Mad Money w/ Jim Cramer 3/24/26

Summary

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Mad Money w/ Jim Cramer – March 24, 2026

Main Theme:
This episode of “Mad Money” centers on the disruptive impact of artificial intelligence (AI) on Wall Street, enterprise software, and the broader business landscape. Jim Cramer focuses on AI’s role in reshaping both markets and companies, highlighting a deep-dive conversation with Sarah Fryer, CFO of OpenAI. The episode grapples with the confusion and contradictory currents in the market due to geopolitical tensions and technological transformation, and features the classic Lightning Round where Cramer gives fast takes on callers’ stock picks.

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Market Overview and Opening Thoughts

[01:00–07:23]

• Geopolitical Uncertainty and Market Confusion:
  • Ongoing Middle East conflict and announcements about U.S. military actions have created wild swings in the market.
  • “We’ve got so many narratives going thanks to this war that I think trying to trade off it may be a waste of time and a waste of money.” (Jim Cramer, 01:10)
  • Contradictory signals: President Trump claims victory, yet troop deployments and ongoing attacks fuel confusion.
  • Unusual day: Oil stocks soar with defense momentum, while consumer and financials rise on peace hopes.
• Commodities and Enterprise Software Upheaval:
  • Chemical and commodity stocks up due to supply disruptions.
  • Old enterprise software leaders like Microsoft, Salesforce, ServiceNow, and Adobe find themselves struggling, being “preyed upon” by private AI firms like Databricks, Anthropic, and especially OpenAI.
  • AI companies are “predators laying away some of the greatest stocks I’ve ever known.” (Cramer, 03:40)
• Investment Caution:
  • Cramer urges caution due to contradictory signals:
    • “When you can’t figure out the difference, you know what you do? You sit on your darn hands, you watch carnage of the software stocks.” (06:53)
  • Advises thinking about stocks as investments in companies, not just short-term trades.

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Lightning Round: Rapid Stock Takes

[07:23–08:23]

• Lockheed Martin:
  • “If the war is over, we’re not going to want to own Lockheed. The president seemed to indicate the worst kind of over… It’s best to sit on your hands and ride this out.” (Cramer, 07:38)

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Main Interview: OpenAI CFO Sarah Fryer

[10:26–21:46 & 23:32–34:05]

Fastest-Growing Company on the Planet

[11:14–12:49]

• OpenAI’s recent fundraising round is historic, raising north of $120 billion involving international investors, venture and private equity, sovereign wealth, and blue-chip mutual funds.
• “It didn’t matter where you went, people really believed in this AI Revolution.” (Sarah Fryer, 11:49)

OpenAI’s Business Model & Growth

[13:06–14:09]

• Revenue split: roughly 60% consumer, 40% enterprise – with enterprise segment growing faster.
• 900 million weekly active users, over 50 million paying subscribers.

Strategic Partnerships & Product Ecosystem

[14:09–15:49]

• Microsoft and Amazon are major investors and partners.
• OpenAI technology powers Microsoft Copilot and more.
• Amazon partnership focuses on “Stateful Runtime” (AI with memory/context for enterprises).
• Close collaboration with Nvidia to meet massive compute needs: “We’re going up a vertical wall of demand right now.” (Sarah Fryer, 16:14)

AI as a Force Multiplier

[17:11–18:36]

• Cramer observes a divide in how AI is affecting jobs: layoffs vs. productivity.
• Fryer: “I am optimistic… Help me be more efficient in operational areas, but help me also find new revenue streams.”
  • Example of Walmart using AI both internally and in consumer engagement.

Profitability and Consumer Value

[18:56–19:47]

• High margins in both consumer and enterprise segments.
• Subscription tiers: heavier usage and greater willingness to pay at higher tiers.
• “That’s what AI is going to do on the consumer side, great margins and ads to make it more profitable.” (Fryer, 19:29)

Ads on OpenAI Products

[20:06–20:48]

• ChatGPT ads will never interfere with output trust; ads only shown to free and lower-tier users.
• “We want to make sure though, as you do that your North Star is the model gave you the best result, not the paid for result.” (Fryer, 20:06)

Compute Constraints and Product Focus

[21:00–21:46]

• OpenAI must prioritize which models and features to release due to compute limits.
• Hints of upcoming new models (“Can neither confirm nor deny the name…but it seems like you’re getting close in the April timeframe.” (Fryer, 21:13))

Reflection and Wonder

[23:32–24:51]

• Fryer expresses “wonderment” at the pace of AI progress – “the Age of AI heading towards AGI.”
• Shares a personal favorite moment using an OpenAI agent for Excel.

AI Disrupting Software Sector

[24:52–26:37]

• Cramer probes the threat of AI to legacy software firms.
• Fryer: “It’s incredible democratization of access to everything.”
  • The “front door” to software has changed: natural language interfaces instead of technical lock-in.
  • Existing software companies can still “AI themselves” to adapt.

Ethics, Government, and Trust

[26:37–28:58]

• Key red lines for OpenAI in military/government use: no autonomous weaponry or mass surveillance.
• On potential regulation: “If a government walks in and feels they just need to regulate, that means we haven’t done the work ahead of time.” (Fryer, 28:49)
• Two-thirds of American doctors use ChatGPT each day, building trust through positive impact.

Lawsuits, Market Readiness, and Public Access

[28:58–31:29]

• On lawsuits and competition: “Control what you can control.” (Fryer, 29:30)
• OpenAI completed its first real foray into retail investment access—massive demand crashed a partner bank’s system.
• Long-term intention is to become public: “We have to build a company that’s ready to be a public company…but we do view this as all part of an access journey.” (Fryer, 30:38)

Hardware and Multimodal AI

[31:49–32:57]

• Fryer teases upcoming OpenAI hardware: “You will see more probably at the end of this year…a whole family [of products] come together.” (Fryer, 32:26)
• Envisions multimodal AI—seeing, hearing, speaking—breaking out of legacy device paradigms.

