Mad Money w/ Jim Cramer 6/18/26

Summary

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Mad Money w/ Jim Cramer – Episode Summary (6/18/26)

Podcast: Mad Money w/ Jim Cramer
Host: Jim Cramer, CNBC
Date: June 18, 2026
Main Theme:
Jim Cramer guides investors through a critical week on Wall Street, dissecting upcoming catalysts, the state of oil and tech, the ongoing chip shortage, actionable stocks, the value of sports franchises, and rapid-fire takes in the famous Lightning Round. Special focus on semiconductor plays, consumer price pressures, and how to navigate the uncertain investing terrain of summer 2026.

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Episode Overview

Jim Cramer opens the show determined as ever: “My mission is simple: to make you money.” The episode dives straight into market dynamics as summer doldrums loom, with an unusual combination of tech surging and other sectors lagging. Major topics include oil price moves following a White House deal, expectations for Fed policy, the future of cruise lines, big reports from FedEx and Micron, and the high-stakes semiconductor shortage. The show features an exclusive interview with Cunity Electronics CEO John Kemp, a breakdown of the Madison Square Garden Sports (MSGS) opportunity post-Knicks championship, a robust Lightning Round, and actionable advice for investors juggling new IPOs and market rotations.

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Market Recap & Upcoming Catalysts

[00:55 – 05:45]

Key Points:

• Tech Bifurcation: Tech stocks are outperforming while the broader market is sluggish. “The Dow advances just 72 points… but the Nasdaq surges 1.91%.” (00:55)
• Oil Prices: The reopening of the Strait of Hormuz and a US-Iran deal is expected to result in “shockingly lower oil prices.” (01:15)
  • Cramer’s thesis: Lower oil leads to cheaper gas, which could compel the Fed to cut rather than raise rates — a contrarian call.
  • “The decline in oil could take down the price at the pump to ever lower levels. And eventually much cheaper gas will convince the Fed it would be insane to raise interest rates.” (02:04)
• Earnings Focus:
  • Carnival – Watch for insights on future fuel costs and off-limits destinations.
  • FedEx – Cramer is openly bullish; urges to “buy it, put it away,” calling it a “juggernaut under Raj [Subramanian].” (03:30)
  • KB Homes – “The housing industry just feels like it’s dead in the water… There’s just not enough supply and not enough new homes.” (04:05)
  • Micron – The “most consequential quarter of the week.” Stock’s up 200–300%, needs a blowout to keep running due to severe chip shortages. (06:00)

Memorable Quote:

“The majority is not always right. Not a lot of corporate news next week, but still enough to parse.” — Jim Cramer (01:53)

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Investing Club, Intel, and Rate Outlook

[07:50 – 08:26]

Key Points:

• Cramer strongly reaffirms Intel as the “favorite stock” for his Charitable Trust and says “CPUs will be the next big shortage.” (08:10)
• Advocates joining the CNBC Investing Club for real-time strategies.

Notable Quote:

“Right now it’s just the memory chip stocks that are running, but I believe CPUs will be the next big shortage — and that is Intel’s wheelhouse.” — Jim Cramer (08:21)

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Lightning Round – Rapid-Fire Stock Opinions

[08:26 – 11:04 & 36:38 – 43:00]

Jim Cramer fields real-time listener calls on a variety of stocks; his style is direct, candid, and often prescriptive.
Highlighted Calls:

• Intuitive Surgical (ISRG): “Too much competition. Used to be king… now there’s a lot of kings.” (08:36)
• American Express (AXP): “Precisely the level where I want you to put on a 50% position. Terrific level to buy.” (09:13)
• Palantir (PLTR): “As long as you recognize it’s a long-term growth story. The growth hasn’t slowed down, just the stock.” (10:00)
• Nike (NKE): “I’m going to give the company one more quarter, and if they disappoint, then I have to sell.” (28:51)
• Rivian (RIVN): “Losing too much money. I just don’t want to do it.” (38:38)
• SOFI Technologies (SOFI): “Time to buy.” (37:52)
• Boston Scientific (BSX): “Device sector is from Hades. This whole cohort is just too hard to own.” (41:13)
• McGraw Hill: “Could go down a few more bucks… AI names are falling knives.” (42:32)

Memorable Lightning Quote:

“That, ladies and gentlemen, is the conclusion of the longest Lightning Round in 21 years of the show.” — Jim Cramer (42:56)

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Exclusive: Interview with John Kemp, CEO of Cunity Electronics

