Mad Money w/ Jim Cramer 3/18/26

Summary

Mad Money w/ Jim Cramer – March 18, 2026
Podcast Detailed Summary

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Episode Overview

Jim Cramer leads listeners through a tumultuous day on Wall Street, examining a host of macroeconomic events, sector-specific reactions, and the role of geopolitics in market movement. He provides actionable investing advice during a volatile market, with deep dives into utilities and tech, a look at the evolution of AI, and the ever-popular Lightning Round. Special highlights include exclusive interviews with Sempra CEO Jeffrey Martin and Mistral AI CEO Arthur Mensch, as well as Cramer's analysis of Nvidia’s latest GTC conference and its impact on stocks like Nvidia and Uber.

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Key Discussion Points & Insights

1. Market Turmoil and Macroeconomic Commentary

Timestamps: 01:01 – 08:25

• Cramer’s Mission: "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." (01:03)
• Day’s Headlines:
  • Major market sell-off thanks to a confluence of bad news: Iranian oil facility attacks, inflation uptick via a poor PPI reading, and no hope for a Fed rate cut.
  • Only a handful of oil and gas stocks rallied; nearly every sector took a hit.
  • "Dow tumbling 768 points, S&P plunging 1.36%, and the Nasdaq plummeting 1.46%... this was a real bad day. The House of Pain." (01:39)
• Root Causes:
  • Geopolitical instability in the Middle East, notably Iranian retaliation for bombings, causing spikes in oil and natural gas.
  • Producer Price Index (PPI) numbers showed big inflation, further dimming hopes for lower rates and increasing stagflation fears.
  • Cramer debunks the idea that this is true stagflation, calling the current inflation "temporary and artificial," but warns if conflict escalates, market stress may increase. (03:44)
• Strategy Advice:
  • “We like to buy. Not big, but we're not sellers... we now think that Iran's response could be more anemic… The stock market's oversold –7 on the S&P oscillator... it's easy to get a good basis when you have an indicator that can predict when the market's likely to bounce.” (04:32)
• Sector Snapshots:
  • Drug stocks underperformed even on positive news (e.g., Johnson & Johnson), illustrating how hard it is for good news to counteract a negative macro environment.
  • Only a few retail/consumer favorites (like William Sonoma) showed resilience, but even there, gains were fragile.
  • Tech names and private equity/credit names are mixed; no clear safe havens.

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2. Nvidia GTC Takeaways & AI Market Impact

Timestamps: 06:55 – 08:25, 23:07 – 27:38, 43:16 – 46:51

• Nvidia’s Centrality:
  • Cramer frames Nvidia as “the heart of the fourth industrial revolution,” citing its AI and accelerated computing lead. (06:54)
  • "If I didn't own it, I would buy Nvidia... even with oil up and a recalcitrant Federal Reserve. These will be short term people. Nvidia’s long-term prospects–after that [GTC] festival, I gotta tell you, Nvidia is still best in show." (07:58)
• GTC Announcements:
  • Nvidia doubled down on self-driving partnerships, notably with Uber, planning to launch robotaxis globally.
  • Despite massive potential and a pipeline of new partnerships and products (Nemo Claw, AI agents), NVDA stock barely budged, due to investor confusion and institutional saturation.
  • "Eight years ago, Jensen Wong told me about something that would become ChatGPT... This time, [he] talked about Agentix... these agents would be bigger than ChatGPT and Nvidia will be behind the best of the agents." (43:20)
• Market Factors Suppressing Nvidia:
  • Option activity, institutional “full up” positioning, and misinterpretation of business expansion numbers.
  • Cramer’s bullish call: “What could move Nvidia again? Numbers... or the endless proliferation of AI agents that will require more Nvidia hardware. Call it the hidden reason to buy Nvidia stock here.” (46:10)

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3. Industry Spotlights: Utilities, Uber, and AI Disruptors

A) Sempra Interview
Timestamps: 13:32 – 21:47

• Guest: Jeffrey Martin, Chairman, President & CEO, Sempra
• Key Moves:
  • Major business simplification: selling down infrastructure business to KKR, focusing more on core California and Texas utilities.
  • Raised five-year capital spending plan to $65B, aiming for growth and growing dividends.
• Texas Growth:
  • Texas electricity demand rising at 3x national average, big growth in high voltage transmission projects.
  • "For investors looking for capital appreciation and income, Sempra presents itself as a compelling opportunity." – Martin (16:13)
• LNG & US Advantage:
  • “The US will become increasingly important as an energy exporter. With the recent Qatar facility loss, we have less price volatility and more supplies.” – Martin (18:29)
  • Sempra’s LNG portfolio is expanding rapidly across North America and globally.
  • Low rate increases in TX despite data center boom–key for attracting investors and business alike.

B) Uber & Autonomous Vehicles
Timestamps: 23:07 – 29:30

• Nvidia-GTC News: Uber to launch global fleet of self-driving taxis on Nvidia tech.
• Stock Action:
  • Uber rebounded on partnership news, after falling sharply since last year.
  • "Uber’s already created an auxiliary robotaxi business out of whole cloth... partnerships in Atlanta, Austin, Vegas, London, Tokyo... The fact is, Uber is positioned as both operator and network partner." (25:22)
• Cramer’s Take:
  • AI/Robotaxi disruption fears are overblown; Uber can thrive by partnering, not just competing.
  • "At this point, Uber is basically a value stock… If you believe the Robotaxi competition worries are overblown, then this might be your chance to pounce." (29:19)

C) Future of Open AI in Europe – Mistral AI Interview
Timestamps: 32:14 – 39:16

• Guest: Arthur Mensch, Co-founder/CEO, Mistral AI
• Topics:
  • Worries about concentration of AI power ("American hegemony") and the risk of few mega-corporations controlling AI’s future.
  • Mistral’s strategy: open-source AI models, democratizing access, enabling enterprises to control and customize their AI stack.
  • "We believe that the model layer... is eventually going to be a commodity. We want to make it companies... can fully understand and deploy on their own infrastructure." – Mensch (33:54)
  • Mistral’s model is profitable: past $400M revenue, aiming to cross $1B this year.
  • Emphasis on enterprise sovereignty, lowering costs, and national security by avoiding lock-in with US tech giants.

