp working for you... just a long term buy. Any dip that is sizable, I like as a buying opportunity.” (09:35)
Palantir (PLTR): “Very long-term hold... great business model, smart people, clients love them. Hold Palantir.” (10:40)
Hinge Health: “Just going to quietly go higher... has a model for patient education, buy and put away.” (11:36)
Other Lightning Round Picks:
- QXO (Brad Jacobs company): Buy, Jacobs will pull it off.
- Reddit (RDDT): Buy, undervalued.
- Archer Aviation/Joby: Avoid – “year of magical investing” is over.
- Ford: Bullish, “Ford is coming back, starting to chug along, going higher.”
- Universal Display (OLED): Not yet time to recommend.
- Intercontinental Exchange (ICE/MSCI): Prefers MSCI, strong business leader.

3. Interview: Sassan Goodarzi, CEO of Intuit

[14:48–22:53]

Intuit’s Position Amidst AI Disruption

Strong quarter: “Total revenue up 17% year over year, margins better than expected, big bottom line beat. Our business group grew 18%, mid-market grew 40%... TurboTax grew 12%... Credit Karma grew 23%.” (16:00)
Intuit’s stickiness comes from operating in a “regulated, accuracy-and-compliance-heavy environment”:
- “You cannot replicate accuracy and compliance in a regulated environment through LLMs... customers demand a human more than software, which is really where we come in.” (18:05)
Human expertise fused with proprietary AI differentiates Intuit from AI-only competitors.
Anthropic and OpenAI partnerships: Leverage best-in-class LLMs but retain control of customer experience; Intuit does not share economics with partners.
- “We own the customer experience through APIs... do not share in any of the economics.” (20:28)
Launching brick-and-mortar flagship in NYC and scaling 600+ local service centers to deepen the link between human experts and tech.
Tax season outlook: “IRS returns are down 5%, TurboTax up 12%. Our assisted offering is on fire, very good performance.” (21:57)

4. McDonald’s: Value, Resurgence, and Simplicity

[24:42–31:24]

Cramer praises McDonald’s for rebounding via relentless focus on value meals and pricing discipline after misfires with overpricing.
- $5 meal deal, reintroduction of McValue and Extra Value menus all proved successful.
Last quarter: “Earnings beat, 10% earnings growth, 10% revenue growth, global same store sales jumped 5.7%, US up 6.8%.” (25:00)
Strong marketing (Minecraft, Grinch socks), international innovation, and menu additions (McWings, Big Arch Burger, snack wraps) drive engagement.
- “McDonald's became the largest seller of socks in the world for nearly a week.” (27:41)
Capex plans and international expansion (aiming for 50,000 locations by 2027).
Quote: “McDonald's is not going to get beat on value and affordability.” (26:45, attributing CEO Chris Kempczinski)
Personal touch: Cramer shares his soft spot for the chain, linking it to family memories.
Stock analysis: Not cheap but “the perfect type of stock for the market where investors want real companies that make things and do stuff that can't be hurt by AI... I’m still loving it.” (31:11)

5. Interview: Bob Pagano, CEO of Watts Water Technologies

[33:42–39:16]

151-year-old company, 60% repair/replacement business = stability; 40% new construction, recently buoyed by data center demand.
Data center hardware (especially cooling valves) is a growing segment, aligning with industry shift to liquid cooling.
Acquisition strategy: Focus on small, accretive deals rather than big, risky bets.
- “22 acquisitions in 12 years... always looking for strategic acquisitions where one plus one has to equal three at least.” (36:04)
Portfolio discipline: Exited $175M in undifferentiated business to focus on proprietary, value-add products.
Pricing power: Proactively raises prices to offset raw material costs, especially copper and steel volatility.
International exposure: Down in Europe due to war, but exposure rising in Asia Pacific, Middle East, and Africa.
Data center demand: Contractors see three years of strong opportunity ahead.
- “Our contractors are busy... three years in front of them right now, that's how busy they are.” (38:39)

6. Salesforce, Software & AI: The "SaaS Apocalypse" Debate

[43:02–47:51]

