Mad Money w/ Jim Cramer 4/8/26

Summary

Mad Money w/ Jim Cramer – April 8, 2026 | Episode Summary

Episode Overview

In this Mad Money episode, Jim Cramer breaks down an explosive day in the markets after news of a potential ceasefire in the Middle East. He analyzes the top winners and losers across sectors, discusses the impacts of falling oil prices, and provides strategic guidance for navigating volatile markets. The show includes a signature Lightning Round of rapid-fire stock opinions, a timely interview with CrowdStrike CEO George Kurtz about critical AI/cybersecurity partnerships, a deep dive into golf and fintech stocks, and Cramer’s key takeaway on why staying invested matters.

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Market Recap & Biggest Movers

[01:01 – 09:00]

• Ceasefire-Driven Rally:

  • Cramer attributes the day’s 1,325-point Dow surge (+2.5% S&P, +2.8% Nasdaq) to optimism over a potential Middle East ceasefire (though noting skepticism over its permanence).
  • Oil experiences its largest single-day drop in six years, signaling real hope for stabilization.

• Top Gainers:

  • Interest Rate Sensitives & Data Center Stocks:
    • Sherwin Williams, Caterpillar, Home Depot, and Goldman Sachs all lead gains.
    • Sherwin Williams & Home Depot spike despite a generally weak housing market, possibly suggesting pent-up demand.
    • Caterpillar is heralded for “multiple ways to win”—infrastructure, construction, and especially data center power backup.
    • Data center demand surging; companies like Western Digital, SanDisk, and Lam Research benefit from memory shortages.
    • Goldman Sachs positioned well for upcoming dealmaking in a pro-merger administration.
  • Travel & Leisure:
    • Carnival, United Airlines, Norwegian Cruise also rally as bargain travel stocks rebound.

• Notable Quote:

  • “It’s hard to fathom Sherwin Williams being the winner from peace in the Middle East, isn’t it? But hope springs eternal...” – Jim Cramer [02:00]

• Biggest Losers:

  • Energy:
    • Chevron worst Dow performer due to oil’s plunge: “Live by the price of oil, die by the price of oil.” – Jim Cramer [06:10]
  • Telecom, Tech & Chemicals:
    • Verizon struggles, possibly tied to the future SpaceX Starlink IPO.
    • IBM pulls back but Cramer frames it as a buying opportunity.
    • Salesforce, Workday, Intuit all drop, with Cramer citing AI-driven skepticism over the sustainability of software-as-a-service (SaaS) models.
    • Commodity chemical makers Dow & LyondellBasell retreat after previously benefitting from war-driven supply shocks.

• Investment Lesson:

  • Painful days reveal what’s truly durable for investors:
    • “Because if it didn’t work today, on a day like today, it probably ain’t going to work at all.” – Jim Cramer [03:20]

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Lightning Round: Caller Questions & Cramer’s Takes

[09:09 – 10:42 & 40:16 – 43:22]

• Restoration Hardware (RH):
  • “No longer has a good balance sheet...I don’t recommend stocks...I find questionable.” [09:36]
• General Mills:
  • Passes due to yield not saving the stock and weak outlook—even good news gets sold. [10:17]
• Nike:
  • “It’s been one of my bigger mistakes...Turnaround is not happening fast enough...not seeing any signs.” [32:07]
• Arm Holdings:
  • “Lost its CEO...all very strange...take a pass.” [40:45]
• Commercial Metals (CMC):
  • Likes it, but prefers Nucor (NUE) for the upside. [41:23]
• Riot Platforms:
  • “If you want that, go buy Bitcoin. Don’t complicate things.” [41:42]
• Palantir:
  • Stands by it: “It’s not going to be hurt by Anthropic or OpenAI...I’m not giving up right here.” [42:14]
• Jovi Aviation:
  • “I’m not a flying car guy...Boeing is a great stock for that kind of thing.” [43:00]
• Lightwave Logic (LWLG):
  • Needs to research—“That one has eluded my ken.” [42:46]

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AI & Cybersecurity: Interview with CrowdStrike CEO George Kurtz

[13:33 – 23:35]

• AI Threat: Project Glasswing Announcement

  • Anthropic’s new “Mythos” AI model can spot zero-day software vulnerabilities—potentially a huge security risk if uncontrolled.
  • Project Glasswing: Anthropic partners with top tech and cybersecurity firms (including CrowdStrike) to fix those vulnerabilities rather than exploit them.

• Kurtz on Zero-Days & Industry Response:

  • “There’s thousands and thousands of these security flaws. Many go unnoticed for years or decades...Mythos...can find these and surface these.” – George Kurtz [14:46]
  • “If adversaries got a hold of it...it could be a bad thing.” – Kurtz [15:27]

• Cramer on CrowdStrike’s Edge:

  • “Without your business, they can’t even release this product.” [17:42]

• Key Security Insight:

  • AI accelerates both attack and defense cycles:
    • “On average, it takes about five days for an adversary to create a working exploit. This is going to go down to five minutes.” – Kurtz [18:00]
    • The partnership with Anthropic allows CrowdStrike to use Mythos for defense, “without the guardrails” imposed on public tools.

• Data Moat = Competitive Advantage:

  • “There’s two types of companies...those disrupted...just taking data in...and those like CrowdStrike–net data creators...15 years of domain knowledge. Security expertise actually matters.” – Kurtz [20:32]

• Ecosystem Position:

  • CrowdStrike stands out as one of two “pure play” security firms in a room dominated by tech giants (AWS, Apple, Nvidia, etc.).

• Takeaway:

  • “It’s symbiotic...you have to have [CrowdStrike] or else...Whoever brings them in could really hurt.” – Jim Cramer [22:52]

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Golf Stocks Ahead of the Masters

[25:22 – 32:07]

• Annual Golf Stock Review Tradition

  • Top Pure Plays: Acushnet Holdings (Titleist, FootJoy) and Callaway Golf (now newly separated from Topgolf).

