← Mad Money w/ Jim Cramer
Mad Money w/ Jim Cramer
Mad Money w/ Jim Cramer 3/18/25
00:42:10
Listen to Jim Cramer’s personal guide through the confusing jungle of Wall Street investing, navigating through opportunities and pitfalls with one goal in mind - to help you make money. Mad Money Disclaimer
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- [00:00]
Jim Cramer
What if your limited inventory had unlimited potential? What if your biggest risk was not taking one?
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Brian Moynihan
What if you could make every move matter?
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Jim Cramer
Bank of America's Business Solutions can help bring your biggest what ifs within reach. Find out how our digital tools, cutting edge insights and trusted expertise can work for your business. What would you like the power to do? Visit bankofamerica.com banking for business to learn more. Bank of America is proud to be the official bank sponsor of FIFA World.
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Sridhar Ramaswamy
Cup 2026 homes.com knows that when it comes to home shopping, it's never just about the house or condo. It's about the home. And what makes a home is more than just the house or property, it's the location and neighborhood. If you have kids, it's also schools, nearby, parks and transportation options. That's why homes.com goes above and beyond to bring home shoppers the in depth information they need to find the right home. And when I say in depth, I'm talking deep. Each listing features comprehensive information about the neighborhood, complete with a video guide. They also have details about local schools with test scores, state rankings and student to teacher ratio. They even have an agent directory with the sales history of each agent. So when it comes to finding a home, not just a house, this is everything you need to know, all in one place. Homes.com, we've done your homework.
- [01:23]
Jim Cramer
My mission is simple to make you money. I'm here to level the playing field for all investors. Always a bull market summer and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer from Nvidia's GPU conference in San Jose. Other people want to make friends. I'm just trying to make you a little money. It's my job is not just to entertain but to educate, teach you. So call me at 1-873CBC or tweet me at Jim Cramer. When your stocks are going down and you don't know why, it's a pretty good bet that everybody else's stocks might be going down too. So do not take it personally. As the people in this hall, the Nvidia conference, the GTC convention know all too well as many of the public companies sold their stock shell mercilessly today for no particular reason. Some of these companies are doing amazingly. Yep, on a day like today when The Dow shed 260 points, S&P lost 1.07%, Nasdaq doubled 1.71%. We're all experiencing, but I can only say is Some painful shrinkage. Now we know in real life shrinkage can mean a lot of things. Making things smaller, shoplifting, and of course the classic George Costanza anatomical definition that I don't need to go into any more than that. But in this business, shrinkage means paying less for the same earnings that you were willing to pay up for only just a week or two ago. You'll also hear this called price to earnings multiple compression. And we see it all across this market, notwithstanding the reprieve from selling that we got on Friday and Monday. How about those great days? So why is this happening to us? Why do our stocks go down when nothing's happened to the companies underneath? Look, when everyone's terrified that a piano is about to fall on their heads, they don't want to get hit by the baby grand. And right now they don't want to own the falling stocks either. So they sell. But they can't get a good price anymore because too many people want out for the same reasons. They think that stocks are overpriced versus when we consider what could could lay ahead. Right now we're in the grips of such fear that after two up days, it's a virtual jailbreak from the get go as holders of stocks simply aren't interested in anything positive. They know that weakness is coming and they're simply anticipating it, no matter what good they might hear. Sure, they can't see the weakness, but if the administration keeps talking about how we're transitioning, how the economy needs to make some painful adjustments, then any big rally that we had Friday and yesterday will become magnets for sellers. People just don't want to stick around waiting for the next tariff shoe to drop. Even as I think that if we get back to where we were last Thursday when the S p was down 10% peak to 12, we are going to have to start buying stocks in a lot of the tech companies that surround me. How pervasive is the negativity? Well, we had a real test case today, didn't we? Today Jensen Wong, perhaps the most influential CEO of our era, gave his keynote speech to gtc, which we all know as the Woodstock of AI. But he said it's become more akin to the Super bowl. When you put 17,500 Nvidia's and friends, the SAP arena in San Jose, and you expect some sort of impact on the stock market or at least the stock of a video. But that sure didn't happen. Today we learned that nothing's more powerful than multiple compression as Nvidia stock actually slid $4.10. It declined 3.4%. I say ouch. Okay, I can see a bear case here. Although I don't share it. My Chaplain trust is a big position stock. Nvidia stock isn't cheap unless everything goes right. And in this climate of fear environment, it's hard to see everything going right even for a company that is this special. And oh my. After watching today's keynote always reminds you how special really is. Just because 17,500 people get together listen to Jensen, that doesn't mean you're going to get higher stock prices. Sometimes the tape is simply against you. End of story. At the keynote, Jensen delivered a terrific roadmap for his next generation technology. Nvidia is in full production for its most lucrative product. The Blackwell and Blackwell Ultra is on the way more lucrative. We saw devices that will make self driving much safer. We saw devices that can reason make decisions that we can't make because we're humans and we can't figure them out. We saw technology wildfires. We heard about a spectacular partnership with GM to put AI in their cars and