Mad Money w/ Jim Cramer 3/30/26

Summary

Mad Money w/ Jim Cramer – March 30, 2026 – Episode Summary

Episode Overview

On this episode, Jim Cramer tackles a turbulent week for Wall Street, explaining why recent negative headlines have triggered large drawdowns even among strong stocks, and how long-term investors should respond. The show covers concerns around AI’s impact on cybersecurity stocks, lawsuits against Meta, the state of tech and memory stocks, the looming rush of mega-IPOs (notably SpaceX), Element Solutions’ rise in the chemicals sector, and how the war in Iran and oil prices are defining the market mood. Cramer’s signature Lightning Round offers rapid-fire takes on individual stocks, and he closes with sobering commentary about the war’s chokehold on equities.

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Key Discussion Points & Insights

1. Why Good Stocks Are Getting Punished in a Bad Market

• Jim Cramer sets out to explain why “a bad tape” can trigger mass selling of even solid stocks, especially when unsettling macro headlines dominate.
• Main concern: War in Iran and uncertainty in peace negotiations, leading to widespread investor anxiety and a “black cloud over the market.”
• “A bad tape causes individuals to dump great stocks, usually when they should be buying more or at least standing pat.” – Jim Cramer [02:00]

Notable Quote:

“The key to great wealth creation is identifying winners and then crucially, sticking with them through periods like right now, sticking with them when everyone else is fooled into selling or thinks the game is rigged or the game is over – it’s not.”
— Jim Cramer [02:15]

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2. The AI Threat to Cybersecurity: Misconceptions & Realities

• Fear: Anthropic’s new AI could make Palo Alto Networks and CrowdStrike obsolete.
• Cramer’s take: This is a misconception—the rise of AI boosts the need for cybersecurity, as hackers use AI to create new threats.
  • “Without the help of traditional cybersecurity, you’re more vulnerable than ever.” [03:30]
  • CEO action: Nikesh Arora (Palo Alto Networks) recently bought $10 million in company stock, underlining his confidence.
• George Kurtz, CrowdStrike CEO, validated on Cramer’s show that AI agents will be a growth tailwind for cybersecurity.
• Conclusion: The market’s panic-selling is based on a flawed premise; “I am saying, now you know at least why they went down.” – Cramer [04:24]

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3. Memory Stocks Slump: Hype, Pullbacks, and Skepticism

• Recent rumor: Google’s advancement could enable computers to use less memory, hammering stocks like Micron.
• Cramer’s skepticism: If the Google development were truly transformative, Google’s own stock wouldn’t have dropped on the news.
• Memory stocks had run up rapidly (“parabolic moves”); a correction is natural, but the environment remains hazardous.
• “If this turns into a bear market, they’re clearly not done going down.” [05:30]

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4. Legal Woes for Meta, Social Media Stocks: Context & Case History

• String of state-court losses for Meta (New Mexico and California): found responsible for addictive platforms and damages.
• Meta’s stock lost ~$200B in market cap from the verdicts.
• Cramer’s perspective: These lawsuits evoke memories of past mass-tort scares (e.g., Johnson & Johnson’s baby powder) that resolved favorably after panic subsided.
  • “This is not like Big Tobacco. We all knew smoking causes lung cancer…Meta can prove that it wasn’t the only precipitance.” [07:00]
  • Appeal prospects are good; federal courts could reverse or reduce verdicts.
  • “Don’t let your hatred of Instagram blind you to the buying opportunity. Remember, people have the right to log off too.” [08:29]
• Bottom line: Selling Meta on these legal fears is likely a mistake.

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5. The State of IPOs: Mega Deals, SpaceX, and Market Supply

• The many anticipated mega-IPOs (OpenAI, Anthropic, SpaceX) are delaying due to harsh market conditions, except SpaceX, reportedly set to go soon.
• Data: 2026 IPOs are down a third from last year in number; Renaissance Capital’s IPO ETF is down 28% from peak [23:34].
• SpaceX specifics:
  • Targeting up to $75B raised at a $1.75T valuation—could be the largest IPO in history.
  • Unusual “reverse roadshow,” direct involvement of Elon Musk in share allocations, possible lack of traditional lockups (allowing immediate selling).
  • Cramer: The flood of supply could overwhelm “a market already mighty sick. …Too much supply. And that’s what I’m seeing coming.”
• Risks: Retail investors could be left holding an over-supplied stock if insiders sell out immediately.

Notable Quote:

“Remember what I’ve said over and over again? What can kill the bull? Too much supply. And that’s what I’m seeing coming. And the bull seems mighty, mighty in trouble.”
— Jim Cramer [30:53]

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6. Featured Interview: ARM Holdings CEO Rene Haas

• ARM “turns the model upside down” by launching its own in-house AGI CPU, targeting agentic AI workloads; first product sale to Meta.
• Haas: CPU demand is booming with AI (“CPU is 2x the performance at the same power compared to x86”—[16:34]).
• Noted wide market: besides licensing, ARM is now a direct competitor to Intel and AMD in CPUs for data centers.
• Market Impact: ARM shares are up 25% YTD even in a bad tech market.
• On manufacturing: ARM currently makes at TSMC, but working with Samsung and possibly Intel.
• Cramer presses for long-term thinking: “Don’t give up on stocks”—Haas calls for focusing on strategy over short-term volatility, quoting Federer: “He won 52% of points…and 20 majors.” [21:27]

Memorable Quote:

“We’re delivering these in industry standard racks…customers who might have bought an x86 rack to increase capacity will now say, you know what, I’m going to buy these ARM AGI CPU racks because again, at the same power, they’re two times the performance.”
— Rene Haas, ARM CEO [17:12]

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7. The Specialty Chemicals Winner: Element Solutions

• Prompted by a caller, Cramer revisits this “sleepy” stock now up 30% YTD, thanks to acquisitions in hot-growth areas like semiconductor manufacturing and specialty gases (critical for data centers and AI chips).
• The “chemicals sector” (specifically Chem7) has thrived amid materials shortages caused by the Iran war.
• Element Solutions is “cheaper” than its peer Acunity, with strong revenue/earnings growth forecasted.
• Key risk: If the Iran war de-escalates and shortages ease, the rally could stall.
• Bottom line: “If the rest of the year plays out like the first quarter, I expect Element Solutions to keep on soaring.” [39:25]

