Mad Money w/ Jim Cramer 4/30/26

Summary

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

Episode Overview

Jim Cramer dives deep into the ongoing data center boom and its impact on a broad swath of the S&P 500, not just the usual semiconductor suspects. He analyzes the bullish market moves, breaks down top-performing stocks, discusses recent mega-cap tech earnings, and hosts insightful interviews with MasterCard CEO Michael Miebach and Reddit CEO Steve Huffman. The episode aims to equip retail investors with the latest insights, opportunities, and Cramer’s signature, actionable “buy, sell, hold” opinions.

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Key Discussion Points & Insights

The Data Center Buildout: More Than Just Tech

Timestamp: 00:56–09:35

• Market Roars on Data Center Expansion

  • The Dow surges 790 points, S&P 500 hits a new all-time high (+1.02%), and the Nasdaq sets another record (+0.89%).
  • Cramer challenges the notion that the data center boom is too “narrow” a market driver.

• Top Gainers and Their Roles in the Data Center Ecosystem

  • Quanta Services (PWR) (+16%): Installs powerlines/infrastructure needed for utility upgrades to serve data centers.

    “Utilities are being asked to double in size. Technology customers are demanding speed at a scale they haven't dealt with before.” (Quanta’s management, 03:08)

  • Eaton, Vertiv: Key transformer and cooling tech for massive new electricity demand.
  • Carrier (+9%): Air conditioning company powering multi-year growth due to data center climate needs.
  • Teradyne (+12%): Semiconductor testing vital for chip reliability in the data center buildout.
  • Qualcomm (+15%): From phones to “hyperscaler” cloud deals—diversifying into data centers.
  • Eli Lilly (+10%): Standout quarter driven by the new GLP-1 pill, showing that “good medicine beats the rumor mill.”
  • Caterpillar (+10%): Engine & heavy machinery demand surges as private investors build off-grid power plants for data centers.

    “Cat engines...are taking the natural gas from...West Virginia...and building their own power plants basically off the grid.” (Cramer, 07:47)

  • Alphabet, Ciena, Iron Mountain: Cloud computing (Alphabet), networking hardware (Ciena), repurposing physical space for AI servers (Iron Mountain).

• Big Picture Takeaway

  • Data centers are a “windfall” crossing manufacturing, utilities, heavy industry, and tech—creating jobs and economic growth.

    “It's a manufacturing mosaic the likes of which we haven't seen since we decided to outsource a huge percentage of our industrial base to China.” (Cramer, 08:31)

  • “Early innings” of the data center buildout; rally is broad, not just about chips and cooling.

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On-Air Callers: Surgical Robots & Investing

Timestamp: 09:35–10:16

• Caller asks about Intuitive Surgical (ISRG):
  • Strong quarter, but Cramer cautious: Competition brewing from J&J and Medtronic; possible risk to future dominance.

    “I am worried that one of those two is going to hit pay dirt and that is going to hurt Intuitive Surgical.” (Cramer, 10:10)

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Interview: MasterCard CEO Michael Miebach

Timestamp: 12:42–19:46

• Strong Quarter vs. Stock Market Selloff

  • Despite beating expectations, MasterCard stock sells off due to guidance and expenses. Cramer sees this as overdone and a possible “buying opportunity.”

• Consumer Spending & Geopolitics

  • Cross-border travel fell due to Middle East conflicts, but “spending is still healthy—just spent differently.”

    “Are they spending less? No, they're spending it differently.” (Miebach, 14:33)

• AI Agents & The Coming Wave of “Agentic” Commerce

  • People will soon have AI “agents” making purchases online.
    • Ensuring safety and transparency is crucial (e.g., “verifiable intent” protocol with Google).

    “Why would you not right at that moment tell your agent, why don't you buy these products for me?...For something like this to actually scale, you gotta keep safety and security and trust in mind.” (Miebach, 15:24)

• Stablecoins & Payment Interoperability

  • MasterCard positioning itself as an enabler of seamless payments across multiple stablecoins and blockchains.

    “We can be behind the stablecoin to ensure that...all the protections, all the safety [are met].” (Miebach, 18:05)

• Cramer’s Take:

  • “You're the most forward thinking of the payments companies and you've got the best brand.” (Cramer, 19:46)
  • Remains bullish on MasterCard as a long-term holding.

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Mega Cap Tech Earnings Recap: Alphabet, Amazon, Microsoft, Meta

Timestamp: 21:58–29:40

Alphabet (Google)

• +10% stock move; “best of the bunch.”
• 22% revenue growth, 82% earnings growth (blowouts).
• Google Cloud sales +63%; Gemini AI adoption surging.
• CapEx to rise yet again (now $180-190B).

  “Outfit (Alphabet) is producing spectacular results.” (Cramer, 23:13)

Amazon

• Good numbers, up <1%; 17% revenue and 75% EPS growth.
• AWS revenue +28%, best since 2022; custom chips at $20B run rate.
• Guidance mixed, CapEx seen as necessary; strong advertising.

  “Data center investments are very profitable for Amazon.” (Cramer, 24:56)

Microsoft

• Down ~4% despite solid numbers.
• Azure cloud up 40%; CapEx forecasts “scares” some investors.
• “Didn’t give enough good news to justify elevated spending.”

Meta Platforms (Facebook)

• Down 8%+, biggest loser; great headline numbers but user count shrank.
• AI ad tools scaling well but CapEx hike ($125-$145B) worries Wall Street.

  “Meta simply didn’t do a good job of justifying their AI spending.” (Cramer, 27:43)

Summary Judgment

• Alphabet: Best at communicating the payoff of massive AI/data center CapEx.
• Amazon: Good, just consolidating after a run.
• Microsoft: Spending more than justified.
• Meta: Needs to show better ROI for huge CapEx in investors’ eyes.

  “Each of these was an opportunity...to explain how their enormous data center investments are paying off. Alphabet did that very well…” (Cramer, 29:01)

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Interview: Reddit CEO Steve Huffman

Timestamp: 32:07–40:16

• Reddit as “AI Fuel” & Foundational Resource

  • Reddit data “like oil for the modern internet.” (Huffman, 32:07)

    “There’s no artificial intelligence without actual intelligence. The knowledge has to come from somewhere.” (Huffman, 32:12)

• Three Chapters of Reddit

  • Not traditional media.
  • Not social media.
  • Not AI, “but the market is coming to us as a human-focused platform.”

