Mad Money w/ Jim Cramer 3/6/26

Summary

Mad Money w/ Jim Cramer – March 7, 2026 Episode Summary

Main Theme and Purpose Jim Cramer guides listeners through a volatile week in the stock market, primarily shaped by geopolitical tensions in the Middle East and soaring oil prices. The episode navigates the impact of these forces on sectors and individual stocks, highlights earnings movers, and features Cramer’s “Lightning Round,” where he gives rapid-fire buy/sell/hold advice to callers. Cramer also digs into Formula One’s stock prospects, the performance of Marvell Technology, and issues in private credit markets.

Key Discussion Points & Insights

Market Overview: Oil, War, and Market Volatility

• [01:16] Cramer opens by framing the week’s significant downturn: “The Dow sinking 453 points, S&P shedding 1.33% and the Nasdaq falling 1.59%.”
• Explains that surging oil prices, triggered by Middle East conflict (particularly Iran’s involvement), have made stocks volatile. Investors speculate the oil spike may be temporary, otherwise, “those numbers would be much, much lower.”
• “When oil goes up, stocks go down. Period. End of story.” [01:51]
• With the Strategic Petroleum Reserve only half full, Cramer doubts a presidential intervention can meaningfully impact oil and set market stability.

Earnings and Stock Outlooks – Game Plan for Next Week

• [02:33] Retailers front and center: Positive quarters for discounters (Burlington, Ross Stores, TJX), making Cramer optimistic for upcoming Kohl’s earnings.
• [03:25] Oracle: “It’s no exaggeration to say that Oracle is the most important company reporting this week.” Investors are anxious about the company’s huge data center expansion and associated debt. Hints at drama behind Oracle’s relationship with OpenAI and the Abilene, TX data center.
• [04:54] Defense sector: AeroVironment (drones/counter-drone tech) has promise but questions about acquisition costs and pending Pentagon contracts create risk.
• [05:25] Helmet (aerospace parts) is a “sweet spot” stock. Cramer says, “You can own it with a little risk and a lot of love. Right here.”
• [05:53] CPI / Federal Reserve Watch: Lower CPI data is critical as “the economy and the market both need lower rates.”
• [06:40] Food stocks languish; Campbell’s yields look safe but declining 2026 earnings deter money managers.
• [07:10] Thursday’s reports: Dick’s Sporting Goods, Dollar General, Ulta Beauty are possible buys unless “oil makes a quick run to 120.”
• [08:08] Personal Consumption Expenditures (PCE) on Friday: pivotal for inflation/Fed rate cut hopes.

Cramer’s Core Takeaway

• [08:31] “It is tough to make judgments about the market when we don’t have a clear sense of where this war with Iran is headed and what’s going to happen in oil, but we can still make judgments about individual companies.”
• “Oil did skyrocket 35% in one week… and yet the market didn’t crater. Maybe that, and not the oil premium, is the real takeaway.”

Lightning Round and Q&A Highlights

Honeywell Split [09:37]

• Cramer: “You’ve got to let it pull back a little more if you want to get involved… It’s had a big run and now those industrials start to come down a little.”

Chipotle Mexican Grill [10:46]

• “The group is very out of favor all of a sudden. It always gets out of favor when the price at the pump goes really high.”
• “The actual Chipotle Mexican Grill is doing better… I want to buy some here, not sell.” [11:12]

Chevron/Energy [15:21]

• “Chevron… has just had a parabolic move... You either sell half or sell a quarter. And that’s what you’re going to do Monday.”

Jobs & AI Impact [17:02]

• “I am a big believer that some of them being lost…were indeed what I call secular job loss, meaning that they’re lost because of artificial intelligence. This was the first time I saw the numbers… and as far as I’m concerned, it is indeed worrisome. But it can give the Fed a reason to cut rates and you know, that’s good for stocks.”

Portfolio Construction [18:47]

• On high-yield cash: “I’ve got a terrific chapter which is just about eight income producers with growth that are for people like you… that’s what people who are in your situation… ought to go for.”

Fermi (Speculative Stock) [19:46]

• “I’m just going to be really blunt… I want you to sell it. I just don’t like it and I always feel so hard. I know that sounds very harsh but I think it’s a loser.”

Gold/Silver/Copper as Hedges [20:47]

• “For the last 30 years I have been what is called a gold bug. I like gold. I do not like silver… and I really don’t like copper. I think it’s gonna be replaced by fiber. But gold, I think up to 10% of gold is just fine.”

Formula One Stock Deep Dive [23:20]

• Liberty Formula One (FWONK) opportunity discussed as F1 season kicks off.
• “For a while this was an excellent growth stock... Since then though, stock’s pulled back 23% to $83 and change. And you know what? At $83 and change, I think it’s a terrific buying opportunity.”
• [24:00] Reasons to like F1: 14% revenue growth, 20% operating income growth in F1, robust sponsorship, media rights revenue (Apple TV deal), streamlined business after Liberty Live spin-off, long-term team/governance deal.
• Cautions on valuation: “Valuation wise, I won’t lie to you, Formula One’s not cheap, it’s expensive. Trading around 42 times this year’s earnings estimates… But… it’s got an incredibly unique business.”
• “As you watch the action on the track, maybe consider opening a new position for Formula One shares… After its recent pullback… I think you’re getting an amazing opportunity to make some real money.” [28:50]

Take-Two Interactive / GTA 6 [29:56]

• “It’s a great time [to buy]. I think you’ve got to get in before GTA… If it goes below $200, pull the trigger on the rest.”

Kraft Heinz [30:49]

• “I can’t get behind it. And the reason I can’t get behind [it] is because there’s no growth… So I’m sorry.”