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4. The Lightning Round – Buy/Sell Stock Opinions

Timestamps: 39:36 – 42:52

Cramer quickly fields listener calls about various stocks.

• Netflix (09:01): "Buy slow. Not a good market to go all in at once."
• Boston Scientific (09:45): “Competition got much more severe… Not going to be one of the greatest performers.”
• Eli Lilly (10:15): “We're in a bout of 'giving up-ness' on one of the greatest drug companies in history. Bye, Eli Lilly.”
• HCA Healthcare (40:06): “Buy in clumps, space out purchases.”
• Wendy’s (40:31): “No, it is just the wrong stock. Buy McDonald’s on this dip.”
• Nio (41:07): “Had a good quarter, it’s a spec, but OK to take a flyer.”
• Blackstone (41:40): “Better run than Blue Owl Capital, yields 5%, go with Blackstone.”
• Oracle (42:04): “Good, but Nvidia is better.”
• BigBear AI (42:25): “Losing a lot of money, not the era for magical investing.”

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Notable Quotes & Memorable Moments

• On market pain:
  "It was a real bad day. The House of Pain." – Cramer (01:39)
• On stagflation warnings:
  “It never pays to have a sour basis. It’s easy to get a good basis when you have an indicator that can predict when the market’s likely to bounce.” (04:44)
• On Nvidia’s value:
  "It is one of the fastest growing firms with one of the lowest valuations in the entire market. That’s always tempting." (07:25)
• On Uber’s resilience:
  "If you got a Robotaxi business, why not just plug it into Uber's network?" (25:08)
• On AI power concentration:
  "Do you want to put your destiny into the hands of companies that fully control the entire stack…? Our stance… has been to break the dynamic of concentration of power in artificial intelligence." – Arthur Mensch (32:32)
• On value of open-source AI:
  "Our customers are choosing us because we bring them better applications, cheaper prices, more control." – Arthur Mensch (38:10)

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Important Timestamps

• Market Overview & Strategy: 01:01 – 08:25
• Nvidia, AI, & Tech Sector Outlook: 06:55 – 08:25, 23:07 – 27:38, 43:16 – 46:51
• Lightning Round: 39:36 – 42:52
• Interview: Sempra CEO Jeffrey Martin: 13:32 – 21:47
• Interview: Mistral AI CEO Arthur Mensch: 32:14 – 39:16

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Tone, Language, and Cramerisms

• Energetic, direct, and often humorous (“House of Pain,” “era of magical investing is over”)
• Cramer mixes sharp financial insight with memorable metaphors and accessible explanations
• Emphasis throughout on helping retail investors make disciplined, informed decisions even in difficult markets.

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Takeaway for Investors

Cramer insists that while macro and geopolitical turmoil can create market chaos, there are constructive ways to take advantage of oversold conditions—by identifying resilient stocks, playing the long term, and prioritizing companies driving the next tech revolutions (especially in AI and utilities). He cautions against speculative bets in this environment and emphasizes buying high-quality names on weakness, like Nvidia and Uber, while leaning into secular tailwinds in energy and AI, and favoring income and growth in utilities like Sempra.

Transcript

[A]

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[B]