• Acushnet (GOLF):

  • Up 59% in the past year; consistent, brand-driven execution.
  • International growth strong; cost pressures from tariffs.
  • Now trading at a premium (26.5x earnings) after the rally, making Cramer more cautious for entry.

• Callaway Golf:

  • Has rebounded after sale of Topgolf/Toptracer stake to private equity.
  • Stock ran up quickly post-deal, now a bit expensive for new buyers.

• Golf Industry Health:

  • More rounds played, international growth, YouTube Golf trend.
  • “Business is back, and I think you’ll date to it, do well in either one.” – Jim Cramer [30:50]

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Fintech Stock Spotlight: Bread Financial

[32:07 – 39:59]

• What is Bread Financial?
  • Formerly Alliance Data Systems; handles private label and co-branded credit cards, pay-over-time products, and savings products.
• Financial Profile:
  • Real business, strong brand relationships, “not some phony fintech.”
  • Earnings are extremely volatile and depend on consumer credit cycles (big swings from $15.95/share in 2021 to $4.47 in 2022 and back).
  • Loan portfolio relatively high-risk (delinquency rate: 5.8–6.5% over the past three years).
• Caution:
  • “That’s not the kind of earnings trajectory that lets you sleep soundly at night.” [35:56]
  • Prefers Amex or Capital One for credit card exposure; prefer Affirm for “buy now, pay later” if that’s the angle.
  • “Cheap lenders almost always look cheapest right before you remember why they were cheap in the first place. That’s the trap.” [38:30]
• Conclusion:
  • “Interesting, but not compelling enough for me to recommend...there are cleaner ways to play every part of this story.”

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Cramer’s Market Takeaway: The Importance of Staying Invested

[43:37 – 47:39]

• Market Timing Is Futile:
  • “You just can’t give up on the stock market. You can’t try to get out when things look bad then get back in when it’s safe. It’s too hard.”
  • You have to be in the market to catch the ‘eight biggest days’ each year—the days when most gains occur.
• Diversification Matters:
  • “Much better to have a balanced portfolio so you don’t get crushed when the wind blows in a new direction.”
• History Lesson:
  • “Over the last 42 years...you were better off just riding out the financial calamities—with the sole exception of the Great Recession.”
• Memorable Close:
  • “If you don’t try to ride out the bad days, you end up missing out on the great days when all the huge money is made.” [46:00]

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Memorable Quotes

• “You can tell a heck of a lot about what’s winning and what’s losing when you have a huge day like today.”
• “Live by the price of oil, die by the price of oil.”
• “There’s two types of companies...and those like CrowdStrike are net data creators.” – George Kurtz
• “You can’t have AI without security.” – George Kurtz
• “The business is back, and I think you’ll date to it, do well in either one.” – Jim Cramer

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Notable Segments & Timestamps

• Market recap & analysis: [01:01 – 09:00]
• Lighting Round (first): [09:09 – 10:42]
• CrowdStrike/George Kurtz interview: [13:33 – 23:35]
• Golf stocks deep dive: [25:22 – 32:07]
• Fintech spot: Bread Financial: [32:07 – 39:59]
• Lightning Round (second): [40:16 – 43:22]
• Cramer’s closing lesson: [43:37 – 47:39]

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Conclusion

This episode exemplifies Cramer’s blend of sharp market interpretation, hands-on investing strategy, and high-energy entertainment. He urges listeners to analyze sector winners and losers for clues, be cautious with cyclical lenders like Bread, focus on durable brands in thematic sectors, and—most crucially—to stay invested, not try to time the market. His conversation with CrowdStrike’s George Kurtz highlights the rising interdependence of AI and cybersecurity in the new era.

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For the latest actionable takes and to hear more from Cramer, always catch Mad Money live or on your favorite podcast app.

Transcript

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[Jim Cramer]

