Mad Money w/ Jim Cramer 5/11/26

Summary

Mad Money w/ Jim Cramer – Episode Summary (May 11, 2026)

Overview

In this episode of CNBC’s Mad Money, Jim Cramer tackles the persistent comparisons between the current 2026 market and the infamous dot-com bubble of 1999-2000. He dissects the stark bifurcation across sectors—especially between high-flying tech and battered consumer/healthcare stocks—and urges investors not to rely on simplistic market analogies. Cramer also dives deep into hot IPOs (notably Hawkeye 360), cybersecurity’s resurgence, and infrastructure "armageddon" plays, with real-time advice via his signature Lightning Round. The episode blends fierce market opinions, sharp educational moments, and actionable stock guidance.

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Key Discussion Points & Insights

1. Is 2026 the New 1999? The Market's "Bifurcation"

[01:01–08:38]

• The Narrative: Many commentators liken today’s market to 1999, warning of a tech bubble. Cramer urges caution in drawing direct parallels, citing unprecedented underlying dynamics.

  "Stop trying to pigeonhole this market like it's another kind of market. No one has ever seen anything like it." – Jim Cramer [02:16]

• Punishment of Non-Tech Stocks: Classic American companies—especially in healthcare—are being "slaughtered" for minor missteps. Examples:
  • Abbott Labs: Missed by a "smidge", down 34% YTD.
  • Boston Scientific, Medtronic, Zoetis, General Mills, Campbell’s: All new lows, high yields, implying fear of dividend cuts.
• Retail Despair: Home Depot, Clorox, Kimberly-Clark—usually seen as defensive—are hammered due to interest rates and perceived sector weakness.
• Underlying Strength Masked by Indexes: Despite the S&P 500 making new highs, dozens of core stocks languish at new lows.

  "There are so many good companies on new low list. 42 altogether … If you own shares in something that dropped the ball, you're unsafe at any level. The hammering is actually worse than 2000 for these stocks." – Jim Cramer [07:00]

• Tech Mania—The Other Side: Anything AI or data center-related is rewarded to extremes; non-AI software and banks with credit risk get left behind.
• Conclusion: While surface-level similarities to 1999 exist, today’s emotional, irrational punishment of quality names and obsession with winners is unique.

  "Now right now, the hated stocks are overly hated. And the loved ones, for the moment, they're overly loved … That's not 1999. 2000. Something very different." – Jim Cramer [10:28]

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2. Lightning Round – Real-Time Buy, Sell, Hold

[08:38–11:03 & 38:30–43:19]

• McDonald's (MCD): Wait for 3% yield; QSR (Burger King) is the relative winner now. [08:50]
• Pfizer (PFE): No earnings momentum; better yield opportunities in bonds. [09:32]
• Uber (UBER): "Definitely a buy" due to growth outside the data center and successful autonomous vehicle rollout. [10:04]
• Boston Scientific (BSX): Hold, don't buy more; recovery path is uncertain. [38:52]
• Applied Optoelectronics: Avoid, stocks are parabolic. [41:30]
• Ford (F): Pass, due to warranty issues and macro headwinds. [42:02]
• Eli Lilly (LLY): Bullish, "It is a bull market for Eli Lilly." [42:23]
• Caterpillar (CAT): Buy, benefits from oil/gas and infrastructure. [42:51]

Listener Engagement

Multiple callers thank Cramer and note learning from his books, reinforcing his educational mission.

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3. Hawkeye 360 IPO Deep Dive

[13:02–19:44]

• What is Hawkeye 360?
  • A geolocation and signals intelligence satellite network company centered on defense, space, and AI.
  • 74% sales growth last year; 110–118% estimated this quarter, post-ISA acquisition.
  • Most revenue from US government clients, with a healthy international spread.
• Financials: Moving toward profit (GAAP and EBITDA), but not yet free cash flow positive; $400M cash, no debt; backlog surged (organic growth!).
• Valuation: At $33–34/share, ~26x sales, over 100x EBITDA—rich, but Planet Labs trades even higher multiples.
• Cramer’s Take:

  "The numbers look good, the valuation is justifiable, the stock’s not cheap. And that's why I think that Hawkeye 360 is a buy." – Jim Cramer [18:42]

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4. The Cybersecurity Resurgence: Off the Charts Analysis

[21:33–29:12]

• Backdrop: Cybersecurity stocks were battered last fall on fears AI would make traditional security obsolete. Cramer calls this "absurd," arguing it's mission-critical as AI also powers hackers.

  "Cybersecurity is a mission critical, essential kind of product then ever, ever. Now that we have these hackers that have access to AI too." – Jim Cramer [21:38]

• Key ETF Focus (CIBR): Heavyweights like Broadcom and Cisco aren’t pure plays, but pure players like Palo Alto Networks and CrowdStrike now drive the ETF’s resurgence.
• Bob Lang’s Chart Review:
  • Palo Alto Networks (PANW): Breaks out above prior resistance, huge institutional buying; bullish momentum. Target: $235–275.
  • Cisco Systems (CSCO): Steady gains, possibly overbought, but could clear $100, targeting $110.
  • CrowdStrike (CRWD): Double bottom, surging on strong institutional buying, room to $600.
• Bottom Line:

  "As for me, I like Cisco, but I love Palo Alto Networks and CrowdStrike." [29:12]

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5. Vicor: From Obscure Power Modules to AI Infrastructure Winner

[32:18–38:12]

• The Story: Vicor makes high-performance power modules, now vital due to the power demands of AI-centric data centers.
• Recent Performance: Stock up over 660% in a year, backlog grew 70% in one quarter, new high-value partnerships (including with Cerebras).
• Risks: Extremely high valuation (25x sales, 100x earnings), customer concentration, fierce competition (Monolithic Power, Analog Devices).

  "If you already own Vicor, I understand you wanted to keep your exposure. ... But if you don't own it, please be patient. Let the stock cool off." – Jim Cramer [37:53]

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6. War & the Puzzling Retail Selloff

[43:19–47:45]

• Context: Ongoing Middle East conflict (Iran) isn’t being "ignored," contrary to some views. It's causing retail, consumer, and even fast food stocks (McDonald's, Wendy's, Best Buy) to tumble.