My mission is simple 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 Cramerica. Other people went friends. Hey, look, I'm just trying to save you a little bit of money here. My job is not just to entertain, but to explain why days like today happen. So call me at 1-874th, BCNBC. Tweet me Jim Cramer when the Bear comes running at you, it's mighty difficult to hide to stay ahead of the darn thing to avoid being mauled. Right now we have a situation where every time we provoke the bear by attacking Iranian oil facilities, only a few stocks can rally. When you throw in a crummy producer price index reading and a Fed meeting with no hope whatsoever of a rate cut, well, you get a hideous day for the averages. Dow tumbling 768 points, S&P plunging 1.36%, and the Nasdaq plummeting 1.46%. It was a real bad day. The House of Pain these are what's known as macro events that I just talked about, not stock stories, and they can impact the entire higher market. Usually there's a reliable set of sectors we can turn to even when things get ugly like this. But not today. Everything was awful except for a handful of oil and gas stocks. Now, I am a stock strategist, not a military strategist, but I can relate the oil futures which spiked this all day actually to the stock market because with the exception of a few anomalies, up oil means down stocks and nothing was clearer today than the pressure oil can put on the entire S&P 500. Oil had been stable for A few days things look good for the market. But today, huge natural gas field in Iran was bombed. Iran immediately retaliated with a missile attack on one of the world's largest liquefied natural gas complexes. And this was in Qatar. It caused extensive damage. The price of natural gas worldwide could spike because of that. Except for the US because we have so much of the stuff that more than anything else sent the market dramatically lower. We didn't get any help from the US economy's numbers. This morning we got a PPI number that showed a big uptick in inflation. It seemed to be a wake up call that even when Kevin Wash replaces Jay Powell as Fed chair chief, if he does, it'll be very difficult for him to cut rates. Sure, the housing industry needs lower rates, we know that. But the consumer could be hurt by another increase in inflation. Now, I'm going to spare you the word stagflation is one of the words that the Bears throw around on TV every time you see something that slows economic activity at the same time that prices go higher. I've seen several bouts of stagflation in my life. This is not one of those bouts even if we've got a 70 style oil shock. Now, Fed Chief Powell said the same thing in today's presser and I got to tell you, I felt, I did feel somewhat comforted. I didn't feel alone. Now I still say this is a temporary and artificial increase. It's because the look, it's the cost of doing business under this president, whether because of tariffs or because of this war. If this conflict drags on and we can't reopen the straight of Hormuz for months and months and months and eventually you're going to have to worry about it. But we're not there yet. What can you do when days like today? Well, the investing club and thank you club members for turning out at the New Orleans Book Fair and the Nvidia GTC conference in droves. But we like to buy. Not big, but we're not sellers. Why? A couple of reasons. We now think that Iran's response could be more anemic than its previous barrage of pain. We're going to find out soon enough though. We also like the stock markets oversold. When it's oversold -7 on the SB oscillator. That's a key gauge that measures buying and selling pressure. And boy, that shows there it's been way too much selling pressure. Now I know this implies short termism and we're long game players at the trust. But it never pays to have a sour basis. And it's easy to get a good basis when you have an indicator that can predict when the market's likely to bounce. We have that right now. Of course, it's harder to find good stocks that are worth buying when the crowd's thinking stagflation. For instance, take the drug stocks. You know you're not supposed to like the drug stocks and stagflation, but I got my own Johnson Johnson. It just received a green light on a really important drug for plaque. Psoriasis. It's a pill, not an injection. It's huge. But the stock was down nearly a dollar today. It should have gone higher, but it just shows you how hard it is to buck stagflation theories. I thought the General Mills might bottom on a good quarter. Big yield. Sadly, the quarter wasn't good enough. Management tried to turn minuses into pluses, but the crowd wasn't buying it. Even with that 6.5% yield, no one likes Campbell's, which now yields 7.4%. So there seems to be no good houses in that neighborhood. We did have one report that was solid. It was from William Sonoma, the retailer. It put up terrific numbers. But after a quick down move in premarket trading, it flew up furiously. We're pulling back hard in the afternoon. I wouldn't buy when it's up 11, but it closed up less than 2 bucks. That's intriguing. That may be something to buy into weakness tomorrow. I debated the financials. We seem to be working our way out of that private credit issue. The good ones of the private equity companies are bouncing, but I don't have a thesis about why they should roar. The financials are collateral damage. An inflation battle that rages after a miserable producer price index like we had this morning. Which brings me to tech now. I just got back from one of the most remarkable of all places, the showcase for artificial intelligence and accelerated computing in all of its forms in videos. GTC conference in San Jose. There I saw so many different companies capitalizing on video software and hardware platform. And they're going to do that regardless of what happens in the Middle East. Nvidia stock is hard to understand. More on that later. But what keeps people from missing the big gains in the stock and is that it's really at the heart of what's known as the fourth Industrial Revolution. That's where technology overruns the way we do things. Not just companies, but individuals. They can do more with less. They can create all new industries. We haven't even imagined yet. They can generate amazing profits for companies that harness AI, whether it be Chat, CBT or Anthropic or Gemini and Open Claw, something I talk about later in the show. They're a canvas anyone can write on, so I scan the field for winners. I think Dell's worth buying. This is the company that enterprises are using to connect with Nvidia. I call it the customer's most sought after technology and one of the most undervalued stocks in the market. I reiterated Dell as a bullpen stock for the club in today's morning meeting, but only if it retreats a bit from these levels. I like ARM holdings, which I think will be the big beneficiary from a pivot to using not just its monster GPU architecture, but also it's more agile CPUs to help manage these AI agents, they need CPUs or ARMs. Always been tight with Nvidia. I think he gets tighter. But most of all, if I didn't own it, I would buy the stock of Nvidia. I know it can go down maybe four or five points. Doesn't mean anything small. The tech giants not hemmed in by Iran. It's not shredded by stagflation fears. Its lack of upside has more to do with the structure of the market and it is over owned right now. That won't matter if all the good things I saw at GDC come to fruition. Though some stocks may be just too cheap to avoid the bottom line. It is one of the fastest growing firms with one of the lowest valuations in the entire market. And that's always tempting. Even with oil up a few bucks and recalcitrant Federal Reserve something. It may matter to the stock short term but absolutely doesn't matter. Nvidia long term prospects. After that festival I got to tell you, Nvidia is still best in show. Let's go to Michael in Virginia.

[C]

Michael, Booyah. Jim. Netflix.

[B]

Michael, what's up?

[C]

$2.8 billion in a breakup check since the Warner deal fell through. They're making a $20 billion investment in content and I think the interpositive acquisition will help do that more efficiently. They're planning to double their advertising revenue and project 12 to 14% growth. What do you see happening to their range bounded 90 90.

[B]

90 $. Yeah. Okay. Let me tell you Michael, I think I'm going to throw one more positive. I think they could raise the price of the service. I think everybody loves it. I think you leg into Netflix. This is not A good market. You buy some here, you buy some a little bit lower. If you buy it all right now, you're going to end up. If it goes to 85, you're going to feel terrible. So buy it slow. That's what we're doing. A few stocks we need a little more aggressive tomorrow, but buy it slow that then this market won't get you down. Ken in Ohio. Ken.

[C]

Hey, Jim, founding club member here and just got your mail.

[B]

Oh, thank you, but I really appreciate that.

[C]

Hey, you were kind of high on my stock here last fall, but they had earnings about a month ago and it's fallen a lot. What's the latest on Boston Scientific?

[B]

You know, I have to tell you, I have been blown away about how badly that stock's performing. The competition got much more severe than I realized it could do. I thought that Mike Mahoney had it under control. I was not right, which therefore means I'm wrong. And I am surprised. This is not going to be one of the greatest performers. It's not anymore. Let's go to Carrie in Colorado, please. Carrie.

[C]

Hi, Jim. I was wondering what you thought about Eli Lilly. Buy, sell or hold.