• Financial Strength

  • 7th straight quarter of 60%+ revenue growth, 90% gross margins, only $1M CapEx.
  • “We're not building data centers. We're building a consumer product for people.” (Huffman, 34:15)

• Data Partnerships

  • “Real partnerships with Google and OpenAI,” Reddit is essential as training data for LLMs.

• Unique Demographics, Audience Trust, and Growth Potential

  • Reddit is for everyone, with 120M daily users, aiming for 1B globally.
  • 30% of users aren't on other social media—unique advertising audience.

    “Reddit is trusted second only to friends and family.” (Huffman, 37:54)

• Community and Loneliness

  • Anonymity allows vulnerable discussions—major for “affinity” and human connection.

    “Loneliness is an epidemic. The purpose of the Internet...is to connect people.” (Huffman, 40:04)

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The Lightning Round

Timestamp: 40:44–43:06

• Rapid-fire buy/sell/hold advice for callers.
• Examples:
  • Oklo: “Too speculative, don’t buy more.” (Cramer, 41:14)
  • Gladstone Land (Agricultural REIT): “I want growth, and they don’t have it.” (Cramer, 41:56)
  • AST SpaceMobile: “Speculating on space is OK with this one.” (Cramer, 42:41)

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Cramer’s Process: Surviving the “12 Hours of Hell”

Timestamp: 43:29–47:13

• Earnings Season Chaos

  • “Three weeks every three months...the house of pain.” (Cramer, 43:38)
  • The difficulty of keeping up with a flood of big earnings calls on the same night.

• Research Method

  • Focus on “line of sight to profitability,” especially in CapEx-heavy companies.
  • Uses AI (ChatGPT) to synthesize conference call notes; staying adaptive.

    “You put all the key indicators and numbers into ChatGPT and out comes this...Maybe I actually know something, I'm not fighting it.” (Cramer, 45:43)

• Final Take

  • Stays disciplined: “There’s always a bull market somewhere.” (Cramer, 46:53)
  • Recognizes which stocks to stick with (e.g., Meta, Microsoft), errors (Cardinal Health), and new market realities.

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Notable Quotes / Memorable Moments

• On Data Center Boom:
  “Data centers are like giant mouths that must be fed with constant activity and never ending electricity.” (Cramer, 03:27)
• On Alphabet Earnings:
  “Alphabet is producing spectacular results...Not only do they have that line of sight, they are cleaning money now.” (Cramer, 23:13)
• On Reddit’s Value:
  “Reddit conversations are like oil for the modern Internet.” (Huffman, 32:07)
• On AI Commerce:
  “We're at the start of this paradigm shift. So the whole industry is really busy right now to ensure...protocols that ensure safety, that it's clear who these agents are…” (Miebach, 15:24)
• On the Internet’s Mission:
  “The purpose of the Internet, the founding principle...is to connect people. And we were born of the early Internet.” (Huffman, 40:08)

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Key Timestamps

• 00:56: Market update & data center theme introduction
• 03:08: Quanta Services & utility grid buildout
• 08:31: “Manufacturing mosaic” quote
• 13:21: MasterCard interview begins
• 15:24: Agentic commerce & AI agents
• 18:05: Stablecoins & interoperability
• 21:58: Mega cap tech earnings breakdown
• 32:07: Reddit CEO interview begins
• 34:15: Reddit’s business model vs. big tech
• 39:13: International user growth
• 40:44: Lightning Round
• 43:29: Behind-the-scenes look at earnings season research
• 45:43: Cramer’s use of ChatGPT in analysis

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Takeaways for Investors

• The data center boom’s ripple effects extend far beyond chip stocks—into utilities, heavy industry, infrastructure, and even parts of health care.
• Mega-cap tech is now defined by its ability to justify massive AI and data-related CapEx. Alphabet is the current gold standard for “showing the money.”
• New commerce paradigms (AI agents, stablecoins) are being shaped by companies like MasterCard, with payment choice and safety as key themes.
• Reddit’s model highlights the importance of data and authentic community as fuel for the next tech revolution—while keeping expenses lean.
• The smart investor needs to synthesize mountains of data quickly, with Cramer recommending a focus on profitability, not just hype, and using all the tools available (including AI).

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This summary captures the episode’s fast-paced, retail-minded, and punchy tone, keeping the focus on actionable market insights and the personalities driving the conversation.

Transcript

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[Jim Cramer]

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[Jim Cramer]