My mission is simple to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other people make friends. I'm just trying to make you a little bit of money here. My job is not just to teach, but also do some entertaining. So call me at 1-800-743, or tweet me at Jim Cramer. You can tell a heck of a lot about what's winning and what's losing when a huge day like today. Sure, we know that the market soared on a vague meeting of the minds. President Trump and some key people running around, causing the dow to surge 13, 25 points. S&P soared 2.51% and the Nasdaq rocket at 2.8%. We don't know how real the cease fire is, how much is finesse, how much will be needed to be nailed down still. But we do know that oil just had its biggest one day decline in six years, coming back down to the mid-90s. A pretty darn good sign that the cease fire has a real chance to survive. I think one of the great values of a day like today is a close scrutiny of the biggest gainers and losers in the session because they give you a window to what can work when things are a little more calm and more important. What can't work. Because if it didn't work today day, on a day like today, it probably ain't going to work at all. First up, when I Bruised the biggest gainers of the Dow, nasdaq, the sbc, a mixture of interest rate sensitives, travel and leisure and data center stocks. It's a little more eclectic than you might think. I mean what the biggest gators in the data, they Sherwin Williams, Caterpillar, Home Depot, Goldman Sachs. That's a pretty extraordinary set of leaders when you think about that. It's about a truce in Iran. When you see these four going up, it means investors believe that interest rates are coming down. By the way, they were coming down and then they did go up near the end of the day. It's hard to fathom Sherwin Williams being the winner from peace in the Middle east, isn't it? But hope springs eternal as some might thinking the housing market could be thawing now. This is the worst housing market when it comes to transaction volume in decades. The housing stocks itself, 44 years old, that's, that's the average age of a house. But when you see that pent up demand you think that people will go to Home Depot to get paint. The natural order of things they aren't. Home Depot hit a two year low just yesterday. It's been a terrible time for housing. Yet today the stock shot up more than 5%. The beginning of something new. I say you need a couple of persistent pay cuts where you can say that now Caterpillar is different caterpillars up there. His presence is a reminder of how terrific this market could be. CAT represents infrastructure money, construction money and data center money. It's been such a horse because the company's got multiple ways to win. I think Caterpillar moved up the prospect of more infrastructure, perhaps worldwide, more construction because rates came down at least for most of the session. And of course the data center because you need CAT generators to back up the usual power sources. I think the data centers may actually have hidden opportunities. You can string CAT engines, maybe even thousands of them and tie them together and then plug them directly into the natural gas patches we have all over the country and power data centers without raising electric rates. How about this? Goldman Sachs, all right. There are multiple reasons to own this stock once you think the coast is clear. I know there's plenty of money there that could be destined for takeovers. Now I think there'll be a rush of deals as administration is incredibly pro dealmaking. They never met a merger they didn't like unless it involves the President's political enemies, that is. It represents a lot of advisory business for the investment banks. And now Goldman reports next week. I think it should be a good one. As we told members of the CBC investing club, we've owned the stock for a long time. That said, some of the biggest gainers. Yes, tell a different story entirely. Right off the bat you see Carnival. Now, the cruise lines are the first to be battered and the first to recover as they regarded it as bargain vacations. And that's a realistic thing. United Airlines is there too. Norwegian Cruise did well too. Again, the travel segment, but after that we have a cluster of names that become a fixture. And not a good one. I know, controversial, but SanDisk, Lam Research, Western Digital, Seagate. These are all texts of a certain sort. Ones related to memory. A low tech portion of the cohort that happens to be in high demand happens to be in shortage. You need memory in the data center, tons of it. People didn't see it coming. SanDisk and Western Digital make the stuff. Lam Research makes, the equipment that makes the memory. So the demand for that is off the charts. What's the matter with that? Simple. We want the data center to grow, but we want it to grow by putting bigger and better equipment into the warehouses full of service. I regard Western Digital and SanDisk has attacks on the system. They can just keep raising rates because there's not enough supply. Low intellectual property that makes building data centers more expensive, that makes the user pay more. Fortunately, on the upswing, there are some high intellectual property, fiber optics and networkers further down the new high, the large gain list, but not enough to counteract the pernicious nature of the endless memory shortage. Okay, look, I. I want to see in video on that list, not SanDisk. It's not happening. Now, lots of things are loved on an update, but as you imagine, there are not a lot of hate spread around. And when you find it, let's just say it's eye opening, maybe eye popping. Some of these losers are real obvious. No surprise. Chevron's the worst performer the Dow today, right? I mean, hey listen, given that oil's down roughly 15%. Live by the price of oil, die by the price of oil. Verizon's right there too. Hard to figure this one out. Might be connected to the coming IPO of Space X, which owns Starlink. IBM is a bit of mystery to the last quarter. Okay, so it was tad suspect, but I think the buy on this mile pullback is the right thing to do. Then we have the killer. The one that matches up with the biggest losers in the NASDAQ Salesforce. Down almost 4%. Cheese. You think that this enterprise software stock could catch A break. I think it is the best agent software that allows Earth sets people to come alive, answer questions flawlessly. Also has a modern way to communicate with Slack. But Salesforce has a bunch of silos that have software as a service models and anything in that space is considered guilty until proven innocent thanks to the rise of AI. Even if it makes no sense at all. Why don't you think of like this? If companies are paying by the worker for software as a service and AI allows them to have fewer workers, then you have to say to yourself how can Salesforce make as much money as it used to? I get that. Plus who knows if Anthropic can help you code a Salesforce knockoff with lightning speed. I get that. I just don't know how existential it really is. We have the same narrative with Workday. Another one that was down barely today. It's a software play that can be duplicated by Gremlins. It was down 6.5%. Then there's Intuit which keeps getting it down 5% today that the guys buying TurboTax that you don't normally see this stock getting run over during tax season 30 that expensive. But the sellers sell, sell, sell sell sell sell sell non stop now we see something obvious. Diamondback, that's the most aggressive driller in America. That's down less than 5%. That's expected. Line Basel and Dow Commodity chemical makers are benefiting from the man made petrochemical shortage caused by the war. Now a lot of give ups from those two. But you know what? I'm not so sure how easy that is to give up on these. As some of the endless price hikes were caused by destroyed plastic refining taken out of capacity. Those facilities won't come back anytime soon. I'm a believer that you can own Dow or LY and wow, I'm out there. But here's the bottom line. When you go through these lists of the best and worst performers, you can see what's worth owning when things calm down and what's untouchable. When the market gets hammered again, you know what the professional money managers will reach for. It's a great way to figure out what can take you higher and what's just a plain old dead end. Let's take questions. Let's go to Gabriel in Illinois. Gabriel.

[Caller]

Hi James. How are you today?

[Jim Cramer]

I'm doing well. How are you?

[Caller]

Good, thank you Jim. I always listen to you. I know the guys on cnbc so I really appreciate everything you guys do all day long.

[Jim Cramer]

Thank you. Thank you very Much. Let's go to work. Let's go to work.

[Caller]

I wanted to ask you. Yes, sir. I wanted to ask you about Restoration Hardware. I know they're having some difficulties and a lot of money that they owe. But what do you think for the long term? Maybe 12 or 24 months?

[Jim Cramer]

Here's the problem. Look, I like RH. I love going there. I know Gary Freeman. But I also like a good balance sheet and it no longer has a good balance sheet. And I don't recommend stocks on this show with balance sheets that I find questionable because that always in 21 years has come back to hurt me. Always. So the answer is I can't recommend it as much as I like to stop. Let's go to Mike in Louisiana. Mike, Mike. Mike.

[Caller]

Jim, Hello From Sioux Falls, South Dakota.

[Jim Cramer]

Oh, really? Okay. They didn't know that. Okay, what's going on?

[Caller]

This consumer Staples stock is at multi year lows due to poor results and poor near term outlooks. But as a longer term play, how do you feel about General Mills?

