Mad Money w/ Jim Cramer 3/27/25

Summary

Mad Money w/ Jim Cramer – Episode Summary (3/27/25)

Release Date: March 28, 2025
Host: Jim Cramer
Producer: CNBC
Podcast Description:
“Mad Money” offers listeners an insider’s view into Wall Street investment strategies, guided by Jim Cramer’s energetic and insightful commentary. The show features Jim’s passionate opinions on various stocks and includes the popular Lightning Round segment, where Cramer provides buy, sell, or hold recommendations.

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1. Market Overview

Jim Cramer opens the episode by addressing the recent turbulent market conditions. Highlighting significant declines, he states:

"The Dow tumbled 716 points as a big plunge 1.97% and the Nasdaq plummeted 2.7%" ([01:06]).

He emphasizes the unpredictability of the current market environment, attributing much of the volatility to recent events surrounding Core Weave’s IPO and broader economic factors.

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2. Core Weave IPO Analysis

A significant portion of the episode is dedicated to the IPO of Core Weave, a next-generation cloud platform tailored for the AI era. Initially set to offer between $47 and $55 per share, the company reduced its offer price to $40 due to weaker demand, ultimately raising $1.5 billion instead of the planned $2.5 billion.

Jim Cramer criticizes the market’s reaction:

"It's ironic. Last week this deal could have come at 40 and opened at 50 and go higher still" ([03:00]).

He discusses the skepticism surrounding Core Weave, fueled by influential figures questioning the sustainability of their data center costs and the potential for an impending bubble. Cramer remains cautious but hints at potential recovery once the market stabilizes.

Mike Intrader, Co-Founder, Chairman, and CEO of Core Weave, joins the discussion to defend the company’s strategic decisions. He explains the necessity of debt as the "engine" and "fuel" for scaling their infrastructure:

"Whenever you see debt on our balance sheet, you're going to see an offsetting revenue contract that is larger" ([16:35]).

He refutes concerns about rapid depreciation of their assets, citing substantial long-term contracts, including a notable $12 billion deal with OpenAI.

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3. Tariffs and “Liberation Day”

Cramer delves into the geopolitical tensions impacting the market, specifically focusing on tariffs announced by the President of the United States. He references “Liberation Day,” the event when new tariff regimes are expected to be unveiled. Cramer anticipates significant market reactions based on the President’s policies, predicting potential short-term downturns but remains hopeful for a rebound post-announcement:

"Liberation Day has the potential to turn this market around" ([07:00]).

He underscores the uncertainty surrounding trade policies and their immediate inflationary effects, cautioning investors to stay vigilant.

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4. AT&T: A Resilient Stock in Turbulent Times

Shifting focus to telecommunications, Cramer highlights AT&T as a standout performer amidst the market chaos. He credits the company’s strategic pivot back to its core phone business and significant investments in fiber broadband as key factors driving its recent uptrend.

Key Points:

• Fiber Broadband Expansion: AT&T aims to reach 45 million company-owned locations by 2029, with plans to grow to 50 million through partnerships.
• Cost Efficiency: The fiber business boasts 35% lower operating costs compared to legacy copper networks.
• Shareholder Returns: The company plans to return over $40 billion to shareholders through dividends and buybacks by 2027.
• Government Support: Potential extensions of tax incentives, such as the 100% bonus depreciation, could further benefit AT&T’s infrastructure investments.

Jim Cramer remarks:

"AT&T’s make mainly roared this year as a higher yielding flight to safety trade" ([27:00]).

He views AT&T as a reliable hold, especially for investors seeking stability and dividend income in uncertain times.

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5. Spotlight on Otter AI

In an engaging segment, Cramer introduces Otter AI, a private company revolutionizing meeting productivity with its AI-driven meeting agent. Demonstrated by Sam Liang, Co-Founder and CEO of Otter AI, the technology offers real-time transcription, sentiment analysis, actionable insights, and even participation in meetings.

Highlights:

• Functionality: Otter AI can join multiple meetings simultaneously, transcribe conversations, and extract key insights.
• Growth: Achieved $100 million in annual recurring revenue with fewer than 200 employees.
• Future Plans: Aims to reach $1 billion in revenue, anticipating expanded enterprise adoption.

Sam Liang explains:

"Meetings are a huge time drain in enterprises. On average, knowledge workers spend at least 30% of the time in meetings" ([36:10]).

Cramer is enthusiastic about the product’s potential, appreciating its ability to enhance productivity and reduce the burden of manual note-taking.

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6. Lightning Round: Rapid-Fire Investor Calls

The Lightning Round features quick interactions with listeners, where Jim Cramer addresses various stock-related questions and comments.

Notable Discussions:

• Nike’s Performance: Addressed concerns about Nike losing its edge, acknowledging both strengths and weaknesses.
• Applovin Critique: Criticized Applovin’s financial practices and expressed disappointment in its performance.
• AT&T’s Future: Reiterated positive outlook based on fiber expansion and shareholder returns despite economic uncertainties.

Quotes from Callers:

"I love your subject matter expertise and deep knowledge." ([41:29])

"We just hanging in there, trying to crawl through this wall of worry." ([41:52])

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7. Closing Remarks and Market Outlook

In his concluding thoughts, Jim Cramer reflects on the ongoing market volatility and the impact of government policies. He urges investors to remain calm and consider long-term opportunities despite short-term challenges.

Key Takeaways:

• Tariff Impact: Anticipates continued market instability until new tariff policies are clarified post-Liberation Day.
• Investment Strategy: Encourages holding investments and potentially buying on weakness rather than making hasty exits.
• Bull Market Potential: Remains optimistic that bull markets exist somewhere, emphasizing the importance of finding the right opportunities.

