Mad Money w/ Jim Cramer 3/17/26

Summary

Mad Money w/ Jim Cramer – March 17, 2026

CNBC | Host: Jim Cramer | Special Edition – Live from Nvidia’s GTC Conference

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Episode Overview

Jim Cramer welcomes listeners to a pivotal episode of Mad Money recorded live at the Nvidia GTC Conference. The episode dives deep into the forces shaping today’s stock market, focusing on how fundamentals are trumping macro fears. More importantly, it features two significant interviews: a two-part conversation with Nvidia CEO Jensen Huang, dissecting Nvidia’s trajectory and the broader AI revolution, and a look into Vertiv’s role in powering the world’s data centers. The episode concludes with an introduction to Mistral AI, the "European OpenAI," and the innovative Nematron Coalition. As always, Cramer delivers actionable insights with his trademark candor, energy, and humor.

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Key Market Insights & Opening Thoughts

Resilient Market Action Despite Global Uncertainty

• Positive Patterns Emerging: After weeks of negativity, Cramer notes a surprising resilience in stocks despite a 3% rally in oil prices and ongoing worries such as the tension with Iran (01:00-02:00).
  • “As oil jumped, investors ignored that action, instead focused on the fundamentals of individual companies excluding oil. And when you take petroleum out of the equation, when you ignore the increase, it looks pretty darn good. Bye. Bye. Bye.” — Jim Cramer (01:15)
• Sector Standouts:
  • Delta Airlines delivered strong numbers, countering expectations that $95 oil would crush airlines.
  • Private Equity Firms: Firms like Blackstone, Apollo, and Ares surged, challenging the narrative of an ongoing “crisis” in private credit.
  • Enterprise Software: Orlando Bravo of Thoma Bravo asserted that, contrary to bearish takes, the vast majority of his firm’s investments are performing well.

The "Nvidia Effect" and Institutional Ownership

• Despite Nvidia’s keynote announcements and its dominant role in AI, the stock was flat to slightly down, prompting Cramer to re-emphasize Nvidia as a long-term hold rather than a trade.
  • “You should own it, not trade it. Oh, like I really care about today. I mean, it kind of hurt, but so what now?... This is the real deal.”— Jim Cramer (05:35)

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Feature Interview: Jensen Huang, CEO of Nvidia

First Segment: 09:46–20:16
Second Segment: 22:04–35:23

Nvidia’s Accelerating Growth Engine

• Beyond the GPU – Platform & Ecosystem:
  • Jensen stresses Nvidia’s evolution into an "AI infrastructure company," providing comprehensive hardware and software solutions:

    “We invented this chip called the GPU... but the company has really grown well past the GPU. We're very proud of the GPU, of course... But the company is much, much larger than that.” — Jensen Huang (13:27)

• Growth Story: Unlike typical large caps, Nvidia is accelerating in scale due to expanding markets in hyperscalers, on-premises data centers, and a proliferation of AI use cases.

  “We are accelerating growth at the scale that we currently are... We're opening up so many new opportunities. We used to start out at the hyperscalers, but now we expanded well beyond...” — Jensen Huang (10:44)

Nvidia, Cloud Giants, and AI Customers

• Nvidia is not just selling to the cloud giants (“hyperscalers”) but actively partners, integrating CUDA into their platforms and attracting developers to their clouds (11:22–12:51).

  “They're not just our customers. We are their market partners... we're expanding beyond the hyperscalers.” — Jensen Huang (11:38)

• The company counts AWS, Google Cloud, Azure, and OCI as close collaborators.

From Agents to Autonomous Systems

• Huang details Nvidia’s push beyond large language models into AI “agents” — both digital and physical — designed to autonomously reason, plan, and execute tasks.

  “We use that kind of agent in our company. Across the board, software agents for software coding... We're going to see agents in every single part of every single company and it's going to help us become a lot more productive.” — Jensen Huang (14:32)

Uncounted Opportunity and Trillion-Dollar Trajectory

• Cramer and Huang agree that the market and many institutions underestimate how much new business will soon be “counted” in Nvidia’s numbers.

  “We're inventing things all the time... All the new systems that are being introduced here are not in production and already counted in those numbers, they're going into production...” — Jensen Huang (16:17)

Innovations and Cost Efficiency

• Discussion of Vera Rubin CPU, designed for AI-era data processing, and the idea that high-performance (and sometimes more expensive) Nvidia systems can yield the lowest token costs due to their efficiency.

  “It is very, very possible that the most expensive system, the ones that we make, generate the lowest cost tokens because it's so efficient.” — Jensen Huang (18:42)

Industry Partnerships: OpenAI, Anthropic, Meta

• Nvidia’s confidential computing capability enables partners to run sensitive models securely across clouds.

  “Nvidia's architecture is the only architecture in the world that supports confidential computing, which means companies like OpenAI and Anthropic could take their, really their valuable models, completely protected inside our computer...” — Jensen Huang (24:23)

OpenClaw – The Next ChatGPT?

• Huang touts OpenClaw, a recently open-sourced AI project, as the next revolution akin to ChatGPT:

  “OpenClaw is such a big deal. OpenClaw is as big of a deal as ChatGPT, no doubt.” — Jensen Huang (28:35)

The Long Game: $10 Trillion Company?

• Cramer floats, and Huang supports, the possibility of Nvidia’s valuation reaching $10 or even $20 trillion as AI’s reach and their ecosystem expand:

  “Absolutely, absolutely possible. And that's our hope. And I think we're on our way there.” — Jensen Huang (29:52)

On AI and the Future of Work

• Huang candidly addresses concerns about tech-driven layoffs and argues that AI should elevate the possibilities for workers and organizations:

  “For companies with imagination, you will do more with less. For companies... out of ideas, they have nothing else to do... when they have more capability, you know, they don't do more.” — Jensen Huang (27:42)

• And reiterates the creative, supporting role of AI for artists and professionals, not replacing but augmenting human talent (30:40–32:22).

