Mad Money w/ Jim Cramer 5/28/26

Summary

---

Mad Money w/ Jim Cramer – May 28, 2026

Podcast Summary and Key Insights

---

Overview:

This episode of “Mad Money” finds Jim Cramer in high spirits, analyzing the market’s ongoing bull run, diving deep into big moves from Snowflake and Dell, the ripple effects of the AI and semiconductor booms, and the market’s reaction to geopolitical and inflationary pressure. He hosts in-depth interviews with Gary Dickerson (CEO, Applied Materials) and Daniel Perez (CEO, Hinge Health), and wraps up with market historian Larry Williams’ contrarian calls on bonds and Mercado Libre. The signature Lightning Round covers quick-hit stock advice for callers.

Cramer's main message: While skeptics warn of bubbles and overvaluation, strong fundamentals, relentless innovation (especially in AI and chips), and a resilient consumer are keeping the bull market alive—for now.

---

Key Discussion Points & Insights

1. Market Analysis and Big Movers

• Snowflake’s Surge & Implications

  • Snowflake stock jumped 36% following a strong quarter, driven by a pivot towards AI-integrated software and cloud partnerships (notably, a major deal with Amazon Web Services and partnerships with Anthropic and OpenAI).
  • Cramer sees this as a sign of real transformation, not a needle-in-the-haystack anomaly:
    “Snowflake understands the transition to AI. They get it. I like that.” (03:00)

• Dell’s Momentum

  • Anticipates a major jump ("open up $60") following a strong quarter, highlighting the bullish outlook for Michael Dell's team.

• Thematic "Field Bets" (especially on Drones)

  • Upside in drone-related defense stocks amid Pentagon interest (Unusual Machines, Swarmr, Red Cat, Avex, Ondas) due to their importance in modern warfare.
  • Quote:
    “Wouldn't you know it? There's a drone company called Unusual Machines that's advised by the president's son, Donald Jr. The government's going to take a stake in that one. No wonder the stock shot up 57% today.” (05:00)
  • Cramer encourages considering group bets in this sector, as the Pentagon’s selections are pending.

• AI and Semiconductor Surge

  • Stocks like Arm, Qualcomm, Intel, Marvell all benefit from AI/data center demand.
  • The bulls remain in charge as long as skepticism dominates:
    “As long as the skeptics dominate the conversation, we're nowhere near the top. When the skeptics, when they start throwing in the towel, that’s when I’m going to start worrying.” (09:39)

---

2. Cramer’s Market Wisdom

• On Index Funds vs. Stock Picking:

  • Criticizes the orthodoxy of 100% index investing:
    “You aren’t getting a snowflake with that policy. Snowflake? More like no flake.” (07:07)
  • Advises a blend of index funds and select individual stocks to capture outsized gains.

• Bubble Paranoia and Dot-Com Comparison:

  • Pushes back on bubble analogies, pointing to actual profitability and real-world adoption in today’s market leaders: “Do you really think Micron deserves to die? The chip maker’s on track to earn over $100 per share next year for heaven’s sake. Unlike the dot coms, it’s insanely profitable.” (08:32)

• Risks Acknowledged:

  • Notes present-day negatives: geopolitical risk (Iran), inflation, and the legacy of the dot-com bust that makes investors gun-shy.

---

3. Key Interviews & Deep Dives

Applied Materials Interview (Gary Dickerson, CEO) [16:11-22:47]

Theme: The AI/Data Center Boom & Semiconductor Supercycle

• Historic Opportunity:

  • “Not maybe—it is the greatest time in the history of the industry. And for Applied Materials, AI is driving incredible computing demand.” (16:27)

• Sustained Demand & Visibility:

  • Company has unprecedented outlook, eight quarters out, with supply chain expansion and customer co-innovation.
  • Innovations in chips and packaging keep them vital to the AI/Data Center build-out.

• Leadership & U.S. Innovation:

  • Stresses industry leadership in foundry, logic, DRAM, advanced packaging, and U.S.-based innovation in Silicon Valley.
  • “Applied is the leader in those areas of the market... We create miracles, Jim.” (20:04)

Hinge Health Interview (Daniel Perez, Co-founder/CEO) [24:39-32:01]

Theme: Disrupting Digital Health and Expanding Access

• Business Model & Scale:

  • Digital-first, app-driven physical therapy platform; strong margins (85%), zero/low patient copays due to enterprise insurance.
  • Serving 25 million users, but with a huge untapped addressable market.
  • “We are 1% of 1%. We have decades of work ahead of us.” (31:22)

• Clinical Expansion (Migraine Program):

  • New FDA-cleared Enzo device for migraine relief, rapid access to specialists, targeting major patient overlaps between migraine and musculoskeletal pain.
  • “Migraine is a very, very serious condition... our Enzo device just got FDA clearance to be used for migraine.” (27:09)

• Customer Retention:

  • 97% retention in 2025; customers span half of the Fortune 100/500 and many government agencies.

---

4. Larry Williams: Contrarian Technical Calls [33:10-37:55]

Segment Theme: Cycles Point to Bond Rally and Mercado Libre Upside

• Bond Market Outlook:

  • Predicts declining interest rates based on stable 10-year cycles dating back to the 1970s—contradicts prevailing bearishness.
  • Commercials (big banks, funds, governments) have built their largest long positions since 2023.
    • “This is the most bullish they’ve been… They just really added to the long position on a decline.” (34:39)
  • Cramer: “My forecast for the bears is pain. Just like Mr. T Clubber Lang in that situation.” (35:16)

• Mercado Libre (MELI):

  • Points to a consistent rally cycle (85% of the time in this seasonal window); value funds heavily own it, but retail is extremely bearish—a classic buy signal.
    • “This leg of the wave of the cycle, we rallied 85% of the time… It’s a really stable, consistent cycle.” (35:31)
    • “When we see such low bullish readings… the market’s oversold. It’s time to… Nobody believes this market is going to rally. Up it goes.” (36:35)

---

5. Lightning Round Highlights [38:25-43:15]

Notable Stock Takes:

• Joby Aviation:
  “Terrific spec, but drone companies may be better specs given the President’s predilection for investing in drone companies.” (39:27)
• QXO:
  "You buy QXO here. We got a new Fed chief and I think interest rates have peaked."
• Sats X:
  "Not my expertise. That would be my partner, David Faber."
• MNTN:
  "I thought there was value here. It's a profitable company. What can I say? I don't mind it."
• SLS (Life Sciences):
  "A good example. This stock’s up a great deal and it’s a great spec. Two thumbs up—or whatever—to SLS. It’s that kind of market."
• Nokia:
  "Turns out to have AI, people going crazy for it. 6G, AI. People who are very smart tell me to buy it."
• Bitcoin vs. Stratgy:
  "Huge believer in crypto, but I like the actual. I can only recommend bitcoin. I own bitcoin and think it’s a good buy right here for the long term."
• GE Aerospace:
  “Larry Culp has done a remarkable job. I want you to buy the stock of GE Aerospace. Gasoline’s coming down, so is jetpool.”

---

6. No Huddle: The Resilient Consumer [44:03-47:54]

• Dollar Tree and Best Buy as Consumer Barometers
  • Dollar Tree’s success (stock up 18%) is driven by smart value strategies (85% of sales at $2 or less, adapting to cash-strapped consumers).
  • Best Buy’s rally (up 16%) shows AI-driven marketing, product adaptation (TV refresh, gaming), and effective customer engagement.
    • "The consumer knows what the heck she’s doing. So what if she’s disrespected by the fat cats? They're never going to bump into her in any of the aisles anyway." (46:45)

---

Memorable Quotes & Moments

• Cramer on skepticism in the market:
  “As long as the skeptics dominate the conversation, we’re nowhere near the top. When the skeptics, when they start throwing in the towel, that’s when I’m going to start worrying.” (09:39)

• Gary Dickerson (Applied Materials):
  “We create miracles, Jim… AI is going to transform every industry and it’s just the most enabling innovation of our lifetimes.” (20:04, 18:04)

• Daniel Perez (Hinge Health):
  _“About 1 in 6 American adults are afflicted with migraine, twice as common in women... We're able to give people access to specialists within several days." _ (27:09, 28:52)

• Larry Williams on bonds:
  “Commercials… just really added to their long position on a decline. That’s bullish.” (34:39)

• Cramer on Dollar Tree and consumer resilience:
  “The consumer knows what the heck she’s doing. So what if she’s disrespected by the fat cats? They're never going to bump into her in any of the aisles anyway.” (46:45)

---

Timestamps for Key Segments

• Snowflake/Dell/Drone Stocks Analysis: [00:56 – 09:38]
• On Market Wisdom, Bubbles, Index Funds: [06:00 – 09:38]
• Applied Materials Interview - Gary Dickerson: [16:11 – 22:47]
• Hinge Health Interview - Daniel Perez: [24:39 – 32:01]
• Larry Williams: Contrarian Technicals: [33:10 – 37:55]
• Lightning Round: [38:25 – 43:15]
• No Huddle – Dollar Tree & Best Buy: [44:03 – 47:54]

---

Conclusion

Cramer’s message this episode: don’t be blinded by bubble paranoia or dogmatic index investing. There are real, transformative trends (AI, chips, digital health, resilient retail) making legitimate winners. As long as the skeptics are loud, the market likely has further to run—but remain vigilant. The episode offers actionable ideas, sharp company insights, and Cramer’s signature market wisdom, making it a must-listen (or, with this summary, a must-read) for investors.

---

Transcript

[A]

It's smart to always have a few financial goals and a really smart one you can set earning cash back on what you buy every day. And with Discover, you can get this Discover automatically matches all the cash back you've earned at the end of your first year. Seriously, all of it. And we trust you to make smart decisions. After all, you listen to this show see [e-mail] credit card not every sale

[B]

happens at the register. Before AT&T business wireless checking out customers on our mobile POS systems took too long. Basically a staring contest where everyone loses. It's crazy what people will say during an awkward silence. Now transactions are done before the silence takes hold. That means I can focus on the task at hand and make an extra sale or two. Sometimes I do miss the bonding time. Sometimes.

[C]

AT&T business Wireless connecting changes everything.

[B]