[Jim Cramer]

You know, I was talking with the team earlier about talking to Jeff Marks about that. I saw Smucker SGM report a good quarter and it went up for about a minute and then it just got crushed. I can't recommend a Stock General Mills, 6.67% yield. It does not stop the decline. I'm going to have to say no. I don't have a reason to recommend General Mills. So I'm just going to have to say pass.

[Caller]

Pass. Wow.

[Jim Cramer]

All right. Make sure you go through these lists of the best and worst performers. It's really fun. The best way to see what's worth owning when things calm down and what's untouchable. And by the way, you learn something every time you do it. Oh, man. Money tonight. Oh, here's a big one. CrowdStrike is one of the companies partnering with Anthropic on its Buzz Frontier AI model. I'm hearing all about the partnership that you must know about, you must learn about when I sit down with the cybersecurity company CEO. Then ahead of the Masters this weekend, I'm teeing off a few of my favorite golf stocks to see whether the fairways can expect to see more green and heavy. Pick some good ones last year. And Fintech stocks are all the rage right now. But which ones are fit for your portfolio? I'm taking a deep dive into one that you called in called Bread Financial. And I'm telling you, if it's toast or is toast, another stock. Stay with Kramer.

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[Dr. Guy Winch]

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[Jim Cramer]

Yesterday, Anthropic, the AI lab that's the parent company of Claude, made a rather dramatic announcement. They've been working on a new frontier AI model called Mythos, and during the process they realized that it's incredibly adept at spotting what are known as zero day vulnerabilities, basically software flaws that even the developers don't know about. Rather than release mythos into the wild where criminals could use it to hack into everything, Anthropic established something called Project Classman, bringing together a bunch of tech companies and cybersecurity firms to fix this stuff. For example, they bought in Kramer faith CrowdStrike, which we own for the Travel Trust. Lately I've been trying to explain why CrowdStrike can't simply be replaced by these AI platforms. And I think Anthropic actually just did a perfect job of making that point for me. But don't take it from me. Let's check in with George Kurtz, the founder CEO of CrowdStrike, to learn more about what's going on here. Mr. Kurtz, welcome back to Man Money.

[George Kurtz]

Great to be here, Jim.

[Jim Cramer]

Thank you, George. Now, zero day, we've got to go over this, because this is what we're talking about, zero day vulnerabilities. And what I want you to know is, I want you to do is explain what is your day vulnerability is and why these flaws are so important to find and match and then patch now.

[George Kurtz]

Well, Jim, this has been the bane of the security industry for a long time. So as you might imagine, humans write code. Now, computers write code, but for many years, humans wrote code and humans make mistakes. So the code that they actually write has security flaws that can be exploited or taken advantage of by the adversary. And there's thousands and thousands and thousands of these security flaws. Many of them go unnoticed for years or decades. And obviously, having a technology like Mythos and a large language model that can find these and surface these is a good thing for patching your vulnerabilities, but could be a bad thing if the adversaries got a hold of it and used it for malicious purposes.

[Jim Cramer]

Now, what I'm trying to figure out is how Project Glasswing started. And when I read it, I thought to myself, George, had to have a hand, hand on this, because I don't know if even the great people who run Anthropic knew as much as you do about these things.

[George Kurtz]

Well, I think it's a reflection of what we've been doing with Anthropic behind the scenes. And I think our position in the security industry at large, I've said to you for many times, you can't have AI without security. And I think there's a recognition of that. We're the experts at it. The security industry as at large has a lot of information about this, and in particular, CrowdStrike does. And if you're a net data creator, which we are our, our agen, our security agents and sensors create data. We have unique data set. You need that data for AI. And one of the biggest things that's holding back AI adoption is security. Right now, I can tell you, Jim, I'm with 30 of our top customers at our customer advisory board meeting. And the number one topic is securing AI so they can go faster to the point where management teams are actually measuring how many people are using AI in their organization and scorecarding, giving them grades on it if they're not going fast enough. So that's the kind of deal that we're dealing that, you know, that's how big of A deal it is. And why we're part of the solution here.

[Jim Cramer]

Well, why hasn't anyone found these vulnerabilities before?

[George Kurtz]

Well, they're very complex. So in the old days, you'd have humans go through code, then you've got automated solutions that were around for a long period of time. But I think what we're seeing here with Mythos is that it has a fantastic ability to chain vulnerability. So a program isn't as simple as just one piece of code, right? There's all these dependencies and what's known as libraries, and it can look across the entire code base and it can actually identify and chain vulnerabilities together. Where one issue, one minor issue, might be small in the grand scheme, but when you chain them together and you link A to B to C to D, then you have a massive security exposure. And it's very good at that because that's what it understands. And it could operate at large scale to find those. And that's where it gets really scary. If it falls into the wrong hands and the adversary doing that on. On their behalf.

[Jim Cramer]

I listen to that and I say to myself, how in heck did people think that your business would somehow be hurt and disrupted by an anthropic. When it sounds like that without your business, they can't even release this. This. This product?

[George Kurtz]

Well, absolutely. I think when you look at what we're talking about, A.I. and again, Jim, these are concepts that we've about before. I just want to simplify. You're going to have a higher volume of attacks because AI is out there. It's going to find vulnerabilities that have never been found before, and you're going to have less time to actually patch these vulnerabilities. So higher value volume, less time. This is a simple equation. You know, on average, it takes about five days for an adversary to create a working exploit. When there's a vulnerability that's announced five days, this is going to go down to five minutes, right? So this whole cycle of finding a vulnerability and patching is going to get totally disrupted and thrown on its ear. And what you need are technologies like CrowdStrike to create mitigating controls where as you're patching these things, you still have protection in place, and you've got to control to keep yourself safe and prevent these adversaries from taking advantage of it. So it's only really going to accelerate the adoption of security technologies like CrowdStrike.

