← Mad Money w/ Jim Cramer
Mad Money w/ Jim Cramer
Mad Money w/ Jim Cramer 3/19/25
00:42:05
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
With Amex Business Platinum, your dental clinic can really sparkle with a flexible spending limit that adapts with your business. That's the powerful backing of American Express. Not all purchases will be approved. Terms apply. Learn more@americanexpress.com AmExBusiness what if your business could see beyond the what is and into what can be? What if you could create more impact in every decision? What if you had a partner as visionary as you are?
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Jensen Huang
With bank of America, you get access.
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Jim Cramer
To our trusted experts, real time insights and digital tools. So whether you run a local shop or a global enterprise, you're backed by business solutions to make every move matter.
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Jensen Huang
What would you like the power to do?
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Jim Cramer
Visit bankofamerica.com bankingforbusiness to learn more. Bank of America is proud to be the official bank sponsor of FIFA World Cup 2026.
- [00:49]
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. Man Money Start Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer. Other people want to make friends. I'm just trying to make you some money. My job is not just to entertain, but to explain. So call me at 1-873-CBC. Tweet me at Jim Cramer every now and then. We want to make money in the worst way. And when I say the worst way, I mean the dumbest way. We wind up talking endlessly about the Fed and interest rates or the President's trade policy, whether it's punitive tariffs, reciprocal tariffs. Oh man, come on. Today we heard the results of the Fed's latest Open Market Committee meeting and we did the same darn thing in a non surprise announcement. They kept rates unchanged. They did nothing. And the stock market loved it. Dow gaining 383 points. S&P jumping 1.08%. Nasdaq poll holding 1.4%. Then we spent a sizable chunk of time trying to parse the words of Fed chief Jay Powell in his post decision press conference. Powell sounded fairly sanguine talking about a robust economy with some inflation still too much to cut rates, but headed in the right direction. It's not quite as strong as we'd like, I guess. No news is good news. The papers all covered it much too negatively. They don't know what they're doing. He also discussed the Fed's decision not to sell as many bonds from a gigantic portfolio. Hey, more good news. Fed owns a mountain of bonds. When they sell, it can overwhelm the market. And when you've got too many bonds to sell, you end up with higher long term interest rates, which is the last thing we do right now. I got the sense of Powell's not on the verge of cutting short term interest rates at all. Eventually talked about a possible slowdown, consumer spending. That's okay. Even if Wall street would be thrilled to see another rate cut. We don't care. Put it all together though, and everything was solid. More important, it was totally predictable. But I'll tell you what's negative. The Fed spotlight had the effect of keeping our focus on Washington again and not on making money, money making ideas. And it always does that. When you're focused on Jay Powell. As Federal Reserve compadres, you can be a pretty good trader. Robin had started offer betting on events. Maybe you should be betting directly on the Fed's next move rather than speculating federal funds, the rates or their impact on stocks. However, when you only looking at the Fed, it means you're focused on the jockey, not the horse. That's a problem because it's the horse that crosses the finish line. Look behind me. This is the horse. This is what you can invest in long term if you're trying to make big money right here. Yeah. You know what you're looking at? You're looking at the house that in video built. The house where Nvidia hosts its annual GTC event. It's the GPU technology conference for short. As I see it. It's the house you need to watch if you care about long term wealth creation, which as far as I'm concerned is what we should be. Because Nvidia is the engine behind some of the greatest wealth creation in history. Right here. Right here.
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Jensen Huang
Sure.