[B]

Everybody's giving up on Lilly. My experience with Eli Lilly is there are bouts of giving up. Edness. That's what I call it, giving up. We're in a giving up in this moment for one of the greatest, if not the greatest drug company in history. I think the pill is going to be gigantic. People are saying that the chatgpt of chatgpt that the GOP is not big. Okay, not as big as we thought. Chat GP is big and so is GOP Dash 1. Two big things. What can I say? Bye, Eli Lilly. All right. In this environment, if I didn't already own Nvidia, I would buy it. It is tempting here. Even with a retention house reserve and oil going higher. These will be short term people on Monday. Tonight as the Warner and sends oil and natural gas prices higher. I'm checking with one of the country, our country's strongest producers of electricity and I think you're going to love it. Don't miss my exclusive with Semper then. I think Wall Street's overlooking the fantastic quarter out of Uber. I'm taking a look at the numbers and giving you my take on the stock. And while we're at the GTC festival, we got the chance to sit down with a lesser known French AI company. It's making waves in the. Don't miss my part two of my conversation with Mistral AI Stay with Kramer.

[D]

Don't miss a second of Mad Money. Follow imKramer on X. Have a question? Tweet Kramer hashtag madmentions. Send Jim an email to madmoneynbc.com or give us a call. Call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com Modern enterprise is made up of a lot of moving parts,

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[B]

The last 12 months have been phenomenal for a lot of utilities. Take Sempra, which owns gas and electric utilities in Texas and California. Now this company's long been one of my favorite growth utilities. Remember Growth Utility? But a year ago the stock had a bit of a beat down by tariff worries. L A fires. Even the fires, by the way, had zero impact on the business. That turned out to be a fantastic buying opportunity as tempers now run from $61 and change in its lows last April all the way to 95. We're talking about a 50% gain plus in less than a year. Not bad for utility. Now Separate made some big changes last fall they announced they were selling a majority stake in their infrastructure business and at Spectating gas pipelines and liquefied natural gas export facilities. The plan now is to focus on their core utility business, simplify. So as you get closer, look with Jeff Martin, the Chairman, President and CEO of Stanford to learn more. Mr. Martin, welcome back to midmoney.

[F]

It's great to be back on with you, Jim.

[B]

Well, I got to tell you Jeff, you have made a bunch of changes since we've seen you in 2024 by the way, all of them to the betterment of the shareholders. So why don't you walk through?

[F]

Sure. Well, it's great to be back on with you again and I will tell you, I'll start. Just last month we provided an update to the street our equity sell down at our infrastructure business. And Jim, it has two principal benefits for us. Number one, we get a chance to simplify our business model. We've talked about this before. You're taking risk away from your financial performance. And secondly, we get to concentrate our future capital spending on our utilities in California and Texas. And you recall I was on set with you a couple years ago and you and I talked about the American utility industry was entering a super cyclo brook. Yes, we talked about that.

[B]

We were the first, first to talk

[F]

and this is actually playing itself out. And that's why last month we were pleased to come back and raise our five year capital plan to 65 billion. And we've earmarked potentially another 9 billion on top of that. So I think with some efficient financing we offer investors today opportunity to be exposed to a higher growth utility with a growing dividend.

[B]

Now talk about the sales because I think the disposals are terrific.

[F]

Yes. So what we're trying to do now is we've announced that 45% sell down in our infrastructure business. We'll maintain about a 25% residual interest for now and we're selling that interest to KKR. We're going to bring back about $10 billion of financing back into the business. And here's why that's important. Every time you're faced with growing your capital program, your first obligation is to compete capital internal to your business. We what you're trying to do is source the cheapest financing. And we felt like that we had the chance to not only source the cheapest financing, but move semper more toward a pure play utility, a growth in income utility, which we've talked about a lot.

[B]

Okay, so now we have to talk about the greatest market utilities maybe our country's ever had. And you're a dominant player, Texas. What's going on there.

[F]

Well, look, I cannot tell you how remarkable Texas is. So it starts with economic activity. We're seeing economic activity at Texas at levels higher than the national average and that's translated into higher electricity demand. In our internal estimates, Texas electricity demand is growing at three times the national average. Right. And that sets up a lot of opportunities. So let me give you an example or some context. You RECALL Back in 2018 we bought 80% ownership in the state's largest utility, which is Encore. At the time, Jim, they had a five, five year capital program equal to seven billion dollars. That same company today, just one month ago announced a 48 billion dollar capital program and line of sight to upside of about $10 billion. And 70% of it is focused on high voltage transmission to connect all this new load growth. So from our perspective, for investors out there looking for capital appreciation and income, Sempra presents us self is a compelling opportunity.

[B]

And I want to tell you my friend Michael Semblance does great energy work at J.P. morgan. He did really a white paper about how your rates are not moving up because the data center, the problem is there's another area where they're not really run very well and the utilities aren't regulated very well. You have not seen a big spike in rates for, for rate payers because of the data centers.

[F]

No. What's interesting in Texas is a fact is they've got currently a settlement with the regulator that's going to be up for approval in Q2. We're expecting to pursue this $48 billion capital program with approximately a 3% increase to the retail rate. So I think we're trying to be thoughtful. What you do is in a growing market you're really spreading cost across more kilowatts. Right. So conceptually when you grow a marketplace with higher electricity consumption, the rate should not go up that much.

[B]

Right? Okay, good. That's the natural arithmetic situation. Now another thing you're doing right, we have a surfeit of LNG in this country. Obviously in the Middle east there are some issues. Qatar is huge and they've just taken out their biggest natural gas facility. We are the dominant player. What role can we play in the in America's future?

[F]

Look, this is a very complicated fact pattern. You're making a great point. It's a fluid situation with new events breaking today. I think one of the read through opportunities here, it emphasizes the fact that the United States will become increasingly important as an energy exporter. And as I thought about it, let's talk about the LNG Trade. Today, the global LNG marketplace balances supply and demand between Asia and Europe with the challenges in the current conflict. But taking Qatar's production offline, you've seen huge volatility both in Asia and Europe and very little volatility in the United States.