trucks. Totally additive. He had some very confident things to say about the data center build up for AI which he sees reaching $1 trillion surprisingly soon. But those didn't matter today. Jensen told us that he's gearing up for the next big thing in 2026 with the Vera Rubin. He likes to name chips people and Vera Rubens, the astronomer who discovered dark matter from Philly. We know that business needs more computing power in The Ruben has second half of 27. We can have the Ruben Ultra with even more compute. The specs were greeted with oohs and oz. He talked about how much energy these chips will save too. He talked about personal AI supercomputers that can do everything humans can do and also play a good game of tennis. Yep, 2027. But what do we care about terraflops or stacked electronics or quantum photonics or delicate? Today power flops might as well be cow flops. Then there are robots. So many. Cheers. So much excitement. Physical AI robots of every kind in every industry. Training robots requiring huge amounts of data. Blueprints built on Nvidia can make those robots work, helping to solve the chronic labor shortage in this country. They will need so much compute that I can't imagine Jensen will ever meet the demand. Yes, that's right. The orders here are through the roof. I thought it was dynamite to watch. They are coming. They're around the corner. But in this market nobody wants to wait for what's around the corner. We're not going to take our. You know what? We're not taking a rain check on even the greatest of robots, which I saw today on the screen at the keynote. So all these announcements from Nvidia might mean everything for the future, but they meant nothing for the today. New partnership with Disney and Google that creates whole new worlds that everyone love. We heard about the announcement of Groot N1. Hey, that could be legendary. Didn't matter other than to make us laugh on a tough day. You know what's most unfortunate? I think Jensen Wong could have raised numbers there if you wanted to take it up big, right? That's not that kind of conference. But he could. But you know what? I'm glad it did. Might have meant nothing to stock anyway. Yes, the invisible disease known as multiple compression is just that powerful. And it really comes after tech stocks because they tend to be very expensive. Video stock isn't all that pricey, but the expectations for the keynote were high. So even though it was spectacular, nobody's going to care in this environment. Who else gets hit besides Nvidia? How about anyone else involved with AI? Given that AI is so hard to understand, if something is unknown and it costs a lot, like a lot of the stories that its stock is going to go low on a day like today, just like everything in the complex has been coming down for weeks after that. People sell what's known as enterprise software. There are tons of those companies, right? They make businesses run officially. We have tons of venture capitalists love the force these upon us when they should be selling them to other businesses. The way that Wiz sold itself to Alphabet today for 32 billion. Nice. When the market's going up, the growth hounds can't resist buying these enterprise software stocks. But they can't resist selling them on the way down either. Sell, sell, sell, sell, sell, sell, sell. Especially when they're worried about the economy. Next they crush the high priced bio tax. Remember when there's companies when bringing a lot of revenues but losing a lot of money. Well we don't care at least on this farm. What we think about is sell. And then they do the same thing to the industrials as Treasury Secretary Besson keeps talking about a pause. That means we're no longer willing to wait for something around the corner because the street just goes gets longer and longer in the corner further and further. Here's the bottom line. This latest round of multiple compression came on a day of wonderment about artificial intelligence. And even with Jensen's fabulous speech, multiple Compression was just much more powerful. It's. You know what? It's going to stay that way until we get through this environment, either because the White House backs off or because stocks come down to the point where we simply get used to it. Let's take calls. Let's go to Erica in New Jersey. Erica. Hey, Jim, thanks for taking my call. Hey, I'm new to you. Thank you for calling in. Erica. Yeah, I love your show. Fantastic. All right, so I wanted to get.
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Michael Dell
Your opinion about Sofi.
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Jim Cramer
We have a small position in it. I almost sold it last week at 18. Watched it go up. Took a long time. All right. And then I hit the pause button.
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Steve Squeri
And it plummeted to 12.
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Jim Cramer
Not worry. Okay. This is run by Anthony Noto. He's doing a super job. I know that. Right now, stocks are for sale. I don't want you to sell it. It can come down a little bit more. Do not panic. The company's in good hands and the stock was up a great deal not that long ago. I think you're fine. I'm not saying it can't go to 10. I am saying that Noto's money good. All right. Multiple compression ruled today, even though Jensen gave us a fantastic keynote address. And I think it unfortunately is going to stay that way. We got to get through this uncertain environment, but we will get through it. And we'll get through it, man. Money tonight, day two of Silicon Valley, and I'm sitting down with some of the biggest players in the AI race. Do not miss my exclusive with Dell, Snowflake and ARM Holdings. Plus, what's the road ahead for American Express as The company celebrates 175 years. I'm bringing you my conversation with its CEO. So stay with Kramer.
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Sridhar Ramaswamy
Businesses that are selling through the roof like Untuck it, make selling. And for shoppers, buying simple with Shopify, home of the number one checkout on the planet. And with shop pay, you can boost conversions up to 50%. Businesses that sell more sell on Shopify. Upgrade your business and get the same checkout untuck it uses. Sign up for your $1 per month trial period at shopify.com podcastfree all lowercase go to shopify.com podcastfree to upgrade your selling today.
