Mad Money w/ Jim Cramer 3/12/26

Summary

Mad Money w/ Jim Cramer – March 12, 2026
Episode Summary

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Episode Theme:
This episode of Mad Money finds Jim Cramer navigating the uncertainties of a market rattled by soaring oil prices, geopolitical conflict, and a broader selloff. Amidst Wall Street’s anxiety, Cramer offers strategies for investors on whether to stay in stocks, digs into the underlying economics and psychology at play, hosts CEOs from high-growth and defense sectors, and brings in finance legend Lloyd Blankfein to reflect on crisis leadership and industry culture. The signature Lightning Round rounds out the episode with Cramer’s rapid-fire stock picks.

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1. Opening Market Commentary: Surviving the Selloff

Timestamps: 01:18–08:22

• Cramer sets the scene: a massive single-day market drop triggered by an escalating war involving Iran, which threatens oil supplies and pushes prices toward $200 per barrel.
  • "Unless you own tons of oil stocks, a fertilizer stock and a couple of chemical companies, you're getting a real beat down." (01:32)
• He lists the obvious reasons for panic: Iran’s escalation, vulnerabilities in Gulf oil infrastructure, and lack of immediate diplomatic solutions.
  • "They're using cheap drones to target the oil infrastructure of the Gulf monarchies. These oil facilities and refineries are gigantic and they were not built hardened. They're totally vulnerable." (01:55)
• Urges caution against panic selling, arguing that universally negative psychology can set the stage for a powerful rebound.
  • "The lower the market goes, the more oversold it gets...The more susceptible we are to an awesome snapback, especially if everyone is thinking the same thing." (03:35)
• Looks to President Trump’s record for market interventions, suggesting the possibility of a sudden diplomatic breakthrough.
• Warns that trying to time the bottom is futile; "it would be amazing if you could sell everything today...and then get back in the day before the war ends. That would be ideal, but we have no idea when the war is going to end." (06:30)
• Compares the current crisis with the Great Recession; argues that as bad as oil gets, it’s not an existential threat.
• Bottom Line: "Even if the current situation is terrifying, remember that under almost all circumstances, it makes sense to stick with the market, if only because you'll have a better chance to make back your losses once peace breaks out." (07:46)

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2. Lightning Round Part 1: Individual Stock Q&A

Timestamps: 08:22–11:54

• Pepsi (Caller Bill, NJ, 08:22): Cramer cautions against selling quality long-term winners due to short-term noise.
  • "I don't want people selling good stocks because of short term concerns. ... I don't want you selling." (08:40)
• Progressive Insurance (Caller Miguel, MA, 09:02): Cramer prefers Berkshire Hathaway or Chubb over Progressive for insurance plays.
  • "I'm not a big believer in these insurance companies...Berkshire Hathaway, they've got Geico. It's a much better diversified way..." (09:14)
• Bank of America (Caller Duane, CA, 09:33): Stick with it for the long-term, despite sector pain.
  • "All the financials are under pressure...That's the kind of company at 10 times earnings that I think is going to give you a long term good return." (09:47)
• AMD (Caller Ian, FL, 10:13): Lisa Su and AMD are second only to Nvidia; a solid choice if you don’t own Nvidia already.
  • "It's a dog fight and Lisa Su is fabulous...If I didn't own Nvidia, I most certainly would." (10:43)

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3. Industry Deep Dive: Lumentum CEO Interview

Timestamps: 13:34–19:56

Guest: Michael Hurlston, CEO, Lumentum

• Optical tech in data centers: Lumentum’s technology is essential for the connectivity and bandwidth needs of AI-driven data centers.
  • "Our technology connects all of this computer that exists inside the data center...That connectivity now...is more often than not optics." (14:47)
• Copper vs Fiber: Fiber optics are necessary to keep up with modern speed and bandwidth demands.
  • "It comes down to speed and bandwidth...given the speed, copper just runs out of juice." (15:32)
• Partnership with Nvidia: Their deep collaboration (including investment) boosts innovation and US manufacturing.
  • "We've been working with Nvidia on that project for a good number of years. And this investment really cements the two companies." (17:33)
• Demand/Supply: Lumentum is oversold through 2027—demand far outpaces supply.
  • "We are completely sold out...We’re sold out, really, until the end of 2027." (18:27)
• AI/data center boom: "We see probably five years of visibility...It's exactly because of what you said. You just have a tremendous amount of return on these AI models." (19:07)

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4. Defense Tech: Shield AI CEO Interview

Timestamps: 21:58–29:55

Guest: Gary Steele, CEO, Shield AI

• Drones & autonomy: Shield AI’s drones are active in Ukraine, revolutionizing surveillance and reducing risk to human soldiers.
  • "Our drone basically flies missions and delivers mission outcomes where they identify Russian targets that that can be targeted with their weapons systems." (23:02)
• Shift to AI-powered warfare: Introduction of the expat—an AI-piloted, vertical takeoff fighter jet with capacity rivaling manned craft.
  • "This is a next generation autonomous warfighter...piloted by AI...carries the munitions equivalent basically to what a manned fighter would carry." (24:00)
• Human-in-the-loop doctrine: While AI handles flying and recon, humans still oversee critical decisions.
  • "You've got individuals ensuring that the right ultimate decisions are getting made, but you take the risk of having a human being in every one of those airplanes." (24:35)
• Business model innovation: Shield combines high-margin software with defense hardware, transforming the investment profile of aerospace companies.
  • "You get the benefits of high margin software combined with high growth...long term visibility on contracts." (25:48)
• Global reach: More than half of Shield’s business is now international.
• Potential IPO: Going public could unlock further acquisitions and innovation.
• Ethical & personal reflections: Steele highlights both the tech’s opportunities and the moral weight of defense work.