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8. The Lightning Round – Rapid Takes

(Sample Q&A with timestamps and key commentary; rapid but instructive)

• JetBlue (JBLU): “Too risky for me. It’s a dice roll and I don’t like dice rolls.” [09:52]
• ADP (Automatic Data Processing): “People decided that this company can be disenfranchised just like Paychex…sometimes stocks sell off for bogus reasons.” [10:34]
• Rubrik (cybersecurity): “Hold. Delivered a good quarter, but the market doesn’t care right now.” [31:52]
• Walmart: “I absolutely think that Walmart is ok here…I like the stock very much.” [43:14]
• Western Union: “Doesn’t have the earnings power to drive it up…going to take a pass.” [42:16]
• First Majestic Silver (spec play): “May be the time. Maybe the time is right. Let’s use that as a spec.” [41:43]

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9. War in Iran, Oil, and Market Risks

• With WTI crude up >80%, Cramer warns of a “nearly ironclad” 20% drawdown in stocks if/when oil doubles (“It’s almost axiomatic…” [43:56]).
• Why haven’t stocks already cratered? Cramer credits official reassurances about peace talks and investor hope for a quick end to conflict, even as he’s skeptical.
• On stalemate and new lows: “Down 20% seems about right to me. And the stocks not yet down 20% — I think they’re next.” [47:28]

Notable Quote:

“Each day the war drags on, we lose some adherents who sense that there’s a stalemate…each day, the war drags on...it’s almost too hard for anyone to stay in no matter what I tell them.”
— Jim Cramer [47:11]

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Memorable Quotes & Moments

• “Sometimes stocks sell off for bad reasons or fully bogus reasons. And at those moments, I’d rather be a buyer than a seller of CrowdStrike or Meta.” — Jim Cramer [08:53]
• ARM CEO Rene Haas on long-term perspective: “Stock price on a day to day basis...is kind of like looking at your heart rate on a day to day basis.” [20:20]
• Meta lawsuits: “Remember, people have the right to log off too...no one is forcing you to scroll through social media.” — Jim Cramer [08:29]

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Timestamps for Major Topics

• [02:00] – Explaining market sell-off in good stocks
• [03:30] – The AI ‘threat’ to cybersecurity stocks
• [05:00] – Memory stocks correction/Micron
• [06:20] – Meta lawsuits and state court verdicts
• [12:40] – ARM Holdings: New chip strategy, CEO interview
• [23:34] – IPO market slump, SpaceX IPO dynamics
• [31:04] – Lightning Round: Cybersecurity, ADP, Rubrik, JetBlue
• [39:25] – Element Solutions chemicals bull case
• [43:56] – Iran war, oil prices, and market risk
• [47:11] – War stalemate and investor psychology

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Conclusion: Cramer’s Bottom Line

Jim Cramer frames the current market as one driven by fear and misinformation, with solid stocks sold for dubious reasons. He advocates sticking with winners through downturns, warns of the risks in both IPO supply and geopolitical shocks, and seeks to uncover bright spots even in toxic tape. His message to long-term investors is: don’t panic, think big picture, and look for opportunities when fear rules the market.

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For further details on his specific stock picks, IPO analysis, and the evolving war/oil market thesis, listen to the full episode or follow up at madmoney.cnbc.com.

Transcript

[A]

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[B]