Power, Cooling & Sustainability

• Nvidia’s role as a major consumer of energy is discussed, but Huang asserts their systems are the most energy efficient for the scale:

  “We are the most energy efficient architecture in the world. It is the reason why they called me, you know, the Token King. Nvidia is the inference king.” — Jensen Huang (32:54)

Notable Quotes & Moments

• “The market is a magical place, but it can't hold us back forever.” — Jensen Huang (28:35)
• “When you're on the job you got to stay focused on the job. That's why I don't wear a watch. I'm 100% there.” — Jensen Huang (34:17)
• “I have to tell you, the idea that we'll look back and say, well, 183, that number will mean nothing, nothing at all. Because we're going so much higher.” — Jim Cramer (35:08)

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Vertiv Interview – Giordano Alberto, CEO

(35:48–41:33)

The Backbone of Data Center Expansion

• Vertiv, which supplies power and cooling equipment for data centers, is benefiting massively from the AI buildout. Stock is up 65% in 2026.

  “Take Vertiv Holdings, which makes power and cooling equipment for the data centers. These guys report a blowout quarter... Can it keep running?” — Jim Cramer (35:48)

• Alberto credits not only market demand but Vertiv’s strong presence in the AI ecosystem, notably its partnership with Nvidia for integrated engineering and rapid deployment (36:19).
• Growth in liquid cooling and capacity to handle new power-hungry tech like Nvidia’s Vera Rubin hardware is highlighted.
• Alberto points to robust demand in Asia and an “uncoiling” in Europe, with the “spring” released and growth accelerating (40:20).

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Lightning Round

(41:51–42:49)

• Origin Bancorp (OBNK): “It's okay, not great, not bad. That's not enough for me to own it.” — Jim Cramer (42:03)
• Super Micro Computer (SMCI): “No. You’re buying Dell. You're not buying SMC, you're buying Dell. I've had enough.” — Jim Cramer (42:20)

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Mistral AI Spotlight – Arthur Mensch, CEO

(43:00–47:06)

The European AI Challenger

• About Mistral AI: A French-based open-source AI leader, recently valued at $13.7 billion. Called the "European OpenAI."
• Nematron Coalition Announcement: Mistral is partnering with Nvidia and others to create “frontier” open-weight models that can serve as advanced, customizable AI foundations for enterprises worldwide.

  “Today we're announcing the Nemotron Coalition, which is a coalition of several companies coming together to train the best open weight models.” — Arthur Mensch (43:46)

• Forge Product: Designed to help clients — majorly in sectors like financial services — embed their own proprietary data into new models, with a high degree of customization.
• Rationale for Customers: Open architecture, deep customization, and the ability to tailor AI models specifically for business-critical use cases set Mistral apart from competitors.

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Conclusion

Jim Cramer wraps up the episode affirming his long-held thesis: the convergence of AI and physical infrastructure is just beginning, with industry-defining players like Nvidia, Vertiv, and Mistral at the forefront. He urges listeners not to be discouraged by short-term market noise but to focus on fundamentals, ongoing innovation, and the real economic value being created.

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Episode Timeline

| Timestamp | Segment | |----------------|-----------------------------------------------------------------| | 00:59–07:48 | Cramer’s opening market commentary | | 09:46–20:16 | Interview Pt. 1: Jensen Huang (Nvidia) | | 22:04–35:23 | Interview Pt. 2: Jensen Huang (Nvidia), continues with AI, OpenClaw, and future valuation| | 35:48–41:33 | Interview: Giordano Alberto (Vertiv CEO) | | 41:51–42:49 | Lightning Round – Stock Q&A | | 43:00–47:06 | Interview: Arthur Mensch (Mistral AI CEO) & Nematron Coalition |

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Memorable Quotes

• “The stock is as cheap as Mondelez, that you're as cheap as Oreos.” — Jim Cramer on Nvidia valuation (29:10)
• “If you decide you're just a semiconductor company... wow, what an aberration. But if you're something bigger, with imagination...your company might be earning 10 trillion.” — Jim Cramer (29:29)
• “The company is much, much larger than that [a GPU company].” — Jensen Huang (13:27)
• “I was just trying to make it through the shift. You know, when you're on the job you got to stay focused on the job. That's why I don't wear a watch. I'm 100% there.” — Jensen Huang (34:17)

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For Investors

• Own, don’t trade Nvidia; the innovation pipeline is accelerating.
• Data center infrastructure (Vertiv) and open-source AI (Mistral) are prime areas of growth.
• Don’t let daily market noise obscure decade-defining opportunities in AI and computing.

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End of Summary – Mad Money 3/17/26

Transcript

[Keith Lansford]

This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] Market Update podcast or find Schwab Market Update wherever you get your podcasts.

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[Jim Cramer]

My mission is simple, people to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere, and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Crane America. Oh, my friends, I'm just trying to make a little money. My job, not just entertain, but to teach. Call me at 1-800-743-CBC or tweet me at Jim Cramer. All right, now we keep seeing new patterns. And not just the pattern that you find behind me at Nvidia's GTC conference. I'm talking about increasingly positive ones. After three weeks of negativity, the new pattern today, Even though oil rallied 3%, many stocks still managed to go higher. That's right. As oil jumped, investors ignored that action, instead focused on the fundamentals of individual companies excluding oil. And when you take petroleum out of the equation, when you ignore the increase, it looks pretty darn good. Bye. Bye. Bye. Bye.

[Arthur Mensch]

Bye.