Leadership and the OpenAI Team

[32:57–34:05]

• Fryer credits CEO Sam Altman, leadership, and team creativity as key to company’s trajectory.
• “We will always have a lot to talk to you about.” (Fryer, 33:47)

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Venture Capital Access: Fundrise & Robinhood

[34:20–40:32]

• Fundrise Innovation Fund and Robinhood’s public VC funds offer individual investors access to private tech companies like Anthropic, Databricks, OpenAI, SpaceX, and others.
• Fundrise's VCX surge attributed to:
  • Superior, diversified holdings.
  • Early entry prices in “hot” private companies.
  • Tiny tradable float due to lockup, making shares scarce and highly speculative.
• Cramer’s warning:
  • “At its current price of $315, VCX is trading at over 16 times its NAV. That is pure lunacy.” (38:34)
  • Advises listeners to stay away due to volatility and overvaluation.

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Lightning Round: Fast Takes on Listener Stocks

[40:39–44:35]

• SERV (Serve): Too complex, losing a fortune – cannot recommend. (41:35)
• EQPT (Equipment Shares): “Not expensive… I’m going to endorse it.” (42:05)
• AFRM (Affirm): “Don’t cut your losses…the thing’s going to be a rocket ship.” (42:34)
• RACE (Ferrari): “I don’t like the stock.” (42:58)
• SOFI (SoFi): “I find that the bulls are right… I’m a believer in SoFi.” (43:32)
• PDYN (Paladine): Losing money, “Not recommending stocks that are losing money. It’s been the right thing to do all 2026.” (44:16)

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Closing Commentary: AI, Jobs, and the Future of Work

[45:04–47:41]

• Cramer describes a paradigm shift between firing for efficiency vs. hiring for growth:
  • Jensen Huang (Nvidia): Companies should use AI as a “force multiplier” to do more with more, not just cut staff.
    • “Those who use AI to fire people have a failure of imagination.” (Jensen Huang, quoted by Cramer, 45:41)
  • Jack Dorsey (Block/Square): AI justifies drastic layoffs; Cramer warns against this attitude.
    • “I believe the majority of companies will reach the same conclusion, make similar structural changes.” (Dorsey, quoted by Cramer, 46:14)
• Cramer’s optimism: Most CEOs he speaks to favor leveraging AI to enhance their workforce rather than firings.
  • “I’m emboldened to say that I think we are going to look back and think there are more Fryers, more Jensen’s than there are Dorsey’s.” (47:18)
  • Encourages listeners to focus on companies using AI to empower rather than shrink staff.

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Notable Quotes – By Topic & Timestamp

Market/War Confusion

• “Honestly, it has become impossible to explain how these forces can exist at the same time. Except that one group of buyers must be wrong.” – Jim Cramer (04:20)

AI Disruption and Opportunity

• “These AI companies aren’t the protagonist. They are the predators laying away some of the greatest stocks I’ve ever known.” – Jim Cramer (03:40)
• “We are in the Age of AI heading towards AGI. And it does absolutely blow my mind every single day.” – Sarah Fryer (23:44)

Enterprise AI Shift

• “Revenue, about 60% consumer, 40% enterprise… By the end of this year, we’ll be more 50–50.” – Sarah Fryer (13:12)

Democratization of Technology

• “It’s incredible democratization of access to everything.” – Sarah Fryer (26:04)

AI & Jobs

• “Those who use AI to fire people have a failure of imagination. Good companies, good management… will do more with more.” – Jensen Huang, quoted by Jim Cramer (45:41)
• “I say, having listened to Sarah Fryer, CFO of OpenAI tonight, I’m emboldened to say that I think we are going to look back and think that there are more Fryers, more Jensen’s than there are Dorsey’s.” – Jim Cramer (47:18)

Caution on Hype Investments

• “At its current price of $315, VCX is trading at over 16 times its NAV. That is pure lunacy.” – Jim Cramer (38:34)

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Timestamps for Key Segments

• [01:00–07:23] Market/war confusion, enterprise software disruption
• [10:26–21:46] Part 1 of Cramer-Fryer interview (OpenAI funding, partnerships, business evolution)
• [23:32–34:05] Part 2 of Cramer-Fryer interview (AI’s wonders, enterprise impact, democratization, ethics, hardware vision, retail access)
• [34:20–40:32] Public venture funds analysis (Fundrise/Robinhood)
• [40:39–44:35] Lightning Round (caller stock rapid fire)
• [45:04–47:41] Cramer’s closing thoughts on AI and the evolving workforce

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Memorable Moments

• Sarah Fryer’s “wonderment” at seeing AI reshape tasks she once struggled with, like Excel modeling (24:37).
• Cramer’s genuine excitement and confusion at hearing about OpenAI’s massive multi-billion dollar fundraises (15:06)
• Live anecdote: Retail demand for OpenAI shares crashed a bank’s system (30:48)
• Fryer’s tease of upcoming OpenAI hardware, emphasizing multimodal AI and new form factors (31:49)

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Summary Takeaways

• The market is caught in a tangle of conflicting signals from geopolitics and rapid technological disruption.
• AI’s rise is pressuring old-line software giants—Cramer and Fryer agree, but Fryer sees a path for those firms via adaptation and “democratization.”
• OpenAI’s explosive growth and massive fundraising reflect an investor stampede into AI, but Cramer urges discipline amid hype, especially in public VC vehicles.
• On jobs, Cramer takes heart from AI leaders promoting “force multiplication” over layoffs—a message echoed by Fryer.
• Investors should tread carefully, invest in companies not narratives, and be wary of overhyped vehicles.

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For anyone who missed the episode, this summary captures the essential debates, key business insights, notable quotes, and practical investment guidance—straight from Cramer and his high-profile guests, with context for today’s fast-moving markets.

Transcript

[Jim Cramer]

Bad news.