My mission is simple to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica Other big Friends. Hey, I'm just trying to make a couple bucks here. My job is not just to educate, but do some entertaining. So call me 1-800-743-CBC. Tweet me imkramer stocks go down for all sorts of reasons. Some good, some bad. Lately we've had a lot of bad and tonight I want to straighten some things out. Not to say to buy, but only just to describe some things that have gone wrong. So you understand what's causing a lot of good stuff to go down. Why does that matter? Because a bad tape causes individuals to to dump great stocks, usually when they should be buying more or at least standing pat. I know a lot of people are getting very worried. The war has sapped their thinking. The attempts by the president tell us the negotiations are going so well only to hear nothing from the Iranians has caused a real gloom that has put a black cloud over the market. Moments like these are why I wrote how to Make Money in Any Market because the key to great wealth creation is identifying winners and then crucially, sticking with them through periods like right now, sticking with them when everyone else is fooled into selling or thinks the game is rigged or the game is over, it's not. Today we saw a bit of rationality. Oil went up $5. The Dow still managed to gain 50 points. The other averages, after starting relatively strong, ultimately gave up their gains. But with the S and P dipping.39%. The NASDAQ point 73%. The latter almost trades 100% with oil. And you know, I think that 20% decline with this much oil is very reasonable for stocks. Tough. Now, we did see some terrific do overs. There's a bunch of stocks rallied that were crushed last week. But the fact is we're in the grips of a powerful bear market for many tech stocks and it doesn't take much to knock these down at all. I want to start with cyber security. I heard about it all day and not. Well, I didn't hear about anybody getting it right. So let me just. I'm not. It's not out of hubris. I just have to explain it. There's a private company called Anthropic. They're developing an AI model with unchecked agent capabilities that theoretically could have tremendous cybersecurity powers given the strength of Claude. The market believes this new offering from Anthropic will be devastating for the two preeminent cybersecurity stocks, Palo Alto Networks and CrowdStrike. Both of which we fortunately or unfortunately, depending upon the day, own for the Chapel Trust. For a while, people seem to be under the impression that with Anthropic's new agents, we might not need traditional cyber security at all. Now that is just dead wrong. In reality, the rise of AI should be a tailwind. That means good for Palo Alto and CrowdStrike because these same AI agents can be programmed by hackers to take over your network very easily. They are the vulnerability. Without the help of traditional cybersecurity, you're more vulnerable than ever. George Kurtz, the CEO of CrowdStrike said as much. But he came on the show last Wednesday. I remember listening to him and he was saying, look, you know, this is really good for us. Now, George has been straight with us all along. Well, you like suddenly start lying. You don't do that. Nikesh Aror. How about him? The CEO of Palo Alto? He's been for ages. He just bought. Well, he didn't have to put input a bunch of statement as much as he bought $10 million worth of his own stock in the open market on Friday. I don't think a CEO would buy $10 million worth of stock if he thought it was an existential threat to the business model. Would he be doing that if Anthropic was going to wipe his company out? I am not saying these stocks should go right back up. It's too hard a market for that. I am saying now, you know, at Least why they went down. Next, we're going to talk memory stocks. Oh, everyone's given up on those, right? Last week we learned that Google is something that could make it possible for computers to use less memory. While this may or may not be true, it destroyed the entire cohort. Micron Chic at Western Digital Sanders. Wow. Getting obliterated carnage was non stop Charnel house. I wish that there was some gravitas to Google's memory device killer though, because I'm not buying it. Why? Because Google was down when it was announced. If this were for real, Google stocks should reward instead of going down. Still, the memory stocks were up so much going into last week that they were due for a pullback. Remember, they went parabolic. What do we think about parabolic moves? But if this turns into a bear market, they're clearly not done going down. All right, let me give you one more example, and this one's more complex. The lawsuits brought by the typical class action lawyers to extract big money out of enterprises that may or may not be responsible for bad things. Matter lost two cases in a row last week. One in New Mexico, which said, among other things, that Meta prioritized profit over safety, and another in California that said Meta and Google were negligent because they failed to warn users about the addictive nature of their platforms. The Planet, who claimed to be addicted to social media, was rewarded with $6 million, with Meta responsible for 70% of the damages. Both were tried in state, not federal, courts. The marketplace doesn't know how to handle lawsuits. So let me give you a little primer on what's going to happen here. First, arguably, meta lost about $200 billion in market capitalization of these verdicts. The size of The New Mexico verdict, 375 million, seemed really devastating. The California case made people think that Meta would now be a honey pot for any young person who can demonstrate social media addiction. Special notion of the case. It got around section 230. That's that unique protection that online publishers have by attacking the process of how content is made. The plaintiffs have juicy emails that can be reused endlessly. And some of this stuff looks very bad to a jury. Both cases gave the appearance that the plaintiffs can run the table with the emails, but there's context to the messages, and that context will make it much easier for Meta to win these cases when it comes to appeal. Now, I know that these two losses were devastating to the shareholders who fled in droves, but I followed these kinds of lawsuits all my life, and I can tell you that when these cases get to the federal courts from this letter rather than in the states, there's a very good chance it could be overturned. Why? First of all, the defendants are incredibly sympathetic, something that appeals to ordinary judges and certainly definitely to the juries. But they will play no role at the federal appellate level, which is where I think these cases are going. No jury. At the end of the day, when you sue social media companies for your depression, you have all. Look, you're going to eventually have to prove that it was Meta's fault. Very hard to do. Any individual has a ton of potential reasons to be depressed. This is not like Big Tobacco. We all knew smoking causes lung cancer, including tobacco companies, even as they denied the leakage for decades. Medican can prove that it wasn't the only precipitance. So each case will have to be done on the mercs, and that's too expensive for the planners bar to do. I know these two cases seem existential to the health of Meda, but before you begin to believe that, remember what happened with the stock of Johnson and Johnson and the Tao cases where plaintiffs claimed there was asbestos in baby powder that caused cancer. The plaintiffs brought up memos that showed there were people at JJ who knew about the asbestos. The defendants argued the diligent people within the company had to ask about whether there was asbestos intact. They presented the memos as devil advocate notions. Meanwhile, moreover, it became harder and harder to prove that JJ was a bad actor. So then it began to win a lot of cases. The stock has moved up about 100 points, 100 points since it became clear that JJ's baby powder was not tobacco. Bad time to sell, good time to buy. I bet these Meta lawsuits play out the same way. And that's without even getting into the free speech defense, which is also incredibly strong. That's why I thought the sell off based on these lawsuits was strange, wrong, maybe even ridiculous. Don't let your hatred of Instagram can do to young people blind you to the buying opportunity. Remember, people have the right to log off too. You know, there's like a first amendment right to not watch. And no one is forcing you to scroll through social media. It's different people. But this is a horrible market and all the bad things are made worse. Let me give the bottom line. Sometimes stocks sell off for bad reasons or fully bogus reasons. And at those moments, I'd rather be a buyer than a seller of Crowdstrike or Meta. At some point, I'd be willing to bless the memory stocks too, but they need to cool off some more before I'm willing to stick my neck out because this is such a. It's become such a horrible stock market. Let's go to Tiffany in Florida, please. Tiffany. Booyah.

[C]

Hi, Jim.

[B]

Hi, Tiffany. How are you?

[C]

I'm good. So with everything happening in the airline industry right now, like travel demand shifts and TSA delays across the country, do you think JetBlue's position well here or is this still a risky space to be in?

[B]

Too risky for me. I know down four seems like it. Look, it's a dice roll and I don't like dice rolls. I've got a lot of stocks that I think the fundamentals are better than, so I'm going to pass on that one. How about Paul in Texas? Paul?

[C]

Booyah, Jim.

[B]

Booyah.

[C]

Yeah, I'd like to thank you for the segment you did about three weeks ago in reference to companies that could be hurt by AI And I've been looking at a company and it keeps coming across my mind. So I figured I'd holler at you, see if you could give me any more information whether they would be hurt or helped by AI, the company's automatic data processing.