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. May have money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other people want to make friends. I'm just trying to make a little bit of money. My job, not just entertain, but to explain. So call me at 1-800-743-CNBC or tweet me Jim Cramer today was all about Snowflake. The data management platform saw its stocks surge over 36% after a beautiful quarter. Now I know you might be saying, hey Kramer, that's a needle in a haystack. I'm worried about the average. Was that a good day? Dow gaining 25 points. Just be at 2.558. Nasdaq rising.91%. I come back and say that is nonsense, people. Snowflake stock hadn't even weighed down by displacement worries last fall. The fact that it can triumph over those fears and pick up $64 in one session for you if you own it has implications for the entire market. And anyway, neither is Tomorrow is Dell Day. Just like I told investing club members at yesterday's meeting. After just an incredible quarter for Michael Dell's mazing company, the stock is looking to open up $60 right from the get go tomorrow. Congratulations Michael. To you and your great team. I'd say there are enough needles in this haystack that only a fool couldn't find one. But let's do this. Let's dive into how Snowflake dazzled so brightly just all session. How did it do it? Okay, as CEO Sridhar Ramaswamy explained on our show last night, the company figured out how to pivot from plain old software to a terrific amalgam of software and artificial intelligence supported by partnerships with Anthropic, which by the way, just announced today that raised $65 billion at a post money valuation of $965 billion. How incredible is that? It's also partnered with Open Air and then the web services of Amazon with its quarter. Last night, Snowflake gave the latter $6 billion to have Amazon's homemade chips. That's right. Amazon isn't giving Snowflake 6 billion. Snowflake will be getting 6 billion. Amazon. And that was a huge part of the positive story. It shows you that Snowflake understands the transition to AI. They get it. I like that. And look, stuff like just one example. Every day in this market, there's something so obvious again, you could have conceivably grabbed if you were just paying attention to what's working somewhere in the world. It was nothing to do with the stock market. Could be anywhere. Hey, let's say you're reading about Ukraine. That's in papers all the time, right? They've been making real progress against Russia using cheap drones. I wish the Pentagon had been paying attention to them earlier because the Iranians have used the same drone strategy to do a number on our allies in the region. But now the White House needs. It knows it needs inexpensive drones. It knows the Pentagon's got to got to make them. So they want to invest in some of these drone companies to help our war fighters in this new era. Wouldn't you know it? There's a drone company called Unusual Machines that's advised by the president's son, Donald Jr. The government's going to take a stake in that one. No wonder the stock shot up 50, 57% today. We understand now that the Pentagon might start taking stakes in similar companies that all went bonkers. So I got to ask yourself, do you think. Do you think it's done? I don't think so. They haven't even selected them yet. Take, take a gist for you. Nope, I don't think so. Message. Just again, in this market, why not make a field bet on the group? I'm giving you three bets. Okay. We've covered Swarmer, Red Cat and Avex. Swarmers and Natural is the first Ukrainian defense tech startup. Redcat already makes teal drones for the army. It's a fan favorite. And Avax is a pure play drone maker. You know that at least one or two of these is going to receive some federal largesse oh, don't forget Meme. Stock favorite Ondas makes parts for drones. Maybe pick one or two. They've all moved, but judging by the action usual, she's incredibly it's not too late now is all this abstruse a two sat word. Are we too late? I don't think so. Today was also a good day for AAM, up 10% or $32 stock we own for the Chapel Trust again, one we suggested that you should buy Yesterday's Investing Club meeting I beat myself up on, but at least I did a couple of things right. What's moving? Arm, I think, because ARM will be giving talks with Nvidia's Jensen Huang at Computex, an annual Taiwan Tech event on Monday and Tuesday. Qualcomm will be there too. So will Intel. So so will Marvell. Yes, they are all up already, but that doesn't stop stocks in this particular market. That's what matters. Still, if it's so easy, why doesn't everybody do it? Okay, I'm going to answer that with you're going to have to pull the heart out of the market intelligentsia. Like the vicious High priest in Indiana Jones in the Temple of Doom. So Kali Ma Shakti, here we go. First reason we're only told that's good. We're only told that we're supposed to buy index funds and ETFs. That's the ticket. And if you deviate, well, you are asking for trouble. They know nothing. Unlike what I wrote in how to Make Money in Any Market Community Place right here where I say that you should own index funds and some individual stocks. The orthodoxy says 100% index funds and nothing else. You aren't getting a snowflake with that policy. Snowflake? More like no flake. Second, it's too obvious, right? If Snowflake can pivot, why can't Oracle or ServiceNow or Montgomery, MongoDB or even Salesforce? Maybe something good is in the way. Next week at Microsoft's Developers conference. Wouldn't it shock me? They need it. We've been told over and over again that you can't just think about something and then read about something. Then put it in Gemini or ChatGPT or Claude and get a bunch of names and do some buying. It's actually not the most rigorous approach, but who said this particular market was rigorous? Lately, rigor, it's been costing you money. Finally, there's the turn of the century problem. And this is really it. From January of 1999 until mid March of 2000, the NASDAQ moved up in one of the most heinous, most disgusting ways as company after company with no profits and sometimes no revenue came public. So many companies connected to the great Internet build out got absurd valuations then one after another after another all bad, all bad. The house of pain, 330 of them failed. Fortunes were lost. People left the market in droves never to come back. Wiped out a whole generation. Investors because of those 14 and a half months we've been scared away from some of the most incredible opportunities with real companies that are making fortunes. If you live through the dot com period, especially if you were trading at that time like I was, or you bought a company public like I did those then you know Most of those.com IPOs actually deserve to die when I did fortunately didn't But I think it's an insult to group this markets winners in with the dot com. Do you really think Micron deserves to die? The chip makers on track earn over $100 per share next year for heaven's sake. Unlike the dot coms, it's insanely profitable. Same goes for Seagate or Sandisk or Western Digital. Now I know Seagate sounds like a nice apartment building in Delray, Florida. It actually is. It's an undisputed winner in luxury living there. Western Digital may have a sister Eastern Digital somewhere. Sandisk. What can I say? They invented that silly car you put in your cameras before you had phones that were that had cameras in them. All of these memory and stor storage companies are just crushing it, making billions for you for shareholders. But there are many people calling it a bubble. So many that investors don't want to touch these stocks. They know more than I do. Of course these bears screaming bubble for about 100% of the moves already. But they have to double down on the bubble talk now or else look like idiots. They they don't what happened. They don't want to be able to say oops sorry. While this market's led by stocks that are a lot more legitimate than the dot coms, we also have some negatives that we didn't have back then. We're in a war with Iran that's doing real damage to the global economy. And the president may not be able to reopen the Persian Gulf without signing something like Obama's Iran deal, which would be a huge defeat or at least seen like that. We have a rising, we have rising inflation as seen again in today's April PC reading. But it turns out to just be more fuel for the stock market. As in if These things don't bring the stocks down. What will? Right here, right now, I'm supposed to put in the obligatory, this will all stop this week or next, and I'm sorry you missed it. And then when you try to hang me on YouTube, I can say I'm covered, but I'm not going to do that. The bottom line is that the market's different and we're much further from the end of the data center. Boom. As you'll find out, we listen Applied Materials later than the bears would have you believe. That means, I think we do have

[D]

more room to run.

[B]

As long as the skeptics dominate the conversation, we're nowhere near the top. When the skeptics, when they start throwing in the towel, that's when I'm going to start worrying. Daniel in Pennsylvania. Daniel. Hey, how you doing?

[D]

Good day.