Final Quote:

"There’s always a bull market somewhere and I promise just for you right here Made money." ([44:28])

Cramer concludes by reinforcing his commitment to helping investors navigate the complex market landscape, advocating for informed and strategic investment decisions.

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Key Quotes with Timestamps:

• Jim Cramer on Market Volatility:

  "The Dow tumbled 716 points as a big plunge 1.97% and the Nasdaq plummeted 2.7%." ([01:06])

• Jim Cramer on Core Weave’s IPO Failure:

  "People sold today to get in position for April 2... you’re liable to miss some very big gains down the road." ([44:07])

• Mike Intrader on Core Weave’s Strategy:

  "Whenever you see debt on our balance sheet, you're going to see an offsetting revenue contract that is larger." ([16:35])

• Sam Liang on Otter AI’s Impact:

  "Meetings are a huge time drain in enterprises... Otter can not only take meeting notes but also start participating in meetings." ([36:10])

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Conclusion

This episode of Mad Money provides a comprehensive analysis of current market dynamics, highlighting the challenges and opportunities presented by recent IPO movements, government policies, and technological innovations. Jim Cramer’s blend of critical insight and strategic advice offers listeners valuable perspectives to navigate the uncertain investment landscape.

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Note: This summary intentionally omits advertising segments and non-content-related sections to focus solely on the substantive discussions and analyses presented during the episode.

Transcript

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[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 mo market somewhere and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Crame America. Other people want to make friends. I'm just trying to save you money. My job is not just to put in context. Explain this stuff. Try to be entertaining. Is Friday so call me. 107bcbc sweet bit Jim Cramer tough day. 10 days ago there was this deal coming for a company that looked like the hottest thing since the invention of the steam engine. People were talking about it as the way to invest in the greatest industrial revolution since the canal, the railroads, even the loom. Fast forward today and what's the single most disappointing stock in the entire market? One that's nasty debt laden business with diminishing clients and a product that's losing value. So speak. They're the exact same company. It's called Core. We've this infrastructure IPO set the tone today. A day where The Dow tumbled 716 points as a big plunge 1.97% and the Nasdaq plummeted 2.7% core. We was originally supposed to come public at 47 to 55. That was the range. But last night they downsized the deal and they cut the offer price to 40 bucks because of weaker than expected demand. Stock opened a dollar below that level this afternoon for manager close exactly at the $40 place. How ironic. Last week this deal could have come at 40 and opened at 50 and go higher still. Incredible mood swings right now. And by the way, mood swings are not good for good investing. Yes, this company where we is the glue that holds the data center together. It's become toxic because of a person with a lot of money. Joe Tsai from Alibaba in China seems to be questioning the data center's cost and wondering if a bubble's on the horizon. Microsoft too is a problem rumored to be scaling back some datacenter commitments. But we don't even know enough to make a decision about that. Not that it mattered in a shoot first and then don't even bother to ask questions environment like we're in now. Now if you're at coralweave and you thrive on the need for more data centers, you're watching what the market thinks is peak demand. The action today says there's nowhere to go but down. We've obviously doesn't believe that but the market decided that in videos GTC conference last week when we went out there marked the top of the entire industry and the core we deal with its radically downsized offering was just confirmation. When you couple that with the tariffs orchestrated by the President United States, you got a stock market that feels like a nuclear winter. In this kind of environment, you don't need a weatherman to know which way the wind blows. Today the wind blew the radioactivity from the CoR we deal and the auto tariffs and set it right in your face. Can the floor be wiped off before your portfolio is totally your idea? You know what? I think we'll find out next week once the radiation clears. But don't get too excited. I'm not going to give you a real upbeat thing going here. Even though it's supposed to be nice day tomorrow in the east. You're not going to feel pretty good after I read this. I'm just trying to tell you straight stuff. Now we don't have a lot of earnings next week, but we do have some two gigantic events and first Wednesday, okay, that's what the President's calling Liberation Day. The day when he tells us that what the new tariff regime will look like liberate ourselves from our trading enemies or whatever. And then second Friday Labor Department's non farm payroll figures for March. These are both really really big days. Everything else is a little tiny, but we're going to deal with it anyway. Both of those have the potential to turn this market around. One because it will be great when we are past it and the other because people think inflation is about to rage and who knows maybe something happens that puts Coral we've back in the market's good graces. The stock did finish where it was priced although it did trade a couple of dollars lower. Intraday we will be speaking to the CEO of Corwave later tonight so we'll find out whether we can do some buying or take a page from those stock sages. Fleetwood back pick up the pieces and go home. My history of studying these things says the stock does not act well for the next couple couple of weeks. That's been the process. I've seen it over and over again been involved. IPO has been the syndicate desk. That's my knowledge frankly. I'm not saying for weeks I've been telling members of the CNBC investing club the tech suspect we haven't bought anything until today and nothing at all Tech because we see that the market's turned against artificial intelligence robots, autonomous drive. We have eyes. It's even turned against the chat bots and it's like nothing's going to come back. Even though you'll hear of an alpha tonight called Otters private company and you could have said wow. I think that I wish that the data center people talk a little bit better about because it's so incredible or so it seems. What happens going forward? Look, I think there's a good there's some good news here. First, there won't be another Corey deal next week. Second, after Wednesday there probably won't be any new news on tariffs on top of the news on tariffs now those are the two reasons why you can't afford to leave this market right now. Even though I know it would just feel so great to sell everything. I mean I just said get out now. Probably half you think. Thank God he relieved us from our chains of of of anger and sadness. But what's on the counter next week other than Liberation Day where we find out exactly how awful the penalty to our commerce will be at least in the short term. No one is going to celebrate that day other than say that it's over. On Monday we hear from pvh. That's the apparel company behind Calvin Klein and Tommy over used to be very hot stock at one point. We've become so used to disappointments in retail though that our eyes will glaze over when we see how bad these numbers might be. Understand that the estimates here have been consistently cut for PVH and there's still little hope that it will beat the numbers. The numbers. All I say is fingers are crossed. Now Tuesday, April fools and today made you feel, well, kind of like a real fool. If you bought some stocks, let's hope it is a prelude. If you're a bull, you want people to be prepared for everything the president can throw at the worldwide system of free trade. You have to believe that there will be no one left who thinks the tariffs won't be worse than Smooth Hawley. That was a horrendous set of tariffs that helped usher in the Great Depression. The bulls want people to wake up from the nightmare that is Core Weave and wish they they bought it. I say don't hold your breath. And don't expect the steel to open the IPO floodgates either. We should all be glad that they were able to get it done at all. The market is beginning to believe that the president will stop at nothing to make his points on trade and he won't change his mind until all our trading partners are brought to heel. I believe that. Then maybe we bounce. I think some people might say that's too dire. Though as I see it, we're getting closer to the moment where President Trump recognizes the beat, the beating that people are actually taking the stock market. But it'll take time to get there because stocks have run so much in the last decade. If he declines, I don't know, if maybe the decline gets bad enough, he'll do something. I bet he'll ease up on the tariff rhetoric. We aren't there yet, though. This is a bad place to be. But it is not horrendous. That's the best I can say about it. Now there's some corporate news adjacent to Liberation Day. RH reports on Wednesday close that Steel Restoration hardware has fallen from 457 down to 236, a sickening decline, but not like many other retailers. I'd say wait for the balance. I'm not really. I don't know. It's too hard. How about that? It's just too hard. That's out of Washington. Weigh too heavily on the market to make that kind of bet. And with this tape, it does feel more like a bet than investment. Thursday's quiet on the Washington front, but it's a good prelude to the beginning of earnings season. Conaga reports. Okay, and the last thing we heard from this packaged food company was a bit dispiriting. One look at that Yield north of 5% tells you that something's very awry here. We also have Con Agris, Spawn, Lamb Weston. The. The frozen potato company which is trying to bounce, to which I say so is Corey. Finally, on Friday, we get the Labor Department nonfarm payroll. Let's speak about this now. In light of the very inflationary tariffs and tariffs are immediately inflationary, the bulls have to hope this number shows slow job growth and no wage growth. Given this market's mood, I think that anything deviates from that Panglossian scenario will trigger not just talks of stagflation but definitive chatter about a bear market. That's where we are, okay? People are going to start talking next week that we are in a bear market and it's not going to be any more about a correction. It's going to be the absolute bear. Which brings me to the fatal question. Is it too late to get out or should we start thinking of buying weakness? Now, I can tell you that a couple of real bad days does not a bear make. It's a nasty run. Doesn't seem like it's over. So why not do this? Take the other side of the trade if you have some cash on the sidelines. I actually put a small amount of work of money to work into the abyss of Tuesday, betting that things are going to be too negative. What we see on Wednesday, then you can put more money to work on Friday. If we get knocked down by an overheated labor report, the bottom line is it's not the end of the world. It just feels that way. Okay, let's go to Martin in Florida, please. Martin, Bubba. Booyah. Mr. Kramer, how are you today? You know, long day, but I feel for everybody who owns a lot of stocks. How are you doing today? I'm doing fine.