Marvell Technology Analysis [32:43]

• Celebrates an 18% single-session stock rise on a strong quarter and bullish guidance.
• Marvell’s growth in AI/data center hardware, custom processor business, partnerships with Amazon & Microsoft featured.
• “Marvell’s bookings are growing at a record pace and last year their design wins hit an all time high.”
• [36:44] “Murphy [CEO] said he expects revenue growth to accelerate in each quarter… with Marvell exiting this period at more than $3 billion.”
• “For the full 2027 fiscal year, Marvell now expects its revenue to grow more than 30% year over year, coming close to $11 billion. Wall Street was looking for something closer to $10 billion.”
• “On next year projections, this stock selling for less than 18 times earnings. That’s pretty cheap even after today’s spectacular run.”
• “Matt Murphy proved that he truly is the signal and he proved that his company is crushing it.” [38:40]

Lightning Round Rapid Fire [39:01–42:55]

• BNFT (Benefitfocus): “...can be your one speculation… Let it be this one but it is pure spec and I’ve got to tell you it would not be my cup of tea.”
• Scar Labs: “Oh my God this is such a red hot stock. It’s incredible.”
• Accom (presumably Accomodel): “Good company but they did not have a good quarter. If you’re going to be in that group, you want to be in Quanta Services (PWR).”
• Duolingo: “The quarter was bad. So I have no reason to recommend it.”
• Kinder Morgan: “It’s a winner… Now this, now it’s a parabolic move… the stock is too hot so we have to do some selling.”

Private Credit Market Warnings [43:16]

• Cramer shifts to his “biggest worry in this market,” which is not oil, but the unraveling in the private credit sector.
• Describes problems at major private credit funds (Blue Owl, Blackstone, BlackRock) and rising redemption requests leading to blocked withdrawals.
• “Rapid large scale departures can’t be handled without knocking back the portfolios because of a lack of liquidity… the banning of some redemptions erodes the confidence in the markets.”
• Warns that “the private credit issue… will be the focus” if the market heads south.

Notable Quotes and Memorable Moments

• “When oil goes up, stocks go down. Period. End of story.” [01:51]
• “You either sell half or sell a quarter. And that's what you’re going to do Monday.” (on Chevron) [15:21]
• “I am a big believer that… job loss [is] because of artificial intelligence. And as far as I’m concerned, it is indeed worrisome.” [17:02]
• “This was not just a good quarter for Marvell Tech. It was a quarter where management made a much more credible case that its AI related revenue base is simply exploding.” [38:30]
• “If you can't unload these businesses or loans, these businesses in such a terrific environment… when are you going to sell? That's the real problem here.” [45:06]

Important Timestamps

• Market/oil/war overview: [01:16–08:31]
• Callers Q&A Part 1: [09:27–12:00]
• Formula One Stock Deep Dive: [23:20–29:47]
• Callers Q&A Part 2: [29:48–32:43]
• Marvell Technology Segment: [32:43–38:44]
• Lightning Round: [39:01–42:55]
• Private Credit Sector Warning: [43:16–47:28]

Tone and Language Cramer’s tone is urgent, direct, sometimes humorous (“How I met your mother” for Helmet), feisty, and deeply pragmatic. He mixes caution with optimism; always focused on the core Mad Money mission: "My job is not just to entertain, but to educate, to explain… I'm just trying to save you some money."

Summary Flow The episode takes listeners from a macro, news-driven market context into actionable insight on individual stocks. Cramer emphasizes the need to avoid panic, target quality opportunities (especially amidst volatility), and recognize structural risks (like private credit) lurking beneath the surface. Throughout, the listener gets his unmistakable flavor: energetic, honest, and always putting education and actionable advice first.

— This summary is designed for listeners who missed the episode, providing the context, detailed topic breakdown, and Cramerism that define Mad Money.

Transcript

[Stephanie Huang]

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[Charles Schwab Representative]

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[Caller]

New York next week.

[Jim Cramer]

Oh yeah, Boeing. I've been scaling out of that one. It's been on a decline and I thought with the news out today, it should have bounced higher.

[Stephanie Huang]

I'm out of the name, stock fix and weather forecast.

[Jim Cramer]