[Jim Cramer]

Bye. With The Dow gaining 47 points, SB advancing point to 5%, the Nasdaq climbing point 47%. But what happened today is the kind of thing is really not supposed to happen at all. See, last week, many thought the war with the RAM was out of control. Since then, nothing's really changed. Except our governments refrained from bombing Iran's oil infrastructure. Now things feel a little less crazy, although that's not saying all that much. But it was enough to get people buying. What they bought was as revelatory as what they didn't buy. The anomalies are stark. This morning, Ed Bastian, the CEO of Delta Airlines, came on cbc. Now, when I saw Phil Limbeau standing next to him. I could see a wrecking ball coming right at the beleaguered airline. You think $95 oil would be lethal to the entire industry, right? Turns out Delta is putting up some incredibly strong numbers both for regular travel and business travel. Was an extraordinary display of real world positives clashing with Wall street negatives. And today the real world won. Then there's the most toxic area of 2026. The stocks of the private equity firms. Oh, man. I remember when people used to want to go work there. Now we watch these stocks sink into the quicksand. Sometimes all we see is their head. Sometimes we just see their hands. Today though, these stocks miss the universe. Blackstone, Apollo, Ares just blasted off as the cognizant, detecting that the so called crisis of private credit may have gone too far. Maybe it's not even a crisis. Maybe it's just a debacle. Case in point, people hate the enterprise software place. They assume that the AI companies behind me have made this kind of software obsolete. But today, Leslie Picker interviewed Orlando Bravo. He's the principal of Thoma Bravo, a private equity firm has made some huge enterprise software investments. Now, if you listen to the Bears, anything Orlando touches turns to lead. He admitted that there's been some instances where he overpaid for a given company like Medallia, which is a customer experience management platform. I always wanted one of those. But then he made a bold claim that 77 deals he's done in the field are actually doing well. That's a lot. It made me and obviously others think that the Bears are going to be roasted if they keep shorting this group. The era of good feelings extended to the banks which have been got. They got real oversold, meaning that sellers panic, creating great prices for buyers on the way out. Now, you'd think that the companies here at Nvidia's GTC conference, where we've encamped for the last two days, would also be running led by Nvidia itself. Right. But the world's biggest company is finding out that most big institutions already own its stock. Everyone's already in the pool. So despite some incredible numbers unveiled by CEO Jensen Huang during his keynote address, the stock just couldn't get any traction. Today it finished down a buck 29 at $181.93. Ouch. Now tonight you can hear from Jensen directly. You'll see why I always say you should own it, not trade it. Oh, like I really care about today. I mean, it kind of hurt, but so what now? There's a belief that the stock simply can't move, that it's hostage to opt in situations that are pushing it down relentlessly. Call selling because the calls are richly valued. Pumped by retail enthusiasm. It's an abstruse strategy that allows traders to profit from stock doing nothing. Oddly, many of the companies that use Nvidia semiconductors or live in the Nvidia ecosystem found their stocks trading higher today, leaving in video behind. My suggestion, do not lose faith. Go back over what he's been saying. This is the real deal. Bottom line. Things are better than I thought when I got out here. That will only translate into higher stock prices for Nvidia and many other techs. Even if right now it's the hieroglyphics and the troglodytes who are in charge until the company's quarter is over and it reports great numbers. Let's go to Barbara in Indiana. Barb, and I'm not going to interrupt. Barb, go ahead. How do you view Chipotle's long term outlook considering its expansions? Do you think it still has a meaningful upside? I'm in the house of pain. It used to be one of your favorites. The house of pain is a terrible place to be though. I had the chicken al pastor. Man, that was dynamite. But that's not going to be dispositive to the stock. I think the stock is marking time, but that the numbers are going to turn here. Scott Boatwright is doing everything right. It's been at 34, 35 since it's reported. I'm feeling okay about it, but I don't like the restaurant group that much because it translates as being if gasoline is up, restaurants are down. That's the way it is. But I thank you for your call. All right, look, after being out here at gtc, I realized that things are better than we thought. And that'll translate ultimately to higher prices, especially for Nvidia. But then again, a lot of companies, a lot of. A lot of shareholders, a lot of accounts, they all own Nvidia already. Maybe we need some new numbers to get it rolling. That money tonight. We couldn't leave GTC without sitting down with Nvidia with our host CEO Jensen Huang. Do not miss my two part interview with the man of the hour. You'll see why. To say hold it. Don't panic. Then Vertif just announced a deeper collaboration with Nvidia's Vera Rubin factories. I'm hearing all about it with the company's CEO and that's a Red hot stock. Plus AI Innovation isn't just happening here in the US I got the chance to sit down with a private French company that's pushing the boundaries of what's possible. So don't miss my exclusive with Mistral AI and stay with Nvidia. And stay with Kramer.

[Mad Money Announcer]

Don't miss a second of Mad Money. Follow imkramer on X. Have a question? Tweet Kramer Madmentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CBC. CNBC. Miss something? Head to madmoney.cnbc.com

[Jennifer]

oh, could this vintage store be any cuter?

[Jensen Huang]

Right?

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And the best part, they accept Discover.

[Jennifer]

Except Discover in a little place like this? I don't think so, Jennifer.

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[Jennifer]

Right. So we shouldn't get the parachute pants?

[Stamps.com Advertiser]

These are making a comeback, I think.

[Jensen Huang]

Discover is accepted at 99% of places that take credit cards nationwide. Based on the February 2025 Nielsen report.

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[Jim Cramer]

Uh, yeah.

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[Jim Cramer]

It's native.

[Keith Lansford]

This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] Market Update podcast or find Schwab Market Update wherever you get your podcasts.

[Jim Cramer]

Earlier today I got the chance to sit down with our host at GTC for the past couple days. That's Jensen Huang, the renaissance man. Founder, president and CEO of Nvidia. Take a look. First gents, I want to thank you. I've been with a number of people over the last six months whom you made your company made millionaires. I've never seen it happen in 42 years on wall Street. So thank you.

[Jensen Huang]

Thank you. That's what. That's what we do all this for. Make a small difference in people's lives.

[Jim Cramer]

There are a lot of people who feel that your stock is tapped out. The institutions own all that they could possibly have. I think they have to look at it differently. I think your stock is. Represents incredible value and individuals understand that. And a whole other cohort of mutual funds understand that. Yesterday you presented things that would make it so. It could be a level of growth that we've never seen. And yet your stocks, a value stock. Have you thought about that?