[Caller Martin]

I'm here in the Sunshine State enjoying the beautiful weather.

[Jim Cramer]

My question is on Nike. How do you feel about Nike in the short term, in the long term? You know, it's funny. I was talking to my. My trainer today, Jim, and we were both saying that Nike really has lost its edge and that on is the way to go on on. And I think the stock's correctly reflecting that analysis. I know they're trying to turn in that script, but, you know, the other companies aren't standing still while they try to turn. And that's the big difference from all the other times I've seen Nike stumble. Look, a few terrible days does not necessarily make a bear market. It's not the end of the world. Just kind of feels like it. I've got of core. We fresh off the AI Company debut to the public market this is the only time we'll be on other than when he was on in the morning. Don't miss this. I thought it was funny. Don't miss this post ipo. Check it then. Can you call on the telecom stocks? Despite this top tape, I'm giving you a name to watch and it's pretty famous. And by the way, I'm going to sit down with a company called Otter AI to hear how this private player is innovating the virtual meeting room. It's called Otter because otters are actually smart. Who knew? Stable Kramer.

[Mad Money Producer]

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[Jim Cramer]

Today we got the widely anticipated debut of Core Weave. It's a company that's built a next generation cloud platform for the AI era that we're in. I covered this story Wednesday night. But the last two days been some developments and not all positive. But ultimately the demand for the IPO wasn't there at the original deal size. Didn't mean they didn't get the deal done though. Yesterday Core we've cut the offer size from 49 million shares to 37.5 million shares. Lowered the deal price to $40 in order to get the deal done. They only raised $1.5 billion rather than 2.5 billion. But hey, at least they got it done. Especially after today's devolved into just another brutal tech led sell off. Shortly after 1pm stock open trading at $39 below the offer price of 40. Did touch 3750 but then bounce back close exactly the offer price $40. So is quarterly tepid debut an opportunity for you? So good reason why Wall street lacked the enthusiasm at the higher price. How about we go straight to the source we find out. Joining with Mike Intrader. He's the co founder, chairman and CEO of Coral. Hey Mike, thank you so much for coming on the show. Congratulations on the ipo.