Thanks for watching fast. 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 some money. My job is not just to entertain, but to educate, to explain. So call me 1-800-743- CNBC. Tweet me at Jim Cramer. Oil will come back down. I don't know if it'll be this weekend, but at some point it's going to pull back because there's just way too much of it. That's why stocks, which started the day off horrendously as oil shot up into the 90s, managed to bounce off their lows, even if the ultimate session was ugly. With The Dow sinking 453 points, S&P shedding 1.33% and the Nasdaq falling 1.59%, Wall Street's convinced that this move in oil must be ephemeral, or I have to tell you, those numbers would be much, much lower. But with this war, strange things can happen. Iran still seems armed to the teeth with muscle, with missiles, with drones, and they want to shut down the entire Middle east petroleum. That's really what's going on here. It's why oil skyrocketed. It's something that Iran can still do, perhaps the night where they think at least pressuring President Trump to stop prosecuting the war. Now, we obviously don't know how long the war will last, though, and oil has a mind of its own. As long as prices stay elevated, any other asset class could be standing on quicksand. When oil goes up, stocks go down. Period. End of story. So let's start our game plan for next week with a recognition that oil's rally was so easy it just burst right through the 90s that it wouldn't shock me if it went even higher, especially if the shipping companies refused to go through the Strait of Hormuz even after being offered insurance. You know what, the captains may be willing to risk going through that bottleneck, insuring the cargo, but letting the crew take the brunt of an Iranian attack seems wrong to me. I don't know why. I don't know how many people are going to take that deal. Now. I accept the stranglehold Iran has on the Persian goal. If the president were to open the Strategic Petroleum Reserve for a few weeks, then oil could be crushed. Unfortunately, the reserve's at half capacity right now. Maybe not enough to last through the entire conflict if President Trump keeps insisting on Iran's unconditional surrender. Presumably. Unless something truly horrific happens over the weekend, though, we'll be back dealing with stocks, looking for those that might be immune to the pain from higher oil and the pump. So let's start with one that I think is. Let's start with Casey's, the shorthand for the 2900 store chain that lives in all so many small towns in America. By the way, the breakfast pizza is fan favorite. We tried it. We liked it here. Casey sells gasoline, too, so someone may want to spin that as negative, but I think the crowd will love it when it reports after the close. It's the best chain of stores that nobody on Wall street has ever heard of. Or of course, gone to. Tuesday morning we get results from Kohl's and this earnings season has been kind to almost all the retailers. Kohl's new management will most likely be treated well. I like to buy inexpensive quality and we got some real great numbers from the last few weeks from solid discounters like Burlington. Boy, that was really good. Ross Stores was even better. TJX was strong. I don't know if we actually need calls, but it could be the beginning of rebuild. That's worth watching after the close. Wow. Big one. Oracle reports this one's a total pain point ever since it decided to go all in on building data centers. The plan was hatched back when the stock was in the low 100. Then it soared to $345 as we learned that Oracle had huge orders to build data centers all over the country, including a gargantuan one from OpenAI. But when Oracle took down a gigantic amount of debt to do the build out, investors started getting worried. The stock's now been more than cut in half since then. It's no exaggeration to say that Oracle is the most important company reporting this week. We need to hear that the data centers build out is going well and the company starting to make money or maybe soon. I don't know. I wouldn't mind if they sold that Cerner medical records business they bought even if they got less. Less money than they paid for. You know what? Hey, why don't I get the full skinny on what's really going on at that Oracle mega data center place in Open that they're doing with Open Air in Abilene, Texas. A lot of chatter about how open. I may not want to do more at that site. I don't know. I want to find out more. I want Oracle to tell me because I've got to tell you. The story that appeared this afternoon that there might be trouble did knock down all the hyperscalers and all the semis in a blaring last hour of trading. I don't know may not be true. We also hear from aerovironment and this one's timely. We have lots of defense stocks just going higher and higher, led by Lockheed Martin. That's big hardware, by the way. I like RTX too. If you want drones though, and I know many of you do, you do buy the stock of AeroVironment. It's a longtime Kramer fave, but things don't seem right here. November of 2020 for this company announced a deal to acquire blue Halo for $4.1 billion to exploit that company's counter drone technology as well as its satellite abilities. Blue Halo has a big contract with the Pentagon for satellite work. The stock was pummeled recently though when we heard that the contract will be rebid. Now we got to find out what's really happening here. I think our environment has terrific technology, but we need to learn more about Blue Halo because without that contract, maybe these guys paid too much for the acquisition and the stock is overvalued. I want to know, Melanie, one other thought. Helmet Terrific aerospace parts company gives a presentation about its technology on Tuesday. It seems that almost every time this company speaks, its stock jumps. We joke about how much helmet is love even Go as far as to give it a nickname for how met. How I met your mother. I think you can own it with a little risk and a lot of love. Right here. It's just in the sweet spot where Wednesday. All right. Consumer Price index. I'm wondering. We'll just ignore it because of the oil. The run in oil? I hope not. Because some of the key components, insurance, food, rent, they're going lower. It's vital that inflation at least give the appearance that it could go down or else the Federal Reserve will struggle to justify more rate cuts because of what's happening with oil. I think the economy and the market both need lower rates. Look at that. Today's lackluster employment report. A lower CPI will allow incoming Fed chief Kevin Wash and to convince voting members that they need to keep cutting rates. I bet we get a soft number. I just don't know if it will matter. The food stocks have been horrendous of late. One of the worst is Campbell's, which has salty snacks, baked goods and of course, soups. This darn thing's only worth $7.7 billion now. Despite that acquisition of Rao's, which has been a home run for the company at 6% yield, looks real safe. But the issue, the real sticking point is, is that Campbell's earnings are suspected to be down in 2026. And money managers don't like to buy the stocks of companies that are going up, down years. Plain and simple. Thursday we get reports from three that I like. Dick's Sporting Goods, Dollar General and Ulta Beauty. Dick's on a big winning streak when it comes to the numbers, but not the stock. All this week though, if a retailer reported a good number, its stock was rewarded. So maybe this can finally blast off for the same reason. I think you can buy both Dixie, Dollar General and Ulta Beauty unless oil makes a quick run to 120. These fit the description of what's working. Your bargain offerings. Real bargains. They have them. As long as the price crude doesn't go insane, it will matter. And these will go higher. Finally, on Friday, we got the most important figures for the week. It's called the Personal Consumption Expenditures Data PC, which is the Fed's preferred way to measure inflation. Again, we're not able to predict oil, but exile. This one should go for the bulls. Here's the bottom line. It is tough to make judgments about the market when we don't have a clear sense of where this war with Iran is headed and what's going to happen in oil but we can still make judgments about individual companies. To me, what's amazing is that oil did skyrocket 35% in one week. By the way, that was the most in one week ever. And yet the market didn't crater. Maybe that and not the oil premium is the real takeaway. Let's take calls. Let's go to Bobby in North Carolina. Bobby.

[Caller]

Jim, do you think that parts of Honeywell after they split will be better than the whole? If so, why shouldn't I? Buy, buy, buy, buy Bobby.

[Jim Cramer]

Okay, that's a great question. All right. It's a great question. Here's the issue. It just moved. It moved huge. And now it's pulling back a little bit. And I think that you've got to let it pull back a little bit more if you want to get involved because it looks like this stock has had a short term peak. Both Jeff Marks and I think this, this company is sensational. We're not selling. We want to own it right into the split. But be aware it's had a big run and now those industrials start to come down a little. You get a better price and then you take it. Let's go to Sandy in Virginia. Sandy, hello.

[Caller]

Professor Kramer. You're a great teacher.

[Jim Cramer]

Oh, thank you, Sandy. I appreciate it.

[Caller]

You're welcome. I've been a club member since its start and most of my portfolio is terrific club stock. But I also bought Chipotle when it split in 2024 for about $59 a share. It's way down 40% since then. I know you had the CEO on recently and said the stock is getting mighty attractive. So what do you think is happening next?