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5. Finance Industry Insights: Lloyd Blankfein Interview

Timestamps: 30:18–38:55

Guest: Lloyd Blankfein, former Goldman Sachs Chairman/CEO

• Goldman’s unique culture: Strong sense of ownership and loyalty; employees feel responsible for the whole firm.
  • "The people who worked there felt they owned it. ... At Goldman, everybody felt they owned the whole thing." (31:04)
• Value of toughness and fairness: Blankfein discusses the balance of high expectations and direct feedback.
  • "I can deal with anybody. ... Everybody is even and predictable and know where you stand and fair." (33:21)
• Lessons from personal crisis: Blankfein’s frank anecdote about receiving a cancer diagnosis and the relentless pace at the top.
  • "I got that call. My secretary called over the top and. And I said, oh, Laura, let me call you back. ... I've been trying to get this person all day." (34:51)
• Fraud detection limits: Even at the highest levels, some bad actors (referencing Rajat Gupta) can’t be anticipated.
  • "He would have been on everybody's list. ... But anyway, this happened. I testified, he was convicted." (35:32)
• Goldman’s scapegoat status post-crisis: Describes how the firm failed to define itself to the public before the crisis, leading to outsized backlash.
  • "We should have defined ourselves. So that comment that I made...if people had known who I was...it wouldn't have come across that way." (37:32)
• On writing his book: “There’s just nothing but truth...I thought you would have waited till everybody was dead before you wrote it.” (38:25, Cramer)
  • Blankfein: "The problem is I might go first so I couldn't bide my time." (38:25)

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6. Lightning Round Part 2: Rapid-Fire Stock Calls

Timestamps: 39:11–42:43

• Energy Transfer (ET): Good yield; buy more if it dips.
• Eaton: War pressures the stock but still a buy for club members.
• Nordic American Tankers: Take profits on half the position; play the rest.
• US Antimony (UAMY): Interesting minerals play; hold.
• B&G Foods (BGS): Sell after years of underperformance.

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7. Food Industry Radical Solution

Timestamps: 43:46–47:36

• Food stocks (Campbell’s, General Mills, Conagra) are struggling, with revenue declines, weak consumer sentiment, and management in denial.
  • "Yesterday, Campbell's reported one of the worst quarters I've seen in ages..." (43:46)
• Dividends questioned as stocks hit multi-year lows.
• Cramer’s radical fix: Merge multiple major food companies (Campbell’s, General Mills, Conagra, Kraft Heinz) under skilled leadership.
  • "It's time for the food companies to consolidate. And the consolidator...is Steve Kalain...the only person who's actually been able to make money in this group for shareholders in a huge way." (44:26)
• Suggests Trump-era regulatory climate may allow these consolidations.
  • "Under Trump, the Justice Department and the Federal Trade Commission will probably bless any of these deals." (45:12)
• “Right now, these separate brands simply don't have the heft to negotiate with any of the supermarkets. It's time to turn the tables on one big food company.” (47:12)

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Notable Quotes & Moments

• "The lower the market goes, the more oversold it gets...The more susceptible we are to an awesome snapback." (Jim Cramer, 03:35)
• "I'm not a military strategist, I'm a stock strategist...You'll most likely lose money if you don't own any stocks ahead of the cease fire." (Jim Cramer, 05:28)
• "Even if the current situation is terrifying, remember that under almost all circumstances, it makes sense to stick with the market..." (Jim Cramer, 07:46)
• "At Goldman, everybody felt they owned the whole thing." (Lloyd Blankfein, 31:04)
• "If people had known who I was and how I speak, it wouldn't have come across that way [in the press]." (Lloyd Blankfein, 37:32)
• "It's time that Steve Kelly put together all four of these packaged food companies into one brand powerhouse." (Jim Cramer, 44:49)

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Engaging Takeaways

• Stay invested: Despite scary headlines, exiting in panic robs you of the recovery when it hits.
• Tech & Defense Innovation: Structural shifts—optical tech in AI and the proliferation of AI-driven defense systems—represent enduring trends with strong demand.
• Leadership and Culture: Blankfein’s recollections from Goldman underline the importance of culture and communication, especially in a crisis.
• Food Sector Rethink: Radical consolidation may be the only answer for embattled staples.

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For Listeners Who Missed the Episode
Cramer delivers a message of long-term resolve, underpinned by insights from every corner of the market, from tech and defense to consumer staples and finance. Don’t let grim headlines drive you out of sound positions—recovery awaits the patient and prepared.

Transcript

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Cramerica. Other people want to make friends. I'm just trying to save you a little bit of money here. My job is not just to entertain, but to educate, to teach. Call me at 1-800-743-CNBC or tweet meyimkramer we're in one of those critical moments where everyone's asking themselves the same thing. What the heck do I need to own any stocks for? Unless you own tons of oil stocks, a fertilizer stock and a couple of chemical companies, you're getting a real beat down. We may not be far from the all time highs, but let's face it, many stocks are down gigantically. And more important, they could have a lot more downside if the war continues. So in a day where The Dow tumbled 739 points, the S&P plunged 1.52% and the Nasdaq plummeted 1.78% in response to soaring oil prices brought on by the war. We have to figure out why owning stocks at this very moment makes any sense at all. I do have a couple of good reasons, I think. First, reason? Trust me, everyone else is thinking just like you. They can't imagine a way out. Now that Iran has decided that oil should go to $200 a barrel and they should profit from it because they can block the Strait of Hormuz by lobbying projectiles and ships from non friendly crash countries. They're using cheap drones to target the oil infrastructure of the Gulf monarchies. These oil facilities and refineries are gigantic and they were not built hardened. They're totally vulnerable. We know that the Iranians have many more drones than the allies have anti drone systems and they don't seem to care about making new enemies. These drones are not manufactured in used factories and aren't easily found. So oil at $200 only they can benefit from it. The strait is closed to all traffic, but there's could there be a better situation for Iran? Plus, time is on their side. The longer this takes, the more money they make. As long as they keep launching drones. The only thing they can't do is build nuclear weapons. But who needs nuclear weapons when their conventional weapons are now taking the entire globe hostage economically? I just listed the complete list of what everyone knows. It seems like a list that would scare anyone out of the market.

[Announcer]

Market?