[B]

So that's where independence really is. Right.

[F]

From an energy standpoint only. Right. This is a good old fashioned competitive advantage for America. We've got the deepest capital markets, ample natural gas supplies. We've got low price volatility and the rule of law. So our takeaway, Jim, is in the near term, in the long term, America will continue to be the market of choice for buyers.

[B]

And tell me what Semper's doing to take advantage of that.

[F]

Well, we've got a whole portfolio of lng. We've got got facilities which are online in Cameron today. We've got a brand new facility coming online in Northern Mexico later this summer. We've got two big giant projects, about 13 billion each, taking place down in Port Arthur, Texas. So we have a growing portfolio and obviously that's something we're looking to pursue with our partner at kkr.

[B]

Now there are people who would say, well, Jeff's a dreamer. We don't have that much natural gas. How much do we really have?

[F]

Look, I think what's taking taken places, we've had a real opportunity with new technology and horizontal drilling. So the whole fracking industry, our integrated oil production has been great. And what people don't realize is roughly 20% of our natural gas production also produces liquids and natural gas or associated gas. So it really makes the lower cost of getting oil out of the ground. So we have a lot of confidence in our oil and gas industry in the United States and we feel good about our current long term reserves.

[B]

One last thing I want people to understand the way you can figure out for your ira, you want to get more income and you don't want to have as much volatility, but you want good growth too. That simple.

[F]

Yeah. I would describe it like this. Long term, The S&P 500 is offered 7 or 8% earnings per share growth. At our company, we're forecasting 7 to 9% earnings per share growth in a utility with a point 0.6 beta. And currently, Jim, at today's market price, Our yield is 2.8%. It's twice the average yield of S&P 500.

[B]

Well, look, I got to hand it to you. You made a series of projections, said certain things that most utilities could not do, but it's really because of your work. And I just think you've done some remarkable things, Jeff. Well, I know I'm a total believer because I also think it's really important what you mentioned about Texas rates because we have to make it so people realize that data centers don't wreck your pocketbook.

[F]

That's good. That's right. And particularly if you do it right from a regulatory standpoint, they need to pay their fair share. You need to protect the residential customer. But growing the pie is a good thing for all customers. You're spreading cross, you're spending, you're spreading cost across more customers.

[B]

Well, I hope everybody listens to you because it's very wise advice. That's Jeffrey Martin. He's the chairman, president and CEO of Sempra. Wow. You did it all. Thank you, Jeff.

[F]

Thanks again.

[B]

See you.

[F]

Thanks, Jeff.

[D]

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[E]

Men are struggling with their mental health at some of the highest rates we've ever seen. But most aren't getting the support they need and that needs to change. Hi, I'm Dr. Guy Winch, your host for season three of the Visibility Gap presented by Cigna Healthcare. This season we're focusing on men's mental health, bringing together real stories and expert insight to explore the pressures men face every day and why opening up can feel so difficult. Join us for the new season wherever you stream your podcasts.

[B]

Now that we're back from California, I want to go over one big story from Nvidia GTC extravaganza. It's really not getting any attention at all, especially today with the market so bad. This week in Video announced it's expanding its autonomous driving partnership with Uber. They plan to launch a global fleet of self driving cars that run on Nvidia software starting in San Francisco and L A. It's going to be sometime in the first half of next year. Okay, that didn't do much for Nvidia because nothing has been able to move this this stock. More on that later. But it did breathe some new life into Uber, which rallied nearly 2% on Monday and then another 4.2% yesterday for giving back a little of those gains today. And I got to tell you, Uber stock certainly needed the help. I really got behind this one. In early 2022 as a post pandemic reopening play and cheered, the Stock went from $20 in its mid 2022 lows, just above 100 its peak almost six months ago. It's a good call. But then Uber pulled back hard, falling to 69 at its lows in mid February. Coming into GTC was trading at 73. Wow. Thanks to the Nvidia Robotax news though, it's now rebounded to just under 77. But it's still down used from the highs now. Some of that's because Uber reported not so hot quarter in February with disappointing EBITDA forecast for the current quarter. Although the bookings were strong, which tells you that the underlying ride share and delivery business is doing just fine. Mainly though, I think that the stock's been crushed by worries about AI disruption, specifically robo taxis. Google's Waymo is now operating in eight cities across four states. Tesla's Robotaxis launched in Austin, Texas last summer. Both have aggressive expansion plans. The issue is that this year any business that might be threatened by AI has had waffle stock. We've mostly seen this in the enterprise software space, but it's also affected all sorts of research firms that agglomerate data for a living because they directly compete with artificial intelligence. I think Uber's weighed down by the same worries. In this environment, hardly anyone's willing to give them the benefit of the doubt, because when there are a disruption fears, sellers shoot first and ask questions later. Personally, I don't think these Robotax is real threat to Uber. For one thing, their presence is still tiny. But more importantly, Uber can just form partnerships with the autonomous driving companies. They don't have to compete directly. This is a company with 202 million million monthly active platform users. If you got a Robotaxi business, why not just plug it into Uber's network? Now, these partnerships already happen. While Waymo's operating directly in eight metropolitan areas, they're also in Atlanta and Austin, two cities where Waymos can be bought booked exclusively through Uber and Dallas. Uber has a partnership with a robo taxi company called Avride in Vegas. They're working with A subsidiary of Hyundai. And that's just the United States. Late, late last year we learned that Uber's launched robo taxis in the UAE through a partnership with We Ride. And last month they announced expand partnership into Saudi Arabia. In London, they're working with China's Baidu to test robotaxis. All good. Early last year, Uber announced a partnership with May Mobility to deploy thousands of autonomous vehicles on their app over the next few years. Now they're starting in Arlington, Texas. In early January, Uber unveiled a robotoxic partnership with Luxury Lucid and a self driving startup called Neuro. They plan to launch in the San Francisco Bay area later this year. Just last week, Amazon Zoox, that's the 0x kind robotaxi business, said they'll deploy their vehicles on Uber's platform starting in Las Vegas. That's gonna be sometime this summer and in L. A by the middle of next year. They're also collaborating with Nissan and a startup called Wave Wyve. They've got a pilot program for Robo taxis in Tokyo later this year. The fact is Uber has already created an auxiliary robo tax business out of whole cloth. Last month they launched their Uber autonomous solutions where they use their data and mapping solutions to help train models for self driving taxis. And it's not just cabs. Uber's got a partnership with Serve Robotics to handle Uber eats food delivery in multiple major markets. Last month they announced a deal with Joby Aviation for electric air taxis in Dubai. They admittedly not the best timing on that one. But none of these partnerships have been able to get the stock rallying again. Even though they proved my point that Uber's rideshare business isn't necessarily direct competition. Robo taxis right up until this week when when Nvidia Jensen made a bunch of autonomous driving announcements at gtc. Here's what Jensen told me when I asked him about what I thought was incredibly important.