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Jim Cramer
The stock stall right now. I know, K, But I think it's ready to get its group back. That's my affiliate for speaking to Jensen Wang, the co founder, president, CEO of Nvidia. He'll be on the show later. Big interview. I bet he'll get you thinking about all the wonders that his company creates and how they can potentially make you a lot of money, which is the substance of the damn show. Look, I'm not denying the importance of the Federal Reserve. The Fed means it's very important, okay? It means a great deal to the market. It can hurt us if Jay Powell says that inflation is not under control or that President Trump's tariffs could result in much higher prices forcing him to raise interest rates or at least taking the possibility of rate cuts off the table. That'd be bad. Didn't happen today. Clear, positive. But there's more to this market than the day to day action. Which is why I want to focus on the bigger long term themes for you. Longer lasting stories like that. Well, this one's going to last through the whole cycle. It's not that you could cut, raise. It doesn't matter. Look at this. This is what it's about. Artificial intelligence is absolutely one of these long term themes I keep telling about. Even if it's cooled down as an investment team over the past couple of months. And I think that's wrong. After hearing from Jensen today, I think you're to see it's temporary. See, Nvidia facilitates the part of the of AI that I believe will take over America and the world. They're transforming the economy from one that's run by people into one where people manage machines. Because we have a long standing labor shortage in this country. The robots, they can do dull, dirty and dangerous jobs that you and I don't want to do. It's a multi trillion dollar wave that can't be stopped by the Fed or even the tariffs. Why? Because AIR is going to change the world. And if you stand in its way, you're nothing but a candle in the wind. Oh, I won't deny it. I needed a gut check. I need to come out here. This stock's been stalled. You and I know that faltering. I wanted to make sure that I hadn't been too glib about Nvidia's AI revolution. But if you're coming to this conference to speak with Jensen, my order for Nvidia has only increased. I think the recent decline has finally burned. Enough of the sunshine soldiers, shareholders, the momentum chasers who never knew what the company does in the first place. The ones who bought it through zero day options are ridiculous ETFs like it's a meme stock or something. We needed these investors to get blown out and that's exactly what happened. And now Nvidia can mount its next rally. At this point, I think I got my wish. Whether it be life saving robots or convenient robots that can put dishes in the dishwasher and save your marriage, or autonomous vehicles that are much safer than a human being behind the wheel, artificial intelligence has created so many different opportunities. These are all game changers. They transcend the Fed's next move or the President's trade wars. So here's the bottom line. It's time to sit back and learn about artificial intelligence people. In the grand scheme of things, I think in videos, AI revolution is a lot more important than whether or not the Fed gives us another quarter point rate cut. Rate cuts are temporary. What Nvidia is doing is forever. Let's take off. Let's go to Sangheev in California. Sungai. Jim, welcome to the Bay Area. Why thank you. I watch Squawk Mad Money and I'm a club member and I want to thank you and your team for all that you do. You're the best. How can I help? I learned from you in the 80s on Monday night Football during the commercials, once a game there was a quiz clip called you'd make the call where they showed a football play and you guessed what the right call should have been. After commercial they would come back to reveal what the rest call actually was. Jim, I'm now asking you to make the call on the company that presented these football quiz clips. What are your thoughts on IBM? No. IBM is a winner. You know what? I have not focused on it nearly enough. It is a pure bye bye bye. I just think right down here, I mean top five. That doesn't matter. It's going higher, maybe to 300. Oh no, that's it. All right. I just, I just don't think a quarter point Fed rate cut or a hold or whatever you want to call it is all that much in the Nvidia scheme of things. And that's because you know what I want to do. I want to make you money. Hey, I'm Matt. Tonight I sat down with Nvidia CEO Jensen Huang from the company's this GTC conference. Yes, all about GPUs and artificial intelligence from robotics to the cloud. You do not want to miss this multi part exclusive. Then I'm revealing my takeaways after my day with the AI powerhouse and telling you where I stand on the stock at these levels. And of course, all your calls. Rapid fire in tonight's edition of the Lightning round. So stay with Kramer.
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Jensen Huang
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- [09:16]
Jim Cramer
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- [09:49]
Jensen Huang
New online course how to start a side hustle Three industry experts break down proven paths to success.
- [09:55]
Jim Cramer
Get out there and do it.
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Jensen Huang
Go to CNBC make it.com/side hustle special.
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Jim Cramer
Offer ends April 1st.
- [10:08]
Since we're out here for Nvidia's GTC that's the one stock of AI we need to check in with the man himself, Jensen Huang. He's the co founder, president, CEO of Nvidia and a true renaissance man. Earlier today I got a chance to speak with him on a wide ranging interview. We are the first part this morning with Squawk of the Street. It's online now but we have a lot more to cover. So take a look. When I met you, Jensen, you told me, you know what Jim? You have to have a 20 year vision. I'm thinking about two quarters. What when we're together 20 years from now, willing we, what will we be talking about? What will I be asking you? What will you be telling me?
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Jensen Huang
Well, well let's see. We partly we could be reminiscing about the past. That's probably what we're going to be doing. We're going to say, hey, wow, in the last 20 years we have built a whole new industry that every industry is built upon. And that industry called AI factories building AI infrastructure produces intelligence that affects the literally every single industry in the world from retail to transportation to healthcare to sciences. And I think we'll be talking about how AI has supercharged every single one of us to be more brilliant, to do things more easily. I think we're going to be reminiscing about how quaint it was back in the old days when these robots were just being made and they were like, you know, stumbling around and, and now look at them.
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Jim Cramer
Will we be talking about how, how ridiculous it was that we used to load the dishwasher ourselves?
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Jensen Huang
Yeah, well the, the idea of dishwashers probably don't even make sense.