[Jim Cramer]

It's enough to make most hedge funds short the market. Especially the funds that haven't had a chance to make money from the oils and are exposed to withering criticism from their clients. So what good does it do right now to bet against the crowd? I actually think it's an advantage because the lower the market goes, the more oversold it gets. Is already at minus 7.5 on the S and P oscillator. I follow something pretty darn rare in the last few years. The more susceptible we are to an awesome snapback, especially if everyone is thinking the same thing. Consider this. Do you think that President Trump doesn't know the spray of horribles? I admit that this war wasn't planned well, but at this point the situation is obvious. Do you think he wants a bear market on his hands? Remember when he said the war was almost over? That did turn around the averages. Trump's pattern has been pretty clear in his presidency. He's willing to make hard choices that could send the market down. But if it gets hit too hard, he's also willing to change plans, demonstrate flexibility like he did with the tariffs after the Liberation Day meltdown last year. That means it could be a deal. Maybe it goes like this. A back channel, perhaps through Qatar, which had been somewhat friendly with Iran. It could give the President a chance to claim a win if Iran stops attacking the oil infrastructure and lets ships go through the Strait of Hormuz. In return, we stop our bombing. Although it starts again if Iran's perceived to be building a nuclear weapon that works. President Trump, having degraded Iran as an adventurous military power, could declare victory and oil would plummet so fast that it would make you wish that you even borrowed money to buy stocks, something I officially do not like. He wants the war to be over. At this point, he just needs a fig leaf that will let him claim he's quietly working behind the scenes to reopen the Strait.

[Lloyd Blankfein]

You know what?

[Jim Cramer]

That could be enough. Unfortunately, the Iranians don't seem willing to negotiate here. In fairness, they've got a new supreme leader and he is vengeful. But if Iran is not willing to make a deal, is there anything our government can do about it? Aside from accepting permanently higher oil prices? Understand, I want this solved diplomatically. I do not support a military solution that would cause mass destruction and casualties of innocent Iranians. I would hate to see another Operation Linebacker for Iran. But when I listen to the rhetoric from Secretary of Defense Hegseth, he's certainly channeling the spirit of Richard Nixon. And I can't say that Trump will rule it out. If the Iranians won't negotiate. The only way the president can reopen the Strait is through dramatic escalation. And I think that's going to get really ugly and bad. Nobody should want that. I know. I sure don't. Still, I'm not a military strategist, I'm a stock strategist. And what I know is that sooner or later this war will end. We don't know when, we don't know how, but at some point it'll be over. And you'll most likely lose money if you don't own any stocks ahead of the cease fire. There are some random non oil stocks that are going up here. Sure. Not enough, though, to stem the pain. That said, can you imagine how you'll feel if you're not in the market when the war comes to an end and the price of oil comes crashing down and stocks go shooting up? Look, it would be amazing if you could sell everything today, right now, avoid the pain you most likely experience in the coming days, and then get back in the day before the war ends. That would be ideal, but we have no idea when the war is going to end. Hey, maybe someone in the White House could do it if they're willing to fully embrace insider trading, which is still illegal, no matter who does it. But for the rest of us, we're fumbling in the dark. I don't like that. Let me give you one more thought. It's true that if oil goes much higher, we're going to start experiencing a lot of pain in this country, but not so serious as the pain of what happened in 2007-2009, the Great Recession. Despite what I've heard from many different commentators, a run to $140 a barrel takes us up to about $1 more at the pump than we are now. Okay, not quite. Obviously, however, it can be withstood. We're not facing something that would require a huge fix here. Our economy will take a real beating. True, if oil goes to $200, but that's. Well, it's still not an existential threat. Despite what you've been hearing from the endless naysayers, the financial crisis was much worse than this. And if you stayed in the market from 2000 to 2000, 2007, 2009, do you know that you only worked your way back to even in five years? Okay, not great again. But once you got back to even, it was spectacular. And again, even if you account for the blow up in private credit, nothing we're seeing now is as bad as what we went through back then. So let's stay in. Here's the bottom line. Even if the current situation is terrifying, remember that under almost all circumstances, it makes sense to stick with the market, if only because you'll have a better chance to make back your losses once peace breaks out. And it will, believe me, you'll be kicking yourself if you sell everything. And then you will have to watch this market rebound without you. And there are so many good things that are going to happen. The rebound could be tremendous. Let's go to Bill in New Jersey. Bill.

[Caller]

Hey, Jim.

[Jim Cramer]

Booyah, booyah. Bill, how are you?

[Caller]

Right to the point. I got 1500 shares of Pepsi I bought in 2008, or 40 bucks. You know where it's at today? About 160. I want to know if it's what's going on? Is it time to get out?

[Jim Cramer]

Because. No, no. First of all, Bill, thank you for this call. And this is at the crux of what I'm talking about. I don't want people selling good stocks because of short term concerns. You get a 3.5% yield. You've got CEO Raymond Laguardo who's doing a terrific job. You've got the best food, beverage play. I don't want you selling. Now let's go to Miguel in Massachusetts. Miguel.

[Caller]

Hi, Jim, how are you?

[Jim Cramer]

I am good, Miguel, how are you?

[Caller]

Pretty good. Progressive Insurance, is that a buy, a hold or a sell?

[Jim Cramer]

I'm not a big believer in the, in these insurance companies, particularly in that particular way. Hey, listen, if you want to own an insurance company, go on Berkshire Hathaway go. They've got Geico. It's a much better diversified way to be involved in insurance. And Chubb is a better company too. If you want to put that out there, let's go to Duane in California.

[Caller]

Duane, hi there Mr. Kramer, longtime listener, first time caller.

[Jim Cramer]

Excellent.

[Caller]

I love your show. My question is in regards to bac, bank of America.

[Jim Cramer]

What do you think? Okay. I think bank of America is an excellent bank. I think that the financials right now have taken such a severe decline. Bank of America 47. Could it go down to 40 maybe? All the financials are under pressure in part because of this ramp, but also because of private credit. I would stick with bank of America. That's the kind of company at 10 times earnings that I think is going to give you a long term good return. Think longer term. You must do that. Let's go to Ian in Florida, please.

[Caller]

Ian, booyah. Jim, how you doing?

[Jim Cramer]

I am doing well. Ian, how are you?