[Jim Cramer]

Right now, can I replace cybersecurity totally eventually? I mean, or is it always Got to be somebody else that is overseas.

[George Kurtz]

Well, I mean, AI is a part of the solution. I started the company using AI was machine learning at the time. We use large language models. We created large language models on our own. We've got small language models. And the thing that's important to realize, Jim, we actually can take advantage of Mythos ourselves from a defender perspective. So think about this. They've created a fantastic model and what we're talking about is finding vulnerabilities and the adversaries potentially using it. But now for the first time, the advantage has been from a large language model perspective, has been tilted toward the defenders. And we get to use that model as well to defend against these adversaries and we get to use it without the guardrails. So we get the full power of the model to be able to defend against these. And that's only one element, of course, of what we've built over the last 15 years. But that means it's a great partnership and we're excited. I was talking to Dario this morning from Anthropic, the CEO, and it was all about the partnership and how we continue to work together. And that's why we're excited to be part of this announcement.

[Jim Cramer]

Well, do you think that there is this going to be one of those things where we are going to find out who really is just another SaaS company and who is something that we should not even regard as being software, like your company? I've been trying to get people understand the CrowdStrike is not software. It's something entirely different. I only use the term appliance. That's like the old days. But there are some companies that are not valuable, is that not true? That are in your business that are not valuable?

[George Kurtz]

Yeah, Jim, there's two types of companies. You know, there's one company that's going to be disrupted where you're just taking data in and you're kind of visualizing it and slicing and dicing it, if you will. And there's others that like CrowdStrike, are net data creators. Our software agent, our security agent or sensor creates security telemetry. We see what's happening across literally millions and millions upon millions of endpoints and workloads around the world. And that that data is incredibly valuable. That's what we use to TR our models. And you can't get that by going to Reddit. You can't get that by scraping data off the Internet. So we've spent 15 years building this sort of massive data moat. And again, we, we get the benefit of using that with our customers and leveraging these models that are available like Mythos, as well as the models we've created. So that's why it becomes very sticky and you're going to have the have and the have nots. We certainly believe we're in the have category because it's very difficult to replace our agent, what we built, plus our cloud infrastructure, plus the 15 years of domain knowledge. Security expertise actually matters, Jim. And you can't just roll in and say you're a security expert because you can, you know how to use Claude code or something along those lines.

[Jim Cramer]

When you put together Amazon Web Services, Anthropic, Apple, Broadcom, Cisco, CrowdStrike, Google, JP Morgan Chase, the Linux Foundation, Microsoft, Nvidia, Power networks, other power networks and you, I don't see these. I think these other guys are, are. I think that they're victims, they're not predators.

[George Kurtz]

Well, the other folks involved, it's great that we've got the biggest companies in the world, but we're one of two security companies, Pure Play, security companies that are there and the largest software security, Pure Play. So we're delighted to be part of this. I think again, it goes to the validation point of where we play in the ecosystem as being an important element to securing AI. And as I said, you know, companies want to go faster with rolling out AI. Obviously the model creator, the Frontier Labs, want more AI in the consumption and the ability to consume tokens is just amazing. If you played with any of these technologies, you can zip through tokens very quickly and everyone wants to use it, but you have to secure it and you want to go faster. And security is going to be an accelerant to rolling out AI and making companies successful, making the lab successful and making the security companies like CrowdStrike successful as well.

[Jim Cramer]

Well, I'm glad you came on because I think people are starting to realize it's not that anthropic is going to destroy you, it's that you need to be. It's symbiotic. You have, you have to have you or else. Then I think that whoever brings, whoever brings them in could really hurt. They don't want that. That was what was so great about glasswing. They were very open about it. They can't do it alone. So I want to thank George KURTZ from your 30, 30 person, your conference.

[George Kurtz]

Yeah, I mean we got just in one day we got 30, we have another 30 rolling in. Again, these are some of our biggest customers around the world and they're here because they give us ideas, they tell us what they want, and they help form our roadmap. And good things happen when you listen to your customers, Jim.

[Jim Cramer]

All right, thank you, George Kurt, CEO of CrowdStrike. And thank you for explaining everything to us. We do need to learn about this, and I'll talk to you soon. Thank you. Man Money's back after the break.

[Mad Money Announcer]

Coming up, the azaleas are in blue and the green jackets have been pressed, so settle in for a round of Kramer's favorite golf stocks next.

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[Jim Cramer]

AT&T business Wireless Connecting changes everything. Tomorrow morning, the 90th Masters tournament kicks off at Augusta National Golf Club in Georgia. And here at Mad Money, we've got a tradition of checking up on the golf stocks right before the tournament. And we're not bad at it. All right, look, we do this not just. Well, it's not just because of fun or frankly, because our research director, Ben Stodo might leave to work for the Golf Channel if we didn't, but because some of the golf stocks have been big time winners. Although I don't want to rule out seeing Ben doing some odd jobs at our sister station, ideally in full golf get up. Now, in recent years there really only been two golf pure plays worth considering. Acushnet holdings, the parent company of Titleist, and Footjoy, among other golf equipment brands, which has the extremely apropos ticker G O L F. And then there's Callaway Golf, which is going through some significant changes over the past few years as it first merged with and then broke up with Topgolf, the driving range entertainment venue. When we last look at the golf stocks a year ago, I steered you heavily toward a Cushnet, which has been the steadier, more consistent player. I said you're getting a great buying opportunity thanks to the post Liberation Day tariff meltdown. And while I like the Kushnet, I warned you to steer clear of Callaway until they finally broke up with Topgolf. Well, one year later, I'm happy to report that a cushion has worked out Great. It's up 59%. That's more than double the S and P during the period that same period. This one's been a reliable long term winner. It's up nearly 4 and 80% since it came public a little less than a decade ago. So what's been going on here? Honestly, it's just good solid execution