My mission is simple, to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. I've been making friends. Boy, I'm just trying to make you some money. Like today, huh? My job is not just to entertain, but to educate, do some teaching. So call me at 1-800-743- CNBC. Tweet me imKramer. The data center. The data center. The data center. I mean you're probably tempted to say enough already with the data center. Give me something else. So on still one more day where the averages roared. The Dow jumping 790 points. SB 500 advancing 1.02%. By the way, another new all time high. And Nasdaq gaining.89% to also reach another record high. I got an idea. Why don't we take a look at some of the top performers in the S and P today. Not the sandisk and the Western digitals. I know you're sick of all those just to figure out if they're real companies in here. The data center is too narrow a concept to lead the stock market or as a whole. Is this list representative of what we want? Because. Because if it's too narrow, then the market will have a hard time going for going further. So let's do this. I'm going to go down, literally go down the S and P top gainers today I'm doing a little bit of order that changes just so we can get the narrative right. But it see if they're Representative of anything other than the data center, even if they are involved in it. So let's start with Qantas Services PWR. This stock soared nearly 16% today. That's a big gain. It's an installer of power lines and infrastructures of all kinds. Quant has been a decent company for a long time and worth owning. But it's been roaring because it's the obvious winner when you want to build out the electric grid. Management explains this very clearly right at the beginning of this incredibly stunning positive conference call they had today. Quote, Utilities are being asked to double in size. Technology customers are demanding speed at scale they haven't dealt with before. End quote. See, this is a whole new way our country is doing business. A rally that includes Quanta tells you the data centers about a lot more than just the semiconductors and disk drives. Data centers are like giant mouths that must be fed with constant activity and never ending electricity. We know there are many ways for the utilities to produce more energy. The most frequent being converting natural gas to a GE turbine that's connected to the grid. Quantum builds that. They can also build the other end where the grids connect to the data center. Quantum does this was the market labor high paying jobs using steel. It's often produced by Nucor, the largest steel company in our country. Eaton based in Ohio makes the transformers needed to put that electricity into the data center. And when that electricity gets in there, well you know what, it burns real hot. We know that Eaton has coin technology, so does Vertif. But the one that was up the biggest today was carrier. You know the air conditioning company is up almost 9% after reporting a big upside surprise. I think this quarter may be the beginning of a multi year move for the climate control company. Also very good numbers out of Europe. Then there's Teradine. Okay, now this is a little more arcane. This is up 12%. It's not, it's not new to the list benchmark former. During the data center build out it's a semiconductor test and measurement play. Semiconductors are fragile thing. When you first start building a new line of chips you got to throw a whale on them. No one can afford an errant semiconductor given how many are in a data center. That's a lot of testing but that's narrow. Okay, so I understand some might say Jim, that doesn't do it for me. Nor does this next one Qualcomm. Okay, this one was up 15% today. It had been an out of favor semi. Now it's in favor. They Just landed a big account with a hyperscaler. We don't know which one, but we do know that Qualcomm is considered more of a niche cell phone play and no longer. It's a branch out. Kind of reminds me of its competitor ARM Holdings. Position we've been trying to build for the Chapel Trust ahead of when it reports on May 6th. Candidly, ARM has gotten away from us. The stock's going parabolic. You know, I don't buy parabolas. Okay, then there's one that's totally away from manufacturing or industry or tech, and that's Eli Lilly. It was up 10%. Lilly astounded people today by reporting a fantastic quarter with encouraging prescription data for the new pill form glp. One drug found Dao. There was some worry that this drug had gotten off to a slow start. A lot of rumors going around Wall street that it was a bummer. Novo Nordisk was said to be way out of Lilly because it got approved earlier. As is so often the case, the Wall street gas banks got it wrong. When David Rick, CEO of Lilly came on CNBC this morning, he said that things were pretty strong. Strong demand for the pill. More than 20,000 people now taking it even as the company had only just started marketing it and building the brand. That's good news for my Chapel Trust. We've been telling people to stick with Lilly no matter what. Just too much good going on there. I think that Eli Lilly's gain though today is sensational and this company is creating a lot of jobs. Mercury built factories all over the country, but it is a less a health care company and health care companies are not good indicators of good times when it comes to stock market drug companies. They're bad leaders. I remember the days when our economy ran on only on the consumer with some new homes thrown in. However, with the arrival of the data center, it's no surprise to see that Caterpillar is on the list of hottest stocks up 10% today. Caterpillar has got a ton of LED the Dow. That's why Dallas up so much. It's got a ton of business for the data center. Build out a new twist though. Investors. Actual investors are putting together groups, buying and then going and buying. Okay, get this, buying hundreds if not thousands of of engines, cat engines. They're stringing them up. They're putting them next to a natural gas, I don't know, like West Virginia, that kind of thing. That's actually where it's. And they are taking the natural gas from the hills in West Virginia. Pumping it through the turret, these actual Caterpillar engines, and building their own power plants basically off the grid. And this is just driving a huge amount of business for Cat. I was always worried these guys might have too much inventory after I heard that story where they don't have enough. And again, if the power grid has to get much bigger, that means a lot of construction for the utilities. Who do you think they're going to call? That's right, Caterpillar. And a huge number of workers. Again, strong for the economy. How about Alphabet, up 10%, which is expanded by leaps and bounds, needs all the computing yet. I'm going to go into more detail on Outfit later along with the other three mega cap tech companies that reported yesterday. But Alphabet strength is not bad for this. Our economy is good now. We Got Sienna up 11%. Networking equipment. You need to get all these chips talking to each other. Sienna's been in networking forever and as well as Arista Networks and Cisco are the big three of the industry. Stock's been strong for ages. And finally there's another company that used to be something else. It isn't anymore because the data center, and that's Iron Mountain I used to know as a paper shredder. They've done a big pivot, though, and are taking their massive document storage facilities and leasing them next to the hyperscalers who need space for racks of their artificial intelligence ships. Yes, they too are cashing in on the data center. Now, I know that it wasn't on a list, but this evening we got a staggering set of numbers from Apple. We, or at least I thought so, there was a controversy of how strong the iPhone really was. But I've got to tell you, I think that Apple is having no controversy whatsoever. And tomorrow we will realize that revenue up 17 is pretty darn good, that the guidance is good. And as far as I'm concerned, you had a chance to buy it after they reported and people once again didn't understand the greatness of Apple. They should watch the show. Maybe occasionally, I don't know, maybe once every 30 seconds. Because I say Apple, you own it, you don't trade it. And by the way, you know, greeted me intergalactically on the Artemis too. They were taking pictures of the Earth from the dark side of the moon. Came out a lot better than I got. The 17 Pro. Max, man, it's fabulous. Now, if we look at all these winners, what do we say? I think it's a manufacturing mosaic the likes of which we haven't seen since we decided to outsource a huge percentage of our industrial base to China or other countries with cheap labor. I know the data centers seem fringe in terms of its impact on the so called real economy a year ago, but this quarter what happened, it went mainstream. And from listening to so many of these conference calls, I say we're in the early innings of this build out. Listen, I got nothing against any other sector, including the consumer sector, the health care sector, but the bottom line, as far as I'm concerned, the data center is a windfall for almost every slice of the economy. The I say don't look a gift horse in the mouth and instead maybe buy some of these stocks. I think there's some real winners on that list. I want to go to Mark in Illinois.

[Caller]

Mark, we are. To the great sensei of the retail investor. Jim.

[Jim Cramer]

Well, you're very kind. That is what I like to, I like to think of myself as something like that, but my wife says that would give me a very slow, huge head. How can I help you?