  "For example, lots of people consumer stocks are indeed falling apart even if they shouldn't be." – Jim Cramer [44:56]

• Counterintuitive Moves: Discount retail names—historically safe havens (TJX, Dollar General, Ross)—are also sold off, despite an economic narrative that should favor defensive stores.

  "Believe it or not, the morass is even hitting fast food. McDonald's has been clubbed. ... Once again the dividend yields back above 8% because the stocks come down so far." – Jim Cramer [45:24]

• Market Guidance: Don't buy stocks reacting to presidential statements or based on "cheapness" alone. Stick with proven winners.

  "Stick with what's working. I like to say there's always a bull market somewhere. I promise I'd find it just for you right here on Mad Money." – Jim Cramer [47:21]

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Notable Quotes & Memorable Moments

• On Market Uniqueness:

  "No one has ever seen anything like it. ... The hammering is actually worse than 2000 for these stocks." – Jim Cramer [02:16, 07:00]

• On AI’s Influence:

  "It’s like portfolio managers decide to ban any stocks that are unrelated to AI. ... They cling to the data center because it’s perceived to have very little economic sensitivity." – Jim Cramer [07:44]

• On Panic and Emotion:

  "It's just humans beating them up and humans dumping them with a level of fear I can't ever remember seeing. Certainly more emotional and less rational than 1999 or 2000 for that matter." – Jim Cramer [08:19]

• On Hawkeye 360:

  "I like this Hawkeye360 very much. ... After its strong debut, this represents a unique story, unique opportunity, very different from your typical satellite play." – Jim Cramer [18:37]

• On Cybersecurity:

  "I repeatedly told you this was completely absurd. ... Cybersecurity is a mission critical, essential kind of product then ever, ever. Now that we have these hackers that have access to AI too." – Jim Cramer [21:34]

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Timestamps for Important Segments

• Market Comparison: 2026 vs. 1999 — [01:01–08:38]
• Lightning Round (part 1) — [08:38–11:03]
• Hawkeye 360 IPO Deep Dive — [13:02–19:44]
• Cybersecurity Charts — [21:33–29:12]
• Cloudflare Call & Cybersecurity Bounce — [29:23–30:22]
• Vicor Deep Dive — [32:18–38:12]
• Lightning Round (part 2) — [38:30–43:19]
• War, Oil, and the Retail Conundrum — [43:19–47:45]

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Summary: Actionable Takeaways

• Bifurcation is real: Stay alert to what is quietly collapsing vs. what is over-loved.
• Don’t chase cheapness: Deep value traps can get cheaper; let stories like Vicor and Hawkeye digest gains before adding.
• Energy, AI-connected Infrastructure, and Cybersecurity are core themes: These “always a bull market somewhere” areas remain Cramer’s favorites.
• Wait out uncertainty in retail and consumer names until macro/political uncertainty lifts or true bargains emerge.
• Stick with quality, momentum, and what’s working—ignore the noise and old analogies.