[Caller]

I'm doing excellent, thank you. Longtime listener, happy club member, of course.

[Jim Cramer]

Oh, excellent. Thank you.

[Caller]

Jim, I wanted to ask you about a semiconductor stock that I think has a tremendous great CEO. Really love her and is arguably in the second to Nvidia, the best in the industry. What do you think about getting into some AMD here?

[Jim Cramer]

All right. Now this is very interesting because I have because we own such a big position, Nvidia, I don't want to own its biggest competitor, which is amd. But you know what? If I didn't own Nvidia, I most certainly would. It is a dog fight and Lisa Su is fabulous and thank you, thank you for the kind words. Now even if this current situation is terrifying, remember that under almost all circumstances, almost all, it makes sense to stick with the stock market, not try to get out and get back in. It's too hard. My money tonight, a new company has got videos. Blessings joining the S&P 500. I'm sitting down with the CEO of Meantime wow. And finding out more about his company in the space then drones have fundamentally changed warfare as we know it. So how is Shield A I playing its part? I'm finding out with the CEO. And when turbulence hits the tape, I like to turn to the experts and pick their brains. Don't miss my conversation with the former CEO of Goldman Sachs, Lloyd Weinfein. So stay with Kramer.

[Announcer]

Don't miss a second of Mad Money. Follow Im Kramer on X. Have a question. Tweet Kramer, hashtag MADmentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com Justworks helps small businesses support their teams with everything from HR to better benefits Whether you're hiring, automating, payroll, expanding globally or tackling compliance, JustWorks offers transparent pricing and 24. 7 human support. Hire and manage talent without juggling multiple platforms or hidden fees. And get your team access to premium benefits like health insurance. 401k. Learn [e-mail] they do your human resources right so you can do right by your people. Justworks for your people how can you

[Jim Cramer]

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Support [e-mail] before we had AT&T business Wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14 point turn to get back on route. A 14 point turn. An influencer even livestreamed the whole thing. Not good for business. Now with AT&T business Wireless routes are updating on the fly and deliveries are on time. And the influencer did get us 53 new followers though.

[Jim Cramer]

AT&T business Wireless connecting changes everything. If you're looking for groups to buy into weakness as rising oil prices crush the stock market, you can do a lot worse than the data center suppliers. Later this month, two optical companies are joining the S&P 500 coherent, which we spoke to earlier this week, and Lumentum. Now both them are getting $2 billion investment from India. But Lumen has been the better performer. It's up nearly 900% over the past 12 months despite an 8% decline today as part of that broader tech led sell off. So what makes me feel so confident about this industry? Let's check in with Michael Hurlston. He's the President CEO of Lumentum holdings, who you remember is the CEO of SynOptics. Mr. Welcome back to Mayor Bonnie.

[Michael Hurlston]

Jim, thanks for having me on. Really appreciate it. Good to see you.

[Jim Cramer]

Oh, good to see you. Now I do need to know. I know what you do, but I think a lot of people say, well wait a second, Michael's behind the scenes. We don't know what it is. It's invisible. Maybe you can explain to people why what your industry is, is so exciting, how you really represent the next generation.

[Michael Hurlston]

Yeah, look, our technology connects all of this computer that exists inside the data center. You've got racks and racks of compute and then to connect it all together to make these super inferencing models, you have to have some form of connectivity. And that connectivity now because of the speeds, is more often than not optics. Some optical component is linking all of this compute together into a single cluster, a big engine to drive all of these AI models.

[Jim Cramer]

So there are people who say, wait, copper is cheaper, copper is a better conductor. Let's stick with copper. Can you tell us why fiber is better?

[Michael Hurlston]

It comes down to speed and bandwidth, Joe. Right. You've got a tremendous amount of bandwidth that are running through these compute engines. You've got higher speeds, and at some point, given the bandwidth, given the speed, copper just runs out of juice. Even retime copper, which has extended the life of copper probably beyond where industry pundits thought it would be, is running out of juice. And so you've got to introduce copper optics inside the rack. Does that mean copper is going away? No, it just means that our industry now has a much bigger opportunity than we ever did before.

[Jim Cramer]

Well, let me ask you, Michael, is it possible, I know other companies working on it, you would probably be the first one, if they got it done, that we could replace copper. That is actually within the semiconductor, because so many of us are worried about heat, some of us are worried about how much power is needed. And I think ultimately you're the future.

[Michael Hurlston]

Yeah, look, I think the semiconductor business, and you've covered it and spoken so eloquently about it over X number of years, semiconductor industry isn't going away, it's now. How do we connect these semiconductors together? How do you conduct in video, Broadcom, TPU, GPUs, CPUs. How do you connect all of these semiconductor devices together? There has to be a way to network it all.

[Jim Cramer]

And more often than not, now that

[Michael Hurlston]

networking trend is toward the optical engine. And that's what we make, as you said.

[Jim Cramer]

Right.

[Michael Hurlston]

It's a great time for the industry. There's more and more investment dollars going into the industry, more development going into the industry. It's just. It's just an incredible time right now.

[Jim Cramer]

So let me ask Michael. You had. You've been a great steward of the balance sheet. You had 1.1 billion in cash. You had a lot of opportunities doing. What's it like? You just get. Is it just like you get a check from Jensen? I'm not. You don't turn that money down. But in many ways, you had already charted a course where you didn't necessarily need that money.

[Michael Hurlston]

Look, the good news is it sort of forms the glue of a partnership. We've been working with Nvidia for a good number of years. Last year, if you remember, at gtc, there was a lot of discussion about optics inside their switch engine, and they've employed that to great effect in the market. So we've been working with them on that project for a good number of years. And this investment really cements the two companies. It gives us some money to actually invest more, to get more optical capability, to buy more in the United States. We are manufacturing a lot of our products in the US Less, and this investment allows us to do more of that, which is great. And then it allows us to do some more R and D together and really extend the lead that we've established in the optical space with their tailwind right behind us now.

[Jim Cramer]

Are you basically sold out right now of your product?

