Mad Money w/ Jim Cramer – April 13, 2026

Host: Jim Cramer (CNBC)

Episode Overview

On this high-energy episode of "Mad Money," Jim Cramer dissects the robust rally in the U.S. stock market despite geopolitical tensions, especially with regard to the ongoing war with Iran and volatile commodity prices. Cramer analyzes why the markets continue to climb, even as oil surges and peace talks falter, and offers deep dives into trending segments such as photonics (fiber optics), AI-related stocks, and global online gambling. Several caller questions are answered, and Cramer interviews Neil Manashai, CEO of Supergroup, a rising player in the online betting space. The famous Lightning Round wraps up the episode with rapid-fire stock picks.

Key Discussion Points & Insights

1. Why the Market is Detached from War News

[01:00–06:00]

• Despite the escalation in the Iran conflict and the Strait of Hormuz embargo, U.S. indices (Dow +302 pts, S&P +1.02%, Nasdaq +1.23%) rallied.

• Cramer attributes this rally to stable U.S. interest rates, which remain low despite significant commodity inflation (like oil doubling in price).

  “It's pretty darn clear that the market is not in sync with the war… even oil, which was up 7% at one time—usually a stock market killer—only finished barely up.” (Jim Cramer, 01:45)

• Key Factors Supporting Market Resilience:

  • Fuel Efficiency: U.S. vehicles are more efficient, reducing oil shock impacts.
  • Domestic Gas: Natural gas—plentiful and cheap in the U.S.—is a ‘secret weapon’ that blunts global energy turmoil.
  • Interest Rates: “As long as the rates don’t move higher… we might even be able to be blessed with tax cuts.” (Jim Cramer, 06:19)
  • Oil Price Globalization: The U.S. can export oil if world prices are better, similar to historical wheat exports during famine.

2. Interest Rates & Market Valuation

[06:00–09:00]

• Normally, oil spikes would pressure the S&P 500 but “history is being disobeyed and ignored here.”
• Fed’s Stance: Current inflation (tariffs, gas) is viewed as ‘one-off’; focus is on housing and possible future rate cuts.
• Valuation Multiples (P/E Ratio): Cramer breaks down that for most stocks, the war news barely affects their P/E ratios.

  “What’s the Strait of Hormuz got to do with the price/earnings ratio of Bristol Myers? The answer is nothing.” (Jim Cramer, 08:15)

3. Market Leadership & Sector Rotation

[09:00–12:31]

• Surging software stocks (Salesforce, Microsoft). Hardware winners include Intel and Micron.
• Private equity names with exposure to private credit (Blackstone, KKR, Apollo) are rebounding, suggesting limited crisis fallout.
• Cramer notes persistent market gains despite fears of volatility linked to President Trump’s moves:

  “As crazy as it is, the President’s moves may be erratic but the impact on stocks has been very limited.” (Jim Cramer, 11:37)

• Notable Quote: “Nvidia—own it, don’t trade it.” (Jim Cramer, 09:45 and 22:02)

4. Lightning Round: Q&A with Callers

[09:58–12:31]

• Figma (FIG): Cramer warns of intense competition, especially from Google, causing stock underperformance.

  “It’s going down because a lot of people feel you can do the same thing that Figma does with Google.” (Jim Cramer, 10:29)

• Vistra (VST), Constellation (CEG), Sempra (SRE): Cramer likes Sempra best among these utility players (11:16–11:35).

5. AI Displacement & Software Stocks

[14:02–21:07]

• Cramer acknowledges Wall Street’s persistent fear that AI will ‘steamroll’ software and services companies.
  • Shopify (SHOP): Despite a 37% drop from October highs, its earnings remain robust; Cramer disputes the idea it’s at risk of AI-driven displacement.
  • Features technical analysis and seasonal trends from Larry Williams, suggesting the stock could bounce back:

    “Shopify’s in the undervalued zone…these have been excellent buying opportunities.” (Jim Cramer, 17:56) “Shopify stock has come down too far, too fast. I think Larry’s right to expect this one could give us another terrific springtime rally.” (Jim Cramer, 20:34)

• Cramer points to AI as less likely to hurt smaller businesses (Shopify’s core clients), compared to enterprise software.

6. Fiber Optics & Photonics: The Next Big Play

[22:27–29:46]

• AI buildout is driving huge demand for optical communications components.
• Nvidia’s $2B investments boost Lumentum and Coherent, triggering sector-wide rallies.
• Cramer deep dives into Lightwave Logic (LWLG), which has soared 1,000% on its promising electro-optic polymers:

  “Development agreement is not the same as volume production… being an option in a foundry is not the same as being chosen by a customer.” (Jim Cramer, 27:28)

  • Warns LWLG is still pre-revenue, high-risk, and overvalued; prefers established names like Coherent, Lumentum, or Nvidia for broad “AI/Photonics” exposure.