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End of Summary

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 Cramerica. I'll be my friends. I was trying to make it a couple of bucks here. My job is to entertain, but to educate. So call me at 1-800-743-CBC. Tweet me at Jim Cramer. We keep hearing this drumbeat that 2026 is 1999 all over. Again with the air stocks. This time playing the role of the dot cops. There's a reason why we're hearing this. It's because lots of people want to scare you out. They want you to sell everything. Because after 1999 comes 2000, and 2000 ushered in a vicious bear market economist trader that year. So I can see where we have some similarities developing. I'm not. I'm not obtuse here, but as I've been saying repeatedly, stop trying to pigeonhole this market like it's another kind of market. No one has ever seen anything like it. Even if sometimes we get a sedate day like today with The Dow bouncing 95 points, it's been inching up 0.19%. The NASDAQ.1%. The problem is, of course, those don't tell you what's really going on underneath. That's my job. First, let's talk about some similarities that have now been popping up. Okay. In 1999 we saw the wholesale slaughter of all the traditional growth stocks away from tech. It was tough to own any health care stock back then. We're seeing something very similar now. I could give you a long list, but I'd rather just present you to length with Avid Labs, one of the greatest American companies in history. And Abbott missed its last quarter by a smidge and is now down 34% for the year. This is Abbott Labs for Evan's sake. A market that doles out such harsh punishment for Abbott Labs is a market that despises anything not connected to tech in the data center. Richard. Stan, another one time excellent company has seen stock just get pulverized after not so great quarter. Or I should say a savage string of not so great quarters. The stock of the medical and diagnostics company is down astounding 27% year to date and just headshake. This is Dana. Those two of course aren't alone. Boston Scientific, Intuitive Surgical, Medtronic, Rest Med, Stryker, Zimmer, Biomet. They all hit new lows. That's a remarkable conflict of true ugliness from some pretty darn good companies. Okay, so let's go to retail. Consider Home Depot once. I'm about to go there because I like to garden. This is the most seized upon stock when you think that interest rates are going to get cut. We're about to get a new Fed chief shortly. But Warsh and he's known to favor lower rates. Okay now though with oil up huge because of the war and the soon to be reported CPI supposed to run hot, the market's going cool in the idea that there could be any rate cuts. So they're eviscerating the stock of Home Depot because it's very difficult for the business to run without a housing turnover. We don't have it. Okay, well here's to that. These Mindbach, Clorox and Kimberly Clark. These are excellent companies long term. Terrific. They both yield more than 5% here. That that's remarkable in itself. They're perceived to be doing poorly though. I am worried about. Clorox has had some tough times. So is Kimberly considering this gigantic terrible fire that wiped out a huge amount of Scott toilet paper. However, Kimberly's about to merge with Can View and that's a fantastic deal that I bet will produce tremendous returns. Unfortunately, I don't see the stock be rewarded for it. Not in this market. Back in 1999 we had some stocks of companies that would report upside surprises and quickly give up much of their post earnings gains. Oh, there's something we're starting to see right now. I'm looking at PepsiCo and Procter and Gamble. They just gave up the ghost in similar fashion in 1999. We own Proctor for the Chapel Trust and I'm so tempted to buy more. But there's really no reason to believe the stock could start rebounding anytime soon given the current environment. I'm not oblivious. Zoetis. Okay, here's a classic. 1999, the uber consistent animal health company is experiencing something that's pretty hard to believe. An endless series of declines. And after one week quarter that's very much. I'd say March of 2000, end of the month, punished, punished and punished some more with the stock down 7.4% today, not to mention down 39% for the year. Is a quality company anything food? Forget about Hormel, Channel Mills, McCormick. They all hit lows today. General Mills, one of the most reliable stocks here in the entire market now sports a 7.2% yield that seems pretty high for a quality company like this market hasn't yet caught into the weeds of that. The benefits of that McCormick buying helmets from Unilever. Hormel's just playing unfathomable. And the dividend yield of 5.8% seems mighty high. Not as high as Campbell's at 7.56% though. People, you don't get those kinds of deals unless people are worried that the dividend will need to be cut. That's what it's saying now. I want you to keep in mind that these horrendous losses are happening underneath the broader averages even as so many stocks are going down. We hit a new high on BE 500 today. It's an incredible list of former darlings that missed their quarters or perceived to have failed to raise estimates. So they're taken to the woodshed for multiple whippings. There are so many good companies on new low list. 42 altogether. Clearly somebody just mentioned that you have to believe that you can put some of the way to make money. But not if the stocks keep going lower. Not if they have no bottom like this market. Feels like these kinds of stocks did drift in 1999, although nothing is horrendous as the clients we're seeing now. And it took off in the middle of 2000 when tech was finally vanquished by incredible selling. But the difference between now 1999 is that this market doesn't stop punishing the companies that disappointed if you own shares in something that dropped the ball you're unsafe at any level. The hammering is actually worse than 2000 for these stocks. Now we're seeing some crazy similarities in some tech and industrial stocks. But again, like the stocks that are being punished because they're, they've gone out of style, we have a tremendous amount of over enthusiasm for the winners. I mean love for some companies that could really use a little cool and all, frankly, especially anything connected to that data center. It's like portfolio managers decide to ban any stock stocks that are unrelated to AI. They cling to the data center because it's perceived to have very little economic sensitivity thanks to the fact that demand is so voracious. Of course, I totally get how the naysayers will look at the ridiculously huge gains in Micron or Sandisk or intel and say whoa Nelly, you can't take stocks up like that. Especially before the market officially opens. But tech isn't tech anymore. We're seeing a further breakdown in the enterprise software name, especially the software as a service companies. There was no bifurcation back in 1999. All tech was loved because all tech was bad. The banks are bifurcated to they just with a lot of credit risk are getting crushed. But those without are running free. And we sure didn't see the oils run back then. The problem with the dot com analogies, as I keep explaining, is that they just don't hold up. They don't help you. Back then we had a group of phony companies that kept rallying and a lot of real companies did nothing. These days we're witnessing the stocks of real companies go higher endlessly on the same information while others just get bushwhacked for some sort of guide down. Here's the bottom line. There's some hated stocks right now and some love stocks right now. The hated stocks are overheated and the loved are overlooked as they're very good companies, but ones that have gotten overvalued in a hurry. I think every one of these stocks just needs to catch its breath. But then again, they aren't human. It's just humans beating them up and humans dumping them with a level of fear I can't ever remember seeing. Certainly more emotional and less rational than 1999 or 2000 for that matter. Let's go to Wilhelm in Iowa. Wilhelm.

[Caller]

Booyah, Jim, booyah. Second time caller, longtime listener McDonald's buy seller hold.

[Jim Cramer]

Okay, McDonald's is very tough because it's breaking down here. It sells at 21 times earnings. The quarter was just okay, 2.7% yield. I want to buy this one? A yield business. If it gets to 3%, I do want to buy it. But remember, we just had QSR on Burger King and Burger King is winning now. QSR, I think is the better.

[Caller]

Whoa.

[Jim Cramer]

The better company, the McDonald's. Pat Doyle, tech chair. Mara in Florida. Mara.

[Caller]

Hi, Jim.

Hey. Thank you for your book and thank you for you.

[Jim Cramer]

You're very kind. Keep delivering for you.

[Caller]

Thank you. I was going to ask you about Pfizer. What do you think?

Hold, sell or buy more?

[Jim Cramer]

Pfizer does not have any earnings momentum. You're just buying on that dividend yield of 666. And I've got to tell you, if I want yield, I will go to bonds, not stocks. How about Joe in New Jersey? Joe, how you been?

[Caller]

Hello, Mr. Kramer. I've been fine. Thank you so much for taking my call. That you do for us.

[Jim Cramer]

Thanks a lot, buddy. Thank you.

[Caller]

With Uber offering more autonomous vehicles on the road, is it a buy?

[Jim Cramer]

I think it's definitely a buy. This is one of those stocks before a really good quarter. It sells at 25 times earnings. It's got great growth and that's what we're looking for. Great growth not just in the data center, but away from the data center. And you picked a good one. There aren't many as good. Okay. Now right now, the hated stocks are overly hated. Okay. And the loved ones, for the moment, they're overly loved. Oh, man. That's not 1999. 2000. Something. Something very different. I don't know what it is. On MY MONEY tonight, a big satellite IPO just hit the market. So should you be orbiting this name, I'm going to give you my take on. I didn't want to tell you, but it's Hawkeye 360. And are the cyber security stocks finally making a comeback? I'm going off the charts to find out. There's some pretty good ones there. And power player by court, you know that one. It's up 600 in the last year. What's going on with this thing? I'm digging deeper into the stock. Another winner. So stay with Kramer.

[Show Announcer]

Don't miss a second of Mad Money. Follow Im Kramer on X. Have a question. Tweet Kramer, hashtag mad mentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743, CNBC. Miss something? Head to madmoney.cnbc.com

[Bank of America Representative]

what would you like the power to do?