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Jim Cramer
I think when you look around it seems like there's, it's a mosaic of things that are going to change our lives. But when, when we put it all together, the world's going to be a better place.
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Jensen Huang
Oh no question, no question. We'll live longer. You know of course we would do, we will do hard labor simply because we enjoy it. I mean, you don't go out and work in the garden because we enjoy it, not because we have to. And of course, you know, we'll have a lot less work related injuries and we'll be able to do amazing things and you know, go mine for minerals a lot easier. And we're going to do, we're going to do things a lot more, a lot more smartly and a lot more safely and you know, quality of life will be better and hopefully birth rates will go up again and you know, there'll be all kinds of those wonderful things.
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Jim Cramer
We, it would be strange if we looked at a car by then and still see someone behind a wheel.
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Yeah.
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Jensen Huang
You know, I think it'd be funny to see a robot actually sitting in the driver's seat driving us. Sure, why not? If a car could, could learn how to drive. Of course a robot will also learn how to drive a car. And, and so maybe those old cars would become autonomous with a robot driving it.
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Jim Cramer
Perfect.
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Jensen Huang
And all the new cars will be fully autonomous.
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Jim Cramer
And the idea that this could not be true is fanciful is, it's just true. It could be truer, much true. Faster than we think.
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Jensen Huang
That's right. Yeah. There's no question now that, that we have digital AI and digital AI, all the AIs that we know about today is a giant industry and it is the industry that will underpin every industry. Now there's a physical AI, an AI that where the software is the same as AI, but it comes out and it integrates with a physical object. Self driving cars, autonomous moving robots in warehouses, of course, General robotics, like what we announced with Groot and one we we trained and developed an AI for a general robotic system, a human or robot, and we open sourced it. And so now everybody can take advantage of it.
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Jim Cramer
And that means the hyperscalers can spend tens of millions of billions of dollars. One of the things that upsets me, Jensen, is that people keep saying, oh, woe is me. These companies have to spend that much money. I think they should be spending far more money.
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Jensen Huang
They want to spend more money and they are spending a lot more money. If you compare last year to this year to last year, the amount of capital expense that they're putting into AI infrastructure is much, much higher. The reason for that is because they make more money. The goal of making intelligence.
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Jim Cramer
What?
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Jensen Huang
Who doesn't want to produce intelligence? Intelligence. We all want to produce intelligence. Every company produces intelligence in our own special way. And now we have these factories that help you build intelligence and produce intelligence. Every company wants it. And so it's really only a question of how quickly we could get the data centers built and energies provisioned and so on, so forth.
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Jim Cramer
I get it. Every company, GM wants it. Cisco wants it.
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Jensen Huang
Every car company will have a car factory and an AI factory. Every bank will have, of course, their human factories of helping customers, as well as factories for assessing risk and, you know, running their eyes. Every company will have multiple factories. AI factory is one of them.
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Jim Cramer
We have to be able to understand that's one of the problems, to understand that this could be happening and to not be scared of it. Please assure us that those who are scared of it may not recognize how much better their lives will be.
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Jensen Huang
Well, I think we all believe that having better health care, having better drugs, having better education, you know, we all agree that that's a fantastic thing. We would all agree that having fewer people have accidents and lose their lives and traffic accidents would be better. I think we all agree with that. And we all agree that when you go to a hospital and the hospital is much more automated and the surgical rooms are safer and does more precision surgical processes and procedures, we all would all agree that that would be better. Even doctors would agree that having AIs help them would improve the quality of their jobs.
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Jim Cramer
I want to share something with you, and I know this is tv, so you're not supposed to be personal, but my wife lost a child to a successful heart transplant that then failed. And I spoke with the doctors, the head of pediatric cardiology a few weeks ago, and I said, what would AI do? He laughed and he said, you'll go into a hospital and there'll be something wrong with the heart and there'll be a ring. There'll just be a big row of hearts, AI hearts. And you'll grab the right one and fit it, and you'll replace that person's heart with a new heart. And that's how people are going to live in a very regular fashion. We'll laugh that we waited for someone else's heart to come in. When AI would have the perfect.
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Jensen Huang
It would be just another autonomous machine. That heart just be another autonomous machine is the doctor. That's right. Absolutely, absolutely. Absolutely. Everything that moves in the future will be autonomous and will have AI in it.
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Jim Cramer
Much more with Jensen Wong after this at Capella University.
- [17:27]
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- [17:43]
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- [17:45]
Jensen Huang
About $10,000 a month.
- [17:46]
Jim Cramer
Over $500,000 since its beginning.