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Brian Moynihan
CNBC exclusive.
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Michael Dell
Bank of America chairman and CEO Brian Moynihan.
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Brian Moynihan
The health of the consumer, outlook on.
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Michael Dell
The economy, insight into the upcoming Fed decision. Stay ahead of the market. Squawkbox tomorrow, 6am Eastern. CNBC.
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Jim Cramer
While we're here at GTC 2025, we got a chance to Check in with some of Nvidia's most important partners, including the iconic Dell Technologies. Like I mentioned last week, I think the stock has come down enough to be enticing. Don't take it from me. Let's dig deeper with the true titan of industry. I'm talking about Michael Dell, the founder, chairman, CEO of Dell Technologies. Mr. Dell, welcome back to Bamboo.
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Rene Haas
Great to be with you, Jim. Thanks for having me.
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Jim Cramer
You know, Michael, first of all, it is a joy to see you because you are a beacon for more than just tech. I'm calling for our country and for the world and I just still am excited as I was the first day I met you in the 80s. You are doing some amazing things, including being the person mentioned in the keynote of Jensen, being, I'd say, the key partner. What does it take to become the key partner of perhaps the most influential figure other than you? Which technology today?
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Rene Haas
Well, you know, to be able to deliver the kinds of systems that are being talked about here at gtc, you know, not only is there incredible engineering and a ton of innovation, you know, that's on display, but you need supply chains, right? You need services, you need the operational discipline and execution and you need to be able to take it to all the enterprise customers. You know, this past year we delivered the Dell AI factory to over 2,200 customers around the world. And all of them sort of recognize that, you know, there's an opportunity to make their businesses more efficient, to help them grow, to innovate faster. We added 100 new solutions. I think we're just getting started. I think we're in the kind of first couple of percentages of the S curve, adoption of, of AI in the enterprise.
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Jim Cramer
When I think about it, fiscal year 2024, I don't think you had any AI. What do you think you're going to do? Fiscal year 26 in AI alone.
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Rene Haas
So last year was about 10 billion. This year we've said 15 billion. That was our guidance. You know, at the end of the last.
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Jim Cramer
This is from nothing.
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Rene Haas
That's right. It's been growing very fast. And look, our over overall infrastructure business last year grew 29%. And we're also number one right in enterprise servers. AI accelerated servers in storage and the complexity of these systems, it's one thing to talk about them on stage, but actually deliver millions and millions of these and have them be reliable and supported. That, that, that, that's kind of what we do.
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Jim Cramer
The way I've been thinking of it lately, I call it the distant number one meaning There's a huge distance between you and number two.
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Rene Haas
So, you know, this year we've guided to a little over $105 billion in revenues. And we are clearly the number one in enterprise infrastructure and AI PCs as well.
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Jim Cramer
No, given how everything is so much more comprehensive but much more complex to be even a PC, as we heard today, can be much more complex. I think you have an incredible moat. You have a consistent record of profitable growth with amazing cash flow. And yet I find your stock to be one of the most inexpensive stocks in the entire market. But you do have a large buyback, so you can take advantage of the. How cheap things.
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Rene Haas
Well, you know, last quarter our earnings per share grew 18% year over year. And you know, we have consistently shown an ability to grow earnings and cash flow really throughout all sorts of economic cycles. And you know, astute observers would note that, you know, we have a share repurchase program that is sensitive to price.
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Jim Cramer
Well, at one point you had a share repurchase program that ended up buying the company.
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Rene Haas
That is true. We're not talking about that, Jim, but, but you know, we have been buying back our stock and certainly we announced an expansion of that, a $10 billion expansion to the share buyback. And we raised our dividend by 18%. You know, having raised it quite a bit over the last several years.
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Jim Cramer
Well, the speed of the growth of I think has impeded somewhat your gross margins. And some people on Wall street are say pointy headed enough to think that's all that matters. I get that. Is there a chance in the back half of the year that your gross margins can expand?
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Rene Haas
So you know, again, if you look at the, the ISG business, which includes all these servers we're talking about, right, last quarter, fourth quarter, we had operating margins of 18%. Pretty good.
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Jim Cramer
Yeah, I'd say so.
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Rene Haas
And you know what we've said about all these AI servers is yes, they're kind of rate dilutive, but they're dollar accretive. And we think our overall margin rate will be pretty steady from last year to this coming year for the full year, even as we significantly increase the amount of AI servers that we're selling.
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Jim Cramer
All right, now we know that Client Solutions Group 48 billion use but not no growth yet. But you said it could be delayed. I saw some things today that made me think that maybe it will not be delayed that much longer, that the pieces are so much more compelling that we have to go, we have to upgrade, the office has to.
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Rene Haas
You know, it's sort of undeniable now that, that the refresh is starting.
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Jim Cramer
Okay, great.