[Jim Cramer]

Well, you know, I've got to tell you, the group is cutting very out of favor all of a sudden. It always gets out of favor when the price of the pump goes really high. And that's what this is. That's what this is associated with. The actual Chipotle Mexican Grill is doing better and at 30 times earnings. The Scott right really started, I think have a positive impact. I, I want to buy some here, not sell some. I think it's the right place to be. Right. It's hard. Thank you for the kind words. It's hard to make pred about the broader market right now because of oil. But we can always give our estimates on individual companies and we must. Volatility has been the name of the game in this market. But global turmoil can lead investors to make moves they may regret. So, well, here's what we do. Going to open the phone lines and give pray Americans like you the advice you need to protect your portfolio. Then it's lights out and away we go for the new F1 season. But what about for the stock behind the race? I'm taking a closer look at one that I hardly ever talk about Liberty Media Formula one itself and giving you my take. And are investors finally buying into Marvell's big promises? I'm thinking deeper into the post earnings reaction, so stay with Kramer.

[Podcast Host/Announcer]

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[Jim Cramer]

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[Stephanie Huang]

engine, electricity and AI have in common? These technologies not only change how we work, they can transform entire economies. I'm Stephanie Huang, host of where the Internet Lives, a podcast from Google and Latitude Studios about the unseen world of data centers. Explore how data centers are unlocking growth in every sector of the economy. From agriculture to medicine to manufacturing, data centers are powering a new era of AI innovation. Listen to where the Internet lives wherever you get your podcasts.

[Jim Cramer]

Oh boy. I gotta say, after a week like this, like the one we just had, where the markets are swinging up and down for a host of reasons, of course they end up down. Some investors can be tempted to make big decisions out of stress or even panic, which, by the way, is not a strategy. So that's why tonight we're doing something different we're going to open the phone lines and hear directly from Ukraine Americans. I know you got questions. Hopefully we can get answers. You know, I got to tell you also, this was a week where I felt that it was very unreal, very disconnected to the companies because of the news flow. So let's go to work on both the companies and the market. Now the first caller up, let's go to Michael in Florida. Michael.

[Caller]

Hey, Jim, it's great to hear you. I've been watching you since 2006 when you first started out in the morning, I watch you in the evening. I sometimes I listen to David Faber tease you in the morning when you aren't just perfect. But I love watching you with.

[Jim Cramer]

Thank you, buddy.

[Caller]

Where are we going? Is the Dow, Are we overcorrecting? With a doubt. But more specifically, I have a question about energy because everything has been revolving around energy. Chevron and the energy and the energy companies in xle.

[Jim Cramer]

I'm going to work on this. Michael, let me go to work on this because I tell you something, you did hit the key stock in this entire market and that is Chevron. Why? Because Michael Wirth is the best at what he does. You got Mike Worth helm, you got the best assets. You got a great yield. You got a solid rock, rock solid balance sheet. But you now have a high stock price. This has just had a parabolic move, meaning it's a move that goes like this. If you're looking at my hand and what do you do with a parabolic move? You either sell half or sell a quarter. And that's what you're going to do Monday. That is not a criticism of Mike and Chevron. It's what I always advise and it's almost always right. Sell half or a quarter. The stock has moved too high too quickly. Jeff in California. Jeff.

[Caller]

Hi, Jim. How are you?

[Jim Cramer]

I am well. How about you?

[Caller]

Doing good. My question, Jim, is on the February jobs report that came out today. The report showed that a loss of 92,000 jobs where economists were predicting an additional additional, you know, 50,000 jobs. Last week, Block announced a 40% staff layoff deciding efficiency. Morgan Stanley indicated another loss of 2500 jobs eliminated this week. So what I feel that is happening. Companies are now figuring out ways and they spent billions of dollars on AI to make their companies run more efficiently. And I my concern is that this will carry over for more jobs reports in 2026, the weaker job numbers. So your thoughts on this?

[Jim Cramer]

You know, I said the same thing. Thank you, Jeff, for calling to Kevin hascher Absolutely terrific fellow. I like him. I mean, I know these are political guys, so I tend not to praise him, but I like gentlemen, no matter which side, he's a gentleman. And we were, we were trying to hash this out today. I mean, hash it out, not no spin. I am a big believer that these jobs, that some of them being lost, particular industries were indeed what I call secular job loss, meaning that they're being, they're lost because of artificial intelligence. Because artificial intelligence is doing some jobs better than, than people can do. And I was saying to Kevin, I hope we have something ready for these people who are laid off. He didn't think necessarily that things we know he was talking about productivity and help. Great for the people who are staying at the job. But I've got to tell you, Jeff, this was it. This was the first time I saw the numbers. And as far as I'm concerned, it's the first of many and it is indeed worrisome. But it can give. Give the Fed a reason to cut rates and you know, that's good for stocks. How about Chris in California, please? Chris.

[Caller]

Hey, Jim, it's so nice to meet you. Thank you for taking my call.

[Jim Cramer]

Of course.

[Caller]

Question. Sure, of course, of course. I have a high yield savings account, earning with a lot of money and earning 3.3%. I'm in like mid six right now. And I'm looking for the future and what I should do with that money. I currently have Roth and a brokerage account with Apple, Amazon, Lam, Nvidia, Broadcom, amongst others that I kind of put all my chips in during the low point of the pandemic. So I've done well with that. And I just want your advice on what I might be able to. What I should or what I could possibly do with that money in my high yield brokerage account. I'm saving. Excuse me.

[Jim Cramer]

All right. Well, first of all, those stocks are amazing. Really, really terrific. Well done, well played. But I mean, I don't want it. Look, it's a how to book. I'm not hyping myself. Just it's a good how to book. Well, I did dedicate it to my folks and I've got a terrific chapter which is just about eight income producers with growth that are for people like you, literally. I mean, I can't beat what I already wrote that took a long time to write that chapter. No one really talks about the stuff that I wrote. I don't care. I know that those are the stocks and that's what people who are in your situation 50 60s, 70s, 80s. That's the list of stocks. That's what I would go for. That's what I'm steering you toward. Alex in Florida. Alex, yes.