[Uber Narrator]

at

[Jim Cramer]

parent company Titleist leading performance of the equipment performance equipment brand that's had the number one professional golf ball for over 75 years. FootJoy, their first footwear and apparel brand, has been the number one shoe on the PGA Tour for eight decades. And they've got a few other brands, Vokey Designs for wedges, Scotty Cameron for putters, Pinnacle for Gobbles Shoes. But you know that's spelled KJ US for outerwear. Acushnet's US Sales were very solid last year, but it got even more growth from Europe, the Middle east and Africa, up 11.2%. Plus the company ended last year on a particularly strong note with 7% sales growth. Growth in the fourth quarter thanks to 10% growth in Titleists, including 19% growth in golf clubs. Now cushions Earnings lines don't look they don't look as strong as the sales lines, with some cost pressures related to tariffs taking a bite out the company's probability like so many other companies. That said, analysts expect a big bounce back for earnings this year. The Wall street consensus is predicting nearly 20% earnings per share growth for 2026. That's not bad all told and steady she goes for a cushion. The one floor here is that after this run, the stock's actually more expensive than it's been in a long time. It's trading at 26.5 times this year's earnings estimates. It's not cheap. This isn't like last year when the tariff driven sell off was giving you a great entry point cushion. Barely sold off off on the war with Iran and now it's erased those losses thanks to the cease fire. I think the stock deserves a premium because I believe they can make the numbers, but I don't blame anyone who's hesitant to pay up for this one, especially after it jumped 4% today. Maybe you want to wait for the next market wide pullback so I'm happy with the Cushnet, but I've got to admit that I was too negative on the old topgolf Callaway, which is now simply known as Callaway Golf. Like the old days. A year ago I said that I'd take a fresh look at Callaway as a value play once its breakup was complete. But it turns out the market didn't need to wait. Callaway stock started running last summer even before we knew exactly what the Top Golf breakup would look like hike, in part because the company managed to put up a series of better than expected numbers. Finally, last November, Topgolf Callaway announced it would sell 60% of its stake in the Topgolf driving range business, along with Top Tracer, its golf technology business, to a private equity firm called Leonard Green for $1 billion. The structure deal was clever. First, the sale of majority stake in topgolf and Top Racer was cleaner than a spin off, as it could happen much faster. Second, the sale to a private equity firm took the process of valuing topgolf out of the public's hands. When topgolf Callaway was at its lows earlier last year, the market was effectively assigning no value to the topgolf business, none which public investors had totally written off. But the sale of Larry Green value Topgolf at roughly $1 billion and also assigned some value to Top Treasure too. Previously, that business was simply buried within the broader Topgolf Callaway businesses. Third, Callaway kept 40% of Topgolf, which is worth something now that we know that the private equity was willing to pay for it. In early January they completed the sale and the remaining company changed its name back to Callaway. Golf company management also announced a $200 million buyback, which represents nearly 10% of the market cap at the time. And over the course of the next two weeks, investors, they just piled right back into Callaway, which climbed from below 12 to a high of 16 and change in late January. It since pulled back to 14 and change where it sells for 34 times this year's earnings estimates. I don't know about that. Taking a step back on the eve of the Masters tournament, I think it's fair to say that golf seems to be in great shape these days. Even if Tiger woods is having some depressing personal issues. Again, let me put it this way. As we were refreshing ourselves on these golf stories, I came across a January note from J.P. morgan's Matt Boss, the best retail analyst in the business, bar none, which really stuck with with me. Boss had just returned from an industry conference and the theme of the event was the glory days. Because compared to the pre pandemic year, golf is seeing many more rounds played, more people are golfing overall and golf is growing internationally, even becoming more mainstream thanks to the rise of YouTube Golf. Boss was using that notice an opportunity to upgrade a Cushnet from underweight all right to neutral point stance. Here's the bottom line. As we do our annual check up on the golf stocks ahead of the Masters, I see a business that's booming. My favorite long term cushion remains an excellent performer. Although it's gotten a little expensive at this point. And Callaway caught fire before it finished breaking up a topgolf. At this point though, I think Callaway has gotten away from us. If I had to pick one right here I go with a Cushnet. Better consistency, better brand quality and cheap at least towards versus Callaway. But you know what? It doesn't matter. The business is back. I think you'll date to it. Do well in either one. Let's go to Blake in Iowa, please. Blake.

[Caller]

Jim, I'm looking at Nike. It's basically at a price you saw a decade ago. With their dividend yield getting really attractive. It feels like all the bad news is already baked in. Do you think we're finally at a floor here? Is it time to buy Nike?

[Jim Cramer]