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[Podcast Announcer]

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

[Jim Cramer]

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 Kramerica. I'll be my friends. I'm just trying to make a little bit of money here. My job not just to entertain, but to educate and do some really serious teaching tonight. So so call me at 1-800-743- CNBC. You can tweet me at Jim Cramer. We've got so many narratives going thanks to this war that I think trying to trade off it may be a waste of time and a waste of money. The two most salient oppositional themes were sending the 82nd Airborne to the Middle east to defend our allies, perhaps take over Iran's oil fields. But as President Trump said later in the day, the the US has won the war, the negotiations are going well, and Iran will never build nuclear weapons. Reports of the victory may be premature or are we sending troops to enforce the peace? That contradiction produced a wild day. The Dow ultimately dipped 84 points, was up a little bit. The S and P declined 0.37, said. Nasdaq lost 0.84%. This was the day where the oil stocks went insanely high off that 82nd Airborne deployment, while the consumer and financial stocks soared to on Trump's statement that the war may be won. It's a very rare day when you see stocks like Exxon and Chevron scream higher along with JP Morgan and Wal Mart, which both moved up 1%. The confusion extends to commodity stocks. Dow this Lionel Basilia stop going up already. They're soaring because of how much polyethylene supply has been lost. Talk about being in the weeds. But because the whole time the Iranians have been supposedly losing war, they keep lobbing the missiles that we didn't even know they had at our friends in the Gulf. Honestly, it has become impossible to explain how these forces can exist at the same time. Except that one group of buyers must be wrong. But then again, it's impossible to comprehend how we could be bogged down in the fog of war with no real hope of extrication at the same time that we've won the war and unknown Iranian leaders have given up what they wanted to be, which is a nuclear power. But tonight I want to talk about a different battle, one that's been playing out for much of the year, sub rosa, although it doesn't get the attention it deserves. Because the protagonists, they're not public companies. Their opponents are companies that a few years ago were some of the most revered businesses on earth. The enterprise software companies up to about Microsoft, Salesforce, Service Tech, Workday, Zscaler, Datadog, Atlassian, Adobe. You may know these stocks because they all find themselves in the charnel, the house of pain. But anyone who's been in this business for the last decade knows that I just recited list some of the most exalted winners of all time. These are enterprise software companies. They make programs that make your businesses better and more efficient. I've used them, maybe use them. However they do so at a high cost that their clients have been rebelling against. Who's chipping away at their value? Private companies like databricks. You might have seen one this afternoon. Very impressive. Anthropic and perhaps most important, open air. These are AI artificial intelligence plays that are working often in conjunction with Nvidia, the king of artificial intelligence hardware. And if you ask those businesses who are fleeing from what I call old fashioned software, these AI companies aren't the protagonist. They are the predators laying away some of the greatest stocks I've ever known. I know my trust owes a couple of them. And we had the ecstasy, now we're going full bore agony. It's not just private companies that are benefiting here. These companies that make datacenter plumbing, a lot of the wiring, a lot of the fiber, they're doing incredibly well. The companies that make the machines that can manufacture semiconductors, we often talk about applied materials. Whoa. Still, as confusing as it might be to see the oil stocks roaring as the President declares the world one, you think they'd be plummeting while he also readies the 82nd Airborne for battle. I know it's incredibly difficult to understand who are these upstarts that are upending the enterprise software regime even as most of these old school software plays are still making a lot of money. And that's why I'm thrilled tonight that we have Sarah Fryer on the show. Sarah is the chief financial officer of OpenAI. That's the company behind Chat CBT. That's one of the fastest growing companies in history. Open Air and its chief competitor Anthropic are producing platforms that make it so anybody can write a software program. Even me. Though I look positively upon these companies because of the breathtaking growth. But I like you might not understand how they do what they do and how they became overnight behemoths that they've been able to take on the biggest incumbents, including oddly companies that have invested in them like Microsoft and potentially Amazon. I know a lot of these companies, but not enough to explain the destruction of what's happening in an effective way. Tonight that ends we find out. Look, I don't want to minimize what's going on the Persian Gulf. We want to make sense of a war that consistently sends the price of oil higher. Even as the President keeps saying that we've won or were about to win or the Iranians want to negotiate, but we don't know who the Iranians are that want to do negotiate. However, I'm reluctant to dwell too much on it because unless you're part of the administration, it's really impossible to figure out the reality of the situation. After listening to the President's words this afternoon. Every time it sounds like the war might be over, we find that more missiles and more drones are headed at our allies in the Middle east. And Iran's launch just, I don't know, don't really chival towards the peace. Notice the addition of the 82nd in the mix. It's difficult to trade in a world where in the morning we are beating our plow shares into swords and in the afternoon we beat them right back in a plow shares. Especially since the oil shock means we get way short of fertilizer. I think the world will sort itself out, but it's pretty clear that someone, either those buying those financials, the retailers or the buyers, the energy, one of them is dead wrong. Both groups can't possibly be right or at least they both shouldn't be right. Bottom line, when you can't figure out the difference, you know what you do? You sit on your darn hands, you watch carnage of the software stocks. And you hope that someone can explain the wealth that's being created in AI and not just the wealth that's being destroyed in enterprise software. Oh, and to bet on which side is wrong. Fools. Aaron, we need to think of buying stocks as investing in companies. When you do that, even if you're short term wrong, you can buy more. Make yourself long term. Right? David in Florida. David.

[Caller]

Booyah. Jim, how are you?

[Jim Cramer]

Oh, chief, I'm doing well. How about you?

[Caller]

Good, good, good. Listen, President Trump said yesterday he awarded huge orders to Lockheed Martin. They say they have a big backlog. It's down 15% in three weeks. Is it a buy?

[Jim Cramer]

Lockheed? Oh no, Lockheed is. If the war is over, we're not going to want to own Lockheed. The president seemed to indicate the worst kind of over. So let's leave it at that. This is a tough environment to trade in, so it's best to sit on your hands and ride this out. I mean it. Just watch Mamity tonight, OpenAI helped usher in the AI E the launch of Chat GPT back in 2022. That I'm getting update on where we're headed in the technological revolution and we're going to get right from the company. CFO investors are getting a fresh way to access the world of venture capital through new funds from Robinhood and Fundraise. But does that mean we should be a buyer? I'm Sharon. Where I come down then I'm giving you my take on the continuing debate over AI's impact on the labor market. Good, Bad, Indifferent, Stable, Frame,

[Sarah Fryer]

Foreign.

[Podcast Announcer]

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 at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com

[Jim Cramer]

Bad news.

[HubSpot Advertiser]

Your business is only using 20% of its data. The other 80%, it's all around you. Untapped opportunity everywhere. Sure, you could search for it all over the place, or you could find it in one place, HubSpot. Where data that's buried in emails, call logs and meeting notes become insights that help you grow your business. All the data makes all the difference.

[Podcast Announcer]

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

[Dr. Guy Winch]

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. 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.