[Caller]

Hi. Hello Jim. Longtime listener, first time caller.

[Jim Cramer]

Great to on board.

[Caller]

Love you. Love your book read cover to cover.

[Jim Cramer]

Thank you.

[Caller]

Have a position in Fermi. Is it buy, hold or sell?

[Jim Cramer]

This is really hard. It's a really speculative stock and so I'm just going to be really blunt and I'm going to tell you I want you to sell money. Just sell it. Okay. I just don't like it and I always feel so hard. I know that sounds very harsh but I think it's a loser. Was a loser from the day came public even as I like the people who are involved.

[Stephanie Huang]

Ouch.

[Jim Cramer]

Hey, how about we go to Pamela in Connecticut? I hope you're a little more upbeat. Pamela.

[Caller]

Hi Jim. Thanks for taking my call. Longtime fan.

[Jim Cramer]

Can you hear me? Yes.

[Caller]

Okay, good.

[Jim Cramer]

Thank you. Thank you.

[Caller]

So my question. Yeah, I've listened to you for years and watched and learned and made a bunch of money. So thank you.

[Jim Cramer]

Oh, I'm so glad. That's the goal. Look, I make no bones about it. That's what it's about. I'm not trying to rewrite things. I'm not trying to create history. I'm just trying to help you make some money. Let's go to work.

[Caller]

That's right.

[Jim Cramer]

All right.

[Caller]

So my question is around the metals markets, do you think that gold, silver and copper are good hedges against my equity positions and especially wondering about your long term thoughts on copper.

[Jim Cramer]

Okay, look, this is a very tough question and it usually isn't because they're no longer hedges. They turn out to be better than the stocks. I am going to be point blank about this. For the last 30 years I have been what is called a gold bug. I like gold. I do not like silver. I it's got too much industrial and I really don't like copper. I think it's gonna be replaced by fiber. But gold, I think up to 10% of gold is just fine. That's what I would shoot for. Anything more than that and I think you're making too big a bet anyway. But thank you for the little take. These callers are great and I like the upbeat nature of it. I feel bad about the Fermi. It's sometimes I just want to say sure by but you know who I am. I can't do that game. Anyway thanks to or callers and Mad Money is back after the break.

[Podcast Host/Announcer]

Coming up with the green flag set to drop on a new Formula one season, is now the time to start a position in the stock behind the world's premier motorsport. Kramer's all revved up next.

[Charles Schwab Representative]

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 before we had AT&T

[Caller]

business wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14 point turn to get back on route. A 14 point turn. An influencer even livestream 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.

[Jim Cramer]

AT&T business Wireless connecting changes everything

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[Jim Cramer]

Tomorrow night, a new season of Formula One racing kicks off of Australian Grand Prix. I love talking about any chance to give you the story about business and Formula One because this is a publicly traded company. Formula One Group, a subsidiary of Liberty Media alongside the Atlanta Braves and a host of other sports entertainment business. Liberty Media has an infamously complex corporate structure, something that has kept me from being as enthusiastic as I should be or even talking about it to you. But they've historically had tracking stocks for their subsidiaries that give you something like a pure play on these businesses like this one. Liberty Formula One represents ownership of the Formula One Auto Racing League, MotoGP for Grand Prix motorcycle racing, and a bunch of minority investments in a grab bag of different things. If you want to own this one, there are three classes of stock that I'm Going to recommend the Series C, as in Charlie shares which trade under this ticker F, W, O and K. I call it F1 because they have the most liquidity. These Liberty Formula One shares began trading about two and a half years ago in August of 2023. And for a while this was an excellent growth stock. Once it found its footing in late 2023, it rallied from the low 60s to a high of 109 in early October of last year. Since then though, stocks pulled back 23% to $83 and change. And you know what? At $83 and change, I think it's a terrific buying opportunity. Why? Okay, let's start with the numbers. In late February, Formula One reported a strong quarter for Formula One Racing itself. They had 14% revenue growth, 20% growth in operating income before depreciation amortization, which is their preferred profitability metric. Fan attendance up 4% year over year, live viewership up 21%. For the broader business, the numbers are even better. Revenue grew 23% year over year and adjusted operating income became before depreciation amortization that jumped 38%. Then again, that's not entirely organic though. Last year Formula One acquired that MotoGP I mentioned, giving them a big motorcycle racing business. I think the numbers look pretty darn good here though, and I trust Liberty Media's judgment when it comes to acquisitions. Last year's results also reflect some one time boost from the release of F1, the movie with Brad Pitt. Either way though, this is a growth business. Sponsorship revenue grew thanks to revenue from new sponsors, contractual increases from existing sponsors, and an uptick in digital advertising revenue. Race promotion revenue was up too, thanks to higher fees and media rights. Revenues also increased. Say, speaking of media rights in the United States, Formula One racing, it's moving from ESPN to Apple TV now. The move was announced last fall. Apple's reportedly paying them about $140 million per year for the rights, whereas ESPN was probably, I think, paying them only about 85 million a year. Oddly, the announcement of this new, more lucrative deal for Formula One's TV rights came in around the same time the stock peaked in October of last year. Now, some of that's because a new TV deal with somebody was widely anticipated. So there was this kind of buy the rumor sell the news effect. But now the stock's much lower, just as the new Apple TV money is about to start flowing in. Of course, the move to Apple does come with some risk for Formula One. Let's talk about this as a standard cable channel, ESPN has a wider reach than, say, Apple tv. So there's a realistic chance that the overall viewership might suffer, right? In theory, that could hurt sponsorship revenue down the line, but business wise, since with Apple paying a heck of a lot more for the rights, I don't see how Formula One could have turned them down. This is one of Apple's TV's biggest bets yet in live sports, so I have to believe that they put significant resources behind it. In fact, after a couple of practice sessions in Australia, we're already seeing some positive reviews the Apple TV broadcast. There are a couple more reasons to like Formula 1 2, although they're a bit in the weeds. First, in December, Liberty Media split off Liberty Live holdings as a separate publicly traded company, something it had previously done with the Atlanta Braves organization. Now, this is a complicated restructuring move behind the scenes for the corporate parent, but the result is an incrementally more streamlined structure for the Formula One business. Liberty Media no longer has a tracking stock structure after that move, and the company also sent Liberty Live off with some assets that had previously been classified under the Formula One business. The bottom line is that the bot, the business you are now buying when you buy F1, is now much closer to a pure play on the Formula One and MotoGP racing leagues. Second, Formula One reached a deal with all the various teams that make up the league, as well as Fiat FIA, the league's governing body, through 2030. This is a bit of a formality. It's in everyone's interest right to keep the show going. But for shareholders, it represented the removal of an overhang here Last week following the company's earnings report, analysts at Wells Fargo upgraded Formula One group from underweight to equal weight while raising their price target slightly from 93 to 95. Now, the analysts had this initiated coverage with an underweight sell, sell, sell rating about a year earlier, but said that they were upgrading now because their biggest concern the league negotiations would be tricky and the new TV deal would underwhelm no longer seem to apply. See, Wells Fargo basically cover its shorts, so to speak on Formula one was pretty encouraging because they've been the biggest sell side bear on the stock which has 13 buy ratings and 4 holds. In fact, even after raising its price target to $95, Wells still has the lowest price target for this thing. Everyone else, even the fuel analysts who withholds well, they have price targets north of 100. Finally, valuation wise, I won't lie to you, Formula One's not cheap, it's expensive. Trading around 42 times this year's earnings estimates. But I'm willing to pay up for this stock because it's got an incredibly unique business. In fact, I would argue that Formula One deserves a premium just for its scarcity value alone. Plus, if you look back to where the stock started trading about two and a half years ago, this is actually the cheapest it's ever been on a P E or price earnings basis. So here's the bottom line. This weekend, a new season of Formula one racing begins on Apple tv. But as you watch the action on the track, maybe consider opening a new position for me. One shares. This is one of the few business opportunities in pro sports that you can participate in directly. Stock's been a good long term performer, but after its recent pullback over the past five months, I think you're getting an amazing opportunity to make some real money. Let's go to Bobo in North Dakota. Bobo.