[B]

You know, I have to tell you, Paul, this is a great question because I spent the weekend going over the ones that I think are really being killed. I don't think they can. Can be easily taken on. You're taken down because you need them when you go in front of the irs. But you know what? It doesn't matter, Paul. People decided that this company can be disenfranchised just like paychecks. They just think that people can create programs that tell you more. And I've got. And also, of course, they think that people the unemployment is going to make it so that there'll be fewer people having paychecks. I want so much to say you should buy it. But I've seen what they did to paychecks and they can do it to automatic data. Look, sometimes stocks sell off for bogus reasons and then I'd rather be a buyer than a seller. Crowdstrike or matter right here. But the war is to end or else this market is going to keep going lower. We need oil down. No stock is going to rally big as long as oil is going higher. Now it's a new year for ARM holdings. If the company unveiled its own chip last week. And I'm sitting down with the CEO to get the latest on the launch. And speaking of launches, Space X is one of several high profile private companies considering a public debut this year. I'm breaking down where things stand right now with the IPO and how it may not be that well timed given the fact that people want to run from the the market rather than go to it. And Element Solutions may not be a household name, but I'm telling you why the specialty chemical company deserves to be on your radar. So stay with Kramer.

[D]

Don't miss a second of Mad Money. Follow Im Kramer on X. Have a question? Tweet Kramer Mad Mentions. Send Jim an email to mad money NBC.com or give us a call at 1-800-743-CNBC. Missed something? Head to mad money.cnbc.com trading at Schwab is powered by Ameritrade, giving you even more specialized support than ever before, like access to the trade desk. Our team of passionate traders ready to tackle anything from the most complex trading questions to a simple strategy. Gut check. Need assistance? No problem. Get 24. 7 professional answers and live help and access support by phone, email and in platform chat. That's how Schwab is here for you to help you trade brilliantly. Learn [e-mail] trading oh, could this vintage

[A]

store be any cuter?

[B]

Right? And the best part? They accept Discover.

[A]

Except Discover in a little place like this? I don't think so. Jennifer oh yeah, huh?

[B]

Discover's accepted where I like to shop. Come on baby, get with the times.

[A]

Right? So we shouldn't get the parachute pants.

[B]

These are making a comeback I think.

[E]

Discover is accepted at 99% of places that take credit cards nationwide, based on the February 2025 Nielsen report.

[A]

Not every sale happens at the register before AT&T business Wireless. Checking out customers on our mobile POS systems took too long. Basically a staring contest where everyone loses. It's crazy what people will say during an awkward silence. Now transactions are done before the silence takes hold. That means I can focus on the task at hand and make an extra sail or two. Sometimes I do miss the bonding time.

[B]

Sometimes AT&T business Wireless Connecting Changes Everything. We got this huge development last week from ARM Holdings. I'm so glad we can go back and talk about it. This is one of the most important companies in the semiconductor industry for most of its history. ARM developed key chip architecture and then license it to various semiconductor market. They make a little bit of money per but last week they unveiled their first in house CPU for the data center, especially for agentic AI workloads. The stock initially roared on the news, although it's now giving back some what hasn't including a 5% pullback today, but it's still up 25% year to date. That's very unusual for Tech Now. ARM believes its new chip business could reach $15 billion in annual sales within five years. I think it could be in excess of that with MET as the first major customer already. In short, this is no longer just a story about collecting royalties from chip makers that use their technology. The company wants a larger piece of the pie. So let's check back in with Rene Haas. He's the CEO of a brand new ARM holding, as far as I'm concerned, to get a better sense of what his new chip means. Mitchell's welcome back to Man Money.

[F]

Thank you, Jim. It's great to be here in person.

[B]

Yes, indeed. I'm so thrilled you're here, Rene. I talked with you out of GTC and I thought, wow, you know what? He's pretty excited about the stuff we're doing. And sure enough, yeah, the regular business is going great guns. But you have turned the model upside down.

[F]

This is a new arm, isn't is a new arm. You know, we met at GTC a couple weeks ago. We had our announcement last week where we really have repositioned the company. We're a different company now. We have been known, as you said, for IP licensing. That business is going to continue. In fact, that business is doing great. But we announced our first product. And what does that product mean? We are now selling chips and it was our first product.

[B]

Your own chips?

[F]

Our own chip. The ARM AGI CPU built for agentic workloads. So the demand has been great right off the bat. In fact, since we announced it, we've had. The phone has been ringing off the hook. It's been amazing.

[B]

Well, I mean, tell people, I guess you have to explain to people. We all know GPUs now. We've learned that from Jensen. We know CPUs because that's x86. Because that's intel and AMD. Who are you?

[F]

So in a world where tokens need to be moved, right, if you think about agents, what do agents do? They move the tokens that the GPU or the accelerator creates. That's CPU work. It's a lot of CPU work. That's why CPU demand is exploding. What do you need with these CPUs? You want power efficiency, you want the best performance at low power. We're known for that. We're in smartphones, so of course we're going to be great at that. So the ARM AGI CPU is 2 times the performance at the same power compared to x86. That's why we think it's going to do great.

[B]

Okay, so very rarely do we see such a stark new player. They can't cancel their intel and their AMD orders, I imagine. But who would re up with them if they're, if they're hotter and not as efficient, if they can go with you?

[F]

We think there's going to be huge demand that's going to shift over to our technology. There'll be new designs that will use arm. That's the one that with Metta, also with Open Air, that we talked about. But also Jim, we're delivering these in industry standard racks. What does that mean? Customers who might have bought an x86 rack to increase capacity will now say, you know what, I'm going to buy these ARM AGI CPU racks because again, at the same power they're two times the performance. So we expect demand to just pick up as a result of that, which is brand new for us.

[B]

But let me play devil's advocate. You've got some great customers. I'd be pretty darn angry at you if I could compete against you.

[F]

You know, we've heard that a few times and first off, I would say it's a really large market. The market is very, very underserved. People want ARM technology. Give you one of the examples. We announced the customer SAP. SAP today. They do a lot of work on Amazon but they would love to be able to do work on Amazon using our chips at Amazon and also on their own site. They can't do that today. They can now using ARM AGI, cpu. So it's an end condition where there's going to be business in the cloud and also on prem, plenty of business for everybody.

[B]

How about these companies like Google, like Amazon that are making their own chips, where could you play a role there?

[F]

Again, Google is a great example, right? People will look at Google and say oh, they make their own chips, they'll never buy from you.

[B]

Right?