Recap of CEO Marc Benioff’s impassioned defense against fears that AI will render Salesforce and enterprise SaaS obsolete.
- “Every time the company managed bounce back. ... We're in another SaaS apocalypse. Well, it's a series of SaaS apocalypses.” (44:10, quoting Benioff)
Skeptics worry software like Claude will replace legacy SaaS by cutting per-seat licensing revenues.
Salesforce strategy: Invests heavily in agent-based AI (Agentix/Agent Force), already generating $800M annual recurring revenue, 29,000 deals since September 2024; AI handles routine tasks, humans focus on exceptions.
Massive $50B buyback announced as a show of confidence in resilience against “the doom sayers.”
Cramer’s conclusion: He’s previously doubted, but Salesforce’s track record at surviving crises makes him bet on them again. “It's always been a mistake to count them out, and I’m betting this time it will be no different.” (47:32)

Notable Quotes & Moments (with Timestamps)

On market program trading: “They were puppets on hedge fund strings and they got jerked around all over the place.” (09:12)
On Nvidia’s flawless quarter: “Nvidia gave you everything you could ever want, including terrific guidance for the current quarter... But it was all for naught.” (05:19)
On introspective investing: “We don't buy sectors, we buy companies.” (08:45)
On McDonald’s:
- “McDonald's is not going to get beat on value and affordability.” (26:45)
- “Now that Mickey D’s is going back to its roots as the best source of value around, the customers are coming back and so is the same store sales growth.” (31:11)
On Intuit’s AI and human advantage: “You cannot replicate accuracy and compliance in a regulated environment through LLMs... customers demand a human more than software.” (18:05)
On Salesforce & SaaS:
- Benioff: “Here we are, Jim, we're in another SaaS apocalypse. Well, it's a series of SaaS apocalypses.” (44:10)
- Cramer: “I've seen this company down before and it's always been a mistake to count them out.” (47:32)

Important Timestamps

01:41–09:12 – Market program trading & sector rotations explained
09:21–12:49 – Lightning round: GE Aerospace, Palantir, Hinge Health
14:48–22:53 – Intuit CEO Sassan Goodarzi interview: AI, tax season, strategy
24:42–31:24 – McDonald’s: Recovery, value meals, market impact
33:42–39:16 – Watts Water Tech CEO Bob Pagano interview: Data centers, strategy
39:37–42:41 – Second Lightning Round: Reddit, Ford, ICE/MSCI, etc.
43:02–47:51 – Salesforce, SaaS, and the impact of AI

Tone & Language

Cramer’s delivery is high-energy, passionate, and sometimes tongue-in-cheek (“Other people made friends. I’m just trying to make you a little bit of money.”). His goal is to de-mystify the day’s chaos and turn Wall Street’s gamesmanship into actionable lessons. He leavens stock advice with storytelling, market history, and personal anecdotes—always aiming to educate and entertain.

Mad Money w/ Jim Cramer – February 26, 2026

Episode Overview

Key Discussion & Insights

1. Market Madness: Program Trading vs. Fundamentals

[01:41–09:21]

Cramer opens with a breakdown of the day’s market action: massive selling of hardware tech stocks regardless of their positive fundamentals (Nvidia, AMD, etc.), and simultaneous, seemingly indiscriminate buying of enterprise software.
Cramer emphatically argues that what looked nonsensical was the result of “program trades” – algorithmic strategies done by big hedge funds, not considered stock-by-stock:
- Quote: “From the outside, today's action was just crazy... Of course not. But it's what's known as a program. And on any given day, the program can rule over the actual market.” (02:29)
He recounts his own early days constructing “stock baskets” pre-ETF to illustrate the logic of these moves.
Emphasizes how strong Nvidia earnings and guidance (with “terrific case for the next wave of AI”) didn't matter: the sector was chosen as “cannon fodder” by sell programs.
- Quote: “Basically, Nvidia gave you everything you could ever want... But it was all for naught. Why? Because today Nvidia stock became cannon fodder for the unannounced sell program.” (05:19)
Likewise, software stocks with weak fundamentals (Workday, Salesforce, Datadog) were suddenly bid up, not because of actual performance but owing to basket trading.
Cramer’s lesson: investors should avoid falling for the narrative post-rationalization of these swings and use them to buy great companies at discounts when prices disconnect from fundamentals.
- Quote: “We don't buy sectors, we buy companies. And... I'd use the program to buy the stocks you’d like at discounted prices to where they should be.” (08:45)
Bottom line: “The stocks were treated as playthings of that account, not companies. They were puppets on hedge fund strings... I prefer when stocks represent the fundamentals of the underlying companies but on days like today don’t be fooled. The program is all that matters.” (09:12)