[B]

Market, huh? Yeah, it was. It was nice for. Very good. Yeah. I wanted to get your thoughts on Palantir. There seems to be a lot of insider selling on a consistent basis, so I wanted to get your thoughts on Palantir. Right now. Other companies are shining so brightly that they're taking away the sheen of pound here. But maybe something changed today with Snowflake. Palantir is up $10. Maybe it's coming back. I have never. I have not lost faith in my great friend Alex Karp, and I don't think I will. Let's go to. No. No lifelong friend or just great friend? Not a friend. Let's go to Maria in California. Maria. Hey, Jim, how you doing? Oh, I'm good, Maria. How are you? Good. Let's see. I've been a club member for about a year and I'm learning every day. I've owned Ford Co. For about six years and it's been flat for a really long time. But it recently shot up on news that they're going to be using their EV technology for data centers. So I took your advice on Parabolic moves and took about 20% off the top. But do you think I should sell the rest? You're doing it perfectly in this market. That Ford story, which should have been crushed about three weeks ago, is still making it go higher. So you're taking some offset. You are not going to be able to make. Be a loser. You'll be a winner. And I congratulate you for going right back in. You know, Ford is on Parabolic Move. You took some off. That's perfect. Hey, why don't we go to Cordell in Ohio? Cordell. Hey, how are you doing today? I am Doing well. Thank you for asking. How about you, Cordell? I'm doing great. I'm calling in upon a company. I've held this a little bit after the pandemic and I was looking for this company to be like a recovery stock.

[D]

Okay.

[B]

I know that it has properties out in Kingston and it's looking to have like more properties opened up recently. And I was just, I know it was up a little bit today and this is one of the companies that is very hard for me to read on a chart and there's no clue if the stock is going up or down. What's your true thoughts on Wayne Resorts? If it weren't for its commitment, which I admire, to a Gulf property to Dubai, I would say that this thing should be at 12140 especially. I've got to tell you, I don't know if you saw the news about Thomas Fortito buying the seizures, but I think, I think that Vegas is great. But Wynne does have that property and I think that makes it a very difficult investment. This market keeps proving the doubters wrong. And until more people throw in the towel, I think there could be more room to run. Oh, I made money tonight. One of the reasons I think like that Applied Material sits in the middle of the manufacturing ecosystem for chips. And I'm really more about the company's road ahead after its you drought, huge rally this over this year. Then could hinge help hinge health hinge help help get your portfolio into better shape. I'm sitting down with the disruptive med Tech company to find out more. And rising bond yields have spooked investors in recent weeks, maybe last couple of months. But is this move higher about to reverse course? I know no one thinks that other than me and perhaps our legendary historian of the markets, Larry Williams, who's joining me in person right here in the New York Stock Exchange to break it all down. So stay with Kramer.

[A]

Don't miss a second of Mad Money. Follow imKramer on X. Have a question. Tweet Kramer. Madmentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Missed something. Head to madmoney.cnbc.com it's smart to always have a few financial goals and a really smart one. You can set earning cash back on what you buy every day. And with Discover, you can get this. Discover automatically matches all the cash back you've earned at the end of your first year. Seriously, all of it. And we trust you to make smart decisions. After all, you listen to this show see [e-mail] credit card trading at Schwab is powered by Ameritrade, giving you even more specialized support than ever before. Like access to the trade desk. Our team of passionate traders ready to tackle anything from the most complex trading questions to a simple strategy gut check. Need assistance? No problem. Get 24. 7 professional answers and live help and access support by phone, email and in platform chat. That's how Schwab is here for you to help you trade brilliantly. Learn [e-mail] trading before we had AT&T business wireless coverage, our delivery GPS wasn't the most reliable.

[B]

Once our driver had to do a 14 point turn to get back on route. A 14 point turn. An influencer even livestream the whole thing. Not good for business. Now with AT&T business Wireless routes are

[A]

updating on the fly and deliveries are on time.

[B]

And the influencer did get us 53 new followers though.

[C]

AT&T business Wireless Connecting changes everything.

[B]

We have had an unstoppable bull market in the semiconductor capital equipment makers because the great data center build out has caused shortages everywhere. All kinds of essential chips naturally. That's fabulous for companies that make the hardware you need to manufacture chips itself. Companies like Apply Materials Long my favorite Stock that's up 75% year to date. Two weeks ago they reported terrific quarter robust top and bottom line beat with the company's highest gross margin in 25 years. The guidance for the current quarter is even better. Management raised their full year forecasting the semiconductor equipment business should grow by more than 30%. That's up from 20% the previous forecast. And look, as long as all sorts of chips are in short supply, I'm betting Applied Materials will just keep winning. Don't take it from me. Let's check in with wow with Gary Jefferson. He's the President CEO of Applied Materials. You have better sense of the story. Mr. Jefferson, welcome back to Mad Money.

[C]

Really glad to be here, Jim.

[B]

Well look, I'm thrilled to have you. And you know what Gary, it's your Turn here. You've returned 2,897% for shareholders, which is incredible. You've seen everything. Is this maybe one of the greatest times in the history of your industry?

[C]

Not maybe it is the greatest time in the history of the industry. And for Applied Materials, AI is driving incredible computing demand. As you said, we just delivered record earnings, record revenue. We're guiding for tremendous growth in Jim, this inflection is going to go on for a Very long time. And the most important, the fastest growing areas in AI are segments where Applied Materials is the clear leader. Leading edge, Foundry, Logic, dram, Advanced packaging, those are all enabled by materials innovation leadership from Applied Materials. So again, we have line of sight to tremendous growth far into the future.

[B]

Okay, so people say, oh, come on. But you actually had changed your structure of deals. It's not, it can't be boom, bust. Because I don't say you're in charge because you're a humble person, but when it comes through the process, you're not doing the same subcontracts that you used to do.

[C]

Yeah. Again, we have really unprecedented visibility in terms of our business. I mean, customers. The conversations I have with the CEOs, our key customers, is really focused on our ability to deliver both the equipment and also the key innovations for AI computing. Again, AI computing demand is going up at an incredible pace. I think token Demand is up like 3x in the last few months. And the innovation in tokens per second per watt is what everyone's focused on now.

[B]

Explain the people, because it's like they keep coming down in price, but everyone's using them. So it's the coin of the realm.

[C]

Absolutely. AI is going to transform every industry and it's just the most enabling innovation of our lifetimes. So for Applied Materials, we are the leader in materials innovation that enables all of those advances in computing, the new architectures and chips, the new architectures, business in packaging. And again, we're just, we have a great setup. As you said, our semiconductor equipment business will grow more than 30% this year. The discussions we're having with customers, they're focused on us being ready for 27, 28 and going forward.