[Jim Cramer]

Don't worry, you got this.

[Indeed Representative]

Whoa.

[Bank of America Representative]

Hear that?

[Jim Cramer]

I did it.

[Bank of America Representative]

That's the sound of you helping your child find confidence that lasts a lifetime. Bank of America invites kids 6 to 18 to join golf with us for a limited time. Sign them up for a free one year membership, giving them access to discounted tee times at thousands of courses as we champion the next generation. Who dares to ask what would you like the power to do? Restrictions apply. Activation required. CPFA.com Kauff with us for complete details.

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[Jim Cramer]

what made you confident that you could do something that hadn't been done before? I have no fear of failure.

[Julia Boorstin]

Trailblazing women, Changing the Game One of

[Jim Cramer]

my favorite pieces of advice Think about what your boss's boss needs.

[Julia Boorstin]

Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just gotta think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday. Wherever you get your podcasts,

[Jim Cramer]

You're going to like this. Last week we got a pretty exciting IPO. It's called Hawkeye360. That's Hawk H A W K for all you home gamers, which is a geolocation and signals intelligence play focused on space, defense and artificial intelligence. Now this stock came public at $26. Then it opened for trading at $33.80 last Thursday. We're finishing the session at $34. Since then, it's a tad to $33 and change. But this thing made you a killing if you got in on the actual ipo. So what exactly does Hawkeye do and is it worth owning now? Maybe worth buying now. Mainly they use a network of 30 satellites to gather radio frequency intelligence from over over the world. That comes from radio data, marine radio, radars, radars, GPS jamming frequencies, satellite phones and other communications devices. The company then processes all of that data through its proprietary AI platform to filter out the signal from the noise. Now most of the time when you're relying on satellites for surveillance, they're basically just cameras in space. They can't do much when the sun's down and there's cloud cover. But Hawkeye scanning radio signals, which can do at any time this kind of thing has been essential in the war in Ukraine and the current situation in the Middle East. Both of the company also says it has this first mover advantage basically because they've been doing this for over a decade now. Hawkeye has a large library of data to train its algorithms on. And they're better able to figure out what kind of type of device or machinery is making the signal that gets picked up by their satellites. And in December of last year, they acquired a company called Innovative Signal Analysis, which gives them even more signal processing technology. Also bolstered the relationship with the U.S. government. They now have access to a lot more classified systems. Now, in terms of customers, 61% of last year's revenue came from US customers, mainly government entities, with 16% coming from Japan and the remaining 23% from the rest of world. While most of that government governmental business, they also have a smaller maritime safety division, although that's been a lower priority because there's a lot more growth mid defense contractor. All right, so let's talk about the numbers because the numbers here are pretty darn impressive when I look at them. Last year Hawkeye put up 74% sales growth. 74. I mean, come on. And in the first quarter of this year, they estimate that the growth rate accelerated to somewhere between 110 and 118%. Take that, General Mills. Of course, that includes the newly. That's a joke about lower, slower growing companies. Of course, the newly acquired business, ISA is included. Still, however you slice it, that's very, very strong revenue growth. On the profitability front, Hawkeye has been moving in the right direction. Looking at the most stringent GAAP net income numbers, the company went from a net loss of 31.2 million in 2024 to a tiny profit in 2025. Through in the first quarter of last year. The they actually lost about 10 million because the business they bought that ISA is not yet profitable. That's okay. If you're willing to look at the more lenient adjusted earnings before interest, taxes, depreciation, that's stick it. This is a little more dicey. They show a nice trajectory with Hawkeye moving from a $6.3 million loss in 2024 to an EBITDA profit of 24.8 million last year. Then in the first quarter this year, they predicted ebitda profit between 6.1 million 8.6 million, up somewhere between 59% and 124% year over year. Wow. I think it's fair to use the EBITDA numbers here actually, because this is a very capital intensive business. They've had to build and launch two and a half dozen satellites. So EBITDA can tell you, I think more about the true state of the business. Therefore, it's a lot more positive than it might look if you don't use ebitda. Now, there are a few other important takeaways from the financials. First, Hawkeye is not yet free cash flow positive. Okay, that is not ideal. But then again, you can burn a lot of cash up front when you put up the satellites in the sky. Second, the company does have a pristine balance sheet with over $400 million in cash equivalents alongside zero debt. Third, Hawkeye's backlog has exploded over the past couple years, climbing from 44 million at the end of 2024 to nearly $303 million at the end of last year. That's fantastic. Magnum did say that it came down to 285 million by the end of March, but still, that's a great number. More than double last year's revenue total. And most of that backlog growth was organic coming from the new contracts and the expansion of existing contracts rather than the ISA acquisition. None of this organic means that it's from they didn't just buy something, they didn't buy growth. So far, I'm a big fan of Hawkeye360, but what about Hawkeye360, the stock? Two different things at $33 and change. The thing is a market capitalization of 3.1 billion and an enterprise value of 2.7 billion. Thanks to that substantial cash flow. Now, candidly, Hawkeye's valuation is a bit rich. Regardless of how you look at it, it's trading at over 26 times last year's revenue. Not earnings, revenue. And as far as enterprise multiple, the stock trades at over 100 times last year's EBITDA. But here's what I'll say. The closest comparison that I can come up with for this one is Planet Labs. That's a company that network of satellites that sells images to the government commercial customers. Planet Labs has been red hot lately, up more than 1,000% over the past 12 months. Up 366% since we had them on in September and I thought it might be late. That company is now valued nearly $15 billion. Frankly, I think Planet Labs is a tad overvalued here, but it's going to be worth almost 15 billion. Then it would seems crazy that Hawkeye is only valued at 3 billion. Hawkeye is growing three times faster than Planet Labs. It's more profitable to boot. Planet Labs trades at 47 times last year's sales. If you gave Hawkeye the same valuation, stock would almost double from here. And look, if the company sales do end up doubling this year like they did in the first quarter, then you've got to stop this trading closer to three 13 times sales. That's still expensive because it's not, you know, it's time sales, not earnings. But it's a much more reasonable valuation for a business with such a Capelli story. Here's the bottom line. I like this Hawkeye360 very much. And I think, guess what? I think the stock can be bought right here after its strong debut. This represents a unique story, unique opportunity, very different from your typical satellite play, let alone any other defense contractor. I follow. The numbers look good, the valuation is justifiable, the stock's not your cheap. And that's why I think that Hawkeye 360 is a buy bit. Money's back into the brain.