[Michael Hurlston]

We are completely sold out. It's a great time to be in this space. The demand goes up every single day. And to give you a figure of merit, if we produce everything we can, we're still about 25 to 30% behind what the demand being placed on us is. So we're way, way under shipping the demand that we see. And we're sold out, really, until the end of 2027. We see no end in sight.

[Jim Cramer]

Well, one last question. Do you find that people who are skeptical about the data center don't seem to realize that what will happen when we get things rolling is that these places will have a terrific return? Because the. The demand is insane.

[Michael Hurlston]

The ban is absolutely insane. I mean, we're involved now in filling these data centers, and we see probably five years of visibility. One of the questions we get from the. From the pundits is, hey, this thing is going to be over next year. It's going to be over in six months. It's going to be over in 18 months. It doesn't seem to have any end for the next five years. And it's exactly because of what you said. You just have a tremendous amount of return on these AI models. And we're just beginning to uncover all the use cases. I'm sure you use it a bit. I use it a bit. Do we use it to the extent we could? Probably not. We're just beginning to scratch the surface, and I just don't see any end in sight.

[Jim Cramer]

Wow, what a terrific story. Well, I want to thank you, Michael. Great to see you again in this new role.

[Michael Hurlston]

Great to see you, Jim.

[Jim Cramer]

Absolutely. Thanks a lot for having me. Thank you. Michael Hurlstone, since the CEO of Lumentum Lite. What a company. Bad money's back into the book.

[Announcer]

Coming up Could AI pilots be the future of airborne combat? Kramer's getting intel on the potential future of the battlefield with Shield AI's CEO next.

[Jim Cramer]

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[Announcer]

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[Jim Cramer]

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[Jim Cramer]

Ever since the war with Iran got rolling, we've seen that drones have totally changed the way we fight, even more so than in Ukraine. Which brings me to SHIELD AI. It's a privately held drone maker. Right now, their main product is the V Bat. That's an AI piloted unmanned aerial vehicle that's designed for intelligence, reconnaissance, surveillance, and also strike missions. They've got a new one in the works, the expat. That's basically an AI piloted fighter jet that can take off vertically. Roughly a year ago, Shield I raised $240 million at a $5.3 billion valuation. Now they're looking to raise as much as $1 billion at perhaps a $12 billion valuation. That's according to Bloomberg. So let's take a closer look with Gary Steele. He's the CEO of Shield A.I. you might remember Mr. The old CEO of Splunk. Mr. Steel. Welcome back to Mad Money.

[Gary Steele]

Thank you, Jim. Good to see you.

[Jim Cramer]

It's great to see you, Gary. So why don't you talk us through this? Incredibly, I got to tell you, a brilliant situation. Because anything that's designed to keep humans out of war, I think would be a great advance over the way things are done currently.

[Gary Steele]

No, that's absolutely right. And there's so much potential with autonomous systems. That's one of the reasons I was super excited to join SHIELD and what we're seeing today is we're active in the Ukrainian conflict, support the, supporting the Ukrainians in their fight against the Russians. We help deliver high value targets to the Ukrainians. And so our drone basically flies missions and delivers mission outcomes where they identify Russian targets that that can be targeted with their weapons systems.

[Jim Cramer]

Now, the co founder, Brandon Singh, he got the idea while fighting in Afghanistan because his unit suffered casualties because of poor reconnaissance. So is this something right now that the US Government recognizes could really help our war fighters?

[Gary Steele]

Absolutely. And I think there's a tremendous shift today from manned systems to unmanned systems. As you referenced in your opening. We're very excited about the new capability that we announced in October, known as the expat. This is a next generation autonomous warfighter. It's a airplane that takes off vertically, lands vertically, piloted by AI. It carries the munitions equivalent basically to what a manned fighter would carry. And it has tremendous potential on future conflicts.

[Jim Cramer]

Is there some resistance that perhaps from the Pentagon saying that, you know, if you take the human, the person out of it, the fighter, that it's, something could go wrong. And it's really important to make sure there's a human in the plane.

[Gary Steele]

The great thing about the cooperation that we have today with the US Government is they think about the human in the loop. And so these systems are made to be collaborative with man fighters. And so it's not like AI is out making decisions on its own. You've got individuals ensuring that the right ultimate decisions are getting made, but you take the risk of having a human being in every one of those airplanes.

[Jim Cramer]

All right, so tell us, talk to us about the pure tech of it. Software and hardware mix. How much of it is what you make? How much is any other companies involved?

[Gary Steele]

Yeah, so really interesting business. Half our business is software. And so we, we deliver a set of software capabilities that allows militaries to be able to fly things, to be able to put in autonomous systems in the water. We span domains and so we're a pure software play on one side. And then we, then we manufacture next generation autonomous hardware as well. And in that hardware lineup we have our Group 3 drone that's deployed in the Ukraine today. And then we have this next generation war fighter that's under development today.

[Jim Cramer]

Now, do you have other clients besides the United States government and Ukraine? Yeah.

[Gary Steele]

It's interesting. This business is probably more than half international today. And so we are working closely with our allies around the globe to support their efforts. And the broad investment in defense that's happening now because of all the conflicts around the globe has created a tremendous amount of opportunity for a company like S.H.I.E.L.D. our goal, frankly, Jim, is just to put next generation technology in the hands of the warfighter and save a whole lot of lives in doing that. What's interesting for me as the software guy who came from the software world to have a software led opportunity here to bring a whole new class of company to aerospace and defense, which I think is a tremendous opportunity. And you have a whole different financial profile. You get the benefits of high margin software combined with high growth, with, combined with long term visibility on contracts.

[Jim Cramer]

Any thoughts about whether you want to do space or subterranean warfare?

[Gary Steele]

Yeah, the. From a software perspective, we do focus on multi domain. We started with AIR because it was the most obvious. We've already announced capabilities, for example, with maritime. We announced a relationship with Huntington Ingalls, the largest shipbuilder. And then we've had our. We've had some initial opportunities in space. We announced a partnership with a company called Sadaro on their space efforts. So we think about the capability across domain, not just with air.

[Jim Cramer]

All right. And I know I mentioned about the valuations and that you might want to come public. I know that you've run public companies. What's the advantage to being a public company?