[B]

Now people keep saying to me, Jimmy can't last. And they also say, well, what's going to happen is the poppy chairs is going to start turning out more and more and more and they'll finally get to the point where the equilibrium go down. I say these aren't the kinds of machines that you can. You probably have factories going 24, 7 everywhere. You still can. You're nowhere near able to meet the demand.

[C]

Absolutely, absolutely. So we made big investments in our operations, so we could pretty much double the operational capacity. But we also have to make investments in the supply chain. So that's where that unprecedented visibility with our customers at least eight quarters into the future and even beyond that, if we don't have that visibility, our supply chain isn't ready. So applied, we've made incredible improvements in our operations, in our Supply chains. But again, the demand just keeps going higher. Just recently, agentic AI is something that everybody's focused, right. That's layering on top of all of the CPUs. Now people want more use DRAM a big increase in those areas of the market. And again, Applied is the leader in those areas of the market.

[B]

I don't be like Delta Support, a quarter of 60 bucks. One of the reasons they all recognize they need your, everybody, all the stuff inside of Dell actually is you. And you are the intellectual property of our industry. And we dominate this industry. Real world.

[C]

Yes. You know, I think we create miracles, Jim. So you know, I always tell people in your smartphone you have the application processor computer. There's 20 billion transistors, 60 miles of wiring for $30. For $30 in the 17.

[B]

They have a lot in this one. Holy cow.

[C]

It's amazing. And then for AI, the demand for computing innovation is even bigger. Again that tokens per second for performance and the power consumption and all of that is enabled through materials innovation. We're Applied as the leader in all of those fastest growing segments in the chip and packaging. Applied is the leader. So we're an incredible position and we have these deep co innovation relationships through the entire technology stack to enable the AI computing of the future.

[B]

I want to point out that you have been instrumental in changing the whole industry because of epic, a decision that you made. And I know your team, but I know you personally because you told me about it years and years ago. Committed to the notion of greatness. It's about what that is. I don't know any other industry that has it. And it's all you're doing.

[C]

Yeah. So again, everybody's in a race for AI computing leadership. And so you look at the computing leadership in the chip and leading Edge Foundry logic. It's about new innovations in the transistor, new innovations in the wiring or in memory. You need really high speed to move the AI data, high speed bandwidth. So again, Applied is the leader there in packaging. How you connect all these computing components together. Applied as the leader there. So at Epic, we've announced a number of different partners through the technology stack and we're going to have our innovators with our customers and partners to enable those future chips and packaging innovations that are essential for AI leadership and AI growth into the future.

[B]

And I want to point out again, this is United States that you're doing this.

[C]

We're doing this in Silicon Valley. And by the way, in Silicon Valley within 50 miles is about 40% of the S&P 500. So you have the highest innovation density in the world. And we're bringing innovators from all around the world into this epic platform. You'll see more partners announced soon.

[B]

Will you bring us in? I'm looking at my executive Bruce right now. Regina Gillian I said on an invite. On an invite we drop everything.

[C]

October, we're going to have the opening. I want you to come there.

[B]

Done. That's what we do. I'm going to leave it on that note. Gary Dickerson, one of the all time greats and he's on our set tonight. President and CEO of Applied Materials. I can't thank you.

[C]

Thank you Jim. Always a pleasure to be here.

[B]

Same man. Buddy's back after the break.

[A]

Coming up with Hinge Health turning in a strong set of results, is now the time to buy into the Medtech name. Kramer's asking the top brass next.

[B]

Geico presents a 30 second podcast between your podcast Today's story is shared by one of our listeners. It's called Betrayed by Bill. It was in that moment I caught who was staring back at me in betrayal or more like what, my insurance bill. With trembling hands I grabbed my phone and switched to geico, saving about $900 in the process and never to be betrayed again. Now that was bloody riveting.

[A]

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

[B]

Before we had ATT Business Wireless coverage,

[A]

our delivery GPS wasn't the most reliable.

[B]

Once our driver had to do a 14 point turn to get back on route. A 14 point turn and Influencer even livestream the whole thing. Not good for business. Now with AT&T business Wireless, routes are

[A]

updating on the fly and deliveries are on time.

[B]

And the influencer did get us 53 new followers though.

[C]

AT and T Business Wireless Connecting changes everything.

[B]

Earlier this month we got a phenomenal quarter from Hinge Health, which is a digital AI powered physical therapy platform where you get your care via an app rather than in person. This company came public a year ago. Remember I told you it was going to be terrific. It rallied hard in the early months. It started languish late last year earlier this year but Then hinge reported 2 1/2 weeks ago and it delivered a true blowout set of numbers revenue of 47% year over year much better than expected margins they were I couldn't believe they can make this much and healthy earnings. BE management also issued strong guidance for the current quarter and raised their full year forecast substantially in response then correctly the stock jumped 10% single session since then though here's the opportunity trading sideways but could this beginning of a larger move. Let's check in with Daniel, the co founder and CEO of Hinge Health to learn more. Mr. Welcome back to Ben Mike, thanks for having me. Jim, you said that you could deliver numbers that would be terrific. I didn't think you could do it. I didn't think you do. 85% gross margin. I didn't think that you would be able to have such great service and not have people pay themselves not even a copay because the employer provides it. How are you able to do this?

[E]

Well, we're able to deliver really good clinical outcomes for the end member there's the people with back joint or muscle pain and if you could give people a non surgical, non invasive option for their pain relief, you're going to reduce downstream costs. So health insurance companies are willing to pay for that. Employers are willing to pay for that. So it's a win for the, for the patient and as well as a win for the enterprise who's paying for the insurance company costs.

[B]

Now I want people to understand because if you go to the website you can see there are examples of people you have some people have as simple as much as this they look into it works right? I mean people don't need to have a person in their house and they don't need to go someplace that they might not want to go to.

[E]

Well and if they do we also have an in person care network that we've launched as well our Hinge like network. But I tell you what, we, we deliver care through an app. We also have hardware as well. So we actually our Enzo device could deliver electrical nerve stimulation right through your skin to give you a technology alternative to.

[B]

That's a pain reader base.