7. Callers on Stock Volatility and Turns

[29:46–33:24]

• Super Micro Computer (SMCI): After an indictment and 30% drop, Cramer advises to exit on a bounce due to “accounting irregularities = sell.” (30:29)
• Corning (GLW): Despite a high P/E (~55), Cramer remains bullish, forecasting fiber glass will “take over the whole data center.” (31:21)
• General market lesson: Sell questionable names on rallies and stick with proven performers.

8. Exclusive CEO Interview: Neil Manashai, Supergroup

[33:24–39:16]

• Supergroup owns Betway (sports betting) and Spin (online casino); recently exited the U.S. to focus on global markets.

  “We only go to markets where we see a path to profitability. We tried the U.S., we really tried…we realized we’re never going to make profit. So we decided let’s just call it a day.” (Neil Manashai, 33:59)

• Success drivers:

  • Africa is their largest market; also strong in Canada and the UK.
  • 80% “i-gaming” (online casino), 20% sports betting.
  • Innovating via stablecoin launch in South Africa.

  “Last year we made $560 million of EBITDA. This year we said we’ll make $680 million. But here’s the key: 70–75% free cash flow from there.” (Neil Manashai, 37:11)

• Cramer’s take: Supergroup is still undervalued, with a strong, non-U.S.-based profit engine.

  “Don’t discount us because we don’t have U.S. business…we’re an international business outside the US and there’s a ton of money to be made.” (Neil Manashai, 37:36)

9. The Lightning Round: Rapid Fire Stock Takes

[39:33–42:52]

• Nubank (NU): Cramer prefers buying recently beat-up Goldman Sachs instead.
• Red Cat (RCAT): Too little profit; “a good spec.”
• Element Solutions (ESI): Cramer positive; “very, very good company.”
• Stonex (SNEX): “Don’t know it.”
• Mane Biotech (MANE): Hair loss treatment—“very risky stock…but if it can be solved it’s worth double. So it’s double or nothing.” (42:15)

10. Rebound in Software Stocks Post-AI Selloff

[43:20–47:11]

• Software stocks staged a bounce after being broadly battered over AI fears.

  • Microsoft, ServiceNow, Salesforce, Oracle all up—the latter bouncing nearly 13% after sharp declines.

  “Any stock can bounce… these stocks get sold and sold and sold until they’re oversold, and then they bounce for reasons not readily accessible.” (Jim Cramer, 43:20)

• Cramer suggests separating out software stocks disrupted by AI, turbocharged by AI, and those unrelated—promising to deliver his own index methodology soon.

Notable Quotes & Moments

• On Market Apathy to War:

  “The S&P closed to all-time highs…despite the failed talks and our embargo of the strait that Iran’s already blockading.” (Jim Cramer, 02:45)

• On AI Displacement Hysteria:

  “People have taken a sell first, ask questions later approach, throwing out a ton of high quality stocks…” (Jim Cramer, 14:11)

• On Lightwave Logic:

  “If a married couple made $159,000 in a quarter, they wouldn’t even be in the top tax bracket. So it’s hard for me to recommend this as a nearly $2 billion company when it’s losing money…” (Jim Cramer, 27:54)

• On Supergroup’s U.S. Exit:

  “We only go to markets where we see a path to profitability.” (Neil Manashai, 33:59)

Timestamps for Important Segments

• [01:00] – Opening market analysis and main theme: market rallies despite war
• [06:00] – Interest rates, inflation, and why stocks are so resilient
• [09:58] – Lightning Round: Callers ask about Figma, Vistra, Sempra
• [14:02] – Cramer analyzes Shopify and the AI “displacement” fear
• [22:27] – AI infrastructure, fiber optics, and the Lightwave Logic craze
• [29:46] – Callers on Super Micro Computer (SMCI) and Corning (GLW)
• [33:24] – Interview: Neil Manashai (CEO, Supergroup)
• [39:33] – Lightning Round: Rapid Q&A
• [43:20] – Bounce in software stocks, the “AI index” idea

Overall Tone & Style

As ever, Jim delivers in his trademark urgent, lively, and entertaining style—mixing analysis, humor, and tough love (“accounting irregularities = sell”). His advice is grounded in valuation discipline, technical analysis, and a pragmatic view of Wall Street hype cycles, particularly around AI. Cramer champions informed, careful investing, urging listeners to “own it, don’t trade it” in quality names and to steer clear of frothy, early-stage plays that have gotten ahead of themselves—no matter how hot the theme.

Summary

This episode of Mad Money provided listeners with:

• A rational take on the market’s resilience amid geopolitical volatility.
• Sector deep-dives into AI, photonics, and software, cutting through hype to identify real risk vs. reward.
• A practical assessment of new opportunities (e.g., Supergroup, Lightwave Logic) versus reliable blue-chips.
• Tactical advice through listener Q&A and the Lightning Round, with clear, actionable stances.

Missed the show? This summary equips you with all the key insights, memorable lines, and crucial timestamps—so you can make sense of Wall Street’s latest moves and separate signal from noise.