[12:59 – 19:36]

Key Topics:

• What is Cunity? "Pure play technology leader providing end to end solutions," specializing in materials that pattern, polish, protect, and connect chips and circuits.
• Why the Surge?: Exponential demand for new chip architecture and advanced packaging driven by AI and data center needs.
  • “AI is the most transformative technology of our time, and we’re only in the early days of it. … Wherever AI goes next, Cunity will be there.” — John Kemp (16:34)
• Customer Relationships: Deep partnerships with Nvidia, Samsung, Micron, Intel, and SK Hynix (18:59)
• Growth & Reshoring: Organically growing at 17% (17:32), expanding in Delaware and Taiwan to meet global advanced tech needs.

Memorable Exchange:

“Materials innovation is the hidden hero of the era and Cunity is right at the center of that.” — John Kemp (15:00)

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MSG Sports & the Knicks’ Championship: Value Unlocked?

[21:19 – 27:06]

Key Insights:

• MSG Sports (MSGS): Though the stock just rallied 94% in 12 months, Cramer says it still trades below the sum of parts valuation — “You’re basically getting the Rangers for free.” (25:58)
• Spin-Off Catalyst: Anticipation on a possible Rangers spin-off to unlock value, following successful prior spin-offs (Madison Square Garden Entertainment, Sphere Entertainment).
• Caveats: Jim Dolan’s voting control; low profit margins, so the “bet is on appreciation of franchise values, not cash flow.”

Notable Quote:

“At the end of the day, the company that owns the Knicks and the Rangers has a stock that trades like it only owns the Knicks.” — Jim Cramer (26:48)

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Trends & Themes – Semiconductors, AI, and Price Pressures

[12:59 – 19:36; 43:22 – 46:41]

Semiconductor Shortage:

• Intensifying shortage due to data center and AI demand; foundry expansions are coming but years away from fixing the supply/demand imbalance.
• Micron’s upcoming report: Critical for gauging how this shortage plays out.
• Apple Price Increases: “Apple plans to raise prices to pass on soaring memory and storage costs… these could become a national issue.” (43:22)
• Threat of future political backlash against “hyperscalers” (big cloud/data companies) if these costs persist.

Memorable Quote:

“If anything, it’s probably the first of many [phone price increases], and sadly, there’s not much anybody can do about it anytime soon as it’s awfully hard to repeal the laws of supply and demand.” — Jim Cramer (46:27)

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Audience Q&A (Investing Club & Macro)

[29:21 – 36:22]

Highlights:

• Stock Dilution: Evaluate share offerings case by case — good if for growth (as with Alphabet’s data centers), bad if for plugging balance sheet holes.
• Fed Rate Forecast: Cramer doubles down: sees deflation from lower oil, expects no further rate hikes, possibly cuts.
  • “The Federal Reserve is gravely mistaken… I do not believe they’ll have to raise rates. If anything… we’re going to find interest rates going down.” (32:49)
• IPO Flood Advice: Focus on how much new money is in the market; first deals like SpaceX get the most attention and allocation.
• Alternatives to AI: If not in AI, consider banks (cheap), aerospace (liquid, looks strong as oil drops), and select healthcare/insurers.

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Final Thoughts & Outlook

Bottom Line Takeaways:

• Tech and memory chips are still leading despite high prices; CPUs could be next to run, favoring Intel.
• Watch Micron for memory market signals.
• Macro factors — oil, housing, Fed direction — are pivotal and could break with consensus.
• MSGS represents a classic “sum of the parts” value with an unlocking catalyst potentially ahead.
• Investors should balance speculative bets with financial rigor, and use volatile conditions to find mispriced opportunities.

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Notable Quotes & Timestamps

• On Oil & Rates:

  “Much cheaper gas will convince the Fed officials that it would be insane to raise interest rates.” — Jim Cramer (02:04)

• On FedEx:

  “Buy it, put it away. I’m acutely focused on housing as you know because it punches above its weight; big part of the economy.” (03:32)

• On MSGS:

  “You’re basically getting the Rangers for free.” (25:58)

• On the Semiconductor Shortage:

  “We don’t have enough chips or anything that goes into making a chip. And it’s likely to stay that way, maybe even for years.” — Jim Cramer (12:59)

• On Lightning Round:

  “That, ladies and gentlemen, is the conclusion of the longest Lightning Round in 21 years of the show.” — Jim Cramer (42:56)

• On Apple Raising Prices:

  “Apple can get away with raising the price of its phones… but I do think these prices could become a real issue, a national issue.” (43:22)

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Key Segments & Timestamps

• Market Overview & Upcoming Events: 00:55 – 05:45
• Investing Club, Intel Emphasis & Macro Outlook: 07:50 – 08:26
• Lightning Round (Part 1): 08:26 – 11:04
• Cunity Electronics Interview: 12:59 – 19:36
• MSG Sports & Knicks Value Play: 21:19 – 27:06
• Lightning Round (Part 2): 36:38 – 43:00
• Semiconductor Shortage & Tech Inflation: 43:22 – 46:41

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Episode Tone & Style

Cramer remains bold, contrarian, and energetic, emphasizing education (“My job is not just to entertain, but to educate”) and frequent calls to action. His tone is pragmatic, occasionally fiery, and shaped by a deep knowledge of both stocks and market mechanics.

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For listeners: This episode is packed with forward-looking views on macro trends, sector rotation, and actionable stock calls — especially if you’re an active investor, tech watcher, or sports/business crossover fan. Cramer’s market roadmap for Summer 2026 is invaluable for both strategic moves and understanding where the “next bull market” may be hiding.

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Transcript

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[Jim Cramer]

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 Kramer. Other people make friends. I'm just trying to make a little money. My job is not just entertain, but to educate, do some teaching. Call me 1-800-743-CBC. Tweet me, Jim Cramer. We're nearing those summer doldrums when there's a dearth of new issues in corporate news. The market bifurcated again today with tech soaring and everything else just kind of chopping wood, which is how you end up with a session where The Dow advances just 72 points as a beat climbs 1.08%. But the Nasdaq surges 1.91% after dealing with a new Fed chief, Kevin Marsh, in the aftermath of the largest IPO in history, Space X. We could use a sleepy interregnum, and we may finally be getting one. So let's walk the wall to find out what's going to happen in next week's events. And it's going to be kind of interesting and concentrated right in here Monday. We can come in and find out. The White House has finally closed the deal with the Iranians. I don't want to get into the details because I'm not. I'm a stock guy, all right, not a foreign policy guy. But I can tell you that the price of oil is going to come down surprisingly hard. This war sped up a lot of big oil and gas projects while also leading to another step down in energy use. Nothing too big, but just Enough that the fragile balance that kept the price of oil surprisingly under $100 with the straight of whose close could bring about a surprising swoon. Now at the straits starting to reopen again. I'm expecting shockingly lower oil prices because of this new excess. If the piece holds, here's my thesis. The decline in oil could take down the price at the pump to ever lower levels. And eventually much cheaper gas will convince the Fed officials that it would be insane to raise interest rates. That's why I believe the Fed's next move is more likely to be rate cut. A rate hike. I know. Extremely contrary in view. But remember, the majority is not always right. Not a lot of corporate news next week, but still enough to parse one of the more ridiculous elements of stock research is the endless pecking order shifting in the cruise lines. You know I've been consistent. I like Viking because of its upscale model. Okay, no, no kids or gambling. But I recognize that all the cruise lines are well run. When Carnival reports we might get our first inkling of what their future looks like with lower fuel costs and perhaps more important, what actually happened with fuel and. And with destinations that were deemed off limits. Remember all the cruise lines. Viking has the best pricing power but they can all generate really good fares. Carnival's been pretty lucrative. Never told anyone not to buy it after the close Tuesday. We get results from FedEx. No, I've been telling everyone to buy this one. We just came back from Memphis not that long ago where I spoke with CEO Raj Subramanian. We like the stock enough that we took that we told CBC investing club members to go buy some weight. Which is exactly what we did for the charitable trust. FedEx tends to give very conservative guidance when reports. So if you see a big earnings number and then the stock sells off from the forecast on the call, it might be a terrific buying opportunity for you. Company always well run under the late Fred Smith, a great friend of mine is now a juggernaut under Raj. I think you just own FedEx for the long haul as it's winning in the trenches against longtime opponent ups. Buy it. Put it away. I'm acutely focused on housing as you know because it punches above its weights big part of the economy. So I'm going to make time to listen to the conference call. KB Homes. That's a well run homebuilder that tells it like it is. Very, very abject conference call. I sure hope they make some references the Federal Reserve. The housing industry just feels like it's dead in the water. Right now there's just not enough supply and not enough new homes. Why should there be though? With interest rates as high as they are, why would a home builder step up the plate? It's really only toll brothers who can handle the situation. That's because about quarter their homes are bought with cash. Now Wednesday we got new home sales and again remember my focus because I remember I think the Fed's got a guy. Anybody's guess what this number will be. So far the Fed has ignored the weakness. I think that changes once oil comes down. One of my absolute favorite companies as you may know if you're watching show closely up is Casey's General store. It's got an analyst day on Wednesday. And most of these means really don't move stocks. I think this one actually could because people still don't know the Casey story. The small city model. I bet they have some of those delicious breakfast pizza too. Those make you want to go into op. Just one, just for interrogation. Give me some gop. Just one. And a breakfast pizza place. Paychecks reports in the morning and their quarters have been poorly received of late even as the company's a consistent beat and raiser. When I see that pattern, you know, I think I presume that the industry could be disrupted by AI even if I can't get my head around how. I'll say this though. Like Intuit, like Adobe, like Surface now like Salesforce. Salesforce.