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Rene Haas
There's a large install base. We're seeing it definitely start. And now with all the new capabilities that we have with AI PCs today here at GTC, you heard about the GB10 chip right in the little box that Jensen showed. That's also going to be in the Dell Pro Max notebook and desktops. And we're going to have the GB300 superchip in our Dell Pro Max, you know, high end workstations. And so all that is supportive of growing our commercial PC business, particularly as we get to this October, you know, Windows 10 end of life and the, you know, 1.7 billion PCs that are in the install base and a lot of them need to be replaced.
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Jim Cramer
I think that's great. We have a minute left. But I just wanted you to, you're an optimist. I've known you, I've known you since the damn Benton days ago. Could you please tell me something that's going right in the world so we can feel better? Because you've done so many, so much for so many people.
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Rene Haas
Well, so all you really have to know about all this AI stuff is there's an explosion in data because everything is, you know, you know, generating data and connected and there's incredible advances in the algorithms and so that ultimately drives enormous demand for servers and data storage. Those are the businesses fundamentally that we're in. And all that power is being unlocked and it's a wave of productivity that I think it will ultimately drive incredible.
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Jim Cramer
Growth in the overall economy that just.
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Rene Haas
I'm super bullish about the market for.
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Jim Cramer
Technology infrastructure, but I think the multiples have shrunk, so. They're shrunk. This stuff's being given away. These stocks are being given away at your level.
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Rene Haas
Yeah, well, that just means we, you know, the buyback buys buys shares back at a, at a greater rate. But we focus on the long term and continue to grow and I think we'll have another great year.
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Jim Cramer
All right, that says it all. Michael Dell has always been conservative. By the way, he's the founder, chairman and CEO of Mike of Dell Technologies. And they're going to be right back.
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Brian Moynihan
CNBC exclusive.
- [19:25]
Michael Dell
Bank of America Chairman and CEO Brian Moynihan.
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Brian Moynihan
The health of the consumer outlook on the economy. Insight into the upcoming Fed decision.
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Michael Dell
Stay ahead of the market squawk box tomorrow, 6am Eastern. CNBC.
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Jim Cramer
While we're out here in Silicon Valley for GTC, we like to check in with some of the great companies that come to this West Coast Woodstock for AI. And that's why earlier today we sat down with Sridhar Ramaswamy. He's the CEO of Snowflake, the data analytics software powerhouse with, with a really huge AI kicker. Take a look, Sreedhar. We're at the capital of AI and if anything, I think that you represent the fundament of AI. You have pivoted so dramatically. I now associate you with what I want to do if I want to hire and learn about AI.
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Jensen Huang
It's great to be back at the Nvidia conference talking to you, Jim. Yes. Last year has been pivotal for, for us because we retooled the company, retooled our products, brought an incredible number of AI products to market and have thousands of customers using them week on week. Amazing brand names like Disney, Exxon Mobil, the London Stock Exchange. But what we also did was make AI easy to use. We made it very efficient so people don't have to spend a lot of money. But most of all, we made AI trustworthy so people can actually believe the results. These are AI products that know what they're supposed to answer and don't answer questions that they are not supposed to answer. It's that combination of things that I think is well on its way to making Snowflake the definitive data and AI company on the planet.
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Jim Cramer
Well, what's important for me to let people know. Huge number of customers. Those customers could go anywhere. They go to Amazon, they go to Google, they chose to go to you. But what really is happening? You were offering a tremendous number of product. I remember when, when I first met you, you had a good product background. We were worried about whether you could get the sales going. The sales are following this amazing product that you're putting out.
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Jensen Huang
Well, it's a structure that you put in place. We made sure that we went through a very deliberate process of educating our salespeople about AI products. Just like we want to demystify AI for our customers, we demystified AI for our own salespeople. We trained a bunch of people so they became experts. Experts. In turn, they taught the larger sales team. Our curriculum now, for example, for the salespeople has AI in it. We are creating tools for them. They're in fact, our most enthusiastic adopters of AI products that we are creating with Snowflake. That's where momentum begets momentum. And these folks now go and happily tell their customers how excited they are about Snowflake AI. It's been pretty infectious.
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Jim Cramer
Well, I was going to say there's a contagion watch a tremendous video about if you were running the Citibank company, which is our. The Citi bike business is really kind of turns out to be much more complicated than I thought. Got to figure out uses patterns, got to figure out who's using it. Well, what did they do? They went to Snowflake.
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Steve Squeri
Yes.
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Jim Cramer
And Snowflake gave them a very inexpensive way to find out everything. It works so perfectly.
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Jensen Huang
That's right. And there are tons of examples like this. One of my favorites is T Mobile, the largest carrier in the country. They used Snowflake to figure out how to optimize their networks for the Macy's Thanksgiving Day parade. As you know, there's a lot of folks out there and they wanted to make sure that they got great coverage to the entirety of that parade event.
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Jim Cramer
They go down, we all know that.
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Jensen Huang
Well, last year I was there, they didn't go down because they pre optimized a whole bunch of things using Snowflake.