[Caller]

Well, I went to my wife's hospital gala and they were raising money for a surgery suite and they said da Vinci was in the other room. And I said this piqued my interest because I thought the guy died over 500 years ago. Anyway, it was a surgical robot, so I looked into it and the company had a great quarter, at least from my thoughts. I'm wondering what your thoughts are on intuitive surgical.

[Jim Cramer]

Isn't that funny? I did the same thing years ago for the overlook possible and we wanted to get a da Vinci. By the way, Da Vinci actually now works at Nvidia. But here's the thing. Both J and J and Medtronic claim they've got competitors and I am worried that one of those two is going to hit pay dirt and that is going to hurt who it is. Surgical. Thank you for the call. All right, the data center build out is a windfall for the entire economy and I think we're still in the early innings of this revolution. On my money tonight, MasterCard moved lower today despite a top and bottom line beat. So maybe you're getting a buying opportunity in the payments giant. I got the CEO to learn more and four members of Magnificent Report last night. I'm coming through the results to see who's leading the pack in the AI race. And the shares of Reddit are on the move. After the earnings cross the tape, I'm going to sit down with the CEO. Very rarely do we get to add some insight into that company. And I got to tell you something. It's on fire. David Kramer.

[Mad Money Announcer]

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She loves it hot.

[Michael Miebach (MasterCard CEO)]

The pod by Eight Sleep ends the

[Jim Cramer]

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that keep both of you sleeping deeper.

[Jim Cramer]

Try [e-mail]. All right, what just happened to the stock? One of my longtime favorites, MasterCard Spring the payments company reported what I thought was a very strong quarter in the face of a very tricky economic backdrop. Stocks sold off more than 4% today. It's now down 12% for the year. While MasterCard delivered a healthy top and bottom line beat their guidance to some was a little disappointing expense side. So the stock got hit. I don't think it should have been down 4% though. Could this pullback be a buying opportunity? Let's check in with Michael. Me back. He's the CEO of MasterCard to find out. Welcome back to Mad Money.

[Michael Miebach (MasterCard CEO)]

Thanks, Jim. Thanks for having me.

[Jim Cramer]

Okay, 3.7 billion people, right? The most technologically oriented of these kinds of cards. A system that can actually be the payment system of whole countries. Are we looking at it too small when we think, oh, they had a little bit more expense than they should at this point Quarter, I think we are.

[Michael Miebach (MasterCard CEO)]

So I have to agree, we are. If you look at the quarter we beat our own expectations, we beat the market expectations, then you start to look at the numbers and you start to see the underlying growth. We continue to grow. The payment market continues to grow. Our customers are buying our value added services and solutions. So it's been very strong. But then you start to look at the complicated backdrop.

[Jim Cramer]

Right.

[Michael Miebach (MasterCard CEO)]

That you talked about. So we do have geopolitical tensions, we continue to monitor that. But you know, when you look at the facts of underlying consumer spending, that's been healthy. It's been healthy in the fourth quarter, it's been healthy in the first quarter. So there's really no change there. But spending patterns have been changing. They have been changing because of like the travel impact from the Middle east conflict, for example, just to name one. But are they spending less? No, they're spending it differently.

[Jim Cramer]

Well, I think that you, in your first paragraph in your excellent conference today, you said look at the macro picture. The economic foundation remains generally supportive, healthy underlying consumer and business spending. However, the backdrop remains uncertain, driven by geopolitical tensions, which has put some pressure on cross border travel. I think anyone who's traveling to the Middle east has to rethink the plans. And you're an international company, so it will hit you.

[Michael Miebach (MasterCard CEO)]

Absolutely. But are they going to go and sit at home and do nothing? No, they're going to go somewhere else. But you got to book a new trip and so we'll see how to how the rest of the year will.

[Jim Cramer]

All right, so I agree.

[Michael Miebach (MasterCard CEO)]

Nothing to worry about the consumer spending.

[Jim Cramer]

Okay, now you are doing some things that astonish me. You are already predicting what the agents are going to do which is run amok. I've just started using agents. I almost felt like maybe I shouldn't do it. But you already have a, you have a plan for them too, don't you?

[Michael Miebach (MasterCard CEO)]

We do. So you know, in the age of AI, one of the use cases going to hit us first in our everyday lives is agentic commerce where people are going to change their ways on how they're going to find a product online, for example. So they're going to start to use maybe an LLM of their choice or a very large merchant and they're going to ask some agent, AI driven agent that says, what is the best product for me? And then why would you stop there? Why would you not right at that moment tell your agent, why don't you buy these products for me? I like what you recommended. And then there's a very simple checkout process as you do it today when you're your favorite digital wallet, what it might be. Of course there's a MasterCard behind it. So we're looking at a paradigm shift. Now for something like this to actually scale, you gotta keep safety and security and trust in mind. Because if you're using a solution like that, asking an agent to buy something for you and then something goes wrong and there's no protection and you don't know who to call and what to do about it, and you're not gonna use it again. So we're at the start of this paradigm shift. So the whole industry is really busy right now to ensuring that there's protocols that ensure safety, that it's clear who these agents are, which company are they from, are they meeting the rules, what happens if something goes wrong, etc. Etc. So that's what we're very focused on as a company and we're leading the industry there. One of the key things is, is actually this very specific question. So this agent buys a pair of Ramanning shoes that you have, but they come in the wrong size. Then you can say, you call the agent that something's wrong, what do you do? And if there's something that's not clear, was it actually what you ordered or do you just claim what that order? So where is the proof, the untapered proof on what actually happened that can go back to the bank and the merchant will basically say, no, no, this consumer is right. We just automate it. Whole thing is reversed. You do your return done as you are used to today. How do you do this amongst agents? Verifiable intent. Google and us came Together, Google and MasterCard put out this particular protocol, verifiable intent. So we're now ready for agent E commerce if something goes wrong as it does in everyday life. So that's a real step forward. So this is happening as we speak. It's still very early days. A lot of people just continue to buy the way they do. But this will change very quickly and I think it's a tremendous upside opportunity for us to as a company now

[Jim Cramer]

it's early days for some of us, but not early days for you guys. The concept of the stablecoin, the concept of the payments business as the kind of the national, the international treasury and you're at the forefront of that.