- [17:49]
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- [17:51]
Jensen Huang
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- [18:03]
Jim Cramer
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- [18:07]
Jensen Huang
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- [18:18]
Jim Cramer
When you get the chance to sit down with one of the most important business people on earth, Jensen Wong, the founder, president and CEO of Nvidia. You take as much time as they'll give you. Even though the stock has come down from its highs, it's still pivotal right now. So we had lots to talk about. Take a look. Now we are trying to figure out whether I will always be derivative. When I put in a question in the end, just, it's, it just does. It scrapes everything, but it scrapes everything. I don't want. I want new, I want something original and not derivative. Will be able to put it all together and actually suggest that this would be a better way to look at it.
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Jensen Huang
It turns out that all of that foundation knowledge is just foundation knowledge. What we really want the AI to do is to learn how to solve problems, learn how to reason, apply rules, apply knowledge, break a problem down one by one by one, step by step by step, and solve problems. That's intelligence. But you can't teach an AI that skill of solving problems. You can't teach AI reasoning without first having a foundation knowledge of what are numbers, how do words work together, what's vocabulary, what's syntax, what's grammar, so that it could learn some basic knowledge. Once it has the basic knowledge like we have AI today, notice how quickly we're teaching them how to reason, Right? And so it's learning how to reason, it's learning how to solve problems, it's learning how to solve math problems, geometry problems, prove theorems, prove logic. It's. It's starting to learn those things by itself. And so it's really fantastic.
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Jim Cramer
Well, this next level, even now, when you look at a deeper search from cbt, when you look at grok, yeah, they have opinions. Yeah, they're thoughtful. They're not yes men anymore, although they'll argue with you. Right? Yeah, that's happening now, though.
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Jensen Huang
Yeah, it's fantastic.
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Jim Cramer
And how did that, did you know it would be having that shit last year?
- [20:20]
Jensen Huang
Well, I, you know, I'm in the industry, so, so we see progress in the kitchen. I can tell you, I can tell you that that AI is going to progress very quickly over the next several years and, and the answers that it provides it will be surely more accurate, surely much more contextually relevant and it'll be able to answer and solve problems that, that are quite useful to us.
- [20:44]
Jim Cramer
What can our nation and our government do to further what you're talking about?
- [20:51]
Jensen Huang
Well, I think that, that our country should also invest in AI. You know, we should of course be talk about, talk about the importance of the technology, apply regulation where it makes sense, but also invest in using AI across the, across the country in every, every.
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Jim Cramer
Why don't we have a strategic AI reserve? We have one for something as meretricious as Bitcoin.
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Jensen Huang
We should at least build the infrastructure so all of our scientists in the United States can use the air infrastructure. And however it comes about whether it's a strategic reserve, but the country needs to invest in an AI infrastructure.
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Jim Cramer
When we talk about this, we almost immediately talk about the Chinese and almost a Sputnik like race in 1957. Are we being too, too small minded and we shouldn't be thinking about the amount of business you do with China. Maybe the things are much further along than that mentally. Are we constraining ourselves with these discussions about politics and tariffs? Are these too small?
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Jensen Huang
If I think it's safe to say that we can't hold any country back or anyone back in advancing and developing intelligence and surely AI is just digital intelligence. And so I think everyone is going to develop it. If everyone's going to be developing it, let's make sure that they develop it on American technology, American architecture and the American standards. And so that's what I would advocate. And then secondarily I would say let's make sure that we are creating the conditions and investing in a way that allows our country to be far, far, far ahead. And so everything that we can do to speed up our advancement, everything we could do to speed up education here, startups here, economic development here, using artificial intelligence. We absolutely should now.
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Jim Cramer
But when there was this deep seek issue, your stock took a $600 billion hit. I tried to reach you. I was told it was quiet period, that you could have easily explained that this is actually good for Nvidia. Why not have said that during that period?
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Jensen Huang
We were during a quiet period, but.
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Jim Cramer
It still came out two days before it was 25 days. And then you did it in a video two days before.
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Jensen Huang
Well, next time, next time you should come contact me directly and I'll come out and explain it.
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Jim Cramer
Well, because it's a good thing.
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Jensen Huang
Yeah, R1 Deepseek was a fantastic thing. And the reason for that is because R1 is the first open sourced reasoning model. What makes R1 incredible is that it reasons. That's why the answer is so good. And it breaks the problem down step by step. It asks itself while it's thinking, it comes up with several different options for the answer. It might actually verify that the answer is correct. It solves a quadratic equation, takes the number, plugs it back in and makes sure that it actually solves the equation. And so It's a reasoning AI. This reasoning AI consumes 100 times more compute than a non reasoning AI.