No. Okay, look, I own Nike for my travel trust. It's been one of my bigger mistakes. I always talk about my mistakes because otherwise you can't learn. I got too bullish. I felt that there could be a turn because the company was so poorly run previous and that I think that Elliot Hill is doing a good job. But it's. The turnaround is not happening fast enough and I know. Down 32% but I don't think we're done yet. I don't. I'm not. Let's put this way, I'm not seeing any signs. When we get some signs, then we'll make A decision right now. I'm just saying I made a mistake. Nike. When it comes to the golf stock, I see a business that's booming. If I had to pick one, I'd go with a Cushnet. Much more may have money ahead, including my deep dive into a stock you called in about called Bread Financial. Then today's rally reveals the importance of one key market tactic. I'm explaining what it is and how it can protect your portfolios and oil calls. Rapid fire. Tonight's edition of the Lightning round just David Kramer. Last week Steve from North Carolina called in about Brett Financial and he stopped me so I said I'd circle back to it. Brett Financial Holdings BFH for you. Home Gamers is a payments and lending company built around private label and co brand credit cards Pay over time products, direct consumer savings. Look, I didn't recognize the name because until four years ago was known as Alliance Data Systems. Over a decade ago we used to have them on semi regularly. Back then Alliance Data Systems was a strong player in loyalty programs and store sponsored credit cards. The new Bread Financial is basically an old friend wearing a newer fintech wrapper. And I got to tell you though, I'm not in love with the stock. Look, I want to be even handed, so I'm gonna start deposits. Red Financial is a cheap stock and the business is real. They've got long standing relationships with recognizable brands through its community banking subsidiaries, it sits right in the middle of a lot of retail finance programs. So this is not some phony fintech company. I mean it's a real lender, real scale. Brett finished last year with $18.8 billion of end of period loans and adjusted net income of 578 million or $3.8 billion worth of revenue. Their direct consumer deposits have represent 48% of their average total funding. Long term the stock's been okay, ugly performer, but it's up 84% over the past 12 months, trouncing even some of my favorites like firm Amex Capital One. On top of that, Brett has built out a buy now pay later business as well as Bread Savings which offers high yield savings accounts and CDs. So yes, there's a real business here. This company is the financing engine behind a lot of branded credit card programs that consumers tend to use without ever thinking about who's underwriting them. But here's the part that jumped out at me once I started digging. This is not a smooth earnings story even in comparison to some of its peers. It's a lumpy cyclical credit sensitive story in 2021. In 2021, when the old alliance state of business was still benefiting from unusually strong consumer credit performance during of course, the COVID stimulus, it earned about $15.95 a share. 2022 dropped to $4.47 a share. Then in 2023, earnings bounced back to $14.74 per share. And then in 2024, they fell again to $7.60 per share. Last year, you guessed it, they recovered back to double digits at $12.16. Now, that's not the kind of earnings trajectory that lets you sleep soundly at night. Now, some of that's because Brett's gotten more exposure to lowering consumers and something like American Express. But the earnings volatility is also reserve accounting, charge off delinquency, and sometimes one time item story. This is not just a company with a shakier customer base. It's a company where the business model itself naturally produces messier numbers. And that is why the stock can look cheap one minute, then suddenly look very expensive. Of course, the customer base is central to the story. Private label retail credit cards are generally more accessible to consumers with a lot with lower credit cards with, you know, with the scores. Let me use it. A store card balance held by consumers with credit scores below 720 is typical. So annualized charge off rates for private label cards are nearly double those of general purpose credit cards. In other words, Bread's borrowers have a lot more deadbeats than a typical credit card company. It's tied to the mall card, the store card, the promotional financing offer, checkout out. These can be very good businesses in stable times or when the government has its hands on the money printer. But they get a lot harder to handicap when less wealthy consumers start to crack under pressure. Bread's own filings have been pretty explicit that it's been tightening its underwriting standards because of ongoing consumer payment pressure. In early 2024, the company cited lower credit sales, proactive credit tightening, and higher gross losses. The credit metrics have improved off the worst levels, but they're still not pretty. The delinquency rate was 6.5% in 2023, 5.9% in 2024, 5.8% at the end of 2025. It's better, but still a much tougher credit profile than the best of breed credit card outfits. I don't like those numbers. If you compare that to Market Express. Its customer base is wealthier and demand for premium products can stay strong even as the rest of the economy slows down, you know exactly what you're going to to get with Mercury's press, although it does have again, a much higher P E multiple. And if you want a mainstream lender with more exposure to the mass market, I'd rather own Capital One. Especially now that the Discovery deals done. There's a reason we own this one for the Chapel Trust and I feel so good about it. When Capital One bought, Discovery became the largest credit card issuer by balances in the United States. That's a very different animal than Bread. Bigger scale, more diversification, more operating leverage and more ways to win if you're right on the consumer. And I don't think Bread's buy now, pay later or as I like to call it buy now, pay never component is a reason to buy this one. Brett's Pay Over Time Business is real, but it's not the core of the story. Yes, I like this category, but if you want to play that theme, you know what, here we go again. I'd rather own a firm, which I explicitly highlight in how to Make Money in Any Market. A firm is democratized lending by providing financing in small increments for people who don't have the means to buy things upfront. And they do it transparently, showing you exactly when and how much you'll be charged. I would rather go with a pioneer like a firm in Max Levchin. There's a strong relationship with the best of the best. Amazon, Shopify, Costco. That feels like the cleaner way to play this thesis in a crowded field. I say go with the specials. Now, the best credit. It's not a broken company, far from it. It has a real niche, solid brand relationships, growing deposit base management that spent the past couple of years trying to make the business more resilient. The problem is this. This is exactly the kind of stock that can look fine right up until the consumer weakens and suddenly losses soar and the earnings power everybody thought they saw vanishes. Right now, broad sells for less than eight times this year's earnings estimate. Looks cheap, right? On the surface, stock screams undervalued. But cheap, said the lenders almost always look cheapest right before. Before you remember why they were cheap in the first place. Yeah, that's the trap. And Wall Street's looking for earnings to come down from 20, 25 levels in each of the next two years each. Here's the bottom line, Brett. Financial is interesting, but not compelling enough for me to recommend to you. Over the alternatives, you have more exposure to an affluent consumer. You go with America's best. If you want broader scale and a more durable credit card franchise, then it's capital one cof. And if you want to put play buy now, pay later. Oh, come on. Rather on a pure play like a firm the democratizer of lending. Don't get me wrong breaking work in the right environment. I just think there are cleaner ways to play every part of this story. Their money's back after the break.

[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 light round. Clear rock rules over the same as Stockstone. Bye bye bye sell. So soldiers clear nose to close stock question. My staff reverse the graphics while you play the sound and then the lighting round is over. Are you ready, ski daddy? Time for the light round. Clearance over, sonny. Messages, sunny.

[Caller]

Hey, Jim, I'm a club member and I bought your book recently and it's the fastest book I've ever read in my life.

[Jim Cramer]

Thank you very much. You're very kind. Thank you. What's up?

[Caller]

I'm here with my two daughters who are super fans and want to say hi.