[Jensen Huang]

Well, you know, we're a very large company and yet we are accelerating growth at the scale that we currently are. And I think that's part of the story that a lot of people don't understand. It's probably difficult to understand how a company as large as we are could actually be accelerating growth. But the reason for that is we're opening up so many new opportunities. We used to start out at the hyperscalers, but now we expanded well beyond the hyperscalers. The number of new companies that we're working with, new countries we're working with just, you know, just really, really growing fast. And so we're accelerating our growth.

[Jim Cramer]

And there's a loss narrative. And the narrative is this. There are a couple companies that control your business. There's a Google and there's Amazon, there's Microsoft. They are spending a fortune and they're making nothing. Aren't you the principal reason why people even go to them?

[Jensen Huang]

You know, we're. They're not just our customers. We are their market partners. We bring customers to them. And the reason for that is because if you come to this conference, gtc, they're all of these industries that built on top of cuda. We integrate CUDA into their clouds and then we get developers that come to their clouds to consume the computing. So they, they're all here. AWS is here, Google Cloud is here, Azure is here, OCI is here, Coral Reef's here. And they're having a great time because we're bringing customers to them. And so that's number one, I think number two is that we're expanding beyond the hyperscalers. You know, there's a. There are many parts of the market that we could address that it's very difficult for other companies to address because a lot of computing is on prem. For example, all the work that we do with Dell and Dell's growing incredibly. They have a huge pipeline ahead of them. HP's doing incredibly. They've got a huge pipeline ahead of them. I spoke with Lenovo yesterday. They've got a huge pipeline ahead of them. And all of that, all of those on prem opportunities, people are still building data centers. They're building it around the World they're building in their companies, those are very difficult to address for hyperscalers.

[Jim Cramer]

Well, also what I'm hearing is not really a semiconductor company. It's a company that is a platform with software, loaded with software. And, and if you decide that all this company is, is the four walls of a piece of metal, you're missing what is going to make it. So we'll put a man on the moon, a woman on Mars, that a self driving car will be able to drive on black ice, that we will see robots that take the place of the things that we don't want to do. These are not what people should, they don't understand that. And yet that's what you're talking about.

[Jensen Huang]

You know, we invented this chip called the gpu. It is so revolutionary people forget that we're, you know, growing well beyond that. And so Nvidia is today really an AI infrastructure company. We built all the technology inside an AI factory. Everything from GPUs, of course, networking switches and CPUs, and we optimize across the entire stack of software and chips and systems. And we have ecosystem partners that span, you know, $100 trillion. And so the company has really grown well past the GPU. We're very proud of the GPU, of course, sure, and we build the world's best GPUs. But the company is much, much larger than that.

[Jim Cramer]

Well, one of the things that I found myself thinking about was when we first met 10 years ago, we've been on TV with us before, but you talked about one day we'd have an agent. And I didn't understand it, but it turned out to be like Harvey the Rabbit. It's right there and it's going to make us so much smarter. And people think, well, for 10 years, I love, I, maybe I get one

[Jensen Huang]

in eight months, you get one sooner. I think the, well, the idea of agent. An agent is someone who's able to reason and act autonomously has agency. There are two types of agents. That's right, there's two types of agents. There's one that is physical, it looks like a robot. And we recognize that as something that has agency. It can move by itself, it can understand us, it can reason, perform tasks. There's a digital version of that. And that digital version of that could do things like, you know, help me optimize my chip design, help me write something, software, help me plan a trip, help me, etc, etc and organize my day. And so that agent is extremely useful. We use that kind of agent in our company. Across the board, software agents for software coding. They made our software engineers incredibly productive. And those are agents. We're going to see agents in every single part of every single company and it's going to help us become a lot more productive.

[Jim Cramer]

I've deliberately kept all my questions so far to the outside of trillion dollars. Everything you talked about is not covered by the trillion because I think people, I think people were, let's say, kind of what have you done for me lately about that? But everything we talked about is going to be in the numbers, perhaps even in the next 18 months. And those who are selling calls and selling puts and making a little bit of money with the stock at 183 are missing the big picture. I know. They are the Lilliputians in the equation. There is something much bigger going on. Why do you think the individual sees the bigger, not the institution?

[Jensen Huang]

Well, because they don't see the, they don't see all the things that we're inventing all the time. You know, when I talked about the trillion dollars I wanted to give people a reference to last year. This is our Blackwell plus Vera Rubin. And of course the purchase orders and the forecast that we have are the things that are in production today. A lot of the things that we're talking about here are going into production soon. And so these are going to be on top of and new and beyond. We're inventing things all the time. All of the self driving car announcements that we've just made, all the robotics announcements we made, the agent announcements that we made. All the new systems that are being introduced here are not in production and already counted in those numbers, they're going into production. And so you know, we still have 21 months to the end of 2027. Oh my gosh. There's a lot of new businesses that we're going to book and a lot of new businesses that we're going to expand our growth beyond a trillion.

[Jim Cramer]

Yes, I was with Rene Haas. Yeah, it does sound like that. You're going to also not dominate because you don't want it. Your friend, you're not trying to crush anybody. But the CPU business could make you a lot of money. Again, not in the trillion.

[Jensen Huang]

Data processing is going to go through a whole new reset, a whole new reinvention. And, and the reason for that is because these agents use data processing at a speed that no humans can. And so we're going to access corporate data, enterprise data a lot faster and we need a new type of processor to do that. And so we Invented a new type of CPU we call VERA CPU that's designed for, you know, CPU of the AI era, if you will.

[Jim Cramer]

Okay, yeah, well, I also.

[Jensen Huang]

Brand new type of cpu. It's going to grow the industry.

[Jim Cramer]

It's going to be one of the things that. That could be involved with that. One of the things that. Jesus. Didn't people realize that you came up with a chip that was faster, better and certainly more useful than when it came to inference than other companies that are so proud of their inference chip? No need to knock anyone. I mean, you've got customers that do a great job. But your inference chip would combine. Veer Rubin is much cheaper. Cheaper by token cheap, but total cost of ownership. I mean, I don't mean to be a salesperson for it, but wasn't your inference gambit much better than what's out there now?