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Jim Cramer
And that's you.
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Jensen Huang
It was exactly the opposite. It was the exact opposite conclusion that everybody had. It actually consumes 100 times more computing.
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Jim Cramer
Well, it's kind of amazing because that people are threatened by quantum. Quantum may use a thousand times more compute.
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Jensen Huang
Well, we're going to have to go help all the quantum computer companies and this is going to be the first conference at GTC where we have a quantum day. And so all of my friends in the quantum industry are going to come and we're working together to create classical quantum hybrid computers. Because a computer can't just be quantum. And we like quantum to be able to accelerate many algorithms. And so creating a classical quantum computer using this architecture we call CUDA Q.
- [25:03]
Jim Cramer
It'S being adopted by two years, five years, 10 years.
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Jensen Huang
Well, you know, I'm not making any more predictions.
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Jim Cramer
No, right. I didn't mean to make any more predictions.
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Jensen Huang
Yeah. But I, but I do know that all of our colleagues are working as fast as they can. I know they're making excellent progress and we're working with everybody to accelerate the developments of quantum. But right now we have, we're $150 billion of AI infrastructure into trillions of dollars. We have to go build. And so we have partnerships with BlackRock and Microsoft and we're going to go get the supply chain and the infrastructure ready upstream as well as downstream. And the demand is really incredible.
- [25:51]
Jim Cramer
BlackRock reached out to me this morning to say look, this is incredibly important. BlackRock, they were talking about a one gig data data center for to 40 to 50 billion. Disney reached out to me today. Cisco, talk to GM, CrowdStrike, these partnerships that are, I glaze over partnerships when you have the 18 that were announced yesterday that I counted are all incredibly significant for big companies that trade publicly that want me to know how important what you're doing is with them. But no one seems to understand that there could be 20, 30 things that you're doing.
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Jensen Huang
We announced several things yesterday. And, and let me, let me, let me make it very simple this way. We're building AI infrastructure for the cloud. That everybody knows.
- [26:39]
Jim Cramer
That's true, that's true.
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Jensen Huang
Everybody knows that. They're just delighted that all of a sudden AI reasoning is going to require 100 times more computing and the demand is increasing. Incredible. So that, that's AI Club. What we announced yesterday is that we're going to take AI infrastructure into two new industries. One is enterprise it. Half of the world's capex is in enterprise enterprises. You know how the economy, consumer people, consumer side, that's enterprise and it's the IT department of enterprise. And so we have to help them integrate AI into the world's companies. And so our partnership with Dell and HP and Accenture and ServiceNow and CrowdStrike and, you know, all these great companies, DDN and NetApp and Vast, and all these great companies that we're working with are going to reinvent the enterprise IT with new AI infrastructure. And then the third growth opportunity, opportunity for us now is AI for robotics. Before you have robots, you have to do AI for robotics. They have to be smart. And so that's going to take mountains of infrastructure as well. And so we now have to build AI infrastructure for three industries. For the cloud, for enterprise IT and for robotics.
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Jim Cramer
Well, that's, in the end, that's the world.
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Jensen Huang
This is. Yeah, we're going to, we're going to be the foundation for the world. The world, hopefully. Yeah.
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Jim Cramer
One company. Oh, we have years ahead.
- [28:15]
Jensen Huang
We have tons of partners. Look at us. You know, just about every company in the world's. Just about every company in every industry is here. It's incredible. We have car companies, health care companies. Of course, the entire computer industry is here.
- [28:31]
Jim Cramer
Well, let's say I have that robot that's in my house that's joining me, pouring me a good cup of Joe. How many black? Well, no, Ruben, I don't know. Chips that will, how many will it have of you of yours?
- [28:43]
Jensen Huang
Well, it only needs one of these.
- [28:45]
Jim Cramer
Oh, thank heavens. $40,000 chip there.
- [28:49]
Jensen Huang
No, no, it's a smaller version.
- [28:50]
Jim Cramer
Okay.
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Jensen Huang
It has one version that sits in the computer inside the robot. But don't forget, there's a data center, a whole AI infrastructure infrastructure, supercomputers teaching the AI to run on this computer, to do its, do its job, do its tasks. And so the AI that's in the data center is gigantic. And you see these systems behind us, that all these systems is what it's going to take to develop the software that runs on a chip like this inside the robot. And so the robot is actually the end. End. That's the end. The beginning is all of this.
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Jim Cramer
Well, okay, I'm thinking about a world where it feels just between this year and last year, the future is coming to the present. They are converging right now, right here.