[Show Announcer]

Coming up, could an opportunity be around the corner to snatch big gains in cybersecurity stocks? Kramer is spying three that could be promising leads next.

[Bank of America Representative]

What would you like the power to do?

[Jim Cramer]

Don't worry, you got this. Whoa.

[Bank of America Representative]

Hear that?

[Jim Cramer]

I did it.

[Bank of America Representative]

That's the sound of you helping your child find confidence that lasts a lifetime. Bank of America invites kids 6 to 18 to join golf with us for a limited time. Sign them up for a free one year membership, giving them access to discounted tee times at thousands of courses as we champion the next generation. Who dares to ask, what would you like the power to do? Restrictions apply. Activation required. CBFA.com Golf with us for complete details.

[Fidelity Representative]

This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] market update podcast or find Schwab Market Update wherever you get your podcasts.

[Jim Cramer]

What made you confident that you could do something that hadn't been done before? I have no fear of failure.

[Julia Boorstin]

Trailblazing women, changing the game.

[Jim Cramer]

One of my favorite pieces of advice. Think about what your boss's boss needs.

[Julia Boorstin]

Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just gotta think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and power players New episodes every Tuesday. Wherever you get your podcasts,

[Jim Cramer]

Let's talk about one of my favorite sectors, cybersecurity. Starting last fall, practically all the pure play cybersecurity stocks went out of style. The Wall street fashion show because of AI displacement works, there was this widespread fear that their business model would be crushed the same way many enterprise software companies were being put through the meat grinder that the software the service stocks too. Everyone seemed to think that this industry would get steamrolled by the AI platforms that can write their own code. I repeatedly told you this was completely absurd. Cybersecurity is a mission critical, essential kind of product then ever, ever. Now that we have these hackers that have access to AI too. But these stocks only started rebounding in the past couple of months. It made no sense to me. They should have never gone down. So that's why tonight we're going off the charts. Take a closer look at cybersecurity with the help of Bob Lang. He's the founder of Explosive Options.net. he's also the author of Know your Options. Lang points out like I did that when you look at the cybersecurity stock group as represented by an ETF called First Trust, nas, NASDAQ Cybersecurity etf, that's the CIB are some of the biggest positions are far from pure plays. For example Broadcom. Broadcom actually is the third highest weighting in the cibr. While I love Broadcom, we own for Chapel Trust forever. It's primarily a maker of semiconductor networking equipment. Cisco Systems has the fifth largest weight and that's the world's number one maker of networking equipment. Though they have more of a built in cybersecurity. But at the same time you've got pure plays like Kramer Face, Palo Alto Networks and CrowdStrike. These four stocks closely count collectively count for 35% of the CIB ETF. So when you see this thing has a run up of nearly 25% in a month, you know which stocks are responsible for that amazing move. The line believes that as strong as these cybersecurity stocks have been over the past month, we're not really seeing runaway moves here yet. They haven't gone parabolic yet. Unlike so many other tech plays, for the most part they're not making new all time highs, although some of them are getting closer to those levels. And that's why Lang thinks that the cybersecurity cohort is due for a long term rally. Even though some of these stocks might need to pull back a bit first in order to catch their breath. I'm right there with him because like I said before, cybersecurity becomes a heck of a lot more important. In a world where artificial intelligence is everywhere, businesses will always need to protect their data. Remember that. That's the key thing. Safeguard key information and keep bad actors at bay. And right now, it takes a lot more firepower to accomplish that because the hackers can use all the same AI tools as everyone else. Of course, the stock market had a big run, and so have these cybersecurity names of late. Life thinks that makes them a little vulnerable to pullback. I agree with that. There's no denying these things are overbought. You know, I feel that way. But he says you need to look at the inevitable pullback here as a buying opportunity. That in mind, let me walk you through his three favorite charts in the group. And I really like this. Okay, we're going to start with the daily chart of Palo Alto networks, which I own for the travel trust and have again for ages. It's Lang's favorite. He noticed that Palo Alto has been in a strong uptrend. Okay, you can see this. This is. There's a stock strong uptrend with a series of higher highs and lower. Hot. Lower highs. That's lower, lower. Going back to late February in the recent past, every pullback here has been met with a pretty terrific buying opportunity. And the stock's latest rally allowed it to break out above its ceiling resistance going back to the early December high. And it made that move on strong volume. And you can tell this is that you can see the volume jumped up there. Remember, when we think about this, that volume is like a polygraph. When a stock moves on high volume, it means the move is usually telling the truth. So you got to look at. You got to compare that to the others. Don't count that one. That was a bad moment. When you look at the moving average convergence divergence, or the MACD line, that's this, okay? This is an important momentum indicator. It can help predict the stock's trajectory. It throws off a clear, bullish crossover right here. Okay? That's where the black line crosses above the red. And it's among the most reliable indicators that there are very positive. And there's this thing called the Chaikin money flow, the CMF after. Named after Mark Chaikin down at the bottom, which tells you when big institutions are buying or selling. And look at this. Look at this right now. It shows incredibly aggressive institutional buying in Palo Alto networks. That's really Kind of extraordinary the big boys are suddenly buying this thing hand over fist. That shocked me. Made me feel very confident about the stock. Now the stocks currently just over 210 lengthies is headed back to 235. That's great news for the Chapel Trust above its previous all time high of 233and change for taking a breather. Then maybe then I'm going to take another run. Maybe the 275, 280. I don't even want to. I don't even know where that is. I mean sold out there somewhere. He also likes the option flow. Lots of buy in the 210June call options last week. People are bullish on Palo Alto. I cannot blame this is Nikesh Aror. He's done an incredible job. Next is one that I regretfully sold I wish I had. It's called Cisco Systems which is more networking than cybersecurity but it's in the business and it's a top five holding of the CIB ETF that I showed you earlier. Now more important line notes that Cisco has been chugging ahead like a freight train. There's freight train and this thing is just incredible with a rapid series of higher highs and higher lows and it's been valiant ones. Very strong volume. You can see that the volume is maintained here the whole time. Now when you look at the relative strength index, the RSI that's up at the top here. This is an important momentum indicator too. It's flirting with overbought levels. Anything above that line is overbought certainly there. Meaning Cisco may have come up too far too fast. But Light points out that stocks can stay overbought for a long time. At the same time we've seen a huge surge in the chicken money flow down here at the bottom. Wow. Also very heavy call options for the June 95. I'm glad that Bob has been zoning in on the on the options phase. I've been following. We have a good options guy now for the website. Right now Cisco trades in the high 90s and Lang sees it clearing $100 real soon. Likely on the way to 110. Keep in mind though why Cisco reports on Wednesday just been a new all time high today. You might want to wait for a better entry point. I'm hoping it post a quality set of numbers and sells off anyway. Wouldn't be the first time for Cisco. That might be a good chance to jump on the thing. Finally check out the daily chart of my Favorite this is CrowdStrike. Now this one's Interesting. Not as bullish. I points out that the stock made a double bottom over the past few months. By the way, the W pattern, that's one I've always felt incredibly bullish. I really like that. CrowdStrike has been on fire since the second bottom about a month ago with the stock exploding higher on strong volume. Look at that. That's nice. Move up. Meanwhile, the money flow has been skyrocketing, which tells you that there is strong institutional buying. You can see the money flow. It's pretty good. This is a stock in the 530s and Lang thinks it could run to $600 by the end of the year. He thinks it will revisit its old highs in five sixes much sooner because this is a very strong chart. So I'm glad he said that. He does like all three. I happen to like all three too. But I need this one to go the highest because a lot of members of the trust own it. A lot of members of the club. This has been a stock that I have said endlessly people should own if they're in a club. Here's the bottom line. The charts interpreted by Bobline show that the long awaited cybersecurity comeback is likely far from over. He likes Cisco, he likes Palo Alto Networks and he likes CrowdStrike. As for me, I like Cisco, but I love Palo Alto Networks and CrowdStrike. Now I want to take some calls. We're going to start with Buddy in Rhode Island. Buddy.