[Mike Intrader]

Thank you so much. Today has been such an amazing day for us. I appreciate the opportunity to talk with you.

[Jim Cramer]

All right, so Mike, there are a lot of people joking around today. They're saying did, did Intrader in those boys at Core Weave caused the problem in the market or was the market the reason why Core Weave stock didn't shoot up higher? But you know what, let's talk about the fact that 10 days ago this market was hot, hot, hot. And then today people think it's cold, cold, cold. The truth is that's just not the way it is at all. Is.

[Mike Intrader]

No, listen, look, it was a really tough tape today. It's been a tough tape for the last couple of weeks here. There's headwinds on the whole market and there's definitely headwinds in the, the space. But look, stock comes out, it trades pretty tough, kind of ends up where we offered it. I feel like we did a good job. The banks did a good job kind of downsizing the, the, the offering and getting the price right so that we can come out into this market and you hit it dead right like for us, the key to this was getting out, getting into the public markets, offering our stock and having the ability to, to be a public company because that is transformative for our company.

[Jim Cramer]

Now one of the things that occurred to me all week actually was we're used to tech companies coming out with no debt.

[Caller Ike]

Why?

[Jim Cramer]

Because the venture capitalists take stock. This did not come out that way. So a lot of the tech people said, my God, this has a lot of debt. In reality, the way you want to be able to do your business is to buy all the Nvidia GPUs you can do and get that first mover advantage. And if you didn't take any debt down, where would your company be?

[Mike Intrader]

Yeah, look, the debt is the engine, it's the fuel for this company, right? We go out, we find great contracts with great counterparties that need massive scale computing to drive their business. And then we go ahead and we go back to our syndicate of lenders and they give us the debt to stand up the clusters that will deliver revenue to the company. It really is matched. Whenever you see debt on our balance sheet, you're going to see an offsetting revenue contract that is larger.

[Jim Cramer]

Right now there are a lot of people today who are saying, well, wait a second, these things depreciate rather quickly. And didn't Jensen Huang himself say in his keynote that he sure hopes that nobody buys the Grace Blackwell when the Vera Rubin comes in? There was a lot of joking about that and I think people didn't realize that it actually was said in jest because in fact the Grace Blackwell's will be worth something even two years from now. True.

[Mike Intrader]

Yeah, absolutely. You know, he made the joke that he was the chief revenue destroyer and I almost like fell out of my seat. But look, you know, at the end of the day, you know, there's, there's the narrative that was out there that these things depreciate so fast and will be supplanted by the next generation. But in truth, what we see from the contracts that we are actually able to execute, like the just under $12 billion contract that we executed with OpenAI last week, they, they executed that contract for five years with two one year extensions. So it is a clear articulation by people who are putting up the money that are buying these contracts that they believe that this infrastructure will have retained value far into the future. And you know, those, those same buyers will come back, they will buy new infrastructure that is the most cutting edge for their next models and then they'll take this, this earlier infrastructure and use it for other use cases in their company that requires really large bulk compute.

[Jim Cramer]

Excellent. Okay, so Mike, a week ago people were saying, wow, Nvidia really likes these guys. It's terrific. That position and the narrative changed today was like, oh my God, Nvidia's property propping this thing up. I mean, they're way too close. They are way too close. So again, something in between.

[Mike Intrader]

Yeah, look, you know, people are going to put out whatever narrative they want. At the end of the day, Nvidia has been an incredible partner for us and we have been an incredible partner for them. We build fantastic infrastructure, we bring it to the market in its most performant configuration. We're able to deliver it quickly. We have wonderful software that allows people to use it to be able to drive their models. They understand our business deeply. They understand the debt in our business deeply. And they believe that it is a fantastic way about going and scaling infrastructure for all of these new consumers. As the world goes through this AI.

[Jim Cramer]

Revolution, I know I found myself defending your company. I went out to one of your really beautiful. I got to tell you, I mean, incredibly hot. Yes. In actual hot reality, data centers. And one of the things that people are really caught up in is the idea that two people, Josiah, and then Josiah said something about maybe bubble, and then Microsoft actually didn't. It's not really clear what they did, but backed away from buying even more. Those two somehow made people feel like that this whole operation is completely overvalued and the emperor has no clothes again. I wonder whether the zeitgeist of the stock market didn't interfere with, with the company whose product is so far in demand with a moat that no one else can deliver because they don't know how to do what you do. And that was totally obscure today and yesterday.

[Mike Intrader]

Yeah. Look, you know, my theory here is that the market's going to take some time to kind of figure out exactly what we do and how we do it. But, but you know, the, the, the compute that we deliver, the software that we deliver it on, it is a driver for performance. And that's really what will ultimately bring clients back to us again and again. The data center, I mean, I'm, I'm so glad you got a chance to go there. It's just an amazing operation. You get to see this infrastructure. It's like walking into the Death Star.

[Caller Jake]

Star.

[Mike Intrader]

It's incredible.

[Jim Cramer]

Yeah, it is. And I think that people don't understand that a data center, the more, the more Nvidia you have, the More you can do things that are wondrous and incredible. So perhaps you can explain what's the difference between a Pentium and a gpu.