[F]

But it's not a zero sum game. Let's look at GPUs. Google does a TPU, they buy a lot of GPUs. Same model, they do a chip based on ARM based Axion. But there may be application areas where our cpu, both in terms of availability, power, size, dimensions may be a great area. So I expect Jim, that our customers, Amazon, Google, Microsoft, who design their own chips continue to do so. But I think they're also great candidates for this product and if they don't want to buy it, that's fine too. There's a huge market.

[B]

Got it. Now I am hopeful full that you may be one of the first big companies to go into the US to make them here. I understand right now, Taiwan, semi. But is there a chance that you could be the large, the large semiconductor company that we want in our country?

[F]

We had announcements of the day, we had partnerships, we're building this chips at tsmc. But we also had Samsung stand up and say, hey, we're a great partner and even intel, right? Strange bedfellow. We've done a lot of work with Intel. Could this product be built, built at intel on intel technology? Certainly possible. Although right now it's all on tsmc.

[B]

Okay, now I don't want to look. You're doing so great. I don't want to. I gotta mention automotive autonomous drive, you're right there.

[F]

Oh, 100%. I mean those, the chips today that power your automobiles, whether it's around the autonomous driving or in the instrument panel, that's all ARM based. Those are ARM CPUs. And again give you an example that Jim, whether it's in video drive platform or the Qualcomm drive platform, those are both based on ARM CPU technology.

[B]

Now I know that no CEO wants to be asked the following question, but the stock market's gotten really horrible. Your company's stock is up 25%. Let me put it like this. Is that. Do you think your stock is up because there's a major shift because. And the other guys are just doing the same thing over and over again.

[F]

You know, I don't know. You know, sometimes we're looking at the stock price on a day to day basis. It's kind of like looking at your heart rate on a day to day basis.

[B]

Well, a lot of people have that aura ring.

[F]

Yeah, I don't actually. And as a result, I think about the long, long term.

[B]

Right.

[F]

We're doing the right things to kind of grow the business in the long term. I think people are noticing that about our company. The number I like to look at maybe is that we went public two and a half years ago. Market cap was about $50 billion. And I remember doing the roadshow, testing the waters with a lot of convincing people to convince that we were $55 billion. You know, SoftBank bought us for $30 billion.

[B]

Right.

[F]

So here we are two and a half years later. The numbers 150, whatever it is, I think longer. Longer than that though. We're happy so far.

[B]

That's the answer kind of I actually wanted because a lot of people are freaking out. Renee, I got to tell you that a lot of people who are counting on the stock market for the retirement and they see what's happening and I'm urging to think, think just a little bit longer. I know it's not right to be able to say, listen, don't worry about retirement. I'm not doing that. I'm just saying think about what you just did, the path that you just took and then what you're doing today. And it says to me, hang in there, don't give up on stocks.

[F]

Totally. I mean, stock stocks in its micro term and you know better than anyone are not going to look great. There's a great Roger Federer quote right about all the points he played in his career. I think he won 52% yet he's won 20 majors. Right?

[B]

Exactly right. They leave it at that. That's perfect. That is a great thought. That's Rene Haas, arm holding CEO with just a fantastic change in strategy. But the old stuff's working really well too. Everybody's back after the break.

[D]

Coming up, we are drawing even closer to what are sure to be the biggest IPOs in history. So where do things stand? Kramer's dialing up the details for you. Next,

[B]

Thy ticket lady, Jennifer of Coolidge. Well, many thanks, good sir.

[A]

Here is my Discover card. They accept Discover at Renaissance fairs?

[B]

Yeah, they do here. Discover is accepted at the places I love to shop. Getth with the times. With the times.

[A]

You're playing the loot.

[B]

Yeah. And it sounds pretty good, right?

[E]

Discover is accepted at 99% of places that take credit cards nationwide. Based on the February 2025 Nielsen report.

[D]

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 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.

[B]

Before we had ATT Business Wireless coverage,

[D]

our delivery GPS wasn't the most reliable.

[B]

Once our driver had to do a

[C]

14 point turn to get back on route.

[B]