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Ouch.

[Jim Cramer]

13 days down in a row. I'm not going against the zeitgeist. I'm not going to fight the tie. All right, at the close we get the most consequential quarter of the week and it's Micron. Now the stocks up about 2, about 300% for the year. So I think Micron needs to beaten and raised for well beyond the consensus to continue to go higher. If it does though, this memory chip maker it can soar because of the shortages. Anything less than a blowout though, it's going to be a problem. Luckily Micron chips are in such short supply that they have insane pricing power. That's great for the stock, but it's terrible for the consumer as these higher memory costs are now being passed on by the likes of Apple and most of the entertainment devices you may be buying. Thursday morning we get the core PC deflator. Now this was the preferred way to measure inflation under the previous Fed chairman. One of the many things I liked about Kevin Wash press conference yesterday I really did like it was how he's no longer going to tolerate the kind of old data that to paraphrase, seems more anecdotal than empirical. I've been really against the way the Fed collects this data for years. It's old by the time they read it and so often poorly reported. Wash wants to change that. I think it'll be a big improvement over what this thing was. Also on Thursday we hear from McCormick. This is the spices and seasoning stock. It is still reeling from their deal to buy Unilever's food business which Wall street thinks was a colossal overpay. Let's see what management says to justify it. The stock's been crushed. Darden reports in the morning. This fabulous restaurant chain, the home of Olive Garden by the way, almost always surprises. The upside, it's like clockwork. Nearly as good as hospitality king Mary I like Darden ahead of the quarter. I do because I see gas prices coming down and that's a very good determinant. Has been for the for the 25 years I followed Darden. One of the trust's newest positions is Fed Ex Freight. Just got it. The freight stocks have been on fire mostly because the economy so strong and E Commerce is still taking share of a bricks and mortar. FedEx Freight is uniquely set up to take advantage of that trend. It's the recent less than truckload spin off from FedEx. I like that the company's on track to cut a huge amount of costs while picking up a lot of market share. Added bonus self driving trucks. They're coming and they'll matter. That's it. Light week. I want to leave you with an important point. I told club members and I do want you to join the club because it's really important to me that intel is now my favorite stock in my travel trust Intel. There's not been a hard apple intel deal yet despite what the President posted on True Social. I think that can change. Club members know I want you to I want to be bigger in intel for my trust. I think you should be in it too. Here's the bottom line. Join the club. I'll keep you up on it. Here's the bottom line. Right now it's just the memory chip stocks that are running but I believe that CPUs will be the next big shortage and that is Intel's wheelhouse. Why don't we go to Greg in Texas?

[Caller / Viewer]

Greg Jim Booyah.

[Jim Cramer]

Booyah Greg. What's going on?

[Caller / Viewer]

I am wandering what you think about intuitive surgical intc.

[Jim Cramer]

Is that a bi Too much competition Too much competition in the bisection now used to be king Used to be king. Now there's a lot of kings. There's like three kings or maybe even four kings. And that's the problem because there's too many kings. All right, let's go to Kristen in Connecticut. Kristen,

[Caller / Viewer]

how are you? Jim, thanks so much for taking my call.

[Jim Cramer]

Oh, Kristen, thank you for calling.

[Caller / Viewer]

Such a great teacher.

[Jim Cramer]

Thank you. That's my goal. Thank you.

[Caller / Viewer]

Thank you so much. My question is about American Express. It looks to me a little bit on the high side in the last couple of weeks, but I was wondering if you thought it was a good buy now or is it something that.