[Michael Miebach (MasterCard CEO)]

We are. So as a company, you know we have card in a name and of course we, we love cards. And cards are particularly good for one use case. That is if you buy something, buy something in a shop or online.

[Jim Cramer]

Great.

[Michael Miebach (MasterCard CEO)]

This has been solved. You don't need to solve that with stablecoins. Stablecoins are though a great technology because they're very Fast, they're available 247 and they're programmable. So if you take that technology and instead of say what are some use cases that you can solve with this technology. Now as a payments company, if there are such use cases we want to offer that technology cross border remittances, disbursements, things that take days today they're not transparent. You know, what is it going to cost? So this technology I think is going to unlock a lot of new flows today that don't even come to MasterCard. So we can be behind the stablecoin to ensure that the same thing we just talked about in the gente commerce all the protections, all the safety. 3.7 billion people out there have our cards today and they have certain expectations. Now if there's a stablecoin behind it, why would you expect anything different? So imagine fast forward. A lot of people start to use stablecoins. There's a lot of issuers that put

[Jim Cramer]

out stablecoins and you're confident that will happen worldwide, all that will happen.

[Michael Miebach (MasterCard CEO)]

But then you have a world of multiplicity, many chains, many stablecoins and you start to get in a situation where you want to pay me in a stablecoin of your choice and I want to be paid in a stablecoin of my choice. Payment choice matters. Who will be in the middle to ensure this can happen? Interoperability, that's what we do today, that's what we will do in an age of stablecoin and that is basically just us enabling any kind of payment choice on whatever is the latest technology.

[Jim Cramer]

One of the reasons why I didn't understand the stock is down. You're the most forward thinking of the payments companies and you've got the best brand. Well there's another brand that's also quite good, we know that. But when it comes to things that we're talking about you're well ahead if you have been since you've been teaching me about this for a very long time. So I want to thank Michael Mieback, the CEO of MasterCard MA Trust owned it for a very long time. Have to go back and look at it because it's just too low. Doesn't make any sense to bear money back in.

[Mad Money Announcer]

Coming up. Now that the dust has settled on yesterday's mega cap earnings reports, Kramer is ready to sort through the aftermath. He's diving in. Next,

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[Jim Cramer]

Last night we heard from four of the largest tech companies on the planet and that's Alphabet, Amazon, Microsoft and better platforms. All right. At the same time, as I mentioned the top, presumably because these guys are just trying to make their life difficult. Now that the markets had a full 24 hours to adjust these numbers, I want to dig into what we heard from big tech and what it means for the rest of the market. We start with Alphabet, which saw its stocks due to 10% today. In response, Alpha reported incredibly strong quarter 22% revenue growth, 82% earnings of 82% both coming well above expectations. All right, the quarter wasn't perfect. They had some small business YouTube advertising catch all other bets business. The most important parts of this company though, were very much strong. The core Google search division was up 19%. Google Cloud, their web infrastructure business, saw its sales skyrocket 63% to 20 billion. This is the part of business where the they've been spending a fortune on data centers. Right now that's looking like a great investment. Yeah, you heard me. What else we know that Gemini Enterprise saw paid monthly active users jumped 40%, quarter over quarter they also talked about the tremendous demand for their custom built TPU chips from AI Labs and other customers. And this you have to understand that's stuff that they make. Okay, that's not Nvidia. Now Google did bump up its full year capital expenditure budget by $5 billion. Take it to the 180 to $190 billion range. CFO and Ashkenazi mentioned that they expect the capex budget to significantly increase again in 2027. Insane amount of money but outfits producing spectacular results. So Wall street was happy to get behind it. See, they not only have that line of sight that I talked about, they are cleaning money now. Next up, Amazon. Very good numbers. Even if it's stocks, the stock didn't get any love. The stock was volatile in after hours trading and only gained less than 1% today. In the end I thought it was very solid quarter. 17% revenue growth, 75% earnings growth, per share growth latter being much, much better than expected even if it included a large pre tax gain from Amazon's early investment in anthropic. Still, when you look at the operating income that was up 30% also well above expectations. The stock should have been up more but it ran into the quarter. Amazon's retail business was strong. Advertising business boomed up 24%. Now Amazon Web Services this ended up being the star of the quarter, up 28%, its best growth in almost four years. That's a huge increase on $129 billion division of Amazon's. Their custom chip business now has a $20 billion annual revenue rate that's going to go much higher. So what's the problem? Amazon's guidance for the current quarter was more mix. Good revenue but really in line operating income. I think the stock would have gotten hit even harder if Amazon had raised its full year capital expenditures forecast. Hey, for what it's worth though, I thought the CEO Andy Jassy was the most thoughtful explainer of why that spending will pay off. These data center investments are very profitable for Amazon. I think the stock goes higher. I was surprised that it didn't go more high. But remember that's that parabolic move that I tell you about. Parabolic moves do not continue. They, they, they consolidate or they go down. I think this one's just consolidating. Third, there's Microsoft, much tougher. Okay, I mean like much tougher. They got clobbered today. Down nearly 4%. Ouch. I didn't want this. But rooting don't mean anything, right? We don't root for stocks, not sports Teams, it's, it's just tough. Microsoft delivered a nice top and bottom line beat. Revenue up 18% year over year. Earnings up 23%. All major lines came in ahead of expectations. The key number for Microsoft these days is Azure revenue growth. That's the company's cloud infrastructure business and it's where the lion's share of Microsoft's investments betting is going. For the quarter Azure revenue grew 40% year over year. Fabulous point ahead of expectations. Some people say two points ahead. Then we got what I thought was a solid conference call. Manager said azure could grow 39 to 40% in constant currency during the current quarter. That's much better than what the analysts were expecting. I cheered that. But then there's Microsoft's overall revenue guidance for the current quarter and that was a little light. And their total paid co pilot users was 20 million which oh yeah, that some were underwhelmed by that. I thought it was okay. At the same time, Wall street didn't seem to like what Microsoft had to say about its CapEx budget. Unlike the other big tech companies they had basically been given giving you this guidance on a quarter by quarter basis this time management said that average $40 billion in capital spending this quarter higher than expected. And they indicated it could go even higher in the coming quarters offering a CapEx forecast of 190 billion for the calendar year 2026. Now after that CapEx commentary, the stock started rolling over in after hours trading and it kept sinking. Today in the end I think Microsoft just didn't give investors good news to justify the elevated spending levels that they were projecting. Do you know that this was actually, it was looking up nicely but I. People hadn't put pen to paper and figured out exactly that they were spending a lot. They're spending more money. We don't want that. Finally, how about metal platforms? Oh man, this one really, this one really bothered me. It's being clubbed like a baby seal, you know, like that. Down more than 8% today. It's a shame because the company really did report good set of numbers. 33% revenue growth big beat 62% earnings per share growth which was much higher than expected. But only investors focus on a couple of negatives that are real negative. First met as family daily active people. Their term for users missed expectations actually shrank versus the previous quarter. Okay look, they blamed outages in Iran, blockages in Russia, but that was cold comfort to shareholders. I don't like blame. On top of that matter, raises full year capex outlook by 10 billion taking to a range of 125 to 145 billion.