[Mike Intrader]

Yeah, so, so look, first, on, on, on, you know, folks, kind of different narratives out there around demand for compute. I have a very simple way of thinking about this. I have clients, they come to me, they need compute, they want us to build bigger, they want us to build faster. There is absolutely no hesitation. I can sell every single piece of computing power that I can stand up within the data center infrastructure that I have. So to the extent that there are other folks seeing, you know, an air pocket in the data center space, that is not what my clients are telling me. It's not what their behavior is telling me. It's not what a 12 point, you know, $12 billion contract tells me. And so I'm pretty excited about that. As far as the difference between the clouds, the legacy clouds were built on CPUs, right? And when, when you want to drive artificial intelligence, you're really moving to a new computational intensive accelerator called a gpu, which is what Nvidia has done such an extraordinary job driving into the market. And that infrastructure is really what is allowing the world to build artificial intelligence.

[Jim Cramer]

Now, one thing, and I got this from being in a data center, I wish everyone would go to a data center. One thing people don't realize, they break. Things break. And when things break and you have downtime, well, you might as well just say, this is costing me tens of millions of dollars. I have to get it fixed immediately. Now, there are some companies that fix it faster than others, and Core Weave, I am told over and over again fixes it faster than anybody.

[Mike Intrader]

Yeah, that's absolutely true. Like, look, at the end of the day, the way that we built our cloud, the way that the value proposition for our cloud is we have built this data center specifically to stand up parallelized computing, the GPU computing that allows for artificial intelligence. And when you build it that way, you make a thousand architectural decisions that optimize specifically for that, which allows for observability down into the physical infrastructure. It allows for predictive analytics so that you know when to cordon off infrastructure that's about to break. We really do a great job at this company addressing downtime, making sure that all of our clients have access to the compute for as much time as physically possible. And it is a tremendous focus for our teams across the field, physical side as well as the logical side.

[Jim Cramer]

Last question, just be a little bit philosophic here. It's entirely possible that yes, AI and compute are all peaking, but wouldn't that be almost impossible given the fact that we still don't have autonomous cars on the interstate and nobody has a robot at home and we've not been able to fix the warehouse issues yet? Notes the infinite see, with which we find ourselves doesn't really jive with me with the end of the AI world as we know it.

[Mike Intrader]

Yeah, listen, I couldn't agree with you more. I think that, you know, people are really kind of thinking about this in a very short, a short time span. And the truth is, is this is a process that will go on for decades. Right. The world is automating. It is moving towards artificial intelligence. It will integrate into every aspect of our life. And the truth is, is you know, we are going to be playing catch up with the computational power that's required to make that happen for years.

[Jim Cramer]

Well, I want to thank you for coming on. I know it's it's an emotional time. Your deal did get done. People who bought it at the low today made very good money. People bought on the deal are fine. And we must never forget that. Having brought a company public, I respect exactly what you accomplished and I can't thank you enough for coming on a second time on cnbc. Michael Lynn, Trader, Co Founder, Chairman, CEO of Cor Weave, who also happens to be from New Jersey and not from Silicon Valley. Thank you Michael for coming on the show.

[Mike Intrader]

Thanks a lot. Appreciate it.

[Jim Cramer]

Absolutely. Me it's back into the break.

[Mad Money Producer]

Coming up, has a consistent value trap transformed itself into a growth story? Kramer's plugging into what's moving at and t higher.

[Jim Cramer]

Next.

[American Express Representative]

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[MultiCare Representative]

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[Jim Cramer]