[Caller]

Jimmy chill. How you been doing, man? Welcome back.

[Jim Cramer]

I'm trying to chill, Bobo. I'm trying to chill. It ain't easy. How can I help you?

[Caller]

With a lot of new releases coming out and a big one in the future with GTA 6 now a good time to upgrade a position and take two interactive.

[Jim Cramer]

Bobo, no, it's a great time. I think you've got to get in before gta and I've been working a lot on this and I am absolutely convinced that you that this recent dip. I wish I'd been able to push him. We're under 200. It works. I want you to buy some here and then if it goes below 200, pull the trigger on the rest. You are right to come in. I think this is a great level. Thank you for asking me about it. Tom in New York. Tom.

[Caller]

Hi, Jim. Great big to you, bud.

[Jim Cramer]

Oh man, it's great that you call, Tom. Thank you. Let's. Let's go to work together. Yeah.

[Caller]

So I was just calling on Kraft Heinz and see what your thoughts are. I'm sorry, I was just calling on Kraft Heinz to see what your thoughts were.

[Jim Cramer]

Oh, Kraft Heinz, man. I gotta tell you, as much as I like the CEO, as much as I think that he's gonna try to do the most out of it, I can't get behind it. And the reason I can't get behind because there's no growth. And I'm trying to stay away from the companies that have no growth but just good yield because it just doesn't make up for it. So I'm sorry. I wish I could be more positive because I gotta tell you Steve Kalain has done a great job. Remember he did the big Kellogg breakup and it worked it. Maybe you can do something here, but let's give him a chance. As you watch the action on the F1 track this weekend, I'd also consider a position in the stock Liberty Formula 1F1. I think you're getting a terrific opportunity here to buy now. Much more Mad Bunny include my deep dive into Marvell after the chip maker's latest earnings. Are investors finally on board with the mission? I'm giving giving you my signal then. Rising oil prices have shaken the markets, but the worries we had last week are still here. I'm telling you what I'm watching in this darn private credit market and why it matters. And of course, all your calls. Rapid fire in tonight's edition of the Lightning Round. So stay with Kramer. Look at this incredible run in Marvell Technology, the maker of custom semiconductors and network equipment. Cheese. On an otherwise completely awful, horrible day, Marvell shot up over 18%, breaking out of a three month downtrend thanks to a phenomenal quarter. Now this is one of those cases where I get to say I told you so because I've been a gigantic fan of Marvell for ages. These guys partner with big tech companies to help them engineer custom chips. The best example being the long standing partnership with Amazon to build the custom processors that Amazon Web Services uses for lower cost AI model training. Now this is a stock that really should have been in the sweet spot. The closest comparison to what Marvell does is Broadcom. They build similar chips for Google. But while Broadcom has been a huge winner in the Europe, nearly 500% since the beginning of 2023, Marvel's only rallied about 140% over the same period. And that includes today's spectacular run. Look, initially it was doing very well, but it got hit with a nasty decline early last year. Stock fell more than 50% in less than three months, largely thanks to a softer than expected quarter last March. But that turned out to be a terrific buying opportunity. Marvell spent the rest of the year working its way higher, fueled by a series of strong quarters. It peaked at $102 in early December, right after the company reported an amazing set of numbers. But those gains were short lived. About a week later, we started seeing media reports speculating that Marvell was set to lose some of its lucrative Amazon business. That seemed to really upset management. You can believe that. Why, if it wasn't true, that sure should upset him. So listen to this. CEO Matt Murphy came here with man money and explicitly said that they hadn't lost any business. Listen to this. There's all this noise out there. I am the signal. I know what's going on. I have the visibility. I have the relationship with these customers. And so our business is rock solid in our data center and nothing has changed since last Tuesday. Totally true. Absolutely true. Hope you listen to it. Unfortunately, that impassioned appeal wasn't enough to prop up the stock. And Marvell stock sank all the way to $70 at its lows roughly a month ago. Even as recently as last night, it had only bounced to $75 and change. It started to feel like maybe some people felt that that wasn't the signal. In retrospect though, that was an amazing entry point because when Marvell reported last night, it was, oh my God, it was enough to send the stock into the stratosphere. Now look, the actual quarter results were solid, clean, top and bottom line beat 22% revenue growth year over year. Steady gross margins and a $0.01 earnings beat off a $0.79 basis. Great, but not really great. Obviously not enough to send a stock of 18% a single session. There had to be something else, right? Yes. Today, Marvell traded like you caught a takeover bid. And it's all because of the guidance for the current quarter. Management's projecting 27% revenue growth, much higher than anyone was expecting and a serious acceleration from the previous quarter. The earnings outlook was also very strong. Oh, my God. It was such a good conference call. But what really mattered was everything management had to say about