[E]

Exactly. It just it quiets down overactive nerves to give people another option for their pain relief. So we've, we've really thought about building a comprehensive approach to develop to addressing musculoskeletal.

[B]

Well, I think you're even more comprehensive than you realize for a long time as chief spokesperson for the American Migraine foundation and because I had 26amonth, which is not great. And you are doing something in migraine that is revolutionary and I think is going to help millions of people. I want you to talk about this initiative.

[E]

So migraine is a quietly, very prevalent condition. So you're not alone, Jim, as about 1 in 6American adults are afflicted with migraine, twice as common in women. And I'll tell you what, about 75,

[B]

just stop doing it. It's not a headache.

[E]

It is not a headache. No, no, no.

[B]

Point that out, because a lot of women suffer because the boss, who may be a man, say, oh, she's got a headache. It's not a head.

[E]

No, no. This is. This is a very, very serious condition. It's very, very prevalent. And sometimes people suffer in silence because maybe people don't understand just, just how common they are and how afflicting they could be. But, you know, you often have, you know, trigeminal nerve could be overactive and could cause substantial amount of pain. Your occipital nerve as well. We're addressing migraine in three key ways. One, our Enzo device just got FDA clearance to be used for migraine. So by delivering electrical impulses through the skin, we're able to quiet down the trigeminal nerve that is overactive in the setting of a migraine to deliver near instant pain relief. We also help you track your triggers. I don't know about your triggers, but some people, it might be caffeine, some people might be alcohol or lack of sleep. The clinical research shows if you could just understand your triggers, you could reduce monthly migraine days. And we give you access to a full care team. What's great is that we now have over 100 of our enterprise customers have adopted migraine, covering 2 million adults. We have more coming in every single day. And it's about 75% overlap between people with migraine and musculoskeletal pain, particularly neck pain. And so really.

[B]

Well, I'm so glad you're doing that because they. We hope that they start teaching it at med school. A lot of doctors come out and they don't understand that migraine is something that is to be treated. It is. It's. The skin of the brain tightens and there are things that go wrong and people just give you. When I first started, they gave me buffering.

[E]

Oh, it's like. Like injections?

[B]

No, buffering. Like your migraine buffering.

[E]

Oh, wow. Well, I do. There aren't many migraine specialists or headache specialists in America there's about 7, 800 headache specialists in America for tens of millions of people who are afflicted. So you're not alone. In fact, the access to specialists are limited. Is often 3, 6, 7 plus month wait times to see specialists. We're able to give people access to specialists within several days with our new.

[B]

Well, that's great. I mean all we're trying to do is build awareness. You're obviously going much, much further. Now tell me the last quarter was so great. I have to believe the word must be out that every company should be thinking about going this way. It's cheaper versus say the hours that are lost. The people obviously can choose which way. So are you just inundated with incoming calls? Because most businesses have to make the calls.

[E]

Well, we're really excited about the commercial products we've had. We had about 97% customer retention in 2025 and we've added hundreds of additional customers over the past.

[B]

In other words. So the customers are. You're not losing any customers.

[E]

And a big reason why we sometimes would lose a customer is because of M and A or bankruptcy. You know, may Spirit Airlines rest in peace. They were, they're a wonderful customer. But we no longer customer of Hinge Health. But yeah, when we, when we sign a customer, we're very lucky in that they stick with us for a long time. In fact, our very first customer is Bill Resorts. We just sell our celebrated our 10 year anniversary with Vail Resorts. They're one of the most forward thinking organizations in America, particularly about not just creating a great experience for their customers, but a great health care experience for their employees and their members.

[B]

And what are the, if you're allowed to say it, what are the largest customers you have? Which ones can you say?

[E]

We have half of the Fortune 10, about half of the Fortune 100, over half of the Fortune 500. About half of US state governments. We think now it's about 51% of US federal employees, including several intelligence agencies have access to Hinge Health. Unfortunately I can't name the intelligence agencies, but yeah, we're very broadly available. But you know what? Still 25 million American adults have access to Hinge health out of 260 million American adults. We have a lot of work to do to expand access to Hinge Health.

[B]

The reason I say is I wanted people to know that you are a very small company versus your total addressable market. Which is one of the reasons why I feel so confident recommending. I don't really care about this quarter. Obviously I do the Stop. But I'm just saying that the opportunity so great, so many people need you, you're kind of an answer to a lot of the health care problems for the issues that you're tackling.

[E]

Well, is a huge Runway ahead if you think about just physical therapy. We had about $646 million of revenue in the last 12 months and that's about 1% of the physical therapy market in the US which itself is 1% of total US health care spend. So we are 1% of 1%. We have decades of work ahead of us.

[B]

Understand this is something you get from your company, which is terrific. Bobby, no copay for the most part. So there's no resistance. Go to the website. You'll see a couple of people talk to you, how it's changed their lives. And it is so dramatic that I think you'll say I got to think about the stock, if not buy the stock. We thank Daniel Perez, the co founder and CEO of Hinge Health. Daniel, thank you for being here.

[E]

Thanks.

[B]

Back in

[A]

Coming up, is it time to lower interest rates? The great Larry Williams is joining Kramer at the Stock Exchange to make the case.

[B]

Next, Regular viewers know that I love to cite the work of Larry Williams, the legendary technician and market historian and our weekly off the charts segments. Larry has been trading futures commodities and stocks more than six years. He has written over a dozen books and created tons of proprietary technical indicators that we use all the time. Most important, he's made some bold calls in recent years that have really paid off. And I have been a student of his since 1987, a proud one. So when he flags something to me, I'm always interested. Very contrarian. Tonight I've got something really interesting for you. Larry's got maybe one of the most contrarian calls these days. He's bullish on the bond market and he has a bullish contrary call on Marketa Libra, the $85 billion Latin American e commerce play. Rather than conveying his ideas like I usually do, tonight, Larry Williams is joining us here in person live New York Stocks. Larry, welcome back to man money. Let's go to work.

[D]

Thank you, Jim. Great to be here.

[B]

Appreciate it.