[Jim Cramer]

As I promised, the top of the show, we're taking a closer look at the face of the artificial intelligence revolution. Open AI, the company behind ChatGPT, 900 million weekly active users, over 50 million subscribers. Founded just over 10 years ago, this is already one of the most valuable companies in the world. It's not even publicly traded yet. Last month, OpenAI announced that it had raised $110 billion from Amazon Video and SoftBank at an $840 billion post money valuation. Tonight, the company's going to announce some new investors. It's going to be an additional 10 billion coming in. This one is expected to come public later this year, early next year, but we're going to find out. Let's take a closer look. And I am excited about this. Okay. With Sarah fryer. She's the CFO of OpenAI, formerly CEO of Nextdoor, CFO of Square, and, and I would like to say a friend of the show. Fair enough.

[Sarah Fryer]

Very fair. Jim, Good to see you.

[Jim Cramer]

All right, well, Sarah, we got to get right to it. You have just completed what I regard as the most successful fundraising round in history. Give us a, please, a quick update of how it came together and some new investors that nobody knows about this very evening.

[Sarah Fryer]

Yeah, absolutely. So, Jim, yeah, historic round we're going to raise actually north of $120 billion as we announced a few weeks back, strategics, Nvidia, SoftBank and of course Amazon. But now we're coming with our financial investors. And what I'm really pleased about is we raised money all around the ecosystem. A16Z in kind of venture, late venture, TPG and PE, MGX on the sovereign side and then these kind of blue chip mutual type complexes like t Row and D.E. shaw ventures. And what I really wanted to show with the round is it didn't matter where you went, people really believed in this AI Revolution. And they wanted to put their money to work behind it.

[Jim Cramer]

Okay, so I do want to know what's it like to work at the fastest growing company on earth and to really kind of handle the finances of the largest deal ever?

[Sarah Fryer]

Well, I mean, first, it's a privilege. I mean, it's amazing to get to work every day with the best researchers on the planet doing some of the most extraordinary things. It's also complex. We're always doing a lot. And shout out to my finance team, we do it and we do it with our technology, which is actually the thing that makes me most excited. We just did a hackathon last week and seeing our own agents starting to work with us was incredible. And then beyond that, I get to work with amazing customers, amazing investors, and so I feel pretty lucky with what I get to do in life.

[Jim Cramer]

What I want you to do is help our viewers tonight. They know you for the most part as ChatGPT. I now find when I listen to you and listen to you talk and see you, that that's just a sliver of what they get if they do get a share one day of this great company.

[Sarah Fryer]

Yes. So today we really serve both the consumer and the enterprise. So revenue, but 60% consumer, 40% enterprise, which is, I think sometimes people don't see the symbiosis between the two. Right. We did start with that moment where ChatGPT took the world by storm. That's why we got to 900 million weekly actives, the fastest consumer app ever to do that. And 50 million people already subscribing because they see the benefit of more intelligence. But importantly, today we also are 40% of revenue from enterprises, and that's actually been growing faster. I think by the end of this year, we'll be more 50. 50 enterprises came originally for ChatGPT, for the enterprise. Right. Their employees were bringing it to work, so they had to figure out how to do it in an enterprise setting. But they're really changing to wanting AI to transform their entire business now. It's no longer just intelligence in people's hands. It's like I need to become a native. And that's why we launched something called Frontier earlier this year. And that's how we're really digging in with enterprises today.

[Jim Cramer]

You know, you listed some great investors, and then you talk about Frontier, some other products. It's a very curious mix there. You've got some investors in my regard as competitors of other investors. Some of the investors seem like they're almost competitors of yours. How do you. How do you juggle the mix.

[Sarah Fryer]

So in the investor front, something I should have said right up front too. As part of this round, Microsoft is coming in to invest. I think that's where you're going.

[Jim Cramer]

And they already have a pretty big position.

[Sarah Fryer]

They are. And so Microsoft's actually an incredible partner to us. Satya was there early. I give him so much kudos every time I speak. Saw this. They have helped distribute our stateless API into a lot of enterprise customers. And of course they use our technology to build a lot of theirs, like Copilot, for example. All premised on top of the the IP that OpenAI is creating. But of course, now we're starting to work with others. Amazon is another great example. $50 million. $50 billion into this.

[Jim Cramer]

I can't tell how many times I have said million 600, because the numbers here are so different from what anyone's used to.

[Sarah Fryer]

It's this new era. I mean, we need investment dollars like you've never seen by Canadian. But back to Amazon, Amazon we're going to market now with our Stateful runtime product. And just to kind of talk in English to people, Stateful means we're going to bring context with us. It brings the memory. It knows what you've worked on before, maybe your style of writing, your style of coding. And so that is really what's going to underpin this frontier deployment into enterprises. So there's two huge behemoths that we now get to work alongside. And of course there's many, many other partners in our ecosystem, like your good friend Jensen at Nvidia.

[Jim Cramer]

Well, let's talk about Jensen. We just came back from conference and he's just constantly talking about the need for compute. You too have a giant need for compute.

[Sarah Fryer]

We do. And this is something I feel. Sam, before the holidays, put out a big number, Sam Altman and the world kind of in some ways rolled its eyes. And now I think Sam is looking completely.

[Jim Cramer]

Now this is the 1.4 trillion or the 600 billion before 23rd.

[Sarah Fryer]

A lot of compute that we need. We are going up, I'll quote Greg Brockman, actually our co founder. We're going up a vertical wall of demand right now because what happened? Because we're shifting into this agentic world. So Jensen tells this story. Well, ChatGPT was a simple. Right, you pull tokens to answer. Then you got to the point where you had reasoning, so now you almost had a multiplicative event happen. So more tokens. Now you've got agents. So for example, a developer at OpenAI using Codex might no longer be hands on keyboard coding. Instead they're managing the work of 2, 5, 10 agents. So they're doing things at multiples of the speed. They're able to do things far more complex and they're doing things developers, you know, all the QA testing, all of the documentation, things developers never really liked, you can now do do with an agent. And that's causing a massive need for compute. We don't have enough of it at the moment.

[Jim Cramer]

Well, when I listen to you, I get hopeful and I'll tell you why. There are a lot of people who say you take these, these companies, they come in and you fire 50% of the people and you're doing well. Including institution that you were affiliated with at one point Square and now Block, they, they used it as a, you know, a kind of machete to the staff. 10,000 goes down to 6,000. I'm hearing you saying force multiplier. One person, many agents get more people in, make more money. Is that realistic?