A 14 point turn. An influencer even live streamed the whole thing. Not good for business. Now with AT&T business wireless routes are updating on the fly and deliveries are on time. And the influencer did get us 53 new followers though at&t business Wireless connecting changes everything. We're going to tackle something that no one's tackled. But I think it's really important. Coming to this year, there was a lot of excitement for potential IPOs. Some of the biggest private companies in existence. I'm talking about OpenAI, Anthropic, SpaceX and even DAG books. Three months later, we're in a very different situation, aren't we? And not just because the oil shock from the Iran war has made things tough for the entire stock market. Frankly, 2026 has not been a good year for IPOs least so far. In fact, you know, it's starting to be a bad year for anything. According to data from Renaissance Capital, the IPO research firm, deals are down one third from the same period last year, although they've collectively raised 14.3% more money. And it's not just that the deals that that have happened are nothing special. There have been 55 IPOs filed this year, down 20% from this point last year. And the ones that have made it to the market in recent years aren't trading particularly well. Renaissance has this ETF of recent IPOs which peaked last September. It's down nearly 28% from its highs. In this regular Sunday bolton that we get from the IPO market, Renaissance Capital founder and CEO Bill Smith, who's really good at this stuff, pointed out that that the things felt pretty bad at this point last year we were in the run up to Liberation Day tariff announcements, the market was tanking. The core with IPO barely made it across the finish line. But then things got better after Liberation Day, the market recovered and we only had a great year for IPOs in 2025. The important thing to keep that in mind is the possibility, although I'm not definitely not saying it, that we'll see the same trajectory this year. It could happen. You know, we can burst out, but we have to have some resolution to the war. That said, the mega IPOs that everyone was looking forward to, well, they're still on track. I just don't if we want them. Last week I had the chance to speak with Sarah Fryer, the CFO of OpenAI. And when I asked her about the company's IPO plans, she said that that Open Air is quote, starting to build that outcome, end quote. Then again, they just raised $120 billion in private fundraising round. So the company is no longer has a gun to its head, doesn't need to come public. It sounds like OpenAI wants to get his house in order because coming public with all that fresh cash they can afford. Wait, they don't have to go in yet, however, there have been indications that OpenAI's chief rival in the air Space, probably the most hyped company on earth at this very moment, Anthropic, could come sooner. Last week there were reports that Anthropic could happen in October. The parent company of Club, which seems to destroy a new group of existing software stocks on a weekly basis, is reportedly hoping to raise more than 60 billion. Hype and attack. Hype and attack. That's their strategy. But the biggest news we've gotten lately is all about Space X. That's Elon Musk Co. Is expected to file confidentially for an IPO in the next couple of days. And there's targeting offering as soon as mid June. The Wall Street Journal reported that SpaceX IPO is, quote, expected to raise between 40 and 80 billion dollars. And the FT was even more specific, saying that SpaceX has told investors it hopes to raise roughly 75 billion in its initial public offering, with the company targeting a $1.75 trillion valuation. Yet we really need that like a hole in the head. Typically, when a company comes public, they offer something like 10 to 20% of their shares, part of the deal. But if you look at the reported private market valuation for some of these companies, you quickly see the 10 to 20% of what would result in some staggering IPOs that are way too big for this particular market to absorb. Everything's changed. So the Space X numbers give us some helpful context. A $75 billion offering would represent 6% of the company's last reported fundraising round, 1.25 trillion. But it would represent more than 4.3% of the company's market cap. If SpaceX is truly seeking a $1.75 trillion valuation, a $75 billion offering would still be enormous. The largest IPO in world history, more than double the size of the 2019 Saudi Aramco deal that currently holds the title. In fact, all US IPOs in 202425 combined raised less than 75 billion. How is the market going to be able to handle all that with this, this crummy market? These SpaceX numbers have me feeling a bit nervous. But with companies this large, the deals are going to be gargantuan, worse. I'm not loving what these pieces have to say about the finer points of the deal. When most companies come public, they do a roadshow traveling around the country, pitch investors on the businesses. SpaceX wants to do the reverse roadshow. They're thinking about hosting events at the facilities in LA and Cape Cod. Now, Cape canaveral Excuse me, also unusual SpaceX founder and CEO Elon Musk is reportedly very involved in some of the finer points of the offering, including decisions about who will be allocated shares and what specific roles the involved underwriters will have in the deal. All the reporting seems to agree that loyalty to Musk is expected to be rewarded with the allocation of shares. For example, they're apparently thinking about giving preferential treatment to Tesla shareholders. Musk also wants to reserve a big chunk of shares for individual investors, which is great, but I'd be more reassured if he was letting the underwriters do the job. Here's what really worries me though. Multiple reports say that due to the sheer size of the deal, SpaceX and the underwriters are considering non traditional lockups. Now, some of this Reporting is murky. SpaceX is apparently considering asking some investors to agree to longer lockups, but also considering allowing other shareholders to sell their shares immediately after the IPO happens. So when I hear SpaceX considering a massive $75 billion offering that values the company at 1.75 trillion, when I hear that the company's actively allocating, looking to allocate a significant portion of its offering to retail investors, and when I hear that some of the existing shareholders might not have a lockup at all, it's not too far too of a leap to envision a scenario where the SpaceX IPO happens as intended at a price and a size like the company likes. Then a ton of existing shareholders exit their positions, leaving retail investors who got in on the deal holding it back. I hope that's not what happens, but it's a possibility. Also, keep in mind that the numbers will likely be messy given that Space X is now actually Space X and X AI, which itself includes both Elon Musk's AI startup and X, the social media platform formerly known as Twitter. While SpaceX could have some very attractive financials with a near monopoly on its rocket launch for hire business and a growing Starlink satellite Internet operation. Really good piece of business there. Xi is is likely to burn be burning tons of cash and it spent billions to build out the infrastructure. This is worrisome people. The bottom line here is that we're starting to get more details on what this year's crop of mega IPOs will look like, especially the giant Space X deal that sounds like it will be first and I don't love everything I'm seeing, at least so far. And I sure wish there were enough money around to buy all these deals. If this keeps up spare money Might be awful hard to come by. Remember what I've said over and over again? What can kill the bull? Too much supply. And that's what I'm seeing coming. And the bull seems mighty, mighty in trouble. Mighty sick to me. Let's go to Tom in New York, please.

[C]

Tom, good evening, Jim.

[B]

Tom, what's up?

[C]

Hi, Jim. Great meeting Friday.

[B]

Thank you, thank you.

[C]

And I have to say, Jensen may be the king of inference, but you, sir, are definitely the emperor of equities.

[B]

Oh, thank you. I just want to be the guy who works the hardest. But I like that. How can I help?

[C]

Okay, Jim, my question for you tonight is on cyber security. Now I have the two club holdings, Palo Alto and Crowdstrike. But my question was on a smaller one rubric. Now I bought it at 29, watch the double and took my course bases out like you said. And I'm playing with the house's money now. So should I hold or should I?

[B]

Yeah, you want to hold. I mean, you want to hold. First of all, thank you for the kind comments. I'll tell you what's weird. Bipolar delivered a really good quarter, there's no doubt about it. I mean it was a, a good quarter, but in this new market, that's not enough. If a company's not valued down 20% from where it actually started, this is down 40%. Now we're going to start thinking, you know what, it's not down enough. And if it's price earnings multiple is higher than say 20, we're going to say we don't, we're not interested. It's become a very difficult bearish market about to become a bear market.

[C]

Right.