[Caller]

Hi, Jim. How are you today, Buddy?

[Jim Cramer]

I am great. How about you?

[Caller]

I'm doing okay. I'm in the midst of reading your book.

Excuse me.

How to Make Money in Any Market. And today I learned more about the PEG ratio and the cagr.

[Jim Cramer]

That's great. It is filled. My wife asked me. I got to tell you something, Buddy. My wife is saying, Jim, maybe the book's too hard. Said this. This weekend I said I have to give people the basics. And if I can't explain the basics, then nobody can is the way I felt. And that's what the book's about. I want to thank you, Buddy for mentioning it. How can I help you?

[Caller]

I am curious to know about Crowdflare. I knew that Friday we took a 24% hit. I know that 20% of the workforce was laid off for like 1100 jobs. I know that AI is driven to restructuring there. They also offered a second quarter outlook that was soft. But the stock took a huge hit and I didn't know if it's as well.

[Jim Cramer]

I don't think it. I don't think. I think it took a hit. Now stocks are overreacting to everything. I didn't think Matthew Prince did that bad a job in that quarter, but people interpreted that quarters being a little weak and therefore he had to do layoffs. I think it's the opposite. I think the quarter was fine and he did the layoffs to become more efficient. He did it in a pretty brutal way frankly and that made people upset. But I think that you should buy Cloudflare right here. As a matter of fact, I think this is the level that it holds right. The charts interpret Bob Lang show that the long awaited cybersecurity comeback is likely far from over. Thank heavens my top picks are Palo Alto and CrowdStrike. Much more putting my deep dive on a company called VCorp. After 60% gain just this month. Does this stock have any more room to run? I don't know, but I'm investigating. Then Wall street seems to be looking past the war when it comes to investing. Right now I'm buying the consumer names that should be up more on higher oil prices but aren't and oil calls rapid fire in tonight's edition of the Lightning Round. So stay with Kramer. What the heck is going on with this little followed company called Vicorp? This is one of those infrastructure winners you probably never heard of. Wall Street's noticing now and the stock is on its haircut rallied over 20% today. It's up more than 60% over the past month and over 660% over the past 12 months. This used to be a sleeping mic power module company hiding in Andover, Massachusetts. Now it's a $14 billion behemoth with heavy exposure. See, Vicor makes high performance power modules and power systems. They help take electricity delivered efficiently to the chip, the rack or the machine that needs it. Now that used to be boring business. Just the plumbing. But in the air plumbing has become a key bottleneck for new data centric construction. All these new systems are moving toward higher voltage power architecture architectures that move electricity with less current. When you reduce the current, you reduce the power and heat waste. The old way of moving power across a board is increasingly inefficient. It just burns too hot. Liquor's answer is something called factorized power architecture. Never thought I'd be talking about this. It keeps power at a higher voltage for as long as possible, moves less current across the board, then delivers huge current right near the chip. That's also why the 48 volt power architecture has become so important for a long time 12 volts was good enough, but air acts are not normal racks. Moving from 12 volts to 48 volts lets you move the same amount of power with 1/4 the current, meaning the whole thing runs much cooler. And that's what we want. In the old world, power delivery was an afterthought. In the AI era, power delivery determines what kind of systems you can build and the scale at which you can build them. Just look at bycourse numbers. When the company reported its latest quarter last month, its product and royalty revenue jumped 20% year over year. Its gross margin rose to 55.2% up from 47.2% the year before. They posted a 7 cent earnings beat off a 37 cent basis and their one year backlog jumped 70% just versus the previous quarter. When backlog explodes like that, investors lose their minds. And their full year forecast was strong as well. Well compare that to all those food stocks I talked about the beginning of the show. You know what I'm talking about. This is what people want. At the same time, Viacor is a very close relationship with Cerebras. That's an accelerator company that's expected to come public this week and a heavily oversubscribed deal. That's one of the reasons why this thing's moving the way it is. They're working with Viacor to set up power delivery architecture for the very big chips. And the demand is there. In April, OpenAI agreed to spend more than $20 billion of rebus chips over the next three years. In January they agreed to deploy 750 megawatts of cerebras Compute so cerebral scales nodes. If it does well, Black Core should have exposure to one of the most power hungry inference platforms on the market. And that's why Viacor stock has suddenly been acting like a royalty. Then there's the IP or intellectual property angle. Black has been aggressive about defending its patent, especially around 48 volt conversion, advanced power delivery and its packaging technology. If I core architecture becomes essential to the industry, the company can sell modules and collect high margin royalties from its imitators. That's one reason the market's giving this company a much higher multiple than you normally would from the maker of power modules. The bookcase here is straightforward. Aircraft are getting more power hungry, chips are getting denser and power deliveries becoming