[Sarah Fryer]

Yeah, I think it's top and bottom line performers. My heart goes out to folks at Square. I probably worked with them. But I am optimistic. I couldn't work in tech if I wasn't. So when I'm talking to customers and I've been to see three or four just today in the financial services space, they're saying help me be more efficient in operational areas, but help me also find new revenue streams. And so we see that over and over again. I'll actually talk about Walmart because you know, I know Walmart and I love Walmart is using a lot of AI for coding, for helping associates, for helping merchandisers, but also using AI to get out there and help consumers find exactly what they're looking for on Walmart. That creates a bigger basket, which means you more revenue. More revenue means there's more ability to invest in the business to do things like pick up and delivery. And so it's actually been a force multiplier of both the business and the types of businesses that we're in now.

[Jim Cramer]

The kinds of things you're talking about I think have very profitable revenue streams. I like the consumer. I've always felt it's great the consumer can have access to chatbots. Many consumers are watching. Boy, that doesn't cost me any money. It's terrific. The things you're talking about, Walmart, that's a profitable piece of business. What does profitability look like year two, three from where we are?

[Sarah Fryer]

So even on the consumer side, I would start there because many consumers do Pay subscriptions, right? 50 million of them in fact. Because what they see is when they pay a little bit more, they get more intelligence, they get access to that real frontier model, they get access to more features. And so our free users ask about seven things per day. Our next highest tier, go ask about double. When you get all the way up to Pro, it's about 11x. So more intelligence, more usage. My example is always like when I first got a flip phone, you would never have persuaded me. I would have paid 200, 300 bucks a month for it. And I do now because that phone does everything. That's what AI is going to do on the consumer side, great margins and ads going to make it more profitable. But enterprise business, as you note, is just like an enterprise business. It's a very profitable business at scale and that's how we will build a sustainable business model.

[Jim Cramer]

I go, I'm on chat GPT, I don't know, 20 times a day. Thank you for telling me. I should be. And I've got the higher tier. All right. And I wouldn't mind when I look up something, seeing if there was a way I could buy one of the things that I examined, a targeted ad, I would just like, I don't mind them and in insta give them to me.

[Sarah Fryer]

So there's a couple of things with ads though. We want to make sure though, as you do that your North Star is the model gave you the best result,

[Jim Cramer]

not the paid for result and people have spoiled that. So you're going to have a lot to prove.

[Sarah Fryer]

Well, actually one thing you'll notice when you see your first ad, if you ask ChatGPT, tell me about this ad, it will actually tell you back it can't see the ad. So it's one way to keep building

[Jim Cramer]

trust and it can't.

[Sarah Fryer]

It's true, it cannot. Now, to your point about seeing, I think ads can be good content done well, but we will only offer ads in our free and our go tier. So if you're on your subscription, which I know you are, Jim, you will be ad free. But I'm excited to see the ad business build actually.

[Jim Cramer]

So I do want to know, and I know we're going to be taking a break soon, but will you please tell me about Spud? And also in the context of soar, which a lot of people liked but I guess uses too much compute.

[Sarah Fryer]

Yeah. So on the SOAR front first, you know the company we're always looking at, how do we stay focused? Right. That is actually I feel the number one role of the CFO is focus and resource allocation. Many folks came and said we don't have enough compute. We do have new models coming out. I can neither confirm nor deny the name, but it seems like you're getting close in the April timeframe. It's going to drive even more agentic behavior and we just are facing a lack of compute. So we're having to make those really difficult decisions. I've talked about it to many investors often we hold back models, we don't release features, and this was an example of having to prioritize. Doesn't mean we won't get back into areas of creativity. It's not a never. It's just we have to make hard choices.

[Jim Cramer]

Understood? That is Sarah Fryer, OpenAI CFO. And there will be more, more to come. But you're gonna have to come back for that. And their money's back in bad news,

[HubSpot Advertiser]

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[Podcast Announcer]

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

[Dr. Guy Winch]

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. 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 minds 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.

[Jim Cramer]

Sarah I want to start with something that doesn't get talked about enough. Wonderment. Amazing. This is something that shouldn't be happening. You and I were in the business for a long time. Just talk about how incredible where we are right now.

[Sarah Fryer]

Yeah, so it is incredible. We are in the Age of AI heading towards AGI. And it does absolutely blow my mind every single day. If you look at the intelligence of these models, I guess the Pro is what they can do in terms of innovation. We think this year will be the year of scientific breakthroughs. But there's also a massive capability overhang right in the other side. People, people, enterprises were not using it to its fullest potential. That said, when I go into customers and I see BBVA deploying 120,000 seats, when I see customers like Lowe's using it on the shop floor with their associates, I mean, these are the moments where I just get this little giddy moment. And I'll tell you my favorite favorite. So our agent for Excel takes me back to my days of being a lowly investment banker. And you spent all night building the model. And I literally did something the other day and it did something right in front of my very eyes. And I kind of laughed out loud, which I realize most people on your show are going to not know what I'm talking about, but anyone who's ever dealt with Excel will now know the wonder of seeing an agent do it for you.

[Jim Cramer]

Get rid of it.

[Sarah Fryer]

Now.

[Jim Cramer]

Talking about that, put your equity analyst hat on. We are seeing what some would say is the destruction of our whole cohort. Adobe, maybe, Microsoft Salesforce at workday or not last year. Speaking of making Excel, what the heck is happening here? It isn't like you're taking direct aim at them, but a lot of people just say, I'm scared that you are. There's companies, those companies are still profitable, but as an equity analyst, I don't think you could be recommending it.

[Sarah Fryer]

The software sector are just writ large. I do think certain things have changed and all of the folks you just mentioned are largely our customers, by the way. And we're here to earn their business and help them into this era. I think a few things on the top. I do think the front door has changed for software. It often had a lock in because it was more complicated. My Bloomberg machine, for example, was complicated. So now you can do natural language, which by the way, we think opens up Bloomberg's market because many people, people didn't want to have to learn that language. And now Gen Z can learn how to use.

[Jim Cramer]

If you don't know, have to code, you don't have to go to a fancy school, you can just speak right. Isn't this a democratizer? I never hear that anymore.