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Jim Cramer
AI, how did they know to go to you? How did they know that your people could solve it?
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Jensen Huang
Because we have their usage data. They put a lot of data on Snowflake. It is there. The data has gravity. T Mobile actually both uses Snowflake and also has created products on top of Snowflake that they sell to other people. It's getting value from that data. If you have it, then the AI comes naturally because data has so much gravity.
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Jim Cramer
When we go on AI ourselves, I find I'm in many places where it tells me what I want to hear, not what the reality is. If I go to Snowflake, does it have the guts to tell me, you know what? We don't know that answer and stop. So I don't keep paying.
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Jensen Huang
To me, reliability is something that the AI industry simply does not take into account.
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Jim Cramer
Right.
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Jensen Huang
So when we created products like Cortex Analysts, which is about getting structured information information about your business, we actually make sure that that product knows what questions to not answer. The first question anyone asks when you give them a chatbot is they ask you, how much revenue will I make in 10 years or 15 years? Which you know is not exactly answerable. So these products will tell you, well, I don't know how to answer that question. To me, that modesty, that reserve for knowing what you know and knowing what you shouldn't answer is a really important component component of every product, especially an AI product which as you know, has a habit of just like going on and on. It should not say anything about.
- [24:31]
Jim Cramer
Well, I think it's because it's why you become a leader in AI because you are not afraid to tell the client how best to use it and how not best to use it. Everybody else, it's just tabula rasa every single day. It's not like that with you.
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Jensen Huang
We don't sell AI Contract AI comes as part of Snowflake. I tell people you can create a chatbot on Snowflake for $10. If it gets a lot of usage and you make a lot of money, you will pay more. But experimenting with AI is not hard. It's the combination of ease of use and that efficiency you don't have to spend a lot of money. Combined with reliability where products know their place in the overall customer ecosystem. To me, I think that's the 1, 2, 3 combination that's winning for us.
- [25:14]
Jim Cramer
I think you guys are fast, you're tough, you're. You're almost clairvoyant about where you had to go. I want to congratulate you for everything that you've accomplished in an incredibly short time. Sridhar Ramaswamy, Snowflake CEO. Wow. You kind of blew me away, partner. Thank you.
- [25:29]
Jensen Huang
Thank you, Jim.
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Jim Cramer
That looks great.
- [25:30]
Jensen Huang
Thank you so much.
- [25:40]
Jim Cramer
Now that GTC is upon us, can some of the beaten down tech stocks I like so much finally get their footing? Take ARM holdings as the semiconductor architecture powerhouse, which is now down roughly 35% from its January highs. What is that about? This is despite the fact that ARM reported a fantastic quarter in February, even raised their full year forecast. So could the market be giving you a rare discount here or do we need to worry about the environment? Let's go straight to the source of Ray Haz, CEO of ARM Holdings. More mistress. Welcome back to Man Fighting.
- [26:06]
Michael Dell
Thank you, Jim.
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Jim Cramer
Now, Rene, I watched the keynote. You watched the keynote. I saw the fingerprints of ARM everywhere. And I think they're only going to get more pervasive as the curve goes up that Jensen traced out. How big are you in the new chips and how about next year in the year?
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Michael Dell
Yeah, it was quite a keynote. A couple hours long, I think in duration, but a lot of ARM in there. Some public, some behind the curtain. You know, for starters, Blackwell Ultra based on. Based on ARM and Next Generation. Vera Rubin, as Jensen mentioned, is also. Also ARM based. But I think one number that might have been lost on folks, Tim, was the growth that Jensen talked about from.
- [26:48]
Jim Cramer
Hopper to Blackwell, previous generation of the new.
- [26:51]
Michael Dell
That's right. So 1.3 million units. I think he showed of Hopper, 3.6 million on Blackwell. That's very significant growth. But for ARM, far more significant because on Hopper we literally had no exposure.
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Jim Cramer
Then you were talking about AMD and Intel.
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Michael Dell
Most of that's AMD and Intel going to Blackwell. The vast majority is what's called Grace Blackwell. Arm, cpu, Nvidia, gpu. So the growth of Blackwell and then on to Ruben, it's great for ARM.
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Jim Cramer
Now people have to understand you can't do without CPUs. We'd love to think, oh, GPU, that's fantastic. That's the whole conversation. But nothing works without cpu.
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Michael Dell
Of course they work in tandem. The CPU does all of the major software, the operating system, the hypervisor, it works together with the GPU. But more importantly, when you go from 1.3 million to 3.6 million, that's 3x. The energy and power is everything in these data centers. As Jensen mentioned, these power constrained. It's a great place for arm. We're the world's most efficient processor on the planet. And that's why the transition. So people ask why? Why arm power efficiency. And that makes all the difference here.
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Jim Cramer
Now let's transition for a second with that same thought in mind. Mary Barra from GM told me she's very excited about their partnership about GM with, with Jensen. You're in there too, of course.