[F]

We are going to be very, very large. You know, we're working on self driving for about 10 years now. Our strategy is not to build a self driving car. Our strategy is to build a platform so that everybody can have self driving cars. Our strategy is to build help Uber and help all these companies create a large fleet of autonomous vehicles.

[B]

Wow. Yeah, that's what woke me up to do this piece. I mean look, he mentions Uber because like I said before, they're now working with a growing roster of automakers to develop their own robotaxis that run Nvidia software with the plan to get them into 28 cities around the world by 2028, not that far from here. And this finally seemed to resonate with investors. It's why Uber stock caught fire earlier this week. Now some analysts have written up the news claiming that this video news was very positive. And I couldn't agree more. Of course I like Uber for years. I still think the company can make plenty of money now by being the number one rideshare platform and the number two food delivery app. I still think they'll be a major player in robo taxis, either through their own vehicles or someone else's because anybody can plug that technology into Uber's rideshare network. But what changed this week is that Uber self driving strategy now has the Nvidia imprimatur. And with each new announcement, we can get more visibility into what the Robotaxi strategy looks like. And that's why the stock found its footing this week. And it's just beginning. Here's the bottom line. Given that Uber still down almost 25% from its highs just last September, I think you're getting terrific buying opportunity here, particularly with this lousy market. At this point, Uber is basically a value stock. It trades at 23 times this year's earnings estimates. It's rarely been this cheap since the company turned profitable in 2023. If, like me, you believe the Robotaxi competition worries are overblown, then this might be your chance to pounds. I want to take some calls. Want to start with Bill in Pennsylvania. Bill.

[C]

Jim. Bobby, Buddy. Hey, listen, Jim, I'm looking at a company, I'll be honest with you. I made some money with it several times in the past, but this company is in phase four of FAA certification. They're building Vertiports in Dubai. They're going to be launching transportation out there before FAA certification. Really? Just for the data, they got partnerships with Delta Airlines, Uber I believe over they on the Uber app defense contracts with L3. Harris. Jim, I'm looking at Joby Aviation. I think now is the time because it's down. What are you thinking about?

[B]

Okay, I am not as big a fan as you are. I think it's incredibly speculative and I'm in that era of no more magical investing. They're losing too much money. And when companies are losing too much money, even if they have a very exciting idea, I've got a point pulling my horns here because we have a very, very tough market and we can't deal with companies that are losing a lot of money. Thank you. I appreciate that. Uber is basically a value stock at this point. I Think you're getting a great entry point right here. Now much more man money. I put my exclusive with Mistral AI. Now this company's been labeled the open air of Europe. So what's the hype about? We're building extensive conversations and exclusive from gtc. Then Nvidia had so many announcements GTC that maybe the market couldn't digest them all and that's why it's down big today. I don't know. I'm honing in on the ones that I think could finally move this stock higher. And oil calls rapid fire in tonight's edition of the Life. So stay with green. Earlier this week at gtc, I got a chance to catch up with Mistral AI. It's an open source artificial intelligence operation often called the open air of Europe. This company has become a major player. So when I spoke to Arthur Mensch, the co founder and CEO of Mistral AI, that interview ran long. We aired the first part last night and now we're going to show you the rest. So take a look. Art, thank you for coming on. I am worried about two things. American hegemony, meaning that we're triumphing over nominal, our allies, and just the, what I call some sort of bizarre wealth effect where there's so many people who don't have a lot of money and some people through companies in your industry seem to have all the money in the world. It seems like that Mistral is concerned about American hegemony, meaning that you shouldn't outsource everything you have to the United States. And you're also worried about concentration of wealth. It sounds like you're a company that has a heart and a head.

[G]

Well, I think what we are worried about is really a Germany of a few players in artificial intelligence. Generally we're a global company. 25% of our team is actually American. So in that way, we're really a US Company as well. No, what we see in AI is that this is actually, this is a foundational layer of technology. And that's something that every company is starting to rely on. That's something that every consumer is starting to rely on. And the question is, do you want to own that future as an enterprise? Do you want to rely on the technology that you can fully understand as a consumer? Or do you want to put your destiny into the hands of companies that fully control the entire stack and can influence and decide what the AI can do and cannot do? And so our, our stance and the reason why we created the company has been to break the dynamic of concentration of power and artificial intelligence. So the way we've done it is to go for the concentration to actually build open weight models and to release them to the world, to show to the world back in 2023 that this was possible. And then on top of that, we've built that business model of creating value for enterprises, bringing forward deployment engineers, bringing the entire primitives that you need to create agents and to delegate tasks to AI. So that's the way we think about it. We bring AI, we bring FONTI into everyone's hands. So we reduce the price through open weight models. We make small models that can be deployed on smartphones. We make sure that everyone in every country can actually get access to that technology outside of a few vendor control.