2. Lightning Round: Cramer’s Stock Takes

[09:21–12:49 & 39:37–42:41]

Call-in Highlights:

GE Aerospace: “Larry Culp working for you... just a long term buy. Any dip that is sizable, I like as a buying opportunity.” (09:35)
Palantir (PLTR): “Very long-term hold... great business model, smart people, clients love them. Hold Palantir.” (10:40)
Hinge Health: “Just going to quietly go higher... has a model for patient education, buy and put away.” (11:36)
Other Lightning Round Picks:
- QXO (Brad Jacobs company): Buy, Jacobs will pull it off.
- Reddit (RDDT): Buy, undervalued.
- Archer Aviation/Joby: Avoid – “year of magical investing” is over.
- Ford: Bullish, “Ford is coming back, starting to chug along, going higher.”
- Universal Display (OLED): Not yet time to recommend.
- Intercontinental Exchange (ICE/MSCI): Prefers MSCI, strong business leader.

3. Interview: Sassan Goodarzi, CEO of Intuit

[14:48–22:53]

Intuit’s Position Amidst AI Disruption

Strong quarter: “Total revenue up 17% year over year, margins better than expected, big bottom line beat. Our business group grew 18%, mid-market grew 40%... TurboTax grew 12%... Credit Karma grew 23%.” (16:00)
Intuit’s stickiness comes from operating in a “regulated, accuracy-and-compliance-heavy environment”:
- “You cannot replicate accuracy and compliance in a regulated environment through LLMs... customers demand a human more than software, which is really where we come in.” (18:05)
Human expertise fused with proprietary AI differentiates Intuit from AI-only competitors.
Anthropic and OpenAI partnerships: Leverage best-in-class LLMs but retain control of customer experience; Intuit does not share economics with partners.
- “We own the customer experience through APIs... do not share in any of the economics.” (20:28)
Launching brick-and-mortar flagship in NYC and scaling 600+ local service centers to deepen the link between human experts and tech.
Tax season outlook: “IRS returns are down 5%, TurboTax up 12%. Our assisted offering is on fire, very good performance.” (21:57)

4. McDonald’s: Value, Resurgence, and Simplicity

[24:42–31:24]

Cramer praises McDonald’s for rebounding via relentless focus on value meals and pricing discipline after misfires with overpricing.
- $5 meal deal, reintroduction of McValue and Extra Value menus all proved successful.
Last quarter: “Earnings beat, 10% earnings growth, 10% revenue growth, global same store sales jumped 5.7%, US up 6.8%.” (25:00)
Strong marketing (Minecraft, Grinch socks), international innovation, and menu additions (McWings, Big Arch Burger, snack wraps) drive engagement.
- “McDonald's became the largest seller of socks in the world for nearly a week.” (27:41)
Capex plans and international expansion (aiming for 50,000 locations by 2027).
Quote: “McDonald's is not going to get beat on value and affordability.” (26:45, attributing CEO Chris Kempczinski)
Personal touch: Cramer shares his soft spot for the chain, linking it to family memories.
Stock analysis: Not cheap but “the perfect type of stock for the market where investors want real companies that make things and do stuff that can't be hurt by AI... I’m still loving it.” (31:11)

5. Interview: Bob Pagano, CEO of Watts Water Technologies

[33:42–39:16]

151-year-old company, 60% repair/replacement business = stability; 40% new construction, recently buoyed by data center demand.
Data center hardware (especially cooling valves) is a growing segment, aligning with industry shift to liquid cooling.
Acquisition strategy: Focus on small, accretive deals rather than big, risky bets.
- “22 acquisitions in 12 years... always looking for strategic acquisitions where one plus one has to equal three at least.” (36:04)
Portfolio discipline: Exited $175M in undifferentiated business to focus on proprietary, value-add products.
Pricing power: Proactively raises prices to offset raw material costs, especially copper and steel volatility.
International exposure: Down in Europe due to war, but exposure rising in Asia Pacific, Middle East, and Africa.
Data center demand: Contractors see three years of strong opportunity ahead.
- “Our contractors are busy... three years in front of them right now, that's how busy they are.” (38:39)