[Gary Steele]

Well, I think that one of the interesting things for us is SHIELD has been acquisitive. Even though we're a young company, we've been relatively acquisitive. As you know, it's much easier to do acquisitions when you become public. We've had plenty of access to capital in the private markets. We will continue to raise money to support our efforts. We are not dependent upon the US Government to fund these amazing capabilities that we will ultimately make available to the US Government as, as well, well as international governments. But this access to private capital has really been an unlock in terms of new innovation coming into the aerospace and defense market. I think being public is a potential part of our journey. We think about it in a really prudent way. We think about timing, but we want to build a great company that we think will have tremendous impact broadly in conflicts around the World.

[Jim Cramer]

All right, one last question. You are, I know you from, from your last two businesses. I mean they're very, very different from military IT what are the, I mean there's obviously more conflict. There's more, we know everyday ethical thing. I mean is it just a tougher job than what you were doing before?

[Gary Steele]

I would call it a very different job. The thing that I fundamentally believe though is all of the technology that we see today. We need to put that in the hands of war fighters and we need to change the economics that you've tradition seen in the aerospace and defense world. I saw the potential and the opportunity at SHIELD I've never been so excited about anything in my entire life because I think we can fundamentally change the face of how defense is built. The economics of these companies are going to be different. I think about it from an investor perspective. We will look like a company that no one's ever seen before. That we blend software margins with aircraft margins with long term visibility and investors haven't had that opportunity invest in companies like SHIELD So I think there's a lot for investors to look forward to as we continue to grow as a company.

[Jim Cramer]

Well, I am sure that you will be a great steward of it. You've, you're two for two of my book. You've been really amazing and a great fan of the show. So I want to thank Gary Steele. He is the SHIELD AI CEO. It's not public yet. Thank you, Gary.

[Gary Steele]

You're welcome.

[Jim Cramer]

They have money's back.

[Announcer]

Coming up. Amid the turbulence in the markets lately, Kramer decided to bring on a special guest to talk through it all. You won't want to miss it next.

[Jim Cramer]

Last week I sat down with former Goldman Sachs chairman and CEO Lloyd Blankfein who's making the rounds promote his exciting new book Streetwise Getting to and through Goldman Sachs. We talked about his recounting of the darkest moments of the financial crisis and how that compares to today's market where Wall Street's worried about the war with Iran and the rush of redemptions in the private credit space. But there was so much more to talk about that we went. Well, we waited, just went much longer. So we saved the rest of that Lloyd Blankfeim interview for tonight. So I want you to take a look. Lloyd, I want to talk about Goldman. You said something the other night that I thought was really special. You said even if you just had a cup of coffee, you have four years, five years, it didn't matter. It changed your life. Now most places don't change our lives. Why Did Goldman do that?

[Lloyd Blankfein]

You know, it really, it really had kind of an ownership culture. It was the last big partnership, but it really. The people who worked there felt they owned it. If you're an employee of a normal company, I'd say a normal company, you do your job. It'd be rude to go and look, you know, five offices down, different city. What is this guy? At Goldman, everybody felt they owned the whole thing. Somebody was doing something wrong. There was a bond trader in Japan that made a mistake. An investment banker in New York would get rattled, call them up and want to know what's going on. And expect to know, expect to know. And if you're running the place, it's not like a normal CEO where lightning bolts come out of your fingernail and everybody did what you asked them to do. No, I had to socialize everything. I had to run it by people. I had to wait for the comments back, slow things up. But in return for which you get a much more stable organization. People are committed, people have thrown in. Look, we went through that financial crisis. Nobody left. There were people who had resolved, told me at the beginning of the year they were going to leave. They asked, they asked, they said, we'll stay. A couple of them. I'd made all the plans for their spot, right? I said, no, it's okay if you leave. He said, lloyd, you don't understand. If I leave now, people will think I'm cutting and running. I have to stay.

[Jim Cramer]

It's just the company.

[Lloyd Blankfein]

I had to.

[Jim Cramer]

It's not the Marines.

[Lloyd Blankfein]

I had to let you people stay because otherwise they thought their reputations in the firm. And look at the network. Five of my last predecessors were, you know, Bob Rube and Hank Paulson, John Corzine in the government, not just this country. Think of the prime ministers, Mark Carney in Canada, prior prime minister in Australia.

[Jim Cramer]

Right.

[Lloyd Blankfein]

Mario Draghi.

[Jim Cramer]

Now, one of the things that I loved about the firm were tough guys like you, because that's how I learned from you. You had a drill sergeant's mentality even though you were general. And I want to read people from the Three Six review in 2002. Let's see. Better listening skills, more inclusive list of these are things he needs to be dominant. Meetings can be overly harsh, adversarial, intimidating, tends to micromanage, inflexible. Not that those are the nicest ones.

[Lloyd Blankfein]

It's a conspiracy. I can't believe. I can't believe they made that stuff up.

[Jim Cramer]

But the fact is you knew to be tough but fair was the way to run a place, you know, I

[Lloyd Blankfein]

can deal with anybody. And I try to deal with people where everybody is even and predictable and know where you stand and fair. I don't need somebody who's happy and cheery one day and when something is going wrong, they're completely. You know, you get. You get Mr. Hyde instead of Dr. Jekyll. So I had. I think everybody I work with, their whole careers had very, very imposed, very, very high expectations on themselves. I learned to apply that to myself. And guess what? We had expectations for everyone else.

[Jim Cramer]

But at the same time, you could go too far. There was a moment when you're talking to your fabulous wife, Laura, and you say that you have cancer. And then you say. You just say it like that. And then you say, look, I'm sorry, I gotta call you back because there's a big client on the other line. Now. How did you. I mean, that. Isn't that when you know you have to go.

[Lloyd Blankfein]

I've been a fatalist. Every time I've ever gotten a physical. I was feeling down. I was actually falling down, climbing upstairs. I wasn't clearing the rise. I knew I felt a little bit off, but. But the doctor called. And by the way, every time, being a fatalist, every time I ever got a call from a doctor, I expected to get bad news. This time. This time it was. So he calls me up and he says, blah, blah, blah. We cancel. See, we have to come in for more tests. But you have a. You know, obviously, we see some tumors. And I go, oh. And just then, my assistant never heard anything, says, so. So. And so, who I've been trying to get all morning was on the line. I called up Laura and I said, you know, leave.