[B]

I don't love everything I'm saying seeing out of the IPO market so far this year, but at least it looks like the mega IPOs are still on track, but we don't have enough money to handle them. Supply kills the bull. Much more man money ahead. Including my deep dive into Element Solutions. You asked, I tell. This specialty chemicals name is already up nearly 30% in 2026 and I'm checking to see if there are more gains. I've got to tell you remember the chem 7, it's crushing it. Then there's a lot of pessimism surrounding this partner. So why aren't these averages down more? Because of it. I'm breaking down the dynamic and believe me, it's because maybe they haven't fallen up yet. And all your calls, Rapid Fire, tonight's edition of the Lightning Round. So stay with Cream. So a Couple weeks ago I get this call from Alex in Oregon. He wants to know about the special chemical company called Element Solutions. This industrial has been on fire lately. I like Alex's pitch. He did a pretty solid. I hadn't really been following stock of late, so I said, you know, just a moment, come back to him. Let's start with a bit of history because I've had some experience with the company that's now called Element Solutions. This company started as a Spark long before SPACs became popular. It was called Platform Specialty Products and it was run by the legendary Martin Franklin who previously created Jardin, a consumer products Rolex club. It's now part of new branch. Made our viewers a lot of money. For many years, Platform Specialty Products acted as a roll up in the specialty chemicals space. It was what we called a blank check company that exists to make lots of little acquisitions. That's how SPACs used to work. By the way. Franklin, who have just a ton of respect for, has been in charge here since he created the company 13 years ago, serving as his executive chairman. But just a week ago it was announced that he'll be retiring later this spring. We hate to lose him. In 2019, they rebranded as Element Solutions with a focus on making specialty chemicals for electronics, industrials and energy. After doing nothing for several years, the stock came alive again during the COVID era as some of its end markets became popular. The last time that this one was really on my radar was in late 2021 when I covered it and then interviewed the CEO a couple weeks later. After that, you know what I kind of lost track of Element Solutions to because the stock spent years trading sideways, bouncing between the highs and lows and the low to mid 20s. For perspective, I spoke with CEO Ben Glick Lake in November of 2021 and the stock had hit a high of about 27 that month. It finished last year at just under 25. Overall, the stock is what I call dead money. That said, even as the stock went nowhere, Element Solutions continue to make deals that increase its exposure to certain attractive end markets like semiconductor manufacturing. Specifically, they bought this company called Cupion that makes high conductivity copper pastes that help chips shed excess heat. Oh my God. So perfect. Suddenly that technology is essential in a world where we're building AI data centers all over the place. Who knew? Finally, right near the end of last year, Element Solutions announced this deal to acquire a company called EFC Gases and Advanced Materials which provided high purity specialty gases and advanced materials used for semiconductor manufacturing, for aerospace and for electrical infrastructure. So even as we and most other investors haven't been able to haven't really been paying much attention to Element Solutions, the company has been slowly but surely building a great business, providing niche specialty chemicals with a growing focus on electronics and in particular semiconductor manufacturing. Now, from a high level perspective, when you look at the numbers, Element Solutions hasn't done that great over the last five years. The numbers have been relatively stagnant over the period. But if you zoom in on the last year's results in particular, even though the overall numbers aren't particularly inspiring 4% sales growth, 3% earnings growth, we start to see a better story forming. The company's electronics segment, which now represents about 70% of the business, grew 14% year over year, 10% on an organic basis. With Element Solutions noting that it had double digit organic growth in circuitry and semiconductor, led by AI and data center driven demand. There it is. And now in 2026, everything seems to have come together for Element Solutions. Which is why the stock had jumped nearly 30% year to date and caught our friend Alex's attention in this no good, very bad, some would say awful start to the year for stocks. With the s and P GDP down over 7%, very few groups have done very well as you can probably imagine with West Texas crude up over 80% for the year. The energy sector has been one of the few exceptions. But you might not know that many chemical companies have also done incredibly well. Look, it wasn't a joke. Last week I talked about a group that I've dubbed. Well, it's not really mine, but it's called the chem7 and that's commerce, Celanese, Dowell, Huntsman, Lyondell, Bazell, Olin and Tronics. That's a basket that my friend Frank Mitch of Fermion Research came up with. I really did help the branding. See, the war with Iran hasn't just caused an oil shortage. It's also caused a shortage of many chemicals and basic materials. It turns out the Gulf had a lot of them. Hence why the Chem7 have rallied anywhere between 27 and 119% year over year. Element Solutions is right in that sweet spot. In fact, it reminds me of Community Electronics. That's a specialty chemical company. It was spun out of dupont late last year. When I covered the dupont breakup last October, I told you I was very bullish on Community. And when dupont broke itself up. We continue to own both stocks for the job of trust. We're now up 31% for the year for Kunity. I'm very happy to own that one for the trust. But I've also got to point out this Helmet Solutions is cheaper, trading at less than 19 times this year's earnings estimates versus 28 times for Acunity. Maybe we should own this one. Look, it's not just that this market has fallen in love with chemical companies. Thanks to the Iran war shortage Elements Solutions has been putting up better and better numbers. The company expected to put up nearly 20% revenue growth this year, 17% earnings growth, followed by another fairly strong performance in 2027. Last Friday, analysts at the boutique firm Freedom Capital Markets initiated coverage and element Solutions with a buy rating and a $41 price target, probably more than 25% upside even after the run that stocks already had that I've described. They're very bullish in the story pointing to secular growth drivers now like the data center boom, the electrification trend in other industries and rising electronics intensity. Later on they saw say a recovering global economy could help some of elements more cyclical end markets like constructive and automotive construction, automobile there I'm not as bullish as you know and listen, I think it's a good story. Like I said, I wouldn't swap out of my tried and true community shares to own the smaller Element Solutions. But some investors might be inclined to own the latter, especially since it's a lot cheaper if you don't own either elements. A fine way to play this corner of the chemical space that's really doing quite well right now. The other thing I want to add for what it's worth is that this stock might run into a rough patch or some of the definitions, the factors that have led to its big year to date gain, stall or go in reverse. Simply if we see the war in Iran come to a conclusion, some of the global shortages for chemicals ease then elements going to sell off. If the semiconductor boom is impaired for whatever reason is what the stocks seem to be saying right then it would hurt too. But the bottom line for me for now I think Alex in Oregon has brought us a real good one. If the rest of the year plays out like the first quarter that I expect elements of solutions to keep on soaring. Thank you, Alex from Oregon. M Money's back after the break. It is time. It's time for the light round. And then the lighting round is over. Are you ready to Julio in Florida. Julio, hey, how you doing? Jim, it's Julio from Florida. How you doing? Good to have you on the show. What's going on, Julio? Good.