6. Salesforce, Software & AI: The "SaaS Apocalypse" Debate

[43:02–47:51]

Recap of CEO Marc Benioff’s impassioned defense against fears that AI will render Salesforce and enterprise SaaS obsolete.
- “Every time the company managed bounce back. ... We're in another SaaS apocalypse. Well, it's a series of SaaS apocalypses.” (44:10, quoting Benioff)
Skeptics worry software like Claude will replace legacy SaaS by cutting per-seat licensing revenues.
Salesforce strategy: Invests heavily in agent-based AI (Agentix/Agent Force), already generating $800M annual recurring revenue, 29,000 deals since September 2024; AI handles routine tasks, humans focus on exceptions.
Massive $50B buyback announced as a show of confidence in resilience against “the doom sayers.”
Cramer’s conclusion: He’s previously doubted, but Salesforce’s track record at surviving crises makes him bet on them again. “It's always been a mistake to count them out, and I’m betting this time it will be no different.” (47:32)

Notable Quotes & Moments (with Timestamps)

On market program trading: “They were puppets on hedge fund strings and they got jerked around all over the place.” (09:12)
On Nvidia’s flawless quarter: “Nvidia gave you everything you could ever want, including terrific guidance for the current quarter... But it was all for naught.” (05:19)
On introspective investing: “We don't buy sectors, we buy companies.” (08:45)
On McDonald’s:
- “McDonald's is not going to get beat on value and affordability.” (26:45)
- “Now that Mickey D’s is going back to its roots as the best source of value around, the customers are coming back and so is the same store sales growth.” (31:11)
On Intuit’s AI and human advantage: “You cannot replicate accuracy and compliance in a regulated environment through LLMs... customers demand a human more than software.” (18:05)
On Salesforce & SaaS:
- Benioff: “Here we are, Jim, we're in another SaaS apocalypse. Well, it's a series of SaaS apocalypses.” (44:10)
- Cramer: “I've seen this company down before and it's always been a mistake to count them out.” (47:32)

Important Timestamps

01:41–09:12 – Market program trading & sector rotations explained
09:21–12:49 – Lightning round: GE Aerospace, Palantir, Hinge Health
14:48–22:53 – Intuit CEO Sassan Goodarzi interview: AI, tax season, strategy
24:42–31:24 – McDonald’s: Recovery, value meals, market impact
33:42–39:16 – Watts Water Tech CEO Bob Pagano interview: Data centers, strategy
39:37–42:41 – Second Lightning Round: Reddit, Ford, ICE/MSCI, etc.
43:02–47:51 – Salesforce, SaaS, and the impact of AI

wavePod

Mad Money w/ Jim Cramer 2/26/26

Powered by Wave AI

Summary

Mad Money w/ Jim Cramer – February 26, 2026

Episode Overview

Key Discussion & Insights

1. Market Madness: Program Trading vs. Fundamentals

2. Lightning Round: Cramer’s Stock Takes

Call-in Highlights:

3. Interview: Sassan Goodarzi, CEO of Intuit

Intuit’s Position Amidst AI Disruption

4. McDonald’s: Value, Resurgence, and Simplicity

5. Interview: Bob Pagano, CEO of Watts Water Technologies

6. Salesforce, Software & AI: The "SaaS Apocalypse" Debate

Notable Quotes & Moments (with Timestamps)

Important Timestamps

Tone & Language

Summary

Mad Money w/ Jim Cramer – February 26, 2026

Episode Overview

Key Discussion & Insights

1. Market Madness: Program Trading vs. Fundamentals

2. Lightning Round: Cramer’s Stock Takes

Call-in Highlights:

3. Interview: Sassan Goodarzi, CEO of Intuit

Intuit’s Position Amidst AI Disruption

4. McDonald’s: Value, Resurgence, and Simplicity

5. Interview: Bob Pagano, CEO of Watts Water Technologies

6. Salesforce, Software & AI: The "SaaS Apocalypse" Debate

Notable Quotes & Moments (with Timestamps)

Important Timestamps

Tone & Language