[Jim Cramer]

Where are you?

[Lloyd Blankfein]

Leave the room. I have to. I just want to tell you. I started to tell her. I got that. I got that call. My secretary called over the top and. And I said, oh, Laura, let me call you back. And let me call you back in five minutes. I've been trying to get this person all day.

[Jim Cramer]

The perspective may be. May not be.

[Lloyd Blankfein]

I realize I said, I did say. I did say, you know, shame on me. That was really ridiculous. But I guess I was processing.

[Jim Cramer]

Now, one of the things I need you to tell me. You can't really ever detect fraud or law breaking even when you're running the place, right? I mean, you had a partner person on the board. I'm sorry, from McKinsey. Top notch, great guy, did insider trading. But you could never have spotted that he was like that, could you?

[Lloyd Blankfein]

Know, but there's a little funny aspect to that. So it was Rajak Gupta who was three term head of McKinsey was. Had his whole career at McKinsey was on our board, I think for a couple of years. The news. And he insider traded off our stock and also Procter and Gam, another stock because he was on another board, by the way, if you would ask somebody in the know, named the top five business people in the world, he would have been on everybody's list. He would have. And. But anyway, this happened. I testified, he was convicted. By the way, they held me on the stand for three days just to testify.

[Jim Cramer]

But you finally said, listen, I gotta go to my daughter's graduation.

[Lloyd Blankfein]

It was really ridiculous because I really didn't have much to add except for three days they kept asking me, saying 500 different ways that you're not supposed to trade on inside information. Finally said, you have to come back another day. And I said, it's my daughter's graduation. And I said, I'm a lot more afraid of her than I am of you. Your honor.

[Jim Cramer]

So during the period when this Wall street was in disrepute, right after 2008,

[Lloyd Blankfein]

you mean for the last 10,000 years?

[Jim Cramer]

Yes. Why was Goldman, let's say persecuted more than others?

[Lloyd Blankfein]

Well, look, several things. One, there's a lot of mystery about around Goldman, right? Go make a deposit in your Goldman Sachs branch. Go get a mortgage from Goldman Sachs. We don't deal with the general public yet. Big balance sheet, very influential government sacks. Look at all the people who leave Goldman go into Goldman, which was, which,

[Jim Cramer]

you know, you encouraged me to do. And then it turned out to be a bad thing.

[Lloyd Blankfein]

You know, it shouldn't be a bad thing, but it's. It became a pejorative when government failed, those associated with government failed. And it was a shame and something. We made a mistake too, big mistake. We were always in the background. We were the advisors, we were the underwriters for people. We are supposed to be in the background. Our clients are first. We had a whole publicity department whose only purpose was to keep us out of the.

[Jim Cramer]

Well, you said at one point in the book that you have to define yourself before the crisis.

[Lloyd Blankfein]

That's the problem. And so that was the problem mistake we made. We'd gotten so big, so prominent, so influential, our people were so out in the world, how could we have been invisible? What we should have done is we should have defined ourselves. So that comment that I made that everyone made a fuss over, if people had known who I Was and how I speak. It wouldn't have come across that way. But nobody. Nature pours a vacuum and the media tries to fill it.

[Jim Cramer]

Yes, well, I will tell people this is a different kind of book. This is the kind of book that I read a lot of books about finance and Wall street and most of them just don't ring true. There are scores that are settled. There are people who don't live up to and put houses on for sale because of fiduciary duty to their family during the. During the crisis. There are people who should have been there. There are people who came back. There's just nothing but truth. And I thought you would have waited till everybody was dead before you wrote it.

[Lloyd Blankfein]

Well, the problem is I might go first so I couldn't bide my time.

[Jim Cramer]

You know, I'm gonna. I don't want to leave it at that. I want to also say. I want to say you're a great dad, Granddad. I don't know. I've seen it a lot of different ways.

[Lloyd Blankfein]

Well, you know, you know what I'm proudest of? Being a great friend.

[Jim Cramer]

You sure are, man. Thank you very much. That's Floyd Blank Fight. He's the former chairman CEO of Goldman Sachs, author, Streetwise and yeah, okay, I'll say it. A great guy. That money's back at the coming up.

[Announcer]

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

[Jim Cramer]

It is time to start with the white round cranes where I think rap calls. Been saving the stocks at a buy by by sell. So sale just under the course ahead of time. My steppers playing this out. And then the lightning round is over. Are you ready, Ski Dad, Come right here on Crimson Market. Let's go to IFT in Florida. Ifti.

[Caller]

Hi, Jim. Thanks for taking my call. I love your show.

[Jim Cramer]

Thank you.

[Caller]

Jim, I'm calling you about energy transfer.

[Jim Cramer]

That is the kind of stock that you want to own in this environment. You're going to make money. You've got a great yield even though it's up in almost parabolic move. I would buy stuff some more if it came down. Let's go to BK and Massachusetts. Bk.

[Caller]

Professor Kramer, this is BK from Massachusetts. It's a pleasure speaking to you again. I just want to say as an investing club member, your guidance has truly been an anchor for me during this march of turbulence.

[Jim Cramer]

Yeah, we try to put it in context. Thank you. Yep.

[Caller]

And so my question is on Eaton Corporation. You know, I know the club owns Eaton and, and I have shares of Eaton. And do you think that at this level it's a buy or hold?

[Jim Cramer]

Well, you know, it's funny. If it were, you know, this is a silly asterisk. If it were not for the war, but I think because of the war it's going to make everyone feel a little bit dicer about owning stocks. So you have people selling it. But I do think the answer is yes, I do want to own and thank you for being a member of the club. Let's go to Danielle in New York. Donnell.

[Caller]

Hey, Jim, how you doing?

[Jim Cramer]

I'm doing well. How about you?

[Caller]

I'm good. Watch your show for many years.