[B]

If you reduce the price, you must think that it's a commodity. I mean otherwise like how would you reduce the price?

[G]

Well, we believe that the model layer really that part of intelligence is eventually going to be a commodity. And we want to make it companies

[B]

that are spending billions to make sure that's not.

[G]

Yeah, absolutely. But I think that's where I think we're pretty contrarian in that market. And what we've shown to the world is that the model really is important. That's the reason why we're investing within video with the coalition aspects. But what really matter is everything on top that allows to take the model and create value for the enterprise. Okay, so that part is not a commodity.

[B]

For instance, I saw you interviewed by my friend Andrew Will Sorkin with the the head of Accenture for Europe and Africa. What I said to myself is this guy wants to be able to create really good applications that could actually make it so that they're cheaper than say hiring ServiceNow or Salesforce.

[G]

Well, I guess some of our customers are very happy that our technology is actually cheap to serve and that our technology is able to replace some of their old legacy software that they've been using so effectively. We believe that our business model is benefiting to our customers in that it allows them to reduce their IT price, their IT costs, but also allows them to build more integrated systems to build software on demand. So we work with subject matter experts and they come with us with like procurement needs.

[B]

Okay.

[G]

But their process, the process that they run is very specific to that enterprise. And so what we do with them is that I bring a few forward deployment engineers, they sit with the subject matter experts and data on their needs of software into a software that we host that relies on our open source models that is going to improve over time and that is fully customized to their needs.

[B]

So Arthur, even though you don't have that big profit incentive that these other guys have to keep you out to speak, you can make enough money and then make a lot of money on top that I would want to own your stock if it ever were to come public. Right. I mean, we're not doing this as an alien Mazda ever. You are not a charity.

[G]

We are not a charity. No. This is the business model that we have built has allowed us to grow 10x last year. We're past 400 million revenue, we're going to cross a billion this year. So the open weight business model is actually working in, in that there's so much value to be created for customers on top of open weight models that some of this value is something that we can actually get and that we can actually reinvest in R and D to make the models better.

[B]

So that there have to be a lot of companies that don't want to get in bed with giant American companies that are known to try to be able to, let's say, control the environment. There have to be millions of companies that don't want to be involved in that.

[G]

There are many and many of them are our customers. They. Because artificial intelligence eventually is about running processes. Artificial intelligence is a problem of business continuity. When you deploy an AI process and it starts to operate your factories or it starts to be core to your engineering design process, you don't want this thing to be turned off. So you want to make sure that you have enough redundancy and that if your vendor were to disappear or to start to start applying pressure on you, you have leverage to reduce that.

[B]

Right. These little guys don't have leverage at all. They just have to their price takers.

[G]

So we bring them leverage. We bring them the open weight stack that we bring them is leverage for them. It's cheaper price at the end. It's control in that even if you were to disappear, they have access to the full stack and they can actually maintain them themselves if they want. So that part of knowledge transfer, IP transfer, that part of making sure that our customers can deploy our technology on their infrastructure if they want, is super critical. When we work with financial services, with heavy manufacturing, when we work with defense, with public sectors, all of these entities actually want to make sure that from a national security point of view or from a business continuity point of view, they have control over the AI system. So that's. That is what is driving the business of is today.

[B]

Well, I think that as someone, as a small business person. I can tell you that I always felt that I won't mention the provider I switched to but it ruined my year. My whole earnings went to them for a full year and we were making 25, 25 billion dollars just out the door. You are a cheaper alternative to switch to.

[G]

Well, our customers are choosing us because we bring them better applications, cheaper prices, more control. And so at the end of the day betting on open weight models for at least a part of your workloads and at least the most critical workloads that you have is the safe bet to take. Because eventually what you don't want to be in a situate the situation you want to avoid as an enterprise, as an enterprise leader is, is a situation where, where half of your business is running on closed systems, right, that can actually have a pricing power on you and that can decide to say you're not going to get access to these tokens because I'm going to allocate them to your competitor. So that is what we are trying to avoid.

[B]

I think you help everybody by that point of view. You give even people who are with the other guys some bargaining power. I think. I think you're a mensch as my friend Marc Benioff told me to tell you even though I know that you he's a software as a service target. If you really work it out that way. I want to thank Arthur Mensch, co founder and CEO of Mistral AI. It's private. I find it exciting and I find it frankly a break from the concentration of wealth that a lot of us are getting tired of seeing. Thank you so much.

[G]

Thank you for having me.

[D]

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

[B]

It is time. It's time for the lightning round. Chris Williamsburg hosting the Ms. Doc. Bye bye bye bye. Celsius cell just burning for it's not quite that time my step first classified we playing the cell and then the lightning round is over. Are you ready? Steve Dacked on light from Cruise Munster over San Pennsylvania City.

[C]

Damn Jim. The thesis of this one's easy to understand. This is the nation's largest hospital hospital

[B]

operator and it's benefiting from an aging population and accelerating EPS thanks to AI cost efficiency.

[C]

So I'm talking about HCA Healthcare.

[B]

We have liked HCA for a long time now this is a stock that can go down quickly. I want you to buy it only in big clumps. So in other words 500 then 475 then 450. That would be the way I would do it. Big spaces between. Let's go to David in Connecticut. David. Yeah. Hi.

[C]

Hi, Jim.

[B]

David, what's up? Okay.

[C]

Yeah, my, my question is in regard to Wendy's.

[B]

No, we cannot buy Wendy's. No, it is just, it is just the wrong stock. Meanwhile, McDonald's is down a quick 10 bucks today. I think you start buying some McDonald's that had a fantastic quarter. Let's go to John in New Jersey. John.

[C]

Hey, Mr. Jim Cramer.

[G]

How are you?