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Jensen Huang
And super fast, super fast and super fast. Look, a year ago we were talking about generative AI where I was able to produce text, summarize documents, dynamite, create images, all that stuff that was fantastic. Last year was all about generative AI. All of a sudden, here we are one year later. Everything is about reasoning, solving problems. AI is doing math, solving geometry, you know, and so they're reasoning. And this reasoning capability as it applies to robots is you give a robot a job, a task, and it's got a reason. Okay, what do I pick up first? What do I maneuver it around? What do I do next? Maybe open a drawer. And how do I put this in? Should I stand it up or lay it on the side? It's got a reason about that.
- [30:33]
Jim Cramer
Can it make the bed?
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Jensen Huang
Well, sure, it's kind of reason. You said make the bed and so it's going to say, okay, make the bed. What does that mean? Break it down step by step by step.
- [30:42]
Jim Cramer
My exclusive with Jensen Wong continues after this. There's so many important tech companies here at gtc, but Nvidia is the most important by far, which is why I spend so much time talking to co founder, presidency of Jensen Huang this morning. Take a look. All right, so give me the roadmap. I mean, you do, you laid out a trillion. Obviously I think that was arbitrary number because if you said 3 trillion, no one would believe you. But two years from now, what's going to be one year we did this. What happens two years from now? I mean, what we need? Do we find out we need it 10 times the 10 times?
- [31:24]
Jensen Huang
Yeah, we're going to need a lot more computing. And we're fairly sure now that the world's computing capex, it's on its way to a trillion dollars annually by the end of the decade. So we're fairly certain of that. We're also very certain that the vast majority of that will be used for AI. And so our Opportunity as a percentage of a trillion dollars by the end of this decade is quite large. And so we've got a lot of infrastructure to build.
- [32:02]
Jim Cramer
And when I ask you gross margins get better and the yield get better, am I asking questions that are just Lilliputian and I shouldn't waste my time, or there are people that, you know, I recommended your stock to when it was a 2 and own it, don't trade it. And I want to stick by that. But is that, again, too small?
- [32:22]
Jensen Huang
If our company wasn't growing then, obviously, obviously, gross margin is a real area of focus, but we're growing incredibly fast. And this year we reinvented the structure of a computer. And I was explaining that at GTC keynote yesterday. We reinvented how the computer is structured. And when we do that, and all of these companies are involved and we created all of these parts, necessary 600,000 parts that goes into one of our computers now it's £3,000. And I know 600,000 parts like 20 cars. And so all of those components have to come in to build one computer. And we're building these computers in volume. And so the idea that in our first couple of quarters, as we're ramping this up, we have to improve our yields and improve our costs and, you know, everybody is coming together and getting, getting good at building this thing. I think that's a minor idea. Are we going to, are we going to be, are we going to get incredibly good at building these things in the next several quarters? Of course, of course.
- [33:34]
Jim Cramer
But you have.
- [33:35]
Jensen Huang
And when we do that, our margins go right.
- [33:36]
Jim Cramer
And I imagine the first quarter you weren't able to build as much as you'd like. And I.
- [33:41]
Jensen Huang
Not even close.
- [33:42]
Jim Cramer
Not even close.
- [33:43]
Jensen Huang
Not even close.
- [33:44]
Jim Cramer
And then I think, well, there's so many smart people out there. We have new fellows running intel who you praised in a video when you got the Robert Noyce Award and you were very complimentary. We have Lisa sue at AMD who's terrific. We have competitors that I, that I don't know right now who may be working on something that could leapfrog you. But then I listened to you and I think did it. Was it winner take all? Losers. Losers take none.
- [34:12]
Jensen Huang
This is the largest business opportunity in history, I think that we know now in history.
- [34:18]
Jim Cramer
Bigger than airplanes, this is the largest. Trains, bigger than canals, bigger than the loom.
- [34:24]
Jensen Huang
None of those are anywhere close larger than the production of energy.
- [34:31]
Jim Cramer
Then there's no reason why, given that, why can't your company be a 10 trillion dollar company. There's no reason. These are abstractions. It's an abstraction. The price, the price of your stock. And it's just, you have to understand, it's not a business.
- [34:46]
Jensen Huang
It's really about the size of the opportunity. And we are now talking about the single largest opportunity that the world knows.
- [34:53]
Jim Cramer
Constructive way to do it, so people can let themselves, which is the reason.