[Jensen Huang]

The thing I wanted to teach the world to recognize and it's a very important idea. The cost of the system for computing and the cost of the token it generates are unrelated. It is very, very possible that the most expensive system, the ones that we make, generate the lowest cost tokens because it's so efficient. Efficient, it's so performant, and it generates so many more tokens per second intelligence per second than any other system. The token cost is the lowest. And so people have to think about the efficiency of their factories, the performance of their factory, and make sure that the output is what they consider you have to take in order to calculate cost. It's output divided by input.

[Jim Cramer]

But you know who gets it? Zuckerberg. Yeah, he's not here, but he's the one. It's very clear that it's the force multiplier. He gets it. I wish you could come out and say it, but why should he? All it does is make it so everybody else figures it out.

[Jensen Huang]

Well, last year we were very, very fortunate to add new AI companies to all the AI companies we've been working on. And so one of the ones that we added, of course, is Meta Super Intelligence Lab and they're all in on AI and Z. Really terrific. Another one that we added that we're really proud of, it's Anthropic. And so I'm going to go there next.

[Jim Cramer]

Darn it. Can we go to Anthropic in the next segment? Sure, because they may be where we're really headed. I want to have more with Jensen. Among is the co founder CEO of India in one moment.

[Mad Money Announcer]

Coming up, we'll have more of Kramer's critical. Sit down with Nvidia CEO Jensen Huang as mad money continues from the Nvidia GTC conference.

[Jim Cramer]

Next

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[Jennifer]

Could this vintage store be any cuter?

[Stamps.com Advertiser]

Right? And the best part? They accept Discover.

[Jennifer]

Except Discover in a little place like this? I don't think so. Jennifer.

[Stamps.com Advertiser]

Oh yeah, huh? Discover's accepted where I like to shop. Come on baby, get with the times.

[Jennifer]

Right. So we shouldn't get the parachute pants.

[Stamps.com Advertiser]

These are making a comeback, I think.

[Jensen Huang]

Discover is accepted at 99% of places that take credit cards nationwide, based on the February 2025 Nielsen report.

[Keith Lansford]

This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Landsford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] Market Update podcast or find Schwab Market Update wherever you get your podcasts.

[Jim Cramer]

Before the break, you saw the first part of my interview with Jensen Huang, the founder presidency of Nvidia. But since it's the largest company on earth that almost single handedly orchestrated the entire AI revolution, you better believe. Believe that conversation ran long. So take a look at the final part of our discussion. Just Jim, people who are born the next five years, could they live to 100 because of Nvidia?

[Jensen Huang]

Absolutely. There's no question that science is going to help us live longer. And it's. I really, I really can't wait. I really can't wait.

[Jim Cramer]

Now who will determine what they do with you to make us get to 100 will be anthropic. Will it be Eli Lilly who's going to work on that?

[Jensen Huang]

Both.

[Jim Cramer]

Really?

[Jensen Huang]

Yeah, both. The work that we do with illegal Eli Lilly is that. Well, I call him Lilly. What we've done is we've set up a co innovation lab, a research lab where their scientists and our scientists get together and they're working on digital biology, how to advance the discovery of new drugs and the large language models. The AI models used for digital biology understands biology, not just language. And so that work is very, very different. The work that we do with Anthropic, we're just so happy that last year that they decided to adopt Nvidia's architecture as well. So, so this is a, it gives us an opportunity to really boost their output and boost their compute. Their demand is so high, they need compute capacity like crazy. As you know, in the old world of computing the computer was used to store files and interact with, you know, drag down menus and things like that. But today the computers are a factory of tokens and these computers generate revenues, it generates, generates growth for companies like Anthropic and OpenAI. And so I'm really delighted that we're able to serve Anthropic as well and really increase their output.

[Jim Cramer]

We're kind of trapped here. We think what is Google going to do? Well, they're going to, they got a TP where we got Trainium and Amazon. But no one's talking about the possibility that that OpenAI and Anthropic could be your largest customers to your.

[Jensen Huang]

Yeah, no doubt. You know, first of all, we have a great partnership with Google. We bring lots of customers to Google and they're working on Vera Rubin right now as we speak and they're going to be one of the first to get to market with Vera Rubin. We have great engineering and technical and marketing relationships with them. We bring lots of customers to them. The thing that people don't realize, Nvidia's architecture is the only architecture in the world that supports confidential computing, which means companies like OpenAI and Anthropic could take their, really their valuable models completely protected inside our computer so that even the people who operate the computer can't see their models. Even the people that operate the computer can't see that models that says they could run their models anywhere. They could run it across all the clouds. So OpenAI isn't Azure today. They could be. They were in Core Weave, they're in oci, they're going to go to Amazon. On top of Nvidia's architecture, Anthropic could run across aws, but now Anthropic is going to run in Microsoft and other places. And so our architecture with confidential computing is really a game changer for us.

[Jim Cramer]

Well, another game changer that we didn't talk enough about. Openclaw. I mean openclaw is something that sounds like a force multiplier, bigger than we've ever had.

[Jensen Huang]

It was open sourced just recently, a few weeks ago. It is now the largest, most popular, the most successful open source project in the history of humanity.

[Jim Cramer]

Well, this is like chatgpt. When you told me in November it would be big and then it turned out to be in January, huge. This could be the next thing.

[Jensen Huang]

This is definitely the next ChatGPT.

[Jim Cramer]

Well then why the hell are you people talking? I'm sorry, why are people talking?

[Jensen Huang]

Well, there are phenomenons of OpenCL all over the world.

[Jim Cramer]

You used to just say, I'm going to chat you.

[Jensen Huang]

In one line of code you could get yourself. I would, you know, get a small computer. We have one that's called DGX Spark. You could also set it up in the cloud. In one line of code, you could create for yourself your own agent and you could then after that just ask the agent to do whatever you wanted

[Jim Cramer]

to be a lot smaller, smarter than us.