the future on that call. Forget the acceleration in the first quarter. CEO Matt Murphy said he expects revenue growth to to accelerate in each quarter of its fiscal 2027, their current year, with Marvell exiting this period at more than $3 billion. That's a big from the $2, 22, I mean, $2.22 billion number last quarter. That's an amazing move up. Look, Murphy's also saying that Marvell's bookings are growing at a record pace. And last year their design wins hit an all time high. This company has a lot of visibility to the future and what they're saying is increasing. Incredibly bullish. For the full 2027 fiscal year, Marvell now expects its revenue to grow more than 30% year over year, coming close to $11 billion. Wall street was looking for something closer to $10 billion. The strength here is coming from Marvell's datacenter business, which they see growing at a 40% clip for the full year with their interconnect business up more than 50%. This is essentially the plumbing of the AI data center. Think chips and optical clothes. Components that move massive amounts of data between GPU servers and the entire data centers. Every time Nvidia comes out with a new ultra high end gpu, buyers need more, much more, much more. Higher data throughput to keep the chips fully utilized. Marvell supplies the connections. It's really at the heart of the issue of what a datacenter does. There's a reason that Nvidia just invested $2 billion apiece in a pair of networking companies, Lumentum and Coherent. These companies mostly make optical components, while Marvell supplies the networking silicon and digital signal processor chips. But it's all part of the same food chain. In fact, they expect to supply this stuff to all five of the major American hyperscalers this year. Which shows you just how essential Marvell Tech has become. Marvell's custom processor business is the other major piece of the pie. It reached 1.5 billion last year, more than doubling versus prior year. And management now expects that business to grow over 20% in fiscal 2027 thanks to their work with Amazon Web Services. Marvell did say that expects most of the growth to come in the second half of the year tied to a next generation ramp in these processors. Murphy also said that the company has firm volume requirements for all of fiscal 2028, meaning 2027 going by the regular calendar year as part of a new XP program. I'm hearing lots of speculation that they're working with Microsoft. Then there's what's called the XPU attach, meaning the networking equipment that gets sold along with these custom chips. That business is expected to do more than double this year. Looking further ahead, Marvell said that expects its data center revenue to grow at a close close to a 50% clip next year. Now that's insanely strong medium sized, medium term forecast, but they can make that prediction because so many of these orders are already in hand. And total management now sees Marvel reaching about 15 billion in revenue next year while they earn more than $5 per share. So on next year projections, this stock selling for less than 18 times earnings. That's pretty cheap even after today's spectacular run. So let me give you the bottom line here. This was not just a good quarter for Marvell Tech. It was a quarter where management made a much more credible case that its AI related revenue base is simply exploding. And it was a slap in the face to everyone who tried to claim that Marvell was losing business. A week after they reported the previous quarter of December. Now these guys just have to deliver. But when you look at how the stock rallied today, clearly buyers have a lot of confidence forecast. I don't blame them. I'm a believer too and I bet Marvell's got much more upside. I think the negatives were really just noise at best and perhaps dissembling at worst. Matt Murphy proved that he truly is the signal and he proved that his company is crushing it. Their money's back get

[Podcast Host/Announcer]

coming up you've got questions. Kramer's got the answers. Get charged up for a fast fire lightning round Next.

[Jim Cramer]

It is time for the light which is that my my stamper is to going but you play this out and then the lightning round is over. Are you ready? Ski Dakota Lora from Chris Brown with Phil in North Carolina. Phil

[Caller]

Jim how you doing today Jim?

[Jim Cramer]

Well long day Phil but let's try to finish strong.

[Caller]

Yes I'm Feder Midland today Jim you know me Feder Midland but I do want to understood I want to speak to you about a certain stock that it's a speculative stock okay doesn't get much air time AI speculative kind of thing doesn't have it loses money everything that you say not to go into.

[Jim Cramer]

Okay.

[Caller]

Recently had a 1 for 10 replace split okay, tell me about it because I like it. I own it for a while. I'm up about six grand. What should I do?

[Jim Cramer]

B N a five oh yeah, brand engagement very small stock now let's do this. This can be your one speculation and how to make money anymore guys so you can have one speculation. Let it be this one but it is pure spec and I've got to tell you it would not be my cup of tea. Let's go to Sam in Massachusetts.

[Caller]

Sam Mr. Kramer I appreciate you so much. My girlfriend loves the show I'm just talking about it scare labs.

[Jim Cramer]

Oh my God this is such a red hot stock. It's incredible. The price earnings mobile is by I always look at I say when is this stock going to come in for sale and it really doesn't and that is because it's a very good company. Let's go to Karen in Kansas.