[Steve Huffman (Reddit CEO)]

For what?

[Jim Cramer]

Blaming the increase in higher component prices especially for memory and data storage. We saw a lot of those companies report in the last 24 hours they're making too much money. But what can you do? It's capitalism. I think better simply just didn't do a good job of justifying their AI spending. I welcome to come here and we can sit down and figure it out. At this point it sure feels like Met is suffering from the lack of cloud infrastructure business though something has been pretty money for Alphabet is good for Amazon and Microsoft's good too. It's very easy to explain how building data centers can make this kind of business more lucid Group now matter would tell you that their spending is working to point to how their AI tools are boosting the core advertising business. For example CFO Susan Susan Lee said quote usage of our ad creative tools is also scaling with more than 8 million advertisers using at least one of our Gen AI ad creative tools. Particularly strong adoption among small and medium sized advertisers. End quote. And the daily users miss notwithstanding Met as overall numbers pretty impressive. It's their best revenue growth in five years for every single let's not get too down about this thing. It's just that Met is not the same as the other big tech companies that are seeing their cloud infrastructure divisions explode at the end of the day that is spending heavily like the other hyperscalers. But it's seeing the benefits come through an advertising business, not a cloud business and investors are just aren't as impressed with that. Remember a lot of that has to do with small means sized business. People is worried that they're not going to do off the economy slows down. Maybe the meta solve today was overdone. I'm going to I'm going to spend a lot of time with club members to try to figure that out. But it happened. Here's the bottom line. When you look at last night's 4 Mega Cap Tech earnings reports, each of these was an opportunity management to explain how their enormous data center investments are paying off. Alphabet did that very well. Amazon did it okay. Microsoft didn't quite do it and that I don't know. Clearly something's more do something there because a pop in advertising is not enough to convince Wall street that it has that that huge Capex bill is worth it. Let's go to Jerry in Missouri. Jerry.

[Caller]

Hey Jim, thanks for taking my call.

[Jim Cramer]

Oh absolutely Joe.

[Caller]

What's up Jim? Late last year. You had great expectations for this stock and it went up and then it came back down and my position overall has barely moved. Do you see any catalysts at all for Palantir when okay, I'm glad you asked about Palantir.

[Jim Cramer]

See I'm looking at Palantir as a longer term term investment. It did have, okay, it shot up, I went to 150, it did that, went to 200, did that, came back down. But nothing's changed in terms of how great they are. And I know that it's difficult to say hey let's buy a stock to 200 because it's great, but I will tell you that this company is firing on all cylinders. It's just the stock right now acts as if, well it's done and it's not done at all. I thank you you for the call. After viewing all four earnings reports from the Meg caps, it's clear that outfit was the biggest winner of the bunch. While Meta has some explaining to do with its capex bill, but I think they can do it. They just have to figure out how to make it. Payback much more Mad about Reddit Report a beat and race quarter I'm going to go straight to the CEO learn what's next for I think that is a very exciting social media platform Then it's nearly impossible to study all the companies reporting during earnings season but today I'll remember reveal my process to keep an edge during the busiest part of the quarter. Of course all your calls Rapid Fire tonight's edition of the lightning round so stay with Craig. Reddit with a Stock that's down 36% for the year reported the close that I thought the numbers were excellent. Management also gave strong guidance for the current quarter. I think this remains a terrific story one I highlighted in how to make money in any market. Reddit's basically become a database of human conversations on the Internet and it's essential for training artificial intelligence models and they're doing all this without the massive capital spending plans of other big tech companies. To me it's a winner and in the after hours market agrees with me. The stocks are big. Earlier today I got a chance to speak with Steve Huffman is the co founder and CEO of Reddit. Take a look. Welcome back to Man Money. Thank you, glad to be here. Ok so Steve, I want to get to the numbers but there's something that caught my eye in your deck that is so wonderful. It's in your letter. Reddit conversations are like oil for the modern Internet. Expand on that because I think it's just a brilliant way to look at your company.

[Steve Huffman (Reddit CEO)]

So if we look at where the Internet is going right now with AI, it's becoming more sanitized, summarized, optimized for attention. People want to hear what other people are saying, including AI. What we say is there's no artificial intelligence without actual intelligence. The knowledge has to come from somewhere. And Reddit is one of the primary sources for that sort of information that AIs crave, but also that people crave in the AI world.

[Jim Cramer]

Absolutely. And then a foundational resource that powers literally the next generation technology. I think you're far ahead of where everybody else is right now.

[Steve Huffman (Reddit CEO)]

The irony is that we've been playing the same game for 20 years.

[Jim Cramer]

We know, let's puzzle over that. So it got to you. It's catching up to where you are.

[Steve Huffman (Reddit CEO)]

So I actually think that's a lot of what we're seeing is the market is coming to Reddit. I think of Reddit as three chapters. The first in the early days is Reddit's not traditional media. The second chapter is Reddit's not social media, which is social media in the way they do things actually helped Reddit make sense because Reddit's more authentic, more people, centric, community centric, more deep. And now we're in this third chapter, which is Reddit is not AI. And so as the Internet keeps evolving and Reddit keeps doing the same human focused, you know, this human focused work, right. We just continue to stand out.