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Michael Dell
Of course. Yes, we are. We've worked for many, many years with Cruise. And Cruise, I think is the platform that a lot of the GM hardware is based on. Nvidia, gpu, arm, cpu. We've been working with Nvidia for almost a decade, I would say on this.
- [28:24]
Jim Cramer
You know Nvidia well?
- [28:25]
Michael Dell
I know them well, having spent some time there. But most importantly, again, what matters in an automotive application? Power efficiency.
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Jim Cramer
Right.
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Michael Dell
You have to run if you're running off a battery. Battery is everything relative to miles and distance. You have to have efficiency. And the CPU control controls everything in the automobile. And yes, we are involved in that as well. In fact, Jim, I will say we were involved in literally about every announcement that was made today by Nvidia.
- [28:50]
Jim Cramer
I thought so. Okay, I'm glad you bring that out because it's not, it's not. Look, it's not ARM day, but it could as easily be ARM day because you had 310+billion ARM based ships shipped since inception. That is amazing.
- [29:06]
Michael Dell
It's a, a number that's kind of hard to put your head around. Just to give you a context, last year, 30 billion plus chips, laptops per year, about 200 million. So you think about 200 million laptops. Again, a lot of those are now, ARM based, right? But that's a fraction of our 30 billion. We're in everything you can imagine. Earbuds, security cameras, automobiles, AI data centers, general purpose data centers, health monitors. It's pretty hard to find something that doesn't have ARM inside.
- [29:36]
Jim Cramer
Now. Can you help us? There's a, something that I often try to get across and I fail. When you adapt that gigantic reach when you're everywhere, you are able to get people to write for you, software people. You've got software developers on arm, maybe the most, maybe I don't know whether you rival Apple. Will you please tell people what it means for a software developer to be on Army?
- [29:59]
Michael Dell
So we have the world's largest software developer system, over 20 million developers plus that develop on ARM. That means all the applications, the operating system, they're all written and ported to arm. But the way to think about software, Jim, is not the software so much that's written today, it's the software that's written today on top of the software that was written yesterday, five years ago, 10 years ago, 15 years ago, that needs to be upgraded, maintained. So Jensen used a quote in a discussion I had with him once, which I think is very valid here. Software never dies, it has to be maintained, upgraded.
- [30:32]
Jim Cramer
Yeah, those are great processes.
- [30:32]
Michael Dell
And as a result, that's why ARM is so ubiquitous, because we are ingrained in all these systems and developers will then ultimately migrate to candidly the path of least resistance. I'm going to write my application to arm. ARM is already there and it builds on itself. And now with AI, you're finding people trying to write all these AI algorithms that can run in a power efficient way. Not just in the data center either. In a PC, in a robot, even all the way down to the smallest devices like wearables.
- [31:03]
Jim Cramer
You know, I struggle to find a better word than ubiquity. If you're ubiquitous in anything involving tech and are scaling and putting in more high end devices is. It's very hard to keep you down.
- [31:18]
Michael Dell
I would argue we're in this huge show floor in the convention center which is full of Nvidia promotion and hardware and it's their show. I'd argue there's more ARM inside this conference hall than there is in video.
- [31:29]
Jim Cramer
Let's leave it right there. I like that Renee, very much. That's Rene has, he's the CEO of ARM Holding. Now I've been telling you I think the stock should not be where it is, that it should be higher. I'm reiterating that right now everybody's back into the brain. It is time. It's time for the light round. Playing the sound. And then the lightning round is over. Are you ready, Steve? Dad. To the lightning round. Craven. Might as well start with Mike in Pennsylvania. Mike. Hey, Jim.
- [32:08]
Rene Haas
Booyah.
- [32:09]
H
Mike from Philly. How are you?
- [32:11]
Jim Cramer
Oh, man. Mike. I am doing fantastic. Oh. Because I got Howie Roseman doing my bidding. What's shaking with you?
- [32:18]
H
Nice, nice, nice. Hey, I'm doing well, too. Love, Howie Rosen. Hey, so my question. I'll get.
- [32:23]
Jim Cramer
Right.
- [32:24]
H
So Uber. I love the fact they're going in India now.
- [32:28]
Jim Cramer
Uber's a buy. You want to buy Uber right here? I'm telling you, it's not this. I'm going to Phil in North Carolina. Phil. Hey, Jim. Philly. How you speak to me. How you doing today? You're up.
- [32:41]
H
How. How you doing?
- [32:42]
Jim Cramer
Could be better. How about you? My day. How about you?
- [32:46]
H
I'm sh. You know me.
- [32:48]
Jim Cramer
Okay.
- [32:48]
H
Midland.
- [32:49]
Jim Cramer
Fair enough.
- [32:49]
H
Listen, listen.
- [32:50]
Jim Cramer
Okay.
- [32:51]
H
Get started. I've been talking to you for many, many, many years, and listen, even longer than that. What day. Could you have your cameraman show us a picture of your board, you know, with all the buttons on it? Yeah, I would like to see that.
- [33:07]
Jim Cramer
You think?
- [33:08]
Jensen Huang
Oh, my God.