[Jim Cramer]

This is precisely the level where I want you to put on a 50% position, half a position on literally next week and then see if it comes down. The stock is very rarely down for the year and it is down. Right now it's down 9%. Steve Scooter is doing a dynamite job. I think this is a terrific level to buy American Express. By the way, Capital One is the same exact charge. So don't freak out. It's what the credit cards are doing. But I think now the castle is coming down. People are going to say, haha, things are to get better. Tie in Arizona. Tie.

[Caller / Viewer]

Hey, Professor Kramer. Happy Father's Day to my dad Brian, and to you and all the great dads out there.

[Jim Cramer]

Oh yeah. To all the dads. I like that. Happy Father's Day. What's going on?

[Caller / Viewer]

My. My dad helped me get involved in the market. I bought this stock whenever it first came out. Pltr help me. Should I buy more? Sell this thing.

[Jim Cramer]

Oh boy. Let me think about this. Let me think about this. I think it's fine as long as you recognize. I just want to see what they pushed it down to. As long as you recognize. I thought so. They really clubbed it today. As long as you recognize. It's a long term growth story. What's happened is the growth was very exciting to people. The growth hasn't slowed down, just the stock. All right. The memory chip cohort is on a ridiculous run right now. But I think CPUs will have the next big shortage. And that's when I think intel will shine. Club members know that we aggressively pound you to buy it. In yesterday's club meeting on mail money tonight, shares of QD have been on a tear ever since it was spun out of Dupont. I'm sitting down with the CEO. Learn more about the company then. The New York Knicks might be the champions of the NBA, but can they deliver some championship like returns for your portfolio? I'M taking a look at their parent company to share where I come down. And yes, we held our investing club meeting yesterday where I said buy intel and we got so many amazing questions that we're answering some more of them tonight. So stay with Kramer.

[Charles Schwab / Ameritrade Announcer]

Foreign

[Show Announcer / Segment Promoter]

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[Charles Schwab / Ameritrade Announcer]

is now powered by Ameritrade, bringing you an expanding library of education with even more ways to sharpen your trading skills. Access new online courses, insightful webcasts, articles, engaging videos and more, all curated just for traders. Plus guided learning paths with content designed to fit your unique interests and no sifting to find exactly what you need so you can spend your time learning to trade brilliantly. Learn [e-mail] trading.

[Jim Cramer]

I don't think people understand the scale or scope of the semiconductor shortage. Thanks to the rise of the data center. We don't have enough chips or anything goes into making a chip. And it's likely to stay that way, maybe even for years. Which brings me to Community, the highly successful DuPont spin off that makes specialty materials for semiconductors and advanced electronics. Now we own this one for the Chapel Trust. It's already more than double year to date and including huge gains just this week. QD is basically a bet on the future of chip. You see, for most of my lifetime, the semiconductor industry was focused almost entirely on making transistors smaller and smaller. The data center has changed all that. We don't need small chips, we need chips with better packaging, better heat management and that are easier to manufacture. And that's where community comes in. And it's why the company could report such a spectacular beaten race quarter a month ago. So can the stock keep running? Let's learn more about this with John Kemp. He's the CEO of CUNY Electronics. Find out. Mr. Kemp, welcome to Mad Money.

[John Kemp (CEO of Cunity Electronics)]

Thanks Jim. It's great to be here.

[Jim Cramer]

Okay, I got the year is maybe the most exciting story I think of this year in technology and of course materials. And I just want to give you the floor to tell people because people don't know CUNY yet. They see the stock go up more than any other stock. Now they're starting to know that it's a material stock. But materials exactly where.

[John Kemp (CEO of Cunity Electronics)]

Yeah, so thanks Jim. Look, cunity for those who don't know us is a pure play technology leader that is providing end to end solutions to some of the world's global technology companies. The materials that we sell to keep it simple, look, we pattern and polish, protect and connect both chips and circuits. So that portfolio allows us to work from the front end of the semiconductor value chain all the way to the back end of the value chain and our partnership and co innovation capabilities with customers who are the global technology leaders, including Nvidia.

[Jim Cramer]

You've got a partnership with them allows

[John Kemp (CEO of Cunity Electronics)]

us to really have these deep established relationships. Right. And so we have a seat at the design table with them to help them enable the technologies of the future and then we support them with this local for local operating model that allows us to be doing manufacturing and R and D wherever they are, anywhere in the world. At the end of the day, Jim, the way I think about it is materials innovation is the hidden hero of the era and cunity is right at the center of that.