a bigger part of the story. And that's where Vicor comes in. Now you can see why people are excited. Biker could become much more important as the build up moves from the second layer semiconductors including JPU's memory down the stack to the first layer. Remember that layer cake I this week energy and power bottlenecks. I've spent a lot of time talking about power generation, cooling, networking, optics and memory fi cores of variation. That same thing. I bring these to you because they're all working. But here's where you have to be disciplined. This is still a competitive design win business. Five Core may have great technology, but companies like monolithic power systems and one of my favorite analog devices, they all want a piece of the advanced power delivery pie. Plus customers in infrastructure don't like depending on one supplier if they can avoid it. So there are a lot of companies gunning for these guys. Still currently trades at 25 times this year's sales estimates and more than 100 times forward earnings. That means the market's not just paying for a good quarter, it's paying for strong execution and provide to become a much bigger company over the next several years. That can happen. But when the stock's already up more than 600% in a year, the margin for it's small. Now the backlog has to convert lead. Customers have to keep ramping. More customers have to adopt the technology and margins have to hold up even as Viacor adds expands its production capacity. That is some thicket. There's also the customer concentration problem. Like with virtually anything connected, one or two hyperscalers have the power to drive the entire story. If ICAR can't produce power modules, customers may look for workarounds. This is still a design win business. Viacor can have the right technology and still miss a major platform. And that's what's reverse. Is ramp up so important to these guys? If I core second generation vertical power delivery gets designed into more AI platforms, the story can keep expanding. But if the adoption stays narrow or if a major customer changes direction, the stock definitely won't get the benefit of the doubt. Not these levels. Wow. So where do I come out? I think was a strong infrastructure story. The company is solving a bottleneck that gets worse as AI systems get bigger, hotter and more power hungry. And if Cerebras and videos bureau Rubin are any indication of where accelerants are going, well then Viacor has got an opportunity to play a much bigger role in the industry. The latest quarter was strong. The backlog and guidance were excellent. But the stock already has as a parabolic move that means it's going like this. While not calling it a sell. I wouldn't do that because the story is very good. The numbers are moving, the Right direction. I can't chase it here. It's just not my style. Here's the bottom line. If you already own Viacor, I understand you wanted to keep your exposure. I would happen to take a little off the table. This is exactly the kind of underfollowed infrastructure play that can keep surprising people as long as the company continues to deliver. But if you don't own it, please be patient. But the stock. Cool off. Let it digest this move. It will happen. Wait for a pullback. Viacor belongs on the mad money infrastructure watch list for sure. But after a move like this, you need some discipline. Maybe you keep your bat on your shoulder and hope the market throws you a better pitch. Or. Jim, just keep your bat on your shoulder. Bit money's back after the break.

[Show Announcer]

Coming up, you've got questions. Kramer's got the answers. Get sharp. Charged up for a fast fire lightning round. Next.

[Jim Cramer]

It is time. It's time for the wide rail stop, because that is. And then the lightning round is over. Are you ready? Ski dad. To the right. Okay, let's start with Chris in New Hampshire. Chris.

[Caller]

Yeah, Jim? Should I sell or should I buy more? Boston Scientific.

[Jim Cramer]

I hate to sell these. I don't mean to sound wishy washy, but I think you got to hold it. I don't understand how this thing could have fallen so fast. I know there's a lot of competition. I don't want to dump it here, but I can't. I can't count on this buying more. I'm sorry. Let's go to Bertha in California, please. Bertha.

[Caller]

Hey, booyah. Out to you, Jim.

[Jim Cramer]

Booyah. You, too. Thank you. Oh, wow. Okay. It's in the data center. It's. It's a. It's a cloud. It's considered to be part of the cloud. Part of the. Of that. That wedding layer cake that I gave you. And it's just also got a great defense contract. So it's got the cloud, it's got defense. What can I say? It's a buy. Let's go to Marion, Idaho. Mary.

[Caller]

Good afternoon, Jim. How are you this afternoon?

[Jim Cramer]

I am doing very well. How about you?

[Caller]

I'm enjoying a blue sky, sunshine, a few clouds, moderate temperatures and just a little bit of a breeze.

[Jim Cramer]

What can I say? That was the best weather point yet. We have a guy who gives the weather in the early morning, like a quarter of seven. I'm taking you over him. And I bet you you wouldn't quash. Never mind. Let's go. Yeah.

[Caller]

I'm having a gorgeous day the stock I'm calling about is one that you've always been very positive on and have recommended it on occasion. And I've owned it for a while now. And about two weeks ago, after it had slowly moved up, it took a huge nose dive. And then another one to the point to where it's no longer worth what I paid for it. And I'm going, wait a minute, is this a buying opportunity? Do I sell it and get out of as fast I can or do I just hold on and let things pass? I'm really hoping you can give me some guidance and direction on it because I do not know how to what to do next. The stock is chewy.