- [34:56]
Jensen Huang
Why every single company is here. And we have such incredible partnerships with the world's largest company. And so, one, it is an extraordinarily large opportunity. Two, it is incredibly hard. It is just incredibly hard. The scale at which we do things and the amount of R D that has taken to get here is incredible. So it's. And then I laid out a roadmap for the world, which no one does. Three years.
- [35:25]
Jim Cramer
No one does. If I were a competitor, I'd say he just gave me the key to the.
- [35:28]
Jensen Huang
Exactly. I, I laid out a roadmap for the world three years. And the reason for that is because there are several hundred billion dollars of investment that's being laid down right in front of us right now as we speak. They need to know exactly what they're building into. So I gave the world a roadmap of building AI infrastructures for the next half decade. Now, that roadmap is also a super, super high bar.
- [35:56]
Jim Cramer
Right.
- [35:57]
Jensen Huang
We're talking about so much new technology. The. The bar is very, very high.
- [36:02]
Jim Cramer
And you.
- [36:03]
Jensen Huang
Yeah, you.
- [36:04]
Jim Cramer
I saw people desperately. They wanted you to sign anything, and they wanted just a minute with you. And you gave everybody that. I saw the time that they wanted. It was almost as if you said, listen, I've got more time than you.
- [36:19]
Jensen Huang
I do have plenty of time.
- [36:21]
Jim Cramer
You still getting up and forward, doing all the things that matter for work and then going out?
- [36:25]
Jensen Huang
Yeah, yeah, sure.
- [36:26]
Jim Cramer
Still finding the right engineers?
- [36:27]
Jensen Huang
Yeah. Jim, we get our work done first thing in the morning, then we're covered for the rest of the day. We got plenty of time. I got plenty of time. I don't wear a watch. I just want to hang out here with you all day.
- [36:36]
Jim Cramer
Do you want to hang out with the president and try to just.
- [36:39]
Jensen Huang
Sure. He was terrific.
- [36:40]
Jim Cramer
He was, frankly.
- [36:41]
Jensen Huang
He was terrific. He was straightforward, direct. Remembered our conversation, really engaging, I thought, super charismatic. Yeah. I really enjoyed the meeting. You enjoyed it?
- [36:55]
Jim Cramer
Was it one on one or were there the usual? Many people in the room?
- [36:58]
Jensen Huang
We had 30 people watching us talk.
- [37:00]
Jim Cramer
Yeah, well, okay.
- [37:03]
Jensen Huang
But I enjoyed it. It was super good.
- [37:05]
Jim Cramer
And are you still able to wash dishes at your restaurant with one table? Are you able to have fun like that? Is the Denny's Jensen around?
- [37:17]
Jensen Huang
Denny's was here yesterday. Denny's here. I'm sure they're here still and they brought a special truck here and they named. They named a new dish after Nvidia. The Nvidia bites And you know it's a sausage wrapped around. Wrapped around a pancake wrapped around that.
- [37:36]
Jim Cramer
I want the grand slam. I don't want that.
- [37:38]
Jensen Huang
Oh no. This is fantastic finger food. Who doesn't love finger food?
- [37:41]
Jim Cramer
That's true.
- [37:42]
Jensen Huang
Yeah. You could dip it in mustard if you like. You could dip it in matter then I love more. I help them flip pancakes yesterday. I served pancakes yesterday. It was fantastic.
- [37:51]
Jim Cramer
So Jensen Wong, that was a busboy moved up in the hierarchy is still the.
- [37:58]
Jensen Huang
Jim, you and I. You and I are the same way. Once a busboy, always a bus boy. Always. Yeah. Once a waiter, always.
- [38:03]
Jim Cramer
You know what? I'm going to leave it right there. Jensen Wong is the CEO of Nvidia and kind of the CEO of everything.
- [38:11]
Jensen Huang
Thank you, Jen.
- [38:12]
Jim Cramer
Thank you Jen.
- [38:13]
Jensen Huang
Great to be with you.
- [38:14]
Jim Cramer
They have money's back. It is time. It's time for the baking round stock. Excited by buying another forest stock, my staff prepares to grab us on the fly. We plan in south and then the lightning round is over. Are you ready, ski daddy? Time for the lightning round. Clever. Let's start with Craig in California. Craig. Hey Jim. Thanks for taking my call. Of course. So the stock I'm interested in has.
- [38:51]
Jensen Huang
Gone from an all time high to.
- [38:54]
Jim Cramer
A 52 week low in less than two months. What do you think about deckers outdoor? I'm split. I think Coke is real good. But that last quarter Oaks was quite bad. Some people say it was. It was a problem with how much inventory they had. I think you should actually buy deckers under 120. I like it. Next buy 100, get a good basis. Let's go to Mark in New York. Mark.