- [33:08]
Jim Cramer
I love. I love the board. Well, I got the small board. We'll get. We'll get the big board when I get back to New York. All right. How about that?
- [33:16]
H
That's great. That's great.
- [33:19]
Jim Cramer
All right. Let's make money together. What do we have?
- [33:22]
H
Okay. All right.
- [33:26]
Jim Cramer
Okay. All right. All right.
- [33:30]
H
That was great.
- [33:31]
Jim Cramer
Okay.
- [33:32]
H
Okay.
- [33:32]
Jim Cramer
Oh, boy. Okay, I'm gonna give you.
- [33:34]
H
I'm gonna give you the name of the stock quick, but please, let me just have my say on it. This way, you'll understand more. TJ Maxx. Okay. Dear.
- [33:44]
Jim Cramer
TJ Maxx. I love TJ Maxx. I mean, come on. I bought some of this. Me. For the charitable trust. I think it's terrific. I think it's going right back to 125. And I like your spirit. I think it's commendable. I need to go to Hannah in New York. Hannah. Oh, come on. Let me do this. Hannah. Hannah. How are you? Hi, Hannah, go ahead. Hannah, you're up. Yes. This is an amazing day. An amazing day. What do you. What are you thinking? I was wondering what your opinion of Steel Dynamics is. I think Steel Dynamics is going to be a winner under President Trump's tariffs against the companies that are subsidized by the Japanese and the Chinese. And I totally support them. On this. And I think you should buy, buy, buy Steel Dynamics and that, ladies and gentlemen, conclusion of the light. While we're out of town for gtc, American Express came to our usual home, the New York Stock Exchange, earlier today during the opening Bell for its 175th anniversary. Fortunately, before we decamp for California, we got a chance to sit down with Steve Squeary, the chairman and CEO of America's Press, at his headquarters in New York City. Take a look, Steve. This is no ordinary company. It's a story company. It's been around longer than almost every other company in America. How's that possible?
- [35:13]
Steve Squeri
Well, look, we've been around 175 years, which is pretty incredible. And you know, the only way you stay around for 175 years is you've got to deliver for your customers. You have to know what your customers want. You have to anticipate what your customers are going to want. You've got to innovate, you've got to adapt. I mean, look at this company. This company started 175 years ago as a freight forwarding company. We were FedEx and UPS before they were right. And so how do you become and go from being a freight forwarding company or a delivery company to the premium global financial and lifestyle company? And what you do, that's through innovation. And this is a company that, you know, we started as, you know, messengers and freight forwarding and so forth. We got into financial services through money order in the late 1890s. We made money orders better because we, what we did is we made sure that they were, you know, secure. Then we invented the traveler's check. And then, you know, when you look at the history of this company, it's been a situation where people have had big ideas, had big challenges and had big innovations and management has been able to help navigate that. For example, once we were into the delivery business, our managers in Europe said, you know, we get people that come in and want travel advice. Why don't we open travel offices? Headquarters didn't want to do it. So it worked backwards and they pushed it worked backwards. And so what happened was you look at this and you see travel delivery to travel services. And it was very fortuitous because the government nationalized the railroads. We're out of the delivery business. And for the next 60 years, travel travelers checks and money orders until we became a credit card company. And but through that, all through that, all the brand trust, service and security, and we've always backed our customers.
- [37:11]
Jim Cramer
Let's talk about trust because it goes through it is probably the deepest element that I see. How did we as a people decide that we're going to trust a piece of paper that wasn't backed by the government and feel better and safer with it because it had your name on it?
- [37:31]
Steve Squeri
Yeah, well, you know, it's what you do, right? It's what you do when people are looking for help and down and out. And so they knew from our early beginnings we took their goods, delivered it, and if we didn't, we made good on it. They knew that when they got into, we had the money order if it was lost or stolen. And think about, we had Carl Malden when we did the travelers checks. If they're lost or stolen, we made good on those travelers checks.
- [38:00]
Jim Cramer
How do we all remember don't leave home without.
- [38:01]
Steve Squeri
Don't leave home without.
- [38:02]
Jim Cramer
How many years ago was that? And it's still in our heads.
- [38:05]
Steve Squeri
You know, that's over 60 years ago. It was don't leave home without them. And then it became don't leave home without it. And what's interesting about this is that even today, you know, you have a problem as a card member, you'll call us. You know that we'll stand behind you. You may not always win a dispute, but, you know, we'll represent your best interest, that we have your best interest at heart.
- [38:27]
Jim Cramer
Well, if I'm overseas, I always. My parents said, I always go to the State Department. They said, no, if you're in trouble, you go to American Express. I said, well, because I have a card. And they said, no, because they help.
- [38:38]
Steve Squeri
They help. They help go back in our history. World War I, 1914. People crowding the London office. We help people get home. Great Depression. We were open, banks were closed. We're cashing traveler's checks. We have, through our history, have been there to help people.
- [38:58]
Jim Cramer
Now, how is it possible that millennials, that Gen zers know this passed down tradition about your company?