[Jim Cramer]

Oh, thank you.

[Caller]

Great job. Thank you. Do a great job helping educate investors.

[Jim Cramer]

That's my goal.

[Caller]

I have this stock that I. I have this stock that I've owned for several years. Have been in the red pretty much since I bought it. I want to it because of its good dividend but recently the stock has begun to break out. It's up 45% year to date. So my question to you is, can you help a Cowboys fan decide what to do with Nordic American tankers?

[Jim Cramer]

Yeah, you ought to stay long. Every penny. No, look, I. That's a joke. Okay, Nordic American, I want you to cut half off because it's been not a great stock. And then you play the rest of the house's money and see where it goes. That's my best advice. And I like Jerry Jones too much to trash the Cowboys. I gotta do that. Everybody knows I like. Let's go to Dennis in California, please. Dennis. Jimmy, chill.

[Caller]

It's a pleasure to talk to you.

[Jim Cramer]

Same, Jimmy.

[Caller]

I've owned this stock for three years. US Sanimony uamy

[Jim Cramer]

Well, look, I'm a big believer in minerals and metals and I think you've got an interesting one. I think that the company just could break even, do a little bit better. I would hold on to that one. Let's go to Bill in New York. Bill.

[Caller]

Hi, Jim. I've got an anti GLP1 stock, a staple that's not PMT or Clorox. It sold off my favorite brand, ho, ho ho, Green Giant. But my company still owns many healthy legacy brands including B and M baked beans and Underwood delicate. The company's B and G food symbol bgf.

[Jim Cramer]

Yeah, I would sell that stock. I mean, we've been around the block with those guys forever and I don't like what they've done for years and years now. It's been disappointing and I don't think it's worth investing in and that. Ladies, on the conclusion of the Lightning Round.

[Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, what will it take for food stocks to find their footing again? Kramer has a radical idea that could pull the industry back from the cliff and he's sharing it next.

[Caller]

Booyah. Jim Cramer, I'm a first time caller, a happy club member.

[Jim Cramer]

I want to thank you for being

[Caller]

the people's champion of investing. Thank you for helping me become a millionaire.

[Announcer]

Tomorrow. Kick off the trading day with Squawk on the street live from post nine at the nyse, they were saying, hey

[Jim Cramer]

paper tiger, don't be a paper tiger, but don't tell them you're playing, for heaven's sake. You do the plan, you don't tell them. Plan ahead.

[Announcer]

It all starts at 9am Eastern.

[Jim Cramer]

The food group is in so much trouble that they may need to do something radical to turn things around. Yesterday, Campbell's reported one of the worst quarters I've seen in ages. It was awful across the board. Revenues fell 5%. Organic sales dropped 3%. The snack business, chips and pretzels, unbelievably bad. Even the bright spots, like the recent acquisition of Rao's Pasta sauce got canceled out by Prego. Stock hit a 17 year low as people started wondering if Campbell's would be able to cover their dividend. Yet management was defiant in their conviction that things are going well, which made it an agonizing listen to God's call. This is not the only example. When General Mills spoke at Cagney, a key industry conference, they told a slightly better story. When Mills reports next week, I bet pet food will shine. But there's heavy discounting in cereal and management doesn't seem to recognize that the stocks turn to a very suboptimal normal situation. Their review, they say, is, quote, resulting in significantly improved competitiveness and quote, they do have eight leading brands. Each generates $1 billion in sales. But in the end, General Mills, a justifiable company, had to cut its earnings forecast and it was the talk of the whole conference. Why? Quote, weak consumer sentiment, heightened uncertainty and significant volatility have weighed on category growth and impacted consumer purchase patterns, resulting in slower pace and higher cost of volume recovery than initially expected, end quote. That doesn't sound all that positive. ConAgra has been a nightmare of a stock, even as the company's put together a terrific family of brands navigated a tough situation as best it could. At the same Cagney conference I just referenced, conagra reaffirmed its guidance but still Said it sees full year sales at plus 1 to minus 1%. Not enough to get anyone excited. A year ago Conagra was a $26 stock. Now it's a $16 stock. Sure, it has an 8.25% yield, but only because the stock's been beaten down to such a low level, not because it keeps boosting its payout by leaps and bounds. Which brings me to my radical plan. It's time for the food companies to consolidate. And the consolidator, the only person who's actually been able to make money in this group for shareholders in a huge way, that's Steve Kalain. He's the CEO of Kraft Heise. Now, if you remember, Steve split Kellogg's Kellogg into the old W.K. kellogg for cereal and Kellanova for snacks. Less than a year later, he sold Kellanova, which he stayed with by the way, for a huge amount to Mars. Then less than two years after that, W.K. kellogg caught a bid from Ferraro. That's much more than you return when you've gotten. You would have crushed the S and P over three and a half year period with a food company. As for Kraft Heinz, it was going to split into two before Steve got there at the beginning of the year. He cannot plan quickly. He said that the company was weaker than he thought needed to improve. Forthright. That's what I want. I say forget the noise. I have the signal. It's time that Steve K. Put Steve Kelly put together all four of these packaged food companies into one brand powerhouse. He could pick and choose the fast growing brands. The slower growing brands go another company. The ones that shouldn't be even brands anymore. Well, you can just get rid of them. You can divide them into separate businesses like he did with Kellogg. There's a million things he could do. Why now? Because under Trump, the Justice Department and the Federal Trade Commission will probably bless any of these deals. It's a once in a lifetime opportunity where they simply don't need to worry about antitrust enforcement. In the end, these food companies, well, they're sick. They're headed in the wrong direction. That will change quickly if four companies emerge into one. Right now, these separate brands simply don't have the heft to negotiate with any of the supermarkets. It's time to turn the tables on one big food company. Could be a terrific addition to any diversified portfolio. I say let's get these together, Steve. We know you can make it happen. I'd like to say, as always, a bull market summer. I promise. I find just for your man Money option Kramer See you next time.

[Sponsor/Advertiser]

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 and or 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 Rover makes it

[Jim Cramer]

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[Announcer]

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[Lloyd Blankfein]

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[Jim Cramer]

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