[B]

How you do? I am good, John, how are you? Big fan here. So I have a good one for you.

[C]

Okay, so after five years down, trending

[B]

since that spike to $66 from a

[C]

dollar, this EV maker just posted its first ever profitable quarter last week with record deliveries month over month with a 14 billion mark.

[B]

14 billion. Market cap analysts typing it as the Chinese Tesla. What's your take on Nio? Is it finally? I think it's right. I think you're absolutely right. I did have a good quarter. I'm going to go with you. Five bucks. Let's do it. It's a spec. That's okay. You'll have one spec. I want to go to Harry in New Jersey. Harry, Booyah.

[C]

Jim, this is Hari Student from Princeton, New Jersey. How are you?

[B]

I'm doing well, how are you? Good, thank you.

[C]

I have a question about Blue Al Cap.

[B]

Okay. Blue Al, if you want to own that in that world, the private equity, private credit world, I have to suggest you to buy Blackstone. It yields 5%. It's better run. I think you just go with Blackstone and you'll do better. Let's go to Raj in Virginia. Raj, Hi, Jim.

[C]

Congratulations on 20 years of the show.

[B]

Thank you very much.

[C]

I joined investing club in January. So one of your newest fans, my

[B]

question is on Oracle. Well, look, I mean, why take the risk? It's good. Oracle's good, but I think there are others that are better. And the one that is better that I think is worth doing is right now is Nvidia. It's downing huge from the top. Huge. Let's go to John, Illinois.

[C]

John, greetings from Chicago. Jim, you're the best. I appreciate everything you do.

[B]

Thank you.

[C]

Thank you, Jim. I'm. I'm long this stock, it's a high tech security stock that's at o' Hare and other airports. It's called Big Bear AI Holding, I'm

[B]

familiar with, but I have to tell you, it's losing a lot of money and we are out of the Year of magical investing. We don't have it anymore. This is Covertape. We do not want to go there. And that. Ladies and gentlemen, conclusion of the Lightning Round.

[D]

The Lightning Round is sponsored by by Charles Schwab. Coming up, the stock of Nvidia has gotten stuck in the mud. So what can restore it to skyrocketing hero status? Kramer's identified the key and he's revealing it next.

[B]

Eight years ago, Nvidia's Jensen Wong told me about something that that would only become Chat Chip. A program where I could ask you questions and it would show me how to do things, to pick anything I can imagine. He said it'd be huge. It would change the world. And we'd all have to run it on video. Because their gpu, hardware and software combination was the only way to get enough processing power. While others ignored the technology. It made me want to double down Nvidia stock, even though back then everyone thought of this company as really nothing more than a play on video game graphics. This time, when I first got to stroll the floor GDC with Jensen, he talked the exact same way about the age of Agentix. How we all have AI agents proliferate and propagate everywhere. The one Nvidia has created, Nemo Claw could become the standard for the enterprise, meaning the corporate heavyweights who decide which companies are successful. He said he plays works works with it every single day. Yeah, just a bunch of agents. Just like he did with open air ChatGPT when it first partnered with them a decade ago. He said these agents would be used perhaps much bigger than ChatGPT and Nvidia will be behind the best of the agents. Why? Same reason as ChatGPT. They need accelerated computing, a lot of it. And they need the artificial intelligence standard that only Nvidia provides now. There was a lot of news about Nvidia GTC Festival, but none of it managed to move the stock. One reason was confusion. Jensen talked about how he has $1 trillion with a business for his highest end chips, up from 500 billion just a few short months ago. The numbers included 2025 figures though, and the new figure is through 2027, while the previous target was only for 2025 to 2026. So candidly, it did sound bigger than was, even though it was. Again, the stock blew up a quick five points during the speech as retail investors used market orders, spiking the share price and then getting clobbered all the way down when people realized the $1 trillion number was less significant than they thought. Even though it was significant. Second reason video can't seem to catch a break. The big institutions we call full up. Unlike a few years ago, institutional money managers own the stock in gigantic amounts. There's not a lot of council that don't already. That means only new money coming in The S&P 500 can really move the stock higher, at least for now. Third reason option activity. Home gamers remember the Nvidia of all with its wild moves, great swings Higher. They buy calls every day in record numbers because they think it can capture the next move. They're too eager. They overpay. Professionals see this, so they sell the call options. They short them to them, putting selling pressure on the common stock as the call selling always transfers into common stock selling. This happens so often that it puts a little in the common stock. I saw it occur today. Consider it the tail wagging the dog. What could move up in video again? Numbers. They didn't move last quarter. How about new customers? They get new customers all the time. Hasn't made any difference. Everyone's afraid that the hyperscalers will somehow decide, you know what, we have enough or we'll design our own chips. No, what's going to get Nvidia moving again is Nemo Claw and the endless proliferation of agents through anthropic and OpenAI, which will cause a wave of traffic again for the hyperscalers, for the cloud business, which in turn will need more Nvidia hardware to keep all this stuff running. I know it sounds complicated, even fanciful, but so did ChatGPT when I first heard about it. But call it the hidden reason to buy in video stock here, and possibly the best reason other than a gigantic move in the stock market itself, which will pull Nvidia stock up. But that's not the way we want it to go higher, is it? I like to say there's always a bull market summer. I promise I'd find just for your money option. Kramer. See you tomorrow.

[A]

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. Cramer'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

[D]

madmoneydisclaimer hey, this is Will Arnett, host of Smartless. Smartless is a podcast with myself and Sean Hayes and Jason Bateman where each week one of us reveals a mystery guest to other two. We dive deep with guests that you love like Bill Hader, Selena Gomez, Jennifer Aniston, David Beckham, Kristen Stewart and tons more. So join us for a genuinely improvised and authentic conversation filled with laughter and newfound knowledge to feed the smartless mind. Listen to Smartless now on the SiriusXM app. Download it today.