[Jim Cramer]

Now at the same time, I mean, look, it's your seventh consecutive quarter. Revenue growth over 60%. Industry leading gross margins of 90%. I was talking to someone yesterday at one of the hyperscalers. I said, oh my God, you guys have 90% growth. Because Jim, no one has that. We're fortunate enough to have 80. I don't know anyone who has 90. How do you explain that?

[Steve Huffman (Reddit CEO)]

We're a lightweight company, so we are building a consumer product. So we use AI. But our CapEx this quarter was $1 million.

[Jim Cramer]

Because what we're not doing is a million dollars. Yeah, my capex was $1 million.

[Steve Huffman (Reddit CEO)]

Well, great. You're doing great. We're not building data centers. Right. We're not going after enterprise customers. We're building a consumer product for people. And so that allows us to keep the company very light. And we've learned lessons from other people in the space that you need to get a profitability quickly, you need to keep high margins, you need to hire modestly. And that's what we've been doing.

[Jim Cramer]

Now, in that sense, you're a free rider, but others have free ridden on you. We've spoken before. I don't like the fact that your stuff is taken by it's, it's really just trolled by others. How do you stop? Have you had any luck trying to stop that?

[Steve Huffman (Reddit CEO)]

Well, we've had some luck. Of course we have real partnerships with Google and OpenAI, you know, the two biggest players in the space who value Reddit's data and the partnership. And by the way, that goes both ways. I think it's been a mutually beneficial partnership. But look, at the end of the day, people want what Reddit has and so it's a continued evolution of where we are in this, in this data space. But what we've seen over the last couple of years with the rise of AI is that the whole market now is learning that Reddit is the fuel for it.

[Jim Cramer]

Yes, you're absolutely right because you'll see it's to Reddit, it's shredded. And I'm sure that drives people because one thing I didn't like when I wrote my book, I was trying to go over GameStop and the fact is is that Reddit was there, the oil too, but it wasn't sinful. There was nothing the matter with everyone trying to make money. As a matter of fact, in many ways I enjoyed the rebellion of it because it was not illegal, it was a legal way to make money.

[Steve Huffman (Reddit CEO)]

Look, it's, the Reddit story is really the story of the Internet which is empowering people. And so the GameStop story was really this moment where the individual, the retail investors could finally connect and make a dent in this market.

[Jim Cramer]

When now I also look at the sites that I go to all the time. I am one of them is garbage spirits, Tequila, Mezcal. Because of my wife's business, I am always shocked at the, at the like they call it a K economy now. But you know, there are the people, there are people who are Talking about the $200 bottle of Mezcal and there are people who are talking about the $50 bottle tequila. It seems like that the demographic has no bounce.

[Steve Huffman (Reddit CEO)]

Look, the way we describe Reddit, it's for everybody.

[Jim Cramer]

Yes.

[Steve Huffman (Reddit CEO)]

So we call them, we start with emerging adults. So people don't age out of Reddit, they age into Reddit. So we pick users.

[Jim Cramer]

How unusual.

[Steve Huffman (Reddit CEO)]

Yeah, when they're end of high school, college and then we're with them through life's journey. You get your first job, you are in a relationship, you have Kids, you become a parent, you develop all these hobbies, you go through medical maladies.

[Jim Cramer]

These are all going to say it's important for people to know that because there's no many people don't want to talk about, about their sickness, they don't

[Steve Huffman (Reddit CEO)]

want to talk about their sickness, they don't talk about their relationship challenges on social media or publicly or sometimes even with their friends and family on Reddit. The anonymous nature of Reddit allows people to be safe doing that, to really, truly be themselves.

[Jim Cramer]

In the meantime, I think it's really important to put out. Ad revenue grew 74%. I for one have found that your rates are incredibly reasonable. I don't know whether if you raise them you will get more business. Maybe it's just the way it should be.

[Steve Huffman (Reddit CEO)]

Well, it's that the price is a function of the market. But what we're seeing is Reddit sits in a special place in the market. 30% of our users aren't on other social media. And so it's the only way for brands to reach those customers. And Reddit is trusted second only to friends and family. So we're one of the most trusted sources for product purchasing information. It's the juiciest part of the funnel. When people are deciding what am I

[Jim Cramer]

going to buy, we talk about the funnel. That makes me think about the finance, just the finances that are one of one. You are unique. Only those of us who have placed as with you, I feel like know exactly how. You are just a rifle, not a shotgun. A shotgun is expensive, a rifle is targeted. You have a different model from everybody.

[Steve Huffman (Reddit CEO)]

And we, we love that about this business. The financial performance, the margins, the low capex, the offering to advertisers. I think it's really a unique offering and I think when we combine this business performance with the growth potential, we're at about 120 million daily users today. It's about 50 million in the U.S. we're thinking about how do we get to 100 million in the U.S. how do we get to a billion globally? But we already have 200 million Americans visit Reddit every week. And so it's really a challenge of how do we just increase frequency, get those people to come to Reddit every day.

[Jim Cramer]

Now the last thing I did want to ask you was I was shocked about the international. I mean it's dominant. How are they. You can you monetize that audience in time?

[Caller]

Right.

[Steve Huffman (Reddit CEO)]

The first step is users and then, and then of course from there you can go to monetization. The thesis of Reddit is that community is universal. Everybody has interests, passions, things they're going through. And that's what Reddit is for. It's just part of the human experience. And so when we say Reddit is the most human platform on the Internet, it's because it really maps to what being a human is all about.

[Jim Cramer]

Well, it's fine. I usually don't do this but I urge people to go to it, particularly people who need an affinity and who are alone. It's almost as if it is a design to make it so. When people are alone, they don't do well in life and we know that that can lead to the wrong consequences. Reddit is a lifesaver for a lot of people.

[Steve Huffman (Reddit CEO)]

So loneliness is an epidemic.

[Jim Cramer]

Yes. And you said it on bay. I was hoping you'd say it.