[Jensen Huang]

We're still quite smart.

[Jim Cramer]

Well, can we ask the agent to build us a heart so that we don't have to human transplants? It can build us a heart that is artificial so that we get away from the idea.

[Jensen Huang]

I would have it do all kinds of mundane stuff first. Like for example, you know, design me a kitchen. Okay, you know, here's a picture of, here's a picture of my current kitchen. Here's a picture of a kitchen I would love to have. Now I would like you to go off and this design that kitchen and select furniture to put in it. It'll go off and learn how to design a kitchen, use 3D tools and actually read manuals. You can just see, watch it, you know, reading manuals, trying new things, and it'll come back with a design and you'll reflect on it. It'll say, hey, this design that I came up with isn't as good as the one that you showed me a picture of. Let me try again.

[Jim Cramer]

Well, okay, so let's deal with the company that's laying people off.

[Jensen Huang]

Every carpenter could now be an architect. Every plumber will become an architect. We're going to elevate the capability.

[Jim Cramer]

Why are companies laying off people saying that? You know what? Nvidia is giving us the opportunity to do more with less. Why not do more with more?

[Jensen Huang]

Because you're out of imagination. For companies with imagination, you will do more with less. For companies that are, you know, when the leadership just out of ideas, they have nothing else to do. They have no reason to imagine greater than they are. Then when they have more capability, you know, they don't do more.

[Jim Cramer]

Now to go, let's follow up on imagination, because that's really at the heart of the.

[Jensen Huang]

I have so many things to do.

[Jim Cramer]

Donors. I have to learn how to talk to the agent to be able to get them. I think that people are going to have to be taught how to talk to the agent.

[Jensen Huang]

One of the things that's really great is that these agents speak English or any language you like them to. You know, if it goes off, if it only spoke English at the time, you could just ask it. I would like you to learn Japanese. And it has to go off and learn Japanese.

[Jim Cramer]

Okay.

[Jensen Huang]

It's really fantastic.

[Jim Cramer]

If I asked the agent why your stock's still stuck at 183 after all the things you announced yesterday.

[Jensen Huang]

The market is a magical place, but it can't hold us back forever. And the reason for that is our growth is accelerating. Our customer base is expanding well beyond. Beyond the hyperscalers. We're adding more and more AI capabilities onto our platform. Used to be just OpenAI, now is OpenAI and X AI and Metta and now Anthropic and, of course, Open Claw. Open Claw is such a big deal. Open Claw is as big of a deal as ChatGPT, no doubt. Yeah. And so we've added all of this into our. Into our platform, and now our growth is just accelerating.

[Jim Cramer]

I struggle because I think when the numbers come out, we're going to say, wow, the stock is as cheap as Mondelez, that you're as cheap as Oreos.

[Jensen Huang]

You know, I guess our company is just at a scale that nobody's ever seen before.

[Jim Cramer]

Right. And it's maybe.

[Jensen Huang]

Yeah, maybe that's the hard part.

[Jim Cramer]

Well, I think that if no one's ever. If you decide you're just a semiconductor company, then, yeah, I mean, wow, what an aberration. But if you're something bigger, with imagination, they could see that your company might be earning 10 trillion. Is it you? Remember you told me you work backwards? You go 20 years and work back. Isn't it possible that we're talking to the first $10 trillion company?

[Jensen Huang]

Absolutely, absolutely possible. And that's our hope. And I think we're on our way there. The market will take care of itself. Our growth is accelerating. Our customer base is expanding. The number of ways that we're using AI is growing. And now, of course, you know, Open Claw is a very big deal.

[Jim Cramer]

Well, let's do something that we saw yesterday. We saw tokens that were demonstrably almost no more than lifelike. How about that? And you once showed me we could do shading. Well, you've gone far beyond that. Am Amazon. Let's give it. Let's go right there. Amazon has the creative rights to James Bond. Why would they have to hire someone, pay them a fortune, when James Bond could look much more realistic using your technology?

[Jensen Huang]

Well, I'm going to have to advocate for the actors. And the reason for that is because, you know, AI is a probabilistic technology. We can make things look more realistic. But, you know, a great actor, a great artist brings out some. Something that is the intangibles and we never know what it is.

[Jim Cramer]

Okay, how about Olaf? Let's go there. Disney doesn't have to have real actors. They can have you.

[Jensen Huang]

Yeah, but, you know, Olaf is Olaf and. And, you know, so I'm gonna. I'm gonna take a side of the artist. I. I'm a deep love of artists and, and I love the work that they do. You know that in a lot of ways, Jim, you're an artist, I'm an artist. We bring out something that is outside of the average distribution, some intangible that the world didn't predict. Great companies do that. Great people do that. You do that, you're out of the distribution. The thing about AI is that we could recreate the distribution. We can recreate something. We can create something that's realistic, but we probably won't create something that is unexpectedly incredible. And that's what, you know, the artists and actors, you know, they bring out that we want you and I want them to keep doing that.

[Jim Cramer]

We can make their work.

[Jensen Huang]

We can make their work more productive. Like, for example, maybe they. They didn't have a perfect take and they didn't want to go back to the studio and do that perfect take. They could take, you know, all of the takes that they've already taken and then extrapolate, you know, that extra take and maybe that extra take, you know, it's going to be exactly perfect, exactly the way the directors wanted it.

[Jim Cramer]

Let's get a little pedestrian. But it does matter. Your stuff burns hot. We worry about the environment. When the first time we had a serious talk about fire and you were able to find fire and end it before a forest burned down, it must hurt you to see how hot your machines I've got. I know someone who's buying 2,000 Caterpillar engines, attaching them to the Marcellus Shale pipeline that gives and running in the middle of West Virginia, a giant data center. I didn't think you set out to have that happen.