- [39:07]
Steve Squeri
Yeah. They may not know about the traveler's check. And when you say about the traveler's check to a millennial, Gen Z, they look at you like you got two heads. But what they know is they know from history, they know from their parents that American Express will always have your back. And but it's more than that for millennials and Gen Zs, because what they want is value. Right? And so the challenge has been how do you innovate a product that is 60 years old? And the way you innovate a product that's 60 years old is what you do is you make sure you're always focused on what your customers want and what you think they may want. And you bring in the world's most talented colleagues and let them challenge the status quo.
- [39:48]
Jim Cramer
I think you sell yourself short. When I got mine, okay, and I got up, I'm up to platinum. Mine is from number since 81, like I am, okay? And I said to my kids one day, you can work yourself up to this. This is something that you should be proud of. And they said, dad, it's all the things you get with it. I said, I don't tell me what you get with it. Well, it turns out you offer a huge number.
- [40:13]
Steve Squeri
Exactly right. So what we decided back 2017, 2018, 2019 is why have them work their way up to it. Let them come in. Because what we know is when you're engaged in the product, you're going to spend more. And when you think about the value that comes with a gold card or a platinum card, access to the global dining access program, fine hotels and resorts, Uber credits, you know, streaming credits, so forth and so on, why not have them use that from the get go versus a fee free product where they were only getting the points? And it's more than points. If you want points, you can get points, lots of other cards, but it's this whole basket.
- [40:50]
Jim Cramer
I get the points, by the way, spends of people. I have to get the cards. You know, what is that with the points? You have to spend a lot to get the points.
- [40:57]
Steve Squeri
You got to spend a lot to get the points. But it's more than just the points, right? I mean, it's all the other. It's the experience, it's the value that we provide. It's the partnerships that we have where our partners see the value of our customers and are providing value offers to them.
- [41:11]
Jim Cramer
I remember when you started Centurion and I said, they'll never be able to blow this out. It's in an airport. You can't do it. It can't be worthwhile. To them, it turns out to be something everybody knows. Yeah.
- [41:23]
Steve Squeri
I mean when you look at, you look at the Centurion lounges that are out there, another big debate within the company, should we invest into real estate? And now you look at it and say, well, these are the travel offices of the past. Right. Except instead of going to the office to book your trip, you did it all online. It's how do you have, how do you have access along the journey? And airport travel is, you know, can be complicated. And we want respites for Our travelers. And, you know, we're trying to stay ahead of the competition in that area as well.
- [41:52]
Jim Cramer
Now, I have to ask you, I can't avoid restaurants, travel. Post Covid, it never went away. People just realized that life is short. They're long on money and short on time, which means they need American Express. Yeah.
- [42:05]
Steve Squeri
I mean, look, you know, I think what was key during COVID was, you know, we continue to invest in our customers. We can both merchants and our cardholders. We didn't know when it was going to be over, but you knew it would be over at some point. And when you look at restaurants now, restaurants are the largest T and E category that we have. It's one of the fastest growing categories that we have. If you look at our team, look at our restaurant growth, it is double what the restaurant growth industry has been since 2019. And millennials in Gen Z's 70% more transactions than boomers or Gen X.
- [42:39]
Jim Cramer
Well, what you've done, what the company's done. Storied. Great. Always about trust.
- [42:45]
Steve Squeri
Yeah. It's, you know, you have to have your company, you know, the powerful backing of American Express, and you, you know, you want somebody you can trust. And one of the best things that I ever hear, I hear all the time is that somebody said, you know, I've been a member since 2000 and I've never been disappointed till now. And then we fix it. Okay. And so it's. They don't expect to be disappointed by us. Right. It's not, you know, I didn't expect. They don't expect anything but the best from American Express.
- [43:15]
Jim Cramer
Did you buy American Express? We can take care of it. Yes, I did. Thank heavens. What would happen if you use cash? What am I using another card? That's you guys?
- [43:22]
Steve Squeri
Well, that's us. I mean, we stand behind our customers and we stand behind our cardholders. We stand behind our merchants. You want a trusted source, and we are that trusted source.
- [43:32]
Jim Cramer
Well, I think that's a great place to end, other than the fact that you and I are both in the same American Express class. Congratulations, 1981. Congratulations. Steve Squear, your Marketing Express AXP Chairman CEO.
- [43:42]
Steve Squeri
It's good to be with you.
- [43:43]
Jim Cramer
Thank you. I like to say there's always a bull market. And I promise you I'd find it just for you right here on Mad Money. I'm Jim Cramer. See you tomorrow.
- [43:52]
Brian Moynihan
All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC, NBCUniversal or their 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 Jim Cramer 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 CNBC Exclusive bank.
- [44:33]
Michael Dell
Of America Chairman and CEO Brian Moynihan.
- [44:36]
Brian Moynihan
The health of the consumer Outlook on.
- [44:38]
Michael Dell
The economy Insight into the upcoming Fed decision Stay ahead of the market squawk box tomorrow, 6aM Eastern CNBC.