[D]

Thank you very much for having me. Let's look at the bond market in blue. We see the cycle of interest rates, black rates itself. And you notice that about every 10 years we see a decline in rates and that's where we are now. And this is a stable cycle. We've seen this quite a bit. We can go back and look at it. Prior to this but it's a really strong ten and a half year cycle in this market and rates are at the point now in the cycle to go down, which would of course suggest bonds will rally.

[B]

Now why don't we take a longer term look and see whether this holds up.

[D]

We can go back now all the way to 1970 and you can see again that peaks are by every 10 years rates come down whether they're very high or whether they were very low in 2000 we see a decline in rates and we're in this phase now, the down phase of rates. From a long term view, that's really bullish. It's not a specific timing tool but says this is general area. But there's more, a lot more.

[B]

All right, now let's see about what the smart money and maybe the not so smart money is doing here.

[D]

We see the commercials. These are the banks and funds and countries that are on and the commercial interest. And when they get start to buy, we see rallies in the bond market. They start to rally. This is their net position rally in the bond market. Look where we are. Jim. This is the most bullish they've been since 2023. They just really added to the long position on a decline.

[E]

That's bullish.

[B]

All right, now let's look at people. I don't want to call anybody stupid because we know not to do that. But how about the smaller people who are speculating?

[D]

Well, they're not as successful as the large traders commercial, let's put it that way. So we see when they're heavily long like they were back. Oh, market top. Right, heavily long over here. Market top. What about when they're not long? When they're not, they just cannot time the market. And in addition to this we have a new chairman at the Federal Reserve. So I mean it's like the 18 one Mr. T would say. I love it when a plan comes together. Oh, fundamentals of cycles time for bonds.

[B]

My forecast for the bears is pain. Just like Mr. T Club are lying in that situation. Now I want to go even further in terms of what I regard maybe the most contrary call that I've heard a long time. This is the great ebay of Latin America.

[E]

It is.

[D]

It's a country, a company that supported heavily by funds. About 85% of the ownership is by professional funds. So basic value there, it's had a decline. That happens. But in terms of the cycle, very strong cyclical stock. This leg of the wave of the cycle we rallied 85% of the time since the stock Started trading. So it's a really stable, consistent cycle. I think it's time to buy to see this market rally between now and in the end of the year. The bet on this one alongside.

[B]

Well, let's take a look because this is very sniffing as boy. Latin America, I think is very strong, but this stock's weak. So it's an opportunity. What do we have here?

[D]

Now we have my measure of advisors. People publish newsletters, websites, and when they're very negative, they don't want to buy the stock. You actually usually want to be a buyer of the stock. And look where they just were. Only 10% were bullish. And when we see such low bullish readings, regardless of where we are, the market's oversold. It's time to. Nobody believes this market is going to rally. Nobody don't believe it's going to rally.

[B]

Up it goes, all right. And then remember, we don't care. You look, I want to know. Micarta Libra. But yet this is cycle work and it's really important. Let's end who's buying, who's selling. And I think we have one more here.

[D]

We see on a daily basis accumulation coming into the market. Professionals start to buy here, we rally and they start to accumulate again. And this area which tells me smart money, professional money, is those value even in the strength of weakness here they started to buy. That's unusual. That's an abnormal position in the market, Jim. When they buy weakness, we usually rally. That's what they've been doing.

[B]

I'm pretty impressed here because I really know that people are betting. I know a lot of people don't like the stock and obviously maybe they're wrong. That's a good time to buy right now. I do want you to just tell us a little bit about waves and cycles so that people don't think that it's hocus pocus. Because you've taught me actually a lot of the fundamental work tends to be a little more hocus pocus in the cycles.

[D]

A lot of hocus pocus in this business. But everything goes up and down, especially in our business. And usually, but not always, we can measure what the cadence is to that. How many years a week we rally, how many years a week we come down. And we can do that now thanks to computer really reliably, so we can figure out or ferret out what's the current active cycle, especially in economic data like the bond market, that's such stable data and that can give us a

[C]

view of the future.

[B]

Well, I got to tell you, Larry, it's just so great to have you here. I told some of the guys in the morning I'm going bullish on bonds and look at me like I got three heads. No, I got the numbers. I got this. I got the cycle. I got the legendary technician and historian Larry Williams on my team. Larry, thank you so much. Back yet to the break.

[A]

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

[B]

Hey, Jim, your mission has been very successful in our family. I listen to your show multiple times a week for investing knowledge. I just want to say thanks.

[C]

I love your show.

[B]

Thanks for always looking on the guy. A huge thank you you for all you've done to make me a better investor. I got a call, Kramer, because I can't make a move without this guy. I want to make people better investors if they make money. Fantastic. Let's go to work. It is time to wipe out keno Raptors. We'll see him in soccer while you play the step. And then the lightning round is over. Are you ready? Steve Day? So the light round comes. I'm going to start with how about Steve in Georgia? Steve. Hi, Jim. Steve Waxler from Marietta, Georgia. First of all, we love you down here. Thank you. Also, thank you for making me so

[C]

much money over the over the years

[B]

and getting to the point. What are your thoughts on Joby Aviation? Joby is a terrific spec, I have to tell you. I also like some of the drone companies you'll see at the top of the show. I think those may even be better specs because the president's predilection for investing in drone companies. Let's go to Danny in Hawaii. Danny. Aloha, Jim from Maui, Hawaii. Thank you so much for taking my call. Okay, okay, let's go, let's go, let's go. Calling today about a stock that you're a big fan of, you're a big fan of their CEO. They've been down the last couple days. I mean, choosing up the last couple of days. We're down the last couple of weeks. What's your thoughts on qxo? You buy QXO here. We got a new Fed chief and I think interest rates have peaked about Colby in Rhode Island. Colby. Hey, Jim, how you doing? Love your show. Me my girlfriend watch every night. There you go. Fantastic company catching the space. Boom. We're wondering about sats X. Not my expertise. That happened to my partner, David Faber. I'm not going to speculate on something That I am not as good at as David. Let's go to Bill in Delaware. Bill. Hey, Jim.

[C]

Thank you for taking my call.