[Jensen Huang]

We need energy to produce anything. Our country needs energy. We convert what Nvidia's factories do, they convert convert energy into valuable intelligence tokens. It's just this magical piece of instrument. It's giant like this and of course right much, much bigger than these and when all connected together and you apply energy to it and monetizable tokens, valuable tokens come out. Well, it takes energy to do so. It takes a lot of energy to produce enormous amounts of it. Nvidia's very large company, we're going to be building lots and lots of these factories around the world and all of the United States. And it's going to produce incredible economic value. But it's going to take energy. We are the most energy efficient architecture in the world. It is the reason why they called me, you know, the Token King. Nvidia is the inference king.

[Jim Cramer]

Well, I want to know how long the inference king and the Token King is going to continue to work.

[Jensen Huang]

You know, people ask me how long I'm in where I'm hoping to die on a job and I'm not hoping to die any soon.

[Jim Cramer]

Can you make it so that you live to 100 and die on the job? Because then we'll be dealing with a company that could be $20 trillion.

[Jensen Huang]

That's my dream come true. That's my dream come true.

[Jim Cramer]

Did you ever think about it when you were waiting tables at Denny's that you might be able to create a 10 to 20 trillion dollars company?

[Jensen Huang]

I was just trying to make it through the shift. You know, when you're on the job you got to stay focused on the job. That's why I don't wear a watch. I'm 100% there.

[Jim Cramer]

TIP.

[Jensen Huang]

You ever got a couple bucks?

[Giordano Alberto]

Couple bucks?

[Jensen Huang]

A couple to $3.

[Jim Cramer]

I want again to emphasize how many lives you've changed. You got together with the millionaires for our investing club. I've only seen institutions make incremental amounts of money for people. I've never seen a person and a company make people not have made means into incredible means. I've never seen it. It is joyous. It is ethereal what you do. Ethereal.

[Jensen Huang]

Thank you.

[Jim Cramer]

Never seen it before. Thank you.

[Jensen Huang]

And I would just want to say it's a privilege to do so and I'm just getting started.

[Jim Cramer]

Jensen Wong co founder and CEO in video and I have to tell you the idea that we'll look back and say, well, 183, that number will mean nothing, nothing at all. Because we're going so much higher. Thank you so much.

[Jensen Huang]

Can hold us back forever.

[Jim Cramer]

Absolutely. Back in A moment.

[Mad Money Announcer]

Coming up, Cramer is joined by the CEO of Nvidia partner Vertiv to learn more about the company's critical role in the ever growing data center. Build out next.

[Jim Cramer]

If I learned anything out here at GTC Videos Festival of Artificial Intelligence is that there's still a mountain of money in this business. Take Vertical holdings, which makes power and cooling equipment for the data centers. These guys report a blowout quarter last month, which is why the stocks up more than 65% just since the beginning of 2020, 26. Can it keep running? Let's take a closer look with Giordano Alberto. He's the CEO of Vertibsti. Welcome back to Mad Money.

[Giordano Alberto]

Well, thank you. Glad being here with you.

[Jim Cramer]

I like being here in person.

[Giordano Alberto]

Fantastic.

[Jim Cramer]

Okay, so a lot of people feel it can't continue to be as great and it turned out it can't. It was better than great. How are you able to continue to put up these awesome numbers, probably the best in this entire show?

[Giordano Alberto]

Well, multiple, multiple aspects to that. Certainly a very, a very conducive market. And we heard it from Jensen yesterday, the market certainly going in the right direction and the industry is strong, the demand is strong. But also it's about having a very strong presence in the ecosystem. And once you know, one for all is of course a strong partnership with Nvidia so that we can not only understand what, what the future technology needs to be like engineering and working together, but also be able to serve the industry at speed and at scale. With scale and speed is what the industry needs now.

[Jim Cramer]

It is absolutely certain that the machines that you have your cooling considered to be the best in the world. Do you have a big enough liquid cooling to be able to handle all the, the business that Nvidia is generating,

[Giordano Alberto]

certainly about the strength of our portfolio. Among the strongest portfolio in terms of breadth and quality and reliability in the industry, but also the ability to look forward and what technology will be needed 1, 2 years out. When we talk about thermal management or cooling, we talk about the entire system, right. And we've been growing capacity specifically in the liquid cooling and the service behind that really, really, really rapidly. So we're very confident about our strength in that risk.

[Jim Cramer]

Okay. So Joe, you know, I know Dave Cody, who is your chairman, he is always telling me that there are so many people who doubt the industry. They doubt that there are people, big companies that are continue to put up data centers. When you speak to them, what they tell you do they say, listen, we only need X and then we're Done. Or they say listen, we need so much compute, you got to build, build, build.

[Giordano Alberto]

I think it's the latter. We, we know that the adoption of AI especially the inference side is, is really, really rapid and it's real, real business. And to make that happen, to enable today and future more, more compute capacity is needed, more data centers and more of our stuff.

[Jim Cramer]

Now how about when it comes to the grid, the electric grid. Are you worried some places where it seems inconsistent and you, you can't live up to. I know you always love the 247 but it's harder to live up to 24 7.

[Giordano Alberto]

Look, this type of growth in the industry doesn't happen linearly. So expect power and power availability always to be a pacing out in the growth of the industry. But at the same time you see a lot of temporary power, kind of a primary on gas or diesel or other forms of power. And there is a lot of capital, a lot of ingenuity being applied to the problem. And so we do not see that as a stopping factor.

[Jim Cramer]

Okay, are you seeing a big difference? Have you installed any Vera Rubens yet or is that ahead of time?

[Arthur Mensch]

Time?

[Giordano Alberto]

We certainly working on that.

[Jim Cramer]

Well, what kind of air conditioning will they need? What kind of it is?

[Giordano Alberto]

It is a certainly liquid cooling and then there will be an element of air cooling also in the data center in parallel. And certainly the opportunities on the heat rejection. The third important element of the thermal chain, you know to, to really balance mechanical and non mechanical called cooling in, in an intelligent manner that can liberate a lot of electricity for compute and for tokens.