- [39:18]
Jensen Huang
Hey Jim, first time caller, long time listener, big fan of the show.
- [39:23]
Jim Cramer
I appreciate it, buddy. What's happening?
- [39:26]
Jensen Huang
Not too much. Listen, I have small position that I.
- [39:30]
Jim Cramer
Started in my ira.
- [39:32]
Jensen Huang
Last time you had the company mentioned Was back in 2022. Pays a monthly dividend, comes out to just roughly about 5% annually. The company is Gladstone land ticker L.
- [39:45]
Jim Cramer
A N D. I'm going to see your Gladstone land and raise you with realty income which also has a monthly dividend. And I feel much better about it. What can I say? All right now. Now we have a question from the floor. Hey guys. What's going on? Wait, no, it's the lighting round. Do you have a question for the lighting? Oh, Disney. I love Disney. Over 100, I'm still. Bye, bye, bye, Disney. Well, that's all the time we have. All right, all right, I got an idea. One more minute, you guys. You're kind of like movie stars, you know? I mean, you're gonna be in the Mandalorian movie, correct? There you go. So you're the droids I've been looking for. Okay, ladies and gentlemen, that is the conclusion of the lightning round. Take it away, boys. Sometimes I wonder that I'm doing a big disservice to you as a viewer when I talk about earnings, per share, upsides, surprises or possible buybacks, dividends. I wonder if I'm failing you for focusing on what feels like the minutiae right now. At the end of the day, what you really need to know is the scale of the opportunity in front of you. Sometimes the opportunity is so great that everything else feels like minor details. And nowhere is the gulf between what I know and what I'm saying greater than right here at Nvidia's gtc, where I'm focused on individual plays instead of the whole game where everybody wins. For instance, this conference is about the future. What our world might look like if companies take advantage of videos, powerful technology. Notice I said if other companies embrace it. Not you, not the consumer. And that's hard to bring light. We've gotten used to consumer oriented tech conferences for years. Like whenever Apple watches a new phone, I mean, does it dazzle? Is it explosive? Is it done? And of course, will we buy it? You know that if Apple impresses it up people that stocks going to go higher. We might do the same with Gemini from Google, Reels from that, a copilot from Microsoft. Those are all consumer oriented. Everybody understands the consumer because we're consumers. Tech conferences have been like that ever since the first iPhone was rolled out in 2007. And that's when you, the consumer, became preeminent person when it came to tech. You move the needle with your choices. But before the iPhone, it was always the enterprise that mattered most. Because the enterprise is bigger than the consumer. It buys more hardware and software and it doesn't at once. It's predictable. So hostage to advertising, to a fickle consumer, Nvidia is for the enterprise, which is what makes it so hard to explain. All these booths you see around me, these are the enterprises that Nvidia partners with. They want to take Nvidia's chips and do something with them that will be worth buying for the enterprise. When I go to the HP Enterprise booth lieutenants and Wong here, he's looking at what they do with the chips. As a consumer, you may only have interaction with Nvidia's high quality products when the Dell PCs with high end Nvidia hardware ship later this year. Hey, maybe you got one of their regular GPUs in your computer, but that's a much less exciting line of business. Now this is good news and it's bad news. It's bad news because consumers own stocks and many of them simply don't understand what the enterprise means. So they are often eager to sell enterprise oriented stocks they don't understand when they're down. Like Nvidia's been. The good news the enterprise is much bigger than the consumer, so will produce much bigger earnings per share. Catering to the corporation is typically a much better business model than catering to the individual. Plus, I know I haven't been able to convey the excitement people feel about Nvidia here because it's hard to express in terms of earnings per share. In the short term it's absolutely about earnings. But longer termist Jensen Huang says it's about the sheer size of the opportunity, the AI opportunity. So let me say this. In my 45 years of examining companies, I've never seen a business with this much opportunity. Could this nearly $3 trillion company one day be worth, say, 10 trillion? Sure, why not? I'm not doubting it. Or if you want this distillation plain and simple, Nvidia Own it, don't trade it. I like to say there's always a bull market somewhere on Palm Shotify just for you. Right here on Mad Money, I'm Jim Cramer. See you tomorrow.
- [44:18]
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 strateg, 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 Is it time to reimagine your future? The right business skills may make a difference in your career. At Capella University, we offer a relevant education that that's designed to focus on what you need to know in the business world. We'll teach professional skills to help you pursue your goals like business management, strategic planning and effective communication. And you can apply these skills right away. A different future is closer than you think with Capella University. Learn more at Capella Eduardo.