[B]

Quite welcome. Long time, short time, satisfied, club member. Last year you had a little segment on a company called Mountain mntn. Yeah, that was when Ryan. Ryan rounds like this. Look, I've looked at this thing. I think it's actually a valuable property, but I've been dead wrong on it. So you can just say to me, oh my God, Kramer's doubling down. He's been dead wrong. I thought there was value here. And it's a profitable company. What can I say? I don't mind it. Let's go to Michael in Illinois. Michael, Jimmy Kramer. Oh, yeah, baby, I'm finally here, baby. I'm finally here. I gotta get. Man, are you ever fired up. You belong right here in New York. We need you. What's going on? On. All right. Sls. Sls. Oh, this life science company that is. Look, okay, so this is a good example. This stock's up a great deal, all right? And yet, you know, it's losing a little money. It's a great spec. And even though it's up, I used to say, you know, I can't touch it. I used to say that. I can't do that right now. I can't. I'm gonna say two thumbs up or whatever to S. SLS, it's that kind of market. How about Donald? New Jersey? Donald. Hey, Dr. Kramer, how are you? I am good. How are you doing? Good, Dr. Kramer. Jim, my, my stock is Nokia. You know, Nokia. You know what? This is one that it turns out to have. It's got some AI, so people are going crazy for it. And it's got the 6G AI. I'm not to going close enough, but I know that people who are very smart tell me to buy it. That's not a good way to recommend things, but that's what I hear. So I'm giving you what I hear. I need to go to John in Maryland. John. Hi Jim. Thanks for taking my call. I really enjoy your program. Thank you. Listen, I'm bogged down with a large position in strategy. I brought it at 350 and it's sub 200 for eight, nine months. Well, I'll tell you here's the problem. I am a huge believer in crypto, but I like the actual. I don't want to double down and I can only recommend bitcoin. I own bitcoin and I do think it's a good buy right here for the Long term. I want to take one more. Let's go to Michael in California. Michael, thanks for taking my call. I was wondering what your thoughts are on GE Aerospace. Okay, GE Aerospace. This is Larry Culp. I think he's done a remarkable job. I want you to buy the stock of GE Aerospace Strip because gasoline's coming down. So is Jetpool. And that, ladies and gentlemen, conclusion of the Lightning Round.

[A]

The Lightning Round is sponsored by Charles Schwab. Coming up, as we wrap up another busy day, Kramer has some final thoughts. Don't miss his no huddle next. Tomorrow, kick off the trading day with Squawk on the street. Live from post nine at the nyse.

[D]

When you see stocks go up.

[B]

Not on this Shakespeare. Who? Kiss me cake. Yes, yes.

[E]

Kiss me K Star. We probably quote that the most of

[B]

the time we have. That's been a favorite. One of our favorites. Nothing wrong with being cultural. Start quoting him now. We have to be stupid.

[A]

It all starts at 9:00am Eastern.

[B]

Jim Kramer, the die hard of the doll. Hey Jimmy, love the show. My five year old grandson loves to watch your show.

[E]

I have to thank you for making

[B]

us money when it's there to be made. Our world is a better place with you in it. If like me, you're getting tired of hearing about the cash trapped consumer, I suggest you go read this morning's conference calls from Dollar Tree and Best Buy. There's a reason the former rallied 18% today and the latter jumped almost 16%. I picked these not just because they reported but because they're reminders of how a cash strapped consumer copes in our great country. Dollar Tree embraces its lot in life. They know that, quote, the consumer environment remains dynamic, especially for lower income households navigating higher fuel costs and broader macro uncertainty. End quote. They value, quote, the ability to shop nearby and quickly to stretch their budgets through smaller and more affordable pack sizes and compelling assortments. End quote. So Dollar Tree caters to lower income customers with multiple prices. But approximately 85% of their sales mix remains at $2 or below. They're offering bargains in home decor and household consumables. They're selling the heck out of rice, a Roni Spam and Frank's Hot Sauce which you can put on anything for $1.50. Higher fuel costs. They figured it out. Like Walmart, like Costco, like Amazon. Dollar Tree is trying to make the economy work for almost everybody. And if you want extravagance, then you go to Best Buy. Like a ton of other people. More than ever. Because Best Buy uses artificial intelligence to figure out where you are. You see its ads at places that suggest you might be willing to make it purchase. Under departing CEO Corey Barry, who's braved Covid high inflation tariffs, gasoline spikes and still done a good job for shareholders, the company now reaches 200 million consumers. Through social media and their associates, Best Buy realized customers wanted trading cards, health rings and PC gaming handsets. I'm sure they wanted Delta, which is now, by the way, looking up $90. Enough time has passed since the COVID PC boom that they're benefiting from their computer replacement cycle. Their opening and Google relationships will keep them on top of what people want and what they can afford now. Plus they have rgb. What's that? That's the new televisions that give you the best colors, red, green and blue. The only ones that really count that money can buy. It's a TV refresh cycle. It's allowing Best Buy to crush the numbers and I think will really help them going forward. May, by the way, was a very good month for appliances. Here's how Barry put it. Quote, we continue to see very consistent customer behavior, which is a customer who is under a lot, a little more pressure, but still resilient, attracted to sales moments, shopping within their budget, which is where our broad assortment really plays in our favor. And quote, there, there's the real ticket. A resilient consumer is integral to what makes many things tick in our country. A smart price checking person who uses the Internet and all the hyperscaler wisdom to save money. Resiliency. That's something the super rich economists and big boys on Wall street are never going to understand because they wouldn't be caught dead in a dollar tree and probably thought Best Buy went out of business a long time ago. The consumer knows what the heck she's doing. So what if she's disrespected by the fat cats? They're never going to bump into her in any of the aisles anyway. I'd like to say there's always more markets, some, I promise if I just be right here. Man Money. I'm Jim Cramer. See you tomorrow. 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 med. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable. But neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer trading@schwab is powered

[A]

by Ameritrade, giving you even more specialized support than ever before, like access to the trade desktop. Our team of passionate traders ready to tackle anything from the most complex trading questions to a simple strategy gut check. Need assistance? No problem. Get 24. 7 professional answers and live help and access support by phone, email and in platform chat. That's how Schwab is here for you to help you trade brilliantly. Learn [e-mail] trading.