[Jim Cramer]

How many are you part of building right now? How many data centers right now are you building?

[Giordano Alberto]

Ah, that's a hard number but believe me, a lot.

[Jim Cramer]

And how about in Europe? They're going to come back. I know Asia is coming back.

[Giordano Alberto]

Asia is strong. When we talk about Europe at our company investor. Sorry earnings call last time we were talking about the spring is uncoiling because that demand, the demand was there. It was very visible in our pipelines but we see that happening. So I'm very optimistic about, about Europe.

[Jim Cramer]

And then one last thing. Is there any way to be able to gauge. You know, we're sitting here, we're looking candidly at Nvidia stock doing nothing and your stock just soaring. You ever think that it's something's wrong that in video stocks should be going up too because you guys are hand in hand?

[Giordano Alberto]

We definitely are a hand to hand. I will not kind of. It's hard for me to, to to comment there. But let's talk about the vertif the vertical stock. And I think that reflects our. Our potential.

[Jim Cramer]

Yeah, our potential. Okay, that's fair enough. I'm. I guess I came out here I wanted to. To see Nvidia hit it out. But instead I've got inverted. Now that's just as good. That Geo Albertozzi is the CEO of Verta brt. It's one that we've liked forever, since the teens because Dave Cody, chairman said this is the one to watch. I'm always with a bad money. Back in the break.

[Mad Money Announcer]

Coming 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. It's time for the light round. Christian. Bye bye bye. My steppers will apply you planted sound and then the lightning round is over. Are you ready? Ski daddy time? Go Lightning round question by start with Bill in Texas. Bill. Booyah. Jim, my stock is Origin Bancorp. It's okay, not great, not bad. That's not enough for me to own it. Let's go to. Oh, come on, will you stop? Let's go to Will in Colorado. Will. Jim, I gotta get in and do taste or 42. You got me into investing at a late age, so appreciate it, man. Want to know your thoughts on SMCI super microcomputer? No. You're buying. You're buying Dell. You're not buying smc, you're buying Dell. I've had enough. Okay. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

[Mad Money Announcer]

The Lightning Round is sponsored by Charles Schwab.

[Jim Cramer]

While we're here at gtc, got a chance to check in on Mistral AI. That's the privately held open source AI platform based in France. Now there's a reason this company is often described as the European Open air. Back in September, Mistral raised $2 billion at a $13.7 billion valuation. And it's a heavy hitter when it comes to sovereign AI projects. This week, Bistro I was announced as one of Nvidia's partners for the Nematron Coalition. That's a global collaboration to advance open frontier level foundation models. And yesterday I spoke with Arthur Mensch. He's the co founder and CEO of Mistral AI about this news. So take a look. Arthur, this is your first time on the show and I'm thrilled to have you. But you've got news and I want you to explain it to our viewers because it's very important.

[Arthur Mensch]

So today we're announcing the Nemotron Coalition, which is a coalition of several companies coming together to train the best open weight models. So the first part of the coalition is going to be about us, Mistral AI and Nvidia training base model together so that we actually can push that frontier of open weight models and can actually build value for our customers on top of that.

[Jim Cramer]

And how about Forge, an introduction that I think is exciting to our viewers all over the world.

[Arthur Mensch]

Yes. So Forge is really the complement of what we do on the open weight side. Forge is this product that allows to train models for our customers, to compress knowledge into it, to actually make them connected to their proprietary data, proprietary knowledge, to train models on the environment of our customers, to do reinforcement learning with them. And so what we do is that we bring all of the recipes that we've been accumulating for the last three years with our research team and we expose that to our customers. We bring some scientists with our customers customers, and we train models that are really their own, that really contain their knowledge, their environment. And that's the thing that we do with very sophisticated customers.

[Jim Cramer]

I want to talk about the customer and who it is. I'll say this. I work on Wall Street. Every day I walk by a sign of yours, it says Mistral. And it has a kind of an exciting message to it. And I'm trying to figure out, are you trying to appeal to me and in the or me someone who works in a company?

[Arthur Mensch]

Well, we work with a few verticals, but financial services is one of them. And so we have a pretty big team in New York. And that's probably the reason why you're seeing a few ads of ours near the subway.

[Jim Cramer]

So. Well, why would I want to switch from someone to you, for instance?

[Arthur Mensch]

So it's very simple. We actually go way deeper than our competitors when it comes to taking models and building business applications. So we have really a way of customizing the systems that adapts to financial services streams, that adapts to time series that can come up with markets, for instance, that adapts to ISML machines that generates a lot of data and that our generative AI systems are able to process. So that Forge product and the Studio product that we have that allows to orchestrate agents, this is something that we do and that we, that we deploy with our customers, and we bring more control, more customization compared to what a closed system can bring. So the fact that we rely on open weight models and that we have the entire orchestration and primitives on top of that is really a differentiation and something that our customers pick up for

[Jim Cramer]

now with the Nematron Coalition, would people, if they call and say, listen, I want to know more about this trial, would that be this Chiji partnership help your business?

[Arthur Mensch]

It's definitely helping our business in that when we come to our customers and they want to train models and they want to bring very private data, decades of knowledge that they have accumulated in their factories, in their design centers, well, we need to take that data and put it into models. But the higher we can start from, so the better the model we can start from, the better it is for our customers. So if two together with Nvidia, we bring up the base level of models and then we use that base model as a starting point to bring new knowledge onto that, then it becomes way better for our customers. So that's really the thinking about this coalition.

[Jim Cramer]

Okay, now I get it. Thank you, thank you. Now with Arthur Mensch, co founder and CEO of Mistral AI and I know we'll be talking. I like to say there's always a bull market somewhere and I promise I'd find it just for you right here on Man Bunny. I'm Drew Kramer. See you tomorrow.

[Jennifer]

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 this episode is

[Keith Lansford]

brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact impact your trading. Download the latest episode and [e-mail] Market Update podcast or find Schwab Market Update wherever you get your podcasts.