I know that many of you have been sick to your stomach from the rollercoaster ride this stock market has been giving us in recent weeks, including, by the way, today's beat down. And for now, this remains a very uncertain moment. A lot of potential negatives. And that's why I've spent the entire week looking through the best performers in the S P 500 for the year. Because these are the stocks that manage to hold up in a truly terrible environment. All right, tonight I've got one that I haven't been a fan of until very recently. Well, last, I'd say about last year and a half. And that's atc. Surprising. So it's a great start for the year. It's up almost 24% now. Doesn't that sound comforting versus the rest of your NASDAQ part of your portfolio? Every time I talk about the telco carriers, I always recommend T Mobile. It's been a rig winner, right? They've been running circles around AT have risen for years, but suddenly it's been making a name for itself as a safe haven, a tough market, and we don't have many of those. When investors feel like the environment's gotten really treacherous, they like to throw their money into something deemed safe. Telecom fits the safety criteria because it's more insulated from the cyclical nature of the economy. Things have to get pretty darn bad before you stop paying your cell phone bill, don't they? And also because these companies tend to pay pretty good dividends. But a safe industry with a fat dividend doesn't make you immune from turnover in this market, just as people invested in, well, ADT for most of the past two decades, this stock was what you call value trap for years. And anyone who chased after their seemingly juicy dividend yield was only punished with a lower stock price. So what's changed then to allow ATT to become a winner this year? Well, for starters, this is no longer the old 80 that we think about. After spending years trying to diversify away from the phone business, which was ill fated by the way, they finally decided to stick with what they knew best Phone business. Back in September, 18 told us they're selling the rest of their stake in DirecTV. What a disaster that was. And that comes on top of the Warner Brothers spin off a few years ago. Doesn't hurt that the whole wireless business has gotten less competitive. And that's allowing all three of the major carriers to steadily raise prices. But the main reason ATC stock got its mojo back is that management held an investor day in December and they laid out a very clear roadmap with healthy growth expectations. It was a breath of fresh air for investors who might have bought this stock for years. But after the dividend, but have seen those quarterly payouts cut with their manning payments, more like, then it just kind of canceled out whatever gain at. So in other words, let's say you have like a 4 to 5% dividend, the stock goes down 10%. Well, you know what, so what about the dividend, right? If it can snap out of its funk like it's been doing this year, and only it could be very rewarding. The company is targeting more than $40 billion to be returned to shareholders through 2027. Now, half that's going to be with dividend. It currently yields a little less than 4%. And if it's going to be buybacks, they're basically Planning to repurchase 10% of the share count. And that's a huge sign of confidence, isn't it? How does ATT manage to bring back growth? Well, they're focused on fiber broadband, the one area where they're the market leader. Their growth target for this part of the business includes a fiber passing target or the amount of homes and businesses that their fiber optic network physically passes and could potentially serve. They see their company owned locations hitting 45 million by 2029. This means AT&T is baking in an assumption of roughly 3 million new locations per year. Imagine believes the number can reach 50 million locations total through its access partnerships. That can be very strong. The fiber build out is important because these investments generate higher average revenue per user. Also give the company more opportunities to bundle their services. Now, this fiber build up can be real expensive. They're planning $22 billion of capital investments annually through 2027. But despite these higher costs, management still sees the opportunity for margin expansion as this fiber business steadily becomes a larger slice of the pie while the legacy copper business slowly declines. Now, I don't, I didn't imagine I'd be spending my Friday afternoon talking about copper decommissioning, but it is an important part to the story. See, the Fiber business has 35% lower operating costs than the legacy copper wire business. So it's encouraging. Your CEO John Stankey say on the earnings call that quote, the new administration is interested in finding approaches to scale these more rapidly and, and have an appropriate way to clear them through faster, end quote. For context, it's part of the FCC's job to ensure that, quote, critical communications infrastructure, end quote, isn't unfairly cut off, leaving low income or rural communications communities without service stacking. Suggesting that the administration is willing to work with ADT and its compadres to ensure that the replacement process goes as fast as possible by reducing red tape. That would be something. Hey, speaking of Washington, it doesn't hurt the agencies mostly in domestic telco business, which means it has extremely limited tariff exposure. Thank you, Evans. You don't need to worry about the trade policy if you own this one. I think companies without trade exposure are going to increasingly get a very big premium over those that do. And this was all part of the revaluation. Management is also optimistic that the current administration be successful in extending some tax incentives that are set to expire this year. This includes the 100% bonus depreciation giveaway that gave companies like ATT the ability to immediately deduct the full cost of assets like network infrastructure equipment. It's important to remember that these tax breaks were from the tax reform package that Trump passed in 2017. With the GOP in control of Congress, they can easily, I believe, extend any part of it that that might be expiring. So what else does ATC have going for? At the end of January, they reported some quarter good subscription numbers, strong free cash flow growth and management reiterated their previous guidance. That might seem like a low bar, but in a negative market like this one, I think a little consistency goes a long way. But the most recent results indicate that it's really turned the corner here. Company also spent a lot of time on the last conference call talking about the ATC guarantee where they'll give you a prorated refund for any service outages. They'll even give you a reward card if you have to spend more than five minutes waiting for technical support and you didn't receive a call back. I don't know. That could be valuable. So while the value here may not be as obvious as a, let's say, I don't know, a Chili street for me, management still sees this as a differentiator for the company. As you, John Stankey said on the last conference call, quote, where we have fiber, we win. We win because it's a better product, end quote. So here's the bottom line here at and T's make mainly roared this year as a higher yielding flight to safety trade. But there are also some company specific positives as the company's gone a long way to turn itself around. At the very least, the stock's no longer a value chop, which is why it's been working this year and why I expect it to keep working as long as people are worried about the state of the economy. I want to go to Michael in Tennessee, please. Michael.

[Caller Ike]

Jim, Michael wanted your your advice on a long term play. This company has partnerships in place with major telecom providers like AT&T, Verizon and Vodafone. What do you see as the biggest challenges in scaling this technology and how does this company overcome them? The company is afps. Thank you.

[Jim Cramer]

Okay. All right, thank you. The biggest problem is that they've got a hideous balance sheet and I don't like hideous balance sheets. What has to happen is I think they should take on a part partner. I do think that they've got a very interesting way. Look, it's a good telco company partner, but what really matters to me is they've got to either start making money or get someone to give them some money. Right now. I think you're too up in the air in this particular stock market. As long as people are worried about the state of the economy, I think ATC can continue to be a stock to watch, maybe even buy. Now with much more made money ahead outside of this tech LED sell off, I'm getting a better sense of the generative AI space with a private player by the name of Otter AI. Otters are real smart, take my word for it. Then I'm taking a step back from today's action. Give you my take on the markets road ahead. And of course, all your calls, rapid fire. Tonight's edition of the Lightning round. So stay with. I know there's a lot of skepticism all of a sudden surrounding artificial intelligence. There's still one more hideous tech led sell off today. I've been through so many tech led solves since 80. Give me a break. But for going to Nvidia's GC last week, I remain a believer. It's just hard for most people to appreciate what's working in the space because it's generally for the enterprise, not for the consumer. That's why I like to highlight some of the most interesting stories in the space because it's very edifying. Take Otter AI and that's Otter AI, okay? That's a fast growing privately held company. It describes itself as quote the leading AI meeting agent Empowering businesses to unlock the value of their meetings. End quote. What does that mean in practice? Look, we use Otter AI's technology here at CNBC. Their software listens to your meetings, producing real time transcripts with notes, summaries, action items, and even some customized insights that I love. Nobody needs to take notes so everybody can focus on the task at hand. This is genuinely valuable. I wish I had this when I was growing up. Earlier this week, OTTER I hit $100 million in annual recurring revenue. Air is really important. Pretty remarkable you consider they have less than 200 employees. So let's dig deeper with Sam Liang, who is the co founder and CEO of Otter. I said thank you for coming to Man Money.