[Jim Cramer]

Okay, I'm glad you bring this up. This is another one. There's a bunch of stocks that are like this. They're high growth companies that did not necessarily blow the doors off the number and are in retail. And because they're retail, people feel that you can't own retail because of the war. So this is definitely a hurt by war story. And I think the President should realize they're becoming more and more hurt by war companies. And that's what it is. Until the war ends, I can't tell you to buy Chewy. Let's go to Gary in New York. Gary. Hey Jim, keep doing what you're doing and thanks.

[Caller]

Mine is applied optoelectronics.

[Jim Cramer]

All right, now here's something. Look, we're in fiber optics La la land. And I know my travel trust has been, has got it too. I don't recommend buying these stocks up here. They're all parabolic and that's going to be not good for the market. Let's go to Phil in Illinois. Phil.

[Caller]

Jim, I've been listening to you off and on for 10 years and now I finally made it to the lightning round. Here's what I got for you, pal. Here's what I got for you. I got a position in Ford, all right?

[Jim Cramer]

Ford is very hard to own because they got warranty problems and we got a war on and rates don't seem to be low and going lower. So I'm going to have to take a pass on that one. Let's go to Susan in New Jersey. Susan.

[Caller]

Hi Kim, how are you?

[Jim Cramer]

I'm good, Susan. How about you?

[Caller]

Great. I. Eli Lilly.

[Jim Cramer]

Eli Lilly. I did a tremendous amount of work on Eli Lilly. I was up late last night working on Lilly and this morning I worked on Lily. I got to tell you, I am ready to roll Lily and I think it's really really good. I would love to sit down with anyone from Lilly and tell them how I feel because I think it is a bull market for Eli Lilly. Let's go to Michael in California. Michael, Jim, thanks for having me on. Good to have you.

[Caller]

I was wondering, I was wondering what your thoughts on for Caterpillar going high.

[Jim Cramer]

Caterpillars. You know, people forget caterpillar is oil and gas. And we've been pumping a lot more oil and gas, caterpillars, construction and infrastructure. We've been doing a lot of infrastructure and caterpillar's got engines that line up and make you get to be able to have the, the electricity that you need to be able to hit the gigawatt numbers that all these, all these hyperscalers want. That means that caterpillar is a buy good stock to end on. And that, ladies and gentlemen, conclusion of the Lightning round.

[Show Announcer]

The Lightning round is sponsored by Charles Schwab. Coming up, after President President Trump again indicated no deal is in sight to end the war in Iran, are more stocks at risk of falling? Cramer's analyzing the situation next. Tomorrow, kick off the trading day with Squawk on the street live from post nine at the nyse.

[Jim Cramer]

We had a band, we had drummers, and we put hats on digi, digi, digi, dig. That's what we got here. And it be like dig, take digi, take digi to dig. You're referring to digital equipment. It's dizzy system. You know, it was such a joke.

[Show Announcer]

It all starts at 9am Eastern.

[Jim Cramer]

The most important question today wasn't how high Qualcomm should go or whether intel can get $150. It's why the heck doesn't the war have some more impact on Wall street beyond a handful of retailers? Travel, leisure, place. Perhaps because people expect a certain rhythm to events. Now the President tells you there'll be a deal over the weekend. So oil plummets, then there's no deal. He's angry. And oil rallies. It's hard to react with some desultory buying of a handful of oil stocks, especially when Trump's due to go to China. We have to believe that he's hoping to get the Chinese to help broker a deal with Iran in return for something we haven't yet figured out what. China needs oil from the Persian Gulf. Although they have surprisingly deep stockpiles, it's hard to believe that anything good will happen without a third party. The fierce rhetoric may be mere saber rattling, but it sure doesn't make you feel like a peace deals on the horizon. We only know what the President tells us which is that they Iran really want to deal and want to deal badly but it doesn't seem likely or as the President said and I quote I would say the cease fire is on massive life support where the doctor walks in and says sir your loved one has approximately a 1% chance of living, end quote. I'm calling that not encouraged. It's now pretty clear this war is with us for the long haul. Certainly that's now how Wall Street's judging it. For example, lots of people consumer stocks are indeed falling apart even if they shouldn't be. If the consumer is really getting weaker thanks to gasoline at $4 and change then investors should be buying the stocks of tgx, Dollar General, Dollar Tree, Ross Stores and five Below, not selling them like they did today. Those have always been the natural trade down names. TJX is superb in this environment get all the merchandise at once. As other retailers are presumably burdened with too much inventory, TJX is happy to take it off their hands for pretty much pennies on the dollar. And we enter for the chapel trustee voted for years and years debating whether to buy more or not it's come down so much. Dollar General was the worst performing the SB today. That and Dollar Tree may be ideal shopping venues for the less well off given that they've raised prices for a lot of merchandise but their time honored Wall street proxies that are bought when the economy deteriorates not sold long term. Five Below has been the angel of the group even though it sells 100% discretionary goods. Now though it's getting just absolutely slaughtered. Raw stores, they had the best numbers a whole group yet it's one of the worst performers in the entire S&P 500. What a head scratcher. Believe it or not the morasses even hitting fast food. McDonald's has been clubbed. Domino's missed the quarter. Wendy's cut its quarterly dividend last year from 25 cents to 14 cents. That's a 44% decline. Once again though, the dividend yields back above 8% because the stocks come down so far. To me therefore it looks unsustainable. It's totally understandable that Target and Walmart would have finally get hit. Those stocks have been running and running hard before the war and now we're seeing a huge reversal. I have to be concerned about Best Buy, if only because it yields an ominous 6.66 Whoa. Which historically indicates that things are getting tough out there. So no, I don't think the worst being ignored as these stocks are just getting annihilated. But investing based on the President's statements about Iran has been a big big loser. And buying retail because the wrong stocks have gotten cheap. No, it has worked either. It's wow. All I can say is stick with what's working. I like to say there's always a bull market somewhere. I promise I'd find it just for you right here on My Money. I'm Jim Kramer. I'll see you tomorrow.

[Julia Boorstin]

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 it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer introducing fidelity trader

[Empower Representative]

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