[C]

Good man.

[B]

I just want to hear your Take

[C]

on El Monte Industries.

[B]

Yeah, you know, it's a might look. It's got. It's tungsten, it's mining. People want that. I think the stock can go higher. It's come down a lot. I think it is probably okay to buy. Let's go to Sam in Puerto Rico. Sam.

[C]

Hey, Jim.

[B]

Hey. This stock has a Forward P E of 9 and double digit margins. Is it time to buy night? You know, this used to be a cybersecurity company people love because it had all sorts of different webs and cameras. I think everyone now feels that that's been outmoded by. Yes. AI I can't touch it. Another AI Destructo. We may have to. Well, we try to put together lists. It's just. They just go longer and longer. Let's go to Gabriel in Florida. Gabriel. Hey Jim. Booyah. Booyah.

[C]

Gabriel Silver is in a massive structural

[B]

deficit for about the sixth year now.

[C]

And first Majestic AG just supercharged production

[B]

with the Gato Silver deal. Yeah, see, I'm a pan American silver guy from way back. That's the one that I'd like to buy. But I do have to believe, having gone to silver production reviews in areas of Mexico, it may be time. Maybe the time is right. Let's do you. Let's use that as a spec. Okay, I think that's a good spec. Let's go to John in New York. John.

[C]

Hey, Jim. Calling you from the banks of the mighty Niagara river. I'm interested in a stock that pays 10% is trading at five times their forward earnings. Western Union.

[B]

You know, I've met the company and frankly, every time I recommend it, let's be honest, every time I recommend it, because of Jack, what you just said, I feel like why doesn't it go up? And the answer is because it doesn't have the earnings power to drive it up. We're going to take a pass on that stock. Let's go to Tony in Florida. Tony.

[C]

Hey there, Jim. I just want to give a shout out and booty up to your people that work for you. They're very friendly.

[B]

They work with me.

[C]

They are fantastic and couldn't go anywhere.

[B]

I got. And I gotta tell you, thank you for bringing it up because I don't bring it up enough. Thank you.

[C]

I mean I always thank you and thank you. I really never thank you. And they're the backbone probably of the whole show, I would admit. I think so. But what I was asking, this is a safe stock, I hope, in what we have. I mean it has 45% earnings and the one that you have is 51. What do you think about Walmart for safety trade?

[B]

I absolutely think that Walmart is okay here. I like the stock very much. I think it just had a, it bounced off the roof, came back down and it's ready to run. And that ladies of conclusion of the lightning round.

[D]

The lightning round is sponsored by Charles Schwab. Coming up, are we approaching a red line for the markets due to the war in Iran? Kramer's zeroing in on the situation and it could be closer than you think. He explains next.

[B]

When oil goes goes up 100%, the stock market goes down 20%. It's almost axiomatic and I think we're not far away from 100% can in oil. With WTI crude up 81.5% year to date, Michael Semples, the JP Morgan strategist with a great deal in oil has shown us the linkage and it's pretty ironclad. There's not, not a lot of thinking you need. So how come we're not down already in anticipation? Why haven't we fallen 20%? I think it's because the president keeps telling the market what it wants to hear, that the war is about to end any minute because the peace talks are going well. And then we find out that we're still bombing Iran and possibly getting ready to move in ground troops. And the Iranians say they aren't saying anything to anybody, least of all Trump. Highly unusual negotiation for him. I know that there are some wars where one side screams uncle and begs for the fighting to stop, but I haven't yet to see anyone in the Iranian government say anything like that. Honestly, they seem pretty eager to keep things fight it. Nevertheless, stocks keep hanging in there because President Trump is so abjective about how the Iranians want to come to peace table. It seems like every time the market's down big, we get the coincidence that things are going better. Number two reason why we might not be headed down that we're not down 20% yet. Some people seem to believe that we're capable of taking this trade of ruse with a combination of marines and ships. I don't think that's true. The Iranians still have enough missiles somehow and drones develop our ships if they get close. They aren't built for the 21st century warfare. Third and most painful, we have stocks that go down 2 and then up 1. Take a look at Nvidia. This is a stock that's already down over 20% from its highs set last October, including an 11% slide since 2026 began. Right now Nvidia sells for less than 15 times next year's earnings estimates. What can I say? 15 times. I think that's because the whole war has become a P E multiple shrinking event. Why sell in video when you can buy it back late? Why buy it? Why do you need it? Okay, that's first of all. Then why do you buy it? Can't think of reason. Why do you sell it? Because you can buy it back lower. If it can go below 15 times earnings, why not 14 times? Why not 13 times? Maybe it doesn't matter. Finally we know that the longer this goes on, the bombing while taking talking situation, it's impossible of any conviction. Is this post liberation day when everything gets rolled back. If that's the case, you have to own stocks. This is what some journalists call the taco trade, which stands for Trump always chickens out. We had a back down over Denmark, Greenland. We had a clash with Jay Powell and standoff and of course he rolled back most of the tariffs. Maybe we have a chicken out in Iran. I don't buy that though. Even if Trump wanted to chicken out and I don't think he does, that doesn't matter as long as the Iranians are woke to keep the strait closed. I think the Iranians better open the strait the peaceful way rather than the war zone way because maybe they are waiting for the President to flinch too. I don't think he's going to. So people stay in each day, but each day the war drags on, we lose some adherents who sense that there's a stalemate. The new investors, the ones who aren't concerned about war or peace, will take the other side of the trade, but only at lower levels because they need to have some risk protection. The older investors are getting a few for the retirement. I can't keep those people in and I don't blame them, no matter what. It's almost too hard for anyone to stay in no matter what I tell them. Which is why down 20% seems about about right to me. And the stocks that stay up, the ones not yet down 20%, somehow without a word resolution, I think they're next. I like to say there's always a bull market somewhere. I promise to find it just for you right here, man. Money. I'm Jim Kramer. See you tomorrow.

[A]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by Kramer on television, radio, Internet, or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries 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 Snoring gasping during sleep?

[E]

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