[Caller Martin]

Thank you. Thank you for having me here.

[Jim Cramer]

Okay, so I have screamed at my staff, get me this transit. Find out where it says it. Little did I know I was screaming actually at you. I was screaming at otter. How did you so quickly become the go to for so many people trying to figure out what was said, where and how?

[Caller Martin]

Well, I've been working on this for a number of years. We started in 2016, before I became a household house or buzzword. But you know, we built the best speech recognition, the best conversational AI. And then we launched our first app in 2016. We barely had any revenue at that time. So within five years we grew from 1 million to 100 million. Now, well, you know, this is just a good milestone. We want to grow to $1 billion revenue in a few years. So we see that, you know, people talk a lot.

[Jim Cramer]

I talk a whole lot.

[Caller Martin]

Meetings are a huge time drain in enterprises. On average, knowledge workers spend at least 30% of the time in meetings. And if you're a Manager, you spend 50%, 70% of your time in meetings. Right. So now with the OTTER AI agent, which we're announcing this week, OTTER can not only take meeting notes such silently, OTTER can start participating in meetings.

[Jim Cramer]

OTTER can be me. I may have to be in another place, but OTTER can be me.

[Caller Martin]

Absolutely, absolutely. You can already send OTTER to multiple meetings at the same time. Assuming you are maybe one of the.

[Jim Cramer]

Most productivity enhancing software. You want to call it software? I don't know I. That I've ever heard about. Yeah.

[Caller Martin]

Otter is a powered software application. It can join your online meetings or you can use OTTER on your mobile device for in person meetings as well.

[Jim Cramer]

And I've seen somehow, and I'm going to ask you how this is. It seems to capture, let's use the word spirit of the meeting.

[Caller Martin]

It can capture the spirit of the meeting. They can capture what everyone said, but then the I can extract insights out of the unstructured voice data.

[Jim Cramer]

Well, it would seem to me this is. They're saying this is not some automated transcript. It's kind of a living, breathing document where if people are cross with each other, if people seem to be challenging each other, it actually detects that.

[Caller Martin]

It can detect that. It can detect the sentiment. Who agrees with whom or who disagree? Are people angry or are they happy with each other? What are the decisions made? What are the action items to follow up with? I becoming a co worker in your meeting, a coworker.

[Jim Cramer]

I think that's a great way to put it. How do I query it? How do I interrogate it?

[Caller Martin]

Yeah, you can already query Otter using tax based chat. But this week, starting this week, you can start talking to Otter in meetings. You can say, hey Otter, what's our revenue last quarter? Tell me the, the user request from this customer.

[Jim Cramer]

I thought Copilot was going to do this. I don't think it's doing it yet.

[Caller Martin]

I don't think they're doing it. The other AI agent we just launched this week can talk to you in real time meetings can pull data from your database and speak up in meetings.

[Jim Cramer]

Now, as I Matt, you have to make money. I know you've got a free version. You also have a freemium model, so to speak. So what would a free version versus what I could ultimately get if I paid what, 20amonth.

[Caller Martin]

The there's a pro version. It's less than $10 per month. The business version is about $20 a month. Of course, if you are enterprise, we can talk about enterprise contracts. The new meeting agent is available in the business tier first and later will move it to the other tiers.

[Jim Cramer]

Now I noticed it is. I know we're truncated here, but I mean I thought that Zoom had something like this, but Zoom does not. Correct.

[Caller Martin]

Zoom doesn't have this. And nobody is having this new meeting agent capability that can speak up in meetings. Not only can speak up, it can actually take some action. You can ask Otter to create an action item, schedule a meeting, draft an email for you while you are still talking in the meetings.

[Jim Cramer]

Well, that's incredible. I wish Alexa knew something. You know, like I go home and I asked for Beethoven's 4th and I got some sort of. I got some sort of Mozart. I mean, you wouldn't do that to me, would you?

[Caller Martin]

The graduate honor can do a lot more.

[Jim Cramer]

I think so.

[Caller Martin]

Allows you to conduct business at the speed of talk. You Just talk to the speed of talk.

[Jim Cramer]

I'm going to use that tonight at dinner. That's Sam Liang. Now, this company's private. We joke a little more when it's private because we don't have any numbers. But he's a co founder and CEO of Otter AI. We use it at the office. It's quite exciting. Certainly what you've developed. Congratulations.

[Caller Martin]

Thank you. Thank you.

[Jim Cramer]

And money's back after the fight.

[Mad Money Producer]

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 for the white ropes of your stock question. And then the lightning round is over. Are you ready, ski daddy? Time for the light round. Crazy. I'm going to start with Ganesh in New York, New Jersey. Ganesh. Hi Jim, how are you? I enjoy watching your show. Thank you. Ganesh, good to hear from you. What's going on?

[Caller Ike]

I love your subject matter expertise and deep knowledge. I am a long term investor and.

[Jim Cramer]

I have a holding of CE is. They've struggled. They have struggled and I have to tell you I'm not happy with how they're doing and I can't long term or short term hide that. I'm just not happy with how they're doing. I'm sorry. Let's go to Ike in Georgia. Ike.

[Caller Ike]

Booyah, James.

[Jim Cramer]

Booyah. What's happening, man?

[Caller Ike]

We just hanging in there, trying to crawl through this wall of worry.

[Jim Cramer]

Good attitude.

[Caller Ike]

Thank you for all you do for us little guys.

[Jim Cramer]

Thank you.

[Caller Ike]

How to make money, how to keep money.