[Caller]

Karen Good evening Jim.

[Jim Cramer]

Good evening Karen. You know I'm a new and very happy investing club member. Oh thank you. Thank you very much. I would like to know if my stock is a buy and if not what do you suggest?

[Caller]

The stock is a com yeah they

[Jim Cramer]

they didn't have a good quarter. It's a good company but they did not have a good quarter. And if you're going to be in that, in that group, you want to be in Quant, you want to be in a company called pwr, okay, that's the symbol. It's called Qanta Services. It is a very, very good company. Same business, better run. Let's go to Jeffrey in Massachusetts. Jeffrey. Hola, Jim, and a big booyah to ya. Well, right back at you there. What's going on, partner? Not much, buddy. What do you think about Duolingo? You know, the quarter was bad. I mean just flat out bad. And so I have no reason to recommend it because I don't have any good numbers for can bounce. But it won't be my, it won't be anything that I think is going to be worthwhile. Let's go to Mark in California. Mark, Mark. Hi, Mark, it's Jim.

[Caller]

Oh, Jim, For the last three years.

[Jim Cramer]

No, I'm having trouble here, here in the. Mark. Okay, I'm gonna have to go to another caller. Let's go to Marcia in Washington. Marcia? Hi, Jim. I've been reading your book so I can do better research going forward. So thank you. Thank you. That's what it's about, learning how to be good investor. It's a how to book and I think that people don't write those because I am a service dog, always have been. How can I help?

[Caller]

Okay, my stock today is Kingdom Morgan.

[Jim Cramer]

Well, Kinder Morgan is, is a winner. Now this, now it's a parabolic move. It's straight up. And I always try to tell people that doesn't mean that I don't like the company. It means that the stock is too hot so we have to do some selling. And that, ladies and gentlemen, conclusion of the lightning round

[Podcast Host/Announcer]

coming up. The price of oil may still be climbing amid the war in the Middle east, but Cramer thinks there is a bigger danger to the market it being overlooked. He'll reveal it next.

[Jim Cramer]

This might sound crazy given the spike in crude this week, but my biggest worry in this market isn't oil. I've heard the Jeremiah are the pessimists that the price of crude can easily go to $150. And I say to myself that that price Middle Eastern oil will come to the market by hook or by crook. Putting aside whether Iran can even hold out that long at $150, the Gulf states will drag barrels of oil across the desert by camel if they have to. That's why I'm not too concerned about oil staying sky high. I am much more worried about the abstruse world. Of private credit. This were non bank investment houses wrapped loans together and sold them in a package. Many times individuals. Those individuals tended to minimize the risk in their own minds because they love the higher yield that these packages provided them. They also accepted or at least should have expected that they wouldn't be able to get their money out easily because these private credit funds are meant to be long term investments. That was very clear. Then again, the investors never thought they want to pull their money out of these funds overnight because they seem safe and certain. Some of them really are. Most of these firms offer small windows monthly or maybe quarterly where people can get their money back through a repurchase of their shares. Suddenly though, with the now endless drumbeat that these loans they own could go bad, a lot more people want out. They can get out without crushing those who remain. Now we saw this at one Blue Owl fund which blocked the redemptions of its fund. Although they did come up with a novel way to return some capital to everybody involving the sale of some of the loans we sold at Blackstone where they chose not to limit the redemptions when they exceeded 5%. But employees had to dip into their own pockets to help. Honorable but a reminder that individuals may not be the right customers for these wraparounds. Now we've learned that BlackRock is getting overwhelmed with redemptions for its huge HPS corporate lending fund. 9.3% went out but they're only willing to repurchase 5%. So you won't be getting your money back. At least not all of it. This HBS situation is much less fraught than the others. This particular fund's giving you near 11% in income for each of the the last four years. Still, that return is going to be dented by the people who want out there. Too many on their let out just not enough liquidity for big departures. The fund's not really set up to handle them. And again rapid large scale departures can't be handled without knocking back the portfolios because of a lack of liquidity. Last night when I was talking with Lloyd Blankfein about his new book Streetwise, the former Goldman Sachs CEO questioned what's really going on with these funds. We're in a fabulous time for investing. Remind us with a strong economy, yet very strangely, these companies have done very little selling of their own businesses. It's a real head scratcher. It got me into thinking that maybe the stuff they bought their portfolio companies just aren't up to snuff. Given that the market is really just a few percentage points from its all time highs, Lloyd said. These private equity and private credit firms should have been selling assets at terrific prices, but the opportunities never seem to materialize now. They may just have to take what they can get and I totally agree with that. The managers, however, seem unwilling to take the hit. They tend to be optimistic, maybe overly optimistic, and believe that everything will work out. But man, if you can't unload these businesses or loans, these businesses in such a terrific environment, at least when you consider how the average have done in these last few years, well, when are you going to sell? That's the real problem here. The redemptions are just a symptom. Many of these types of funds seem to own equity or loans in companies that are simply not wanted, especially the stakes and overly large stakes I should add. In enterprise software, maybe the fault is in the portfolios, not just the individuals who want out. Perhaps there's a huge amount of whistling past the graveyard. Unfortunately, there are hundreds of billions of dollars involved in these kinds of funds and as long as we're worried about enterprise software, you're going to keep hearing about the problem. Now because of the way these private funds are set up, there can't be anything like a bank run. But the private credit issue and the banning of some redemptions erodes the confidence in the markets. Looking back, these funds perhaps should never have been marketed than individual investors who didn't understand the risk. Clearly, if things go south from here, private credit and not oil will be the focus and it won't be a positive one. I like to say there's always a bull market somewhere in a pop star fight just for you right here man. Money. I'm Drew Kramer. See you Monday.

[Stephanie Huang]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer trading@schwab is powered

[Charles Schwab Representative]

by Ameritrade, giving you even more specialized support than ever before, like access to the trade desktop. 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.