[Sarah Fryer]

It's incredible democratization of access to everything. And then I think for software companies, on the back end, the thing to think about is folks like me that would have bought the whole platform and then maybe done the upsell. I'm now building an agent that often as something very particular to my environment. But I do think they have incredible opportunity from here to AI themselves, just like every company in the world is doing, and use that to drive new products, new interesting ways for their customers to interact with them. But I think it's hard. The market always finds a hard time with uncertainty. So I think it's just going to take time to work through that.

[Jim Cramer]

Okay, I'm glad it's not doomsday from your point of view. Now let's talk about some controversial things. Admittedly, working for the government, working for the military, when someone buys your product, do they have the right to do what they'd like to it as long as it's legal?

[Sarah Fryer]

I think Sam said this really well at the Morgan Stanley conference. So his point was if you believe in democracy and we live in an amazing. I believe in an amazing country. I'm an immigrant here. I'm very grateful. And you believe in that democracy. You have to believe that the government gets to make that decision, not a private company. But we are living in an age where technology has become incredibly intelligent very fast. I think we have tried to work hard to create a framework with the Department of War that ensures that we don't have mass surveillance and there's no autonomous weaponry on the battlefield. Those are our hard red lines. But beyond that, we recognize they need to move forward with technology that often in the moment is saving people, people's lives, keeping us all safe. And they can't be asking a private company, what do you think in that moment?

[Jim Cramer]

Now we have a government right now that is really kind of laissez faire when it comes to what you do in other companies. What happens if a new government comes in and they want to start saying, you know what, this is hurting jobs. These companies are too powerful. We got to find a way to put them in their place. What do you do?

[Sarah Fryer]

So first of all, regardless of the government, we have to build trust with everyone, with the general populace. And so I think that there's a lot on us right now to tell the stories of AI the fact that it does help, you know, the day to day that that mom with a diabetic kid that's trying to figure out what to cook for dinner, we need

[Jim Cramer]

to see more than just funny queries.

[Sarah Fryer]

We know, for example, 230 million people every week ask ChatGPT a health and wellness question. Two thirds of American doctors use ChatGPT every day in their work. These are the trust building stories. And then from there we have to keep showing how the technology can create breakthroughs in areas like science and so on. How are we going to solve energy? I think it could be with what ChatGPT can do in areas like chemistry and physics for example, as well. So a lot of it is building trust. Because if a government walks in and feels they just need to regulate, that means we haven't done the work ahead of time. Democratize access and let people see the outcome of embracing the artist.

[Jim Cramer]

A little more on you. And I'm glad that you see that. I know that you see that industry sees that. There's a lot of talk about, well, what happens with say, Elon Musk lawsuits? Will Microsoft, how do you work out that that relationship? I listen to you and you're an optimist and I've heard you in many interviews say these things will sort themselves out out or that someone sues all the time and we can't be deterred. You have a forward way of looking at things. Will that way get you through?

[Sarah Fryer]

I mean, I tell my team all the time, control what you can control. And so when we go back inside, it's how do we build the best frontier model working with incredible partners. How do we continue to get that rolled out into the hands of consumers and enterprises? So we keep scaling fast forward than any company in the world. How do we build a sustainable business model that is free cash flow positive by when? No date to give, but to keep building to that so we can afford all of the compute and then ultimately to drive access like what I just said, democratization of access and maybe democratization of ownership.

[Jim Cramer]

Okay, let's talk about that. I think a lot of our viewers right now have heard what you've had to say over two days and think, I want to own a share of this amazing company. Why don't you give them a chance in the year 2026 to do so?

[Sarah Fryer]

So a couple of things, we are starting to build that outcome. So as part of this big fundraise that we just closed the north of 120 billion, we took our first foray into retail and worked with three banks. It was unbelievable. We went out looking to do about a billion ish. We did over three. The first day it got released into one of the bank systems. I will not name the bank, but there was so much demand. We took down their system for a

[Jim Cramer]

couple of hours, took down their system because at this stage so many people

[Sarah Fryer]

wanted to access the deal and you know, at the end of that week all of those banks, this is the largest private placement any of them have ever done. So that is the first foray. I am also looking at ways watch this space over the next couple of days ish to start to put things into the market. Maybe retail can get more access to and then over the long run, look, we have to build a company that's ready to be a public company. This round de risks somewhat because we could be ready but the market might not be ready for us. But I need to make sure that the company is healthy and ready to face the public markets. But we do view this as all part of an access journey.

[Jim Cramer]

Excellent. Now OpenAI right now we know the things it's doing about the thing it could be. Could you be a hardware company too, Johnny? We haven't heard from him but we maybe I hope he's still there because he's a genius but I mean new form factors, ways that we're going to be able to get chat. ChatGPT yeah, anything you can reveal.

[Sarah Fryer]

We are very excited about the consumer hardware. You will see more probably the end of this year and then actually be able to touch and feel it early next. I will tell you, Jonny and team are as you point out, geniuses. Really what we're leaning into is the fact that AI today is multimodal by nature. Right. We use it still in this old form factor because we all use phones which teach us to talk with our thumbs. But AI is it can visually see things, it can hear us, we can speak to it. Last week I was in a South Korea in Seoul K Beauty is a thing my 16 year old niece wanted. K Beauty. I walked into the store all in Korean, 16 different layers probably that too. Snapped photographs, asked ChatGPT what are the top five things to buy? And then I asked it to speak in Korean to the assistant to find the five things and then I became Ant of the year. So I mean these are just some of the things we don't think about because of how phones have to taught us in the Internet age to interact. I am really excited by what we're bringing on the consumer side and it will be a whole family. It's not just like Gen1, you're going to see a whole family come together.

[Jim Cramer]

Oh no. You may be the end of the year after that and you're a great mom and your terrific wife but what is it like to be I think in many ways the public face. I know you've got a great CEO, the public face of what's going to be the fastest growing and maybe most exciting, exciting company on earth.

[Sarah Fryer]

I mean, we have a great team. I think you said it well. Whether it's Sam, I think has done a phenomenal job of frankly often having to push the whole industry and I really respect him for doing that. But then the team inside our researchers are second to none. We have folks like Fiji Simo, our CEO of Applications, who might be the most creative person I've ever gotten to work with. And I could keep listing everyone else, but it has just been just again, as I said yesterday, a privilege to get to work with this team. I'm excited for what's coming and we will always have a lot to talk to you about.