[Jim Cramer]

Valiant goals. How can I help you? Make and keep.

[Caller Ike]

Yes. Right. App lobby man.

[Jim Cramer]

Very controversial. Okay, so let me just dispel one thing. When you have Craig Billy, since the CEO of Win, as the head of the audit committee and also the lead director of Applovin, that I'm going to believe the financials. Is the stock expensive? It did have a great fourth quarter. Should someone else come in and take and take away their gross margins, I would like to go in that business, take them away. That companies making. I say over earning is the biggest problem I have with Apple. Let's go to Peter in Pennsylvania. Peter, Booyah.

[Caller Ike]

Jim, club member and a long time viewer from way back when you were before you were Jimmy Chill.

[Jim Cramer]

Jim, what do you think? That was the medicine. It was the medicine.

[Caller Ike]

But Jim, what do you think of Core Civic seat?

[Jim Cramer]

Yeah, I'm surprised. The stock has kind of come back down here. I think it's a, you know, it had a huge move and then it's just kind of resting I think the stock is ready to move again. Okay, let's go to Jake in New York. Jake?

[Caller Jake]

Booyah. Jimmy chill.

[Jim Cramer]

Oh, man. What's shaking with you?

[Caller Jake]

It's, you know, Friday. We got some March Madness. I'm assuming you're watching.

[Jim Cramer]

I get. And when I. I can sneak it. When my wife isn't constantly insisting on seeing Reacher. And she's napping, by the way. Watch it with the sound off. What's that about?

[Caller Jake]

No idea. No idea. But you did some homework. You thought this stock was a good spec, and that was at $10. We're at 21.95. Okay. Analyst day coming up on Tuesday. First analyst day. I'd like to know what you think about SRAD Sport Radar.

[Jim Cramer]

I think Sport Radar is a very interesting, intriguing stock. Now, I. But remember, I also like flutter. I like DraftKings. I like the whole space. And that is a very important part of the whole space. And that. Ladies and gentlemen, conclusion of the Lightning Round.

[Mad Money Producer]

The Lightning Round is sponsored by Charles Schwab. Coming up, Kramer's shining a light through today's tape and telling investors why they need to stay the course. Next.

[Jim Cramer]

Despair is not a strategy. Fear is not a game plan. These are the things I used to think about when I was a hedge fund manager. On days like today, days like these are facts of life. There are going to be sessions where doom is in the air and it all goes wrong. Except drugs and utilities, of course. Sessions where you can't believe that you own some of the worst stocks. And to add insult, injury. They had the guts to bring Corway public.

[Mike Intrader]

Corwave.

[Jim Cramer]

How are they doing this to us? Worst possible timing for infrastructure. IPO to all of us. I say, look, just take a deep breath. Everything that's happening is happening because the government's gotten involved in business in a way that Wall street simply can't believe. We haven't seen tariffs like this since right before the Great Depression. Things are happening so fast that we can't even figure out what we do if car prices jump anywhere from, say, 4,000, 20,000. But how about this? What happens after the tariffs go into effect on April 2? Liberation Day, when the President says he'll announce a new round of import duties? What happens April 3rd? Will everything be as bad as it is today? No people sold today to get in position for April 2. The President will be more constructive or thoughtful about what should be tariffed and by how much. We'll rewind the tape and say, why the heck didn't we buy something last Friday when that core weave deal was imploding. I know it feels too risky to own anything right now, but that's often a prelude to wishing you bought something when the smoke clears. Now, that may sound insanely positive, and as I said at the top of the show, I'm not all that sanguine. But keep in mind we don't have major structural problems in the country. We don't run away inflation either. This morning we had a series of personal consumption expenditure numbers, the ones the Fed takes seriously. They were too hot for the Fed to justify cut rates, at least for now. I know the tariffs only make things worse on inflation front, but then if we get a weak unemployment report next Friday, the Fed Fed will have to cut whether they like it or not, because the tariffs, as harsh as they are, must be considered artificial and they will depress spending looming. Always though, are two thoughts. First, in four days we will know the worst case, and I'm expecting the worst case when it comes to trade. At least. In the end though, our government can only tariff so much. This president won't cause a recession just for the sake of recession. That doesn't make any sense. Second, tariffs will definitely hurt American business and make things up go up in price, but that's also something that the stock market can ultimately adjust to. In other words, this too shall pass and if you decide to get out now, you're liable to miss some very big gains down the road, even though you're taking a beating for the moment. Getting out now is also not a strategy. But there's a man who lives in the White House and of course mar a Lego and he has the ability to turn this entire market around with a single true social post. The damage he's doing may not matter to him right now, but I think there will come a point when he recognize that it's time to stop and our former allies are beaten to a pole hoping we can move on. It won't be hard because after Wednesday the big tariffing will at last be behind us. There will only be so much foreign commerce left to wreck, only so many prices that can still be raised at the pace Trump works. That probably won't be that far away. As much as I fear the destruction being right and it is a lot of destruction, I fear missing the rally after the tariffing is over and it may be sooner than you can execute a strategy to get out of your entire portfolio on Monday. At that point let me ask you, do you think that you can get back in before the rebound? See I know the truth and the answer is no. I like to say there's always a bull market somewhere and I promise just for you right here Made money. I'm Drew Kramer. See you Monday.

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of cnbc, NBC Universal, or their parent company or affiliates and and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kremer'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 For 140 years.

[MultiCare Representative]

MultiCare has been in Washington prioritizing long term solutions, partnering with local communities and expanding access to care. Together, we're building a healthier future. Learn more at multicare.

[Jim Cramer]

Org.