[Steve Huffman (Reddit CEO)]

And the purpose of the Internet, the founding principle of the Internet is to connect people. And we were born of the early Internet. And so that's our perspective.

[Jim Cramer]

And you're still doing it. The numbers say you're doing it better than ever. That's Steve Huffney's co founder and CEO of Reddit rddt. They have Money Specific

[Mad Money 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. It's time for the white whale Chris Robert waltz in the sock there. Bye bye bye. So joining the course at the time my Stanford's grabbed fly playing the sound and then the lightning round is over. Are you ready ski daddy Tommy? The lightning round climbers more let's roll with Devon and California Devin Everything for life and service. Hey listen I've got a stock that I'm in at recently for my kids to fiddle account. I'm down 10%. Should I buy more or move on on Oklo? No, no, you don't want to do that. It's really speculative. I think you have enough. I think that the problem with ENCLO is it's. It's just too wild a trader. You can own it for a while. Don't buy anymore. Let's go to tim in Virginia, please. 10.

[Caller]

Hey, Mr. Kramer. Or should I call you the oracle of mad money?

[Jim Cramer]

I'll take that reading about the oracle.

[Caller]

I'm reading about your friend the oracle of Omaha, Warren Buffett who owns has long owned agricultural productive agricultural farmland. So I looked into it and found out there are agricultural REITs where real estate is investment trusts and I saw one which is Gladstone land.

[Jim Cramer]

Yeah, I mean I've looked at that from time to time. I mean it's a little guy acquires farmland. To me, you know what? I, I want growth. I don't think that they have growth. I, I'm sorry, I'm not going to go there. Go to Ron in Tennessee. Ron, Ron, go ahead. Ron's not there. Okay, I'm going to go to, to Norman, please. Norman in Virginia.

[Michael Miebach (MasterCard CEO)]

Thank you, Jim.

[Jim Cramer]

Booyah to you and thank you for your valuable insight. Ah, thanks a lot. I appreciate that.

[Steve Huffman (Reddit CEO)]

Yeah, right.

[Caller]

My, the stock I'm interested in has

[Jim Cramer]

taken a tumble over the last couple of months and it's asts. Okay. I like space. I like this one. I, I like. I gotta tell you, I think, I think there's a lot to recommend for speculating on space. And that's what I've been recommending. Not a lot of speculation away from that. But that one I think works. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

[Mad Money Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, wondering how the Mad Money team sorted through yesterday's deluge of data. Kramer's peeling back the curtain to show you next,

[Jim Cramer]

As I wrote in how to make money in any market, there are 40 weeks a year where you can take your time, analyze your stocks, figure out what game plan. Basically, don't sweat the program. But then there are another 12 weeks that are sheer hell. Three weeks every three months where we endure the brunt of earnings season. The house of pain. All my years in the business, I've been able to read all the relevant conference calls and make considered judgments pretty much every night. Not last night though. This time I studied until 11pm and then got up right 4am and I still came in behind the eight ball. And let me tell you something, that's ridiculous, for crying out loud. The idea that you could have Alphabet, Amazon, that and Microsoft all reporting the same night is insane. There are no other companies. It's like there are no other companies reporting. But there are many. Would it kill one or two of them to pick a different day? Tonight I want to give you a little snapshot of the 12 hours of hell from last night's reports to when I woke up, got on the air this morning. First, we all have our cheat sheets for the biggest companies. We know what we're looking for. We know what we have to see. When it comes to the big four tax. I have an elaborate one, but it's never enough. Never for big important stocks. I do something that most don't. I don't look at the after hours trading it's so often wrong it gets in your head. Apple was way wrong. Tonight you have to steer yourself because almost every company except the real stickers will tell you that everything's better than expected. As you know from our previous piece, the Fulcrum as I like to call it, was capital expenditures. I made up my mind that I'd be willing to excuse heavy spending if these companies had a line of sight to profitability. That meant right from the get go that I liked Amazon Alphabet as they seem to have so much business that their spending was necessary in order to keep up with the demand. That's exactly what invidious Jensen Wang has told us many many times. I then checked down like football to see the charts. Amazon is very extended and going parabolic. You know I don't like to buy parabolas. Alphabet was ripe to go higher, easy peasy. Meta was easy too, but in the wrong way. They needed to spend. They had no line of sight. So I knew that the stock was be in the penalty box. Microsoft is the hardest. Good numbers from Azure, the cloud business, but a lot of question marks about software. It might be disrupted by AI without enough to make up for it. And I wasn't really buying the co pilots doing all that well but well, neither was the market. When you do this kind of work you discover nuggets. Every company talked about the component costs. That means still one more day of up for Seagate which had just reported triple quarter but with Western Digital Sandisk. Those stocks though are really really overextended for me they're way too parabolic. I say sell, sell, sell. When I saw the fruits of my judgment this am I felt great about my vision. Even as the trust owns Matter and and Microsoft. They've been good to me over the years. Though I'm not going to bolt now, there was still plenty of news to kick myself. First, a stock I've liked forever. Caterpillar blew away the numbers. Did I own Cat? No. Then Cardinal Health, a company that had repeatedly come on man money telling a terrific story just embedded imploded. Did I tell people to buy it? It's in my trust.

[Caller]

Ouch.

[Jim Cramer]

Got to put that one behind, but only after further investigation. Meanwhile, I was dreading Lilly because a multitude of analysts have said that his new GOP Dash 1 pill wasn't selling well. They were wrong. The launch has gone well. No time to celebrate though. I had to get on tv. I needed everything about the big four tech companies in front of me. But how did I know how to do it? Well, I turned to the new guy, Zach Hodgkinson. He had the answer. He said, you put all the key indicators and numbers and into chat cbt and out comes this. I mean, I couldn't believe it. This is a I maybe I actually know something. I'm not fighting it. And with that I knew I would have the edge. Altogether, I had a batting average about.800 this time. Safe Cardinal Health. It was good outing, but the week's not over and neither's the pain. I got to get more of these. I like to say there's always a bull market. So my punch on Fight just your man Money. I'm do favor. See you tomorrow.

[Mad Money Disclaimer Narrator]

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

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