[Jim Cramer]

Jim, thank you. And I would congratulate you except for that would indicate that maybe you're a little bit further.

[Sarah Fryer]

We have so much more work to do.

[Jim Cramer]

Let's hold off for the deal and for all the success I know you're going to have.

[Sarah Fryer]

Thank you.

[Jim Cramer]

And I hope great luck too, because you deserve it.

[Sarah Fryer]

I appreciate it.

[Jim Cramer]

Absolutely. That's Sarah Fryer, OpenAI CFO coming up

[Podcast Announcer]

is now the time for investors to buy into the new venture capital funds from FundRise and Robinhood. Kramer's breaking down whether it's time to buy in.

[Jim Cramer]

Next. Thursday we saw another new publicly traded venture capital fund hit the market, the FundRise Innovation Fund VC x this comes on the heels of the Robin Adventures Fund 1, which debuted on March 6 without much fanfare, frankly. The Robin Adventures Fund dropped 16% on its first day of trading, but it's rebounded since then and now back above the price where it came public. I talked about the Robin and Fund two weeks ago because I think these things give you a glimpse into how public investors feel about venture backed privately held tech companies. At first it didn't look like there was much appetite for this stuff. But then the Fundrise Innovation Fund came public with a bang after VC shares opened for trading at $31.25. Last Thursday they climbed roughly 144% on their first day to 76 and change. On Friday, they rallied another 55% to 117 exchange. Yesterday VCX was up another 63% to 192 and today it shot up nearly 65% to 315. That's a horse. The stock actually hit a high of 320 this morning and was holding for volatility a couple of times before closing Lower, but Basically, in just four sessions, this thing has climbed over 1000%. So what the heck's happening here? Why is this Fundrise Fund done so much better than the Robin Adventures Fund? Okay, some of that's simply because the Fundrise Fund has a more diverse and frankly superior mix of investments. When it launched, the Robin Fund only had seven holdings. In just one of them, Databricks was truly exciting. Since the launch, they've announced another pair of investments. The Fundrise Innovation Fund, meanwhile, is invested in 28 different companies. And even if you just look at the top 10 holdings, you see a much more desirable list of companies. More than 20% of the fundrise Fund is invested in Anthropic, which has become the King of Enterprise AI. They also own Databricks OpenAI and Rural, which is a defense tech startup, and Space x. Overall, roughly 44% of the fundrise Fund is invested in companies with another 23% data infrastructure, while fintech and aerospace represent about 5% apiece. All hot areas, though, more importantly, because the Fundrise Innovation Fund has been around for years. They first got into most of these holdings a long time ago at relatively early fundraising. Morales, for example, both the fundrise and Robinhood Ventures, they own Data Brooks Databricks. But while Robinhood first invested in the company in late 2025, fundraise, it got in way back in 2023 at a much lower valuation. Same goes with Anthropic with Open Air and Row. At the same time, the Fundrise Innovation Fund has more of a track record than the Robin Adventures Fund. The Fundrise Innovation Fund launched in July of 2022, and so far the returns have been excellent. As of end of end of January, this Fund was up 84.4% from its inception, which is basically even with the S&P 500. But just the last year of performance, it was up 63%, trouncing the S&P 500, up 16% over the same period. So, for starters, the simple reason fundrise did better than Robin Adventures is that it's a superior investment vehicle. But having said that, I think what's really happening here is actually simpler. See, there's one big difference between the public launches of the Robinhood Fund and the Fundrise Fund. The Robinhood Fund that launched earlier this month was an actual ipo, meaning that the fund was issuing and selling new shares to the public and raising fresh money in the process. The Fundrise Innovation Fund, on the other hand, did not offer any new shares with its listing. This was more of like a direct listing where a company simply lists its existing shares on exchange rather than offering new shares to the public. And look, almost everyone who owns shares in the Fundrise Innovation funds locked up. They can't sell for six months because they're not offering new shares either. The vast majority of VC shares are not free to trade. And the Fundrise Innovation Fund has an artificially low float. Only a little more than 10% of the shares are not like locked up, right? That's a sliver. So basically investors saw that there's this new vehicle which can give them ownership stakes in white hot private companies. And they are like anthropic databricks, Open Air and Space X. And they want to buy, they want to buy badly. But there are very few sellers because of the lockups. That's also why I think you'd have to be crazy to buy the Fundrise Innovations Fund up here. Keep in mind, all closed end funds are forced to publish their net asset value at regular intervals. That's their accounting of what the underlying assets are worth. At its latest accounting, the Fundrise Innovation Fund says that its net asset value per share was just under 19 bucks. So at its current price of $315, VCSS is trading at over 16 times its NAV. That is pure lunacy. Bear in mind the stated net asset value already accounts for the appreciation of shares in the private companies that Fundraise purchased at much lower valuations. If, say, Anthropic does a fundraising round where it reaches a new valuation like it did last month when it reached a $380 billion valuation, then the fund raises its stated net asset value accordingly. So if you're buying BCX shares here at 315, you are betting that the value of the fund stakes in private companies are actually worth more than 16 times what the fund fund itself says they're worth. Not realistic. By the way, the Robinhood Ventures Fund has a net asset value per share of $25.31. Okay, that's less than a buck above where the stock's currently trading. I'm not too thrilled about that one either, but it's easier to justify buying it at these levels if you really want to. Let me give the bottom line of this incredible story. When I saw the red hot start for the newly listed Fundrise Innovation Fund, I thought I might have to reevaluate my attitude toward the venture backed privately held companies that it owns stakes in. But after a closer look, this thing's been soaring because of market mechanics, not valuation. Very few of the shares actually trade so all the buyers who want in have to pay through the nose for them. Once the lockups end in September, I expect VCX to come right back down to earth. So stay away from this one if you don't want to get hurt. It's just too hot for this guy, man. Money's back after the break.

[Podcast Announcer]

Coming up, Kramer takes your calls. And the sky's the limit. It's a fast fire. Lightning round.

[Jim Cramer]

Next. It is time. Stepford Square wait a cell and then the lightning round is over. Are you ready, Steve? Dice? I'm waiting for Kramer's mic. Let's go to Steve in California. Steve.