[Jim Cramer]

Hi. Hi, Jim. What is doctor with stock arm holding on? You know what, first of all, thank you for calling in but it lost its CEO. I don't know understand how that happened. It was all very strange. I'm gonna have to say take a pass. I'm sorry but I love you guys calling in but I need to take a pass on. Let's go to Alex in Oregon.

[Caller]

Alex, Jim, thanks for taking my call. I'm calling about more of a mid cap industrial that's kind of transforming from just kind of doing concrete and doing steel and moving to concrete. The ticker symbol is cmc.

[Jim Cramer]

Commercial metals. I like commercial metals very much. But I'm going to, I'm going to steer towards Nucor which had another great session. I think Nucor could be a straight shot through 200. I wish that I had recommended it for my channel trust. We made some changes today. Can't change all at once. But nue is the one you want. Let's go to David in Pennsylvania. David.

[Caller]

Hey Jim, how you doing?

[Jim Cramer]

I'm doing well, David, how about you? Good. Riot platforms buy, sell, hold. If you want that. You just go buy bitcoin. And I'm happy if you go buy bitcoin. Bitcoin. But don't complicate things. Just go buy bitcoin. Bill in Massachusetts.

[Caller]

Bill, Jim, it was a great day to be a club member. Did every One of our stocks go up or what?

[Jim Cramer]

Thank you. Thank you. What's going on? Incredible.

[Caller]

Hey, one stock I wanted to ask you about was Palantir.

[Jim Cramer]

You know, it's really surprised me because I do not think that this could be hurt by anthropic. It's not going to be hurt by any of the others by open AI And I'm going to stand by it. I'm going to stand by carp. I'm not changing my mind. New book about carp. So far pretty good. I'm not going to give up right here. It had a big move last year and it's still digesting it. Let's go to Michael, New Jersey. Michael.

[Caller]

Jimbo, love you, love the show.

[Jim Cramer]

Thank you.

[Caller]

Calling, calling about a company, Lightwave Logic. Lwlg.

[Jim Cramer]

I do not know Lightwave Logic. I am going to have to get to get to work on that one. That one has eluded my Ken. Let's go to Cherry Sherry in Texas. Sherry, hey. Hey Jen, what do you really think about Jovi Aviation? Well, I'm not a flying car guy. I'm just not and I've been right not to be a flying car guy. Although I do think by the way that Boeing is a great Stockton here and they've got a lot of technology for that kind of thing. And that. Ladies and gentlemen, conclusion of the Lightning Round.

[Mad Money Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, Kramer's delivering his big takeaway from today's rally and reminding you why that same guiding principle is the key to making money in any market.

[Jim Cramer]

It next.

[Caller]

Yeah, Jim Kramer, I'm a first time caller, a happy club member. I want to thank you for being the people's champion of investing. Thank you for helping me become a millionaire.

[Jim Cramer]

Today's spectacular rally explains why you just can't give up on the stock market. You can't try to get out when things look bad then get back in when it's safe. It's too hard. By the time the coast is clear. You already missed the biggest move this time. The best moment to buy was actually when the President used his most aggressive rhetoric. It seemed like he was hinting that he'd be willing to go to extremes to crush Iran until this threat. Every other verbal attack by the President just brought nothing but vitriol from Iran. So you would have had to be clairvoyant bet that the rain is would come back with imagine with a multi point plan and well, forget it, you'd never be that Clinton. It just doesn't work like that. That's right. You'd had to bet. And it was betting that the worst day of the entire war, the day when President Trump made his biggest threats, was in fact the best day to invest. It's impossible to reliably make that kind of call. This coincidence precisely how this is why I wrote how to make money in Any market Market. I emphasize over and over again how you would have missed out all the gigantic moves if you tried to put in and fleet out of this market. I also point out that as the legendary investor Ken Lingo notes, there really only about eight days a year where the biggest gains are made. Today was one of those days. You have to stay invested or else you're going to miss it. How to make money any Market I also stress diversification. Free for weeks it seemed like a terrific time to own nothing but the oils, right? Perhaps with an augmentation of a certain maybe a fertilizer stock, some chemical stocks. Much of those gulf related gains were annihilated in today's session. Who would have thought that oil would plunge so much in one day. There wasn't even time to take profits again. It's too hard to pick just monetary momentary winners and nail the time can't time much better to have a balanced portfolio so you don't get crushed when the wind blows in new direction. We've seen this all before. People remember some of the days after Liberation Day last year seems so obvious that you couldn't be in the market. The White House seemed almost eager to destroy the global economy with absurdly high tariffs in your portfolio with it. But if you sold stocks, avoid the pain. You missed the huge day when the President miraculously repealed something he seemed to hold so near and dear. You might ask why the market took off so viciously this morning. A couple of reasons. First, there were a ton of investors who actually did leave the market, but before this, today they frantically tried to reenter all at once. Second, when the President made his threat to wipeout Iran, you could see a substantial short position developing. Understandable as I can't imagine nuclear war would be good for the market. Third, the reaction was so swift and powerful that many judged it to be the definite end of hostilities. So if you want to get back in what was too late, just might as well just keep buying all day. I say you need to get past this kind of thinking and accept that over the last 42 years, the period covered by how to Make Money in Any Market, you were better off just riding out the financial calamities with the sole exception of the Great Recession. That one was different. It's why I told you to get out in October of 2008 and then circle back a few months later. Told you a couple of thousand points later that, well, it was time. But you know what? It's true that if you just sat on your hands and you made back your losses after, say, about five years, it was still worth it because the gains from then on were spectacular. So let's use this moment as a searing memory of the importance of staying in. It's the quintessential example of why my strategy is right. Because if you don't try to ride out the bad days, you end up missing out on the great days when all the huge money is made, Alex said. As always, bull markets on my promise. I find it just for you right here on Mad Money. I'm Drew Kramer. 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. 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 this is the

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