[Caller]

Hey, Kramer. This is Steve Collins with my awesomely autistic son Griffin with a chill. Booyah to ya.

[Jim Cramer]

Oh, booyah. Right back at you.

[Caller]

Thank you, Griffin.

[Jim Cramer]

Say hi.

[Caller]

Chris, say hi. He's at id. We're longtime fans since. We're longtime fans since the Kudlow days. And my son sees patterns and he has to approve every trade that we do, but we always, as Griffin says, keep it small. And he wants to know what your thoughts are on serve SDRV okay.

[Jim Cramer]

Interesting company, but the problem here, Steve, is it's losing a fortune. We can't go with those right now. It's too complex a time. Thank you for all those nice words. Let's go to Steve, Minnesota. Steve.

[Caller]

Hi, Jim, actually Scott from St. Paul.

[Jim Cramer]

Scott, Minnesota. Sorry, Scott, what's up?

[Caller]

No, no problem. Thank you for taking my call and everything you and your staff do. I'm a second time caller as well as a club member.

[Jim Cramer]

Oh, thank you.

[Caller]

I'm calling about equipment shares eqpt.

[Jim Cramer]

This stock is falling apart here. It's not expensive. I'm going to endorse it. The stock is now going too low. Don't buy it all at once. Something's clearly wrong, but I know the stock is just too cheap. It's crazy. Let's go to Steve in Pennsylvania. Steve.

[Caller]

Hi, Jim. Thanks for taking my call. Jim bought the stock at the beginning of the year at $75 and it's been going down ever since then closing today at around 45. Now that I'm down about $30 a share, should I buy more, hold or sell and cut my losses with the firm?

[Jim Cramer]

You know, don't cut your losses. I mean, I just touched base with them. Their on their delinquencies. They're very low. I think this thing's going to be a rocket ship. I think a lot of people are betting against it. It's a mistake. Down 40% doesn't make sense to me. Max leption is the real thing. It's a good operator. Let's go to Craig in California. Craig.

[Caller]

Hey, thanks for taking my call, Jim.

[Jim Cramer]

Of course.

[Caller]

Hey, I'm wondering if now is a good time to buy Ferrari Ticker rac.

[Jim Cramer]

This was a very hot stock and somehow it lost its mojo. I don't know how it's going to get the mojo back right now. It sells it too high a price journeys multiple. I'm going to have to say I don't like the stock. Let's go to Dustin. Oklahoma. Dustin.

[Caller]

Hey. Booyah. Jimbo. Good to talk to you again, my friend.

[Jim Cramer]

Right back at you.

[Caller]

All right, my friend. So, hey, I got a company posting its first ever billion dollar quarter with record revenue, strong growth and nine straight quarters of gap profitability. How do you view this technical setup? Especially after the CEO just bought shares

[Jim Cramer]

twice in March for so 5? I got to tell you, there's a contrary about so far, but I've gone point by point about what they're up to and what they've done. I find that the bulls are right. I find that that Anthony Noto is right. I've known Anthony Noto since 1998. I never questioned his character and I'm a believer in so far. Let's go to Bill in North Carolina.

[Caller]

Bill, Jim, thanks so much for taking my call.

[Jim Cramer]

Thank you for calling, man. Thank you.

[Caller]

I really enjoyed. We appreciate what you do.

[Jim Cramer]

Thanks a lot.

[Caller]

A month or so ago I bought a stock, PDYN Paladine. I bought it at about $9 a share and it's down to about six and a half and I'm sitting on my hands but I'm wondering if I should be.

[Jim Cramer]

Well, people think it's going to lose money next year. It is a okay company, but it's artificial intelligence and machine learning should work. But it is losing money. I'm not recommending stocks are losing money. It's been the right thing to do all 2026. But thank you for the call and that ladies. Conclusion of the Lightning Round.

[Podcast Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, will AI lead to mass layoffs or will it allow companies to do more with its employees? Kramer is breaking down where he stands next.

[Jim Cramer]

I believe in the AI revolution because AI lets management do more with less, saving companies money. That's a point I made to Jensen Huang, the CEO of Nvidia and last week at his GTC event. And his response has stuck with me ever since I switched my mind. He says those who use AI to fire people have a failure of imagination. Good companies, good management's quote, will do more with more. The companies that fire away are ones where the leadership, he says, are out of ideas. They have no reason to imagine greater than they are, he said. That's very different from the letter Jack Dorsey sent out at a company called Block, which you may have known as Square, its previous iteration. When Blocklist reported, Dorsey said in his shareholder letter that the company was letting go 4,000 out of 10,000 people in the workforce. Why? I'll let him say it. Quote, the core thesis is simple intelligence. Tools have changed what it means to build and run a company. We're already seeing it internally. A significantly smaller team using the tools we're building can do more and do it better, end quote. In a chilling premonition, he says, quote, I don't think we are early to this realization. I think most companies are late. End quote. The real doomsday line. Listen to this quote. I believe the majority of companies will reach the same conclusion, make similar structural changes, end quote. That's the fear I hear in young people's voices endlessly. They have a foreboding, a sense of impending job apocalypse. But when I got back to New York from GTC and asking CEOs whether they're going with the Dorsey view or the Jensen point of view, I kept hearing the same thing. It's Jensen's program they're picking. They are hiring, not firing. They're using the agents as force multipliers. They know how to do it. We are only two weeks away from what could be a pivotal earnings season where we find out if AI is destructive to the workforce or a way to build people up, make them worth more, give workers more, not less meaning. I know many people are scared of AI. You may be scared, I say. Having listened to Sarah Fryer, CFO of OpenAI tonight, I'm emboldened to say that I think we are going to look back and think that there are more friars more Jensen's than there are Dorsey's. The definition of work is going to change this year. We're going to find out that the willy nilly firings are being done more out of a use using AI as a reason to let people go. But maybe they should have gone anyway because the companies were just too fat. Let's see who makes the most money for shareholders. I am betting it's the ones that put the ages to work making workers lives better, better, easier and more productive rather than the ones who fired their way into some sort of phony, beaten, raised quarter. I like to say there's always a bull market somewhere. I promise you to find it just for you right here on Mad Money. I'm Drew Kramer. See you tomorrow.

[Podcast Disclaimer Narrator]

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 madmoneydisclaimer Bad news.

[HubSpot Advertiser]

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