[Jim Cramer]

Well, as someone who grew up in Philadelphia who, whose father was very proud, we did some work with dupont for all our lives. They were always thought to be the chemists, the materials. This is where the magic really is. This is the part, I think that your part of the company was the highest intellectual property of the whole operation.

[John Kemp (CEO of Cunity Electronics)]

Yeah, I'm not going to disagree with you there, Jim. I think what's unique about us and we're look, we're just being discovered, right? I mean you've been, you've been great making this point. A lot of the technology analysts are still, still not covering.

[Jim Cramer]

Many of the major firms are not covering you and you're integral to the stack.

[John Kemp (CEO of Cunity Electronics)]

Exactly. And so you know, I was with investors all this week and we were having this conversation, you know, we're trying to help them understand, you know, the importance of critical materials broadly across the ecosystem and the entire stack from the front end to the back end. Because it's not just simply about the fabs and the toolmakers, they're super important, but it's about the entirety of the ecosystem working together. And Cunity has a critical role to enable that.

[Jim Cramer]

Okay, now John, do I have to worry about consumer electronics, Apple, China, premium devices and the possibility that things have gotten so expensive that it's going to hurt demand?

[John Kemp (CEO of Cunity Electronics)]

So it's a great question, Jim, but look, really when we get this question a lot around, you know, where are we in sort of this AI cycle, right? And so the way that we think about it is, look, AI is the most transformative technology of our time, right? And we're only in the early days of it, really. All of the growth in data centers, to me that's just scratching the surface really. AI and data center is all about learning and thinking, right? But when I get excited about what's next, it's taking AI from the cloud where the data center operates and it's moving it to on device edge computing, physical AI. That's kind of at that point it's all about what AI is doing, right? And so when I think about the types of application that, that will completely transform the industrial economy, it's autonomous driving, it's factory automation and robotics and all we're in all of those. So the point, the point there is, Jim, is wherever AI goes next, Cunity will be there.

[Jim Cramer]

Is that how you could have that organic 17% growth, which is a extraordinary.

[John Kemp (CEO of Cunity Electronics)]

That's right. I mean really the momentum that we've seen has really been fueled by AI led demand at the most advanced technologies. And for us, advanced technology means cutting edge chips, advanced packaging, AI, printed circuit boards and thermal materials. And Cunity is really kind of at the heart again, materials innovation that are, that is creating the next era of AI, high performance computing and advanced connectivity. And if that's all great for Cunity.

[Jim Cramer]

And then one last thing. You have been at the heart of what we like on the show. The reshoring, the, the buying here, the, the building here in a giant facility that you put up in Delaware.

[John Kemp (CEO of Cunity Electronics)]

That's right. So we made a couple of announcements. When you think about kind of the things that we're doing to support the most advanced technologies, one of that is investing in capacity to meet that demand so that we can make sure we can support all of that growth. Growth. We announced two new facilities in the first quarter, one in Taiwan and then one in the US that is already up and running. Already, you know, product out the door, qualifying with customers and that'll be scaling up next year. And we announced some innovation partnerships as well with some of the leading OEMs in the industry. And those partnerships really come down to

[Jim Cramer]

two things because they're the names that people always think of. You've got the best partners.

[John Kemp (CEO of Cunity Electronics)]

They are. There's some of the, like, it's blue chip names, the world's leading technology companies

[Jim Cramer]

and, and it's really like Samsung, Micron, we talk about them all the time, obviously. Intel, sk, Hynix. These are all fantastic.

[John Kemp (CEO of Cunity Electronics)]

That's right. And what we're working with them on, it's all about how do we accelerate innovation to enable their technology roadmaps and how do we create the most advanced manufacturing capabilities here in the U.S. well,

[Jim Cramer]

look, it's a very exciting story. Also, I can't go without saying I want to thank Ed Breen for bringing the company to our attention. Ed Rand for a long time as an old friend of the show. That's John Kemp. He's the CEO of Cunity. The letter is Q and Bamboo. Back after the break. Thanks.

[John Kemp (CEO of Cunity Electronics)]

Thanks, Jim.

[Show Announcer / Segment Promoter]

Coming up, New York City isn't the only thing riding high on the Knicks championship. Kramer's breaking down how it sparked the stock of MSG Sports. Next Adventure Global. We think about what can be done, not what's usually done through innovation. Venture Global is not only building some of the largest energy facilities in the world right here, here in the United States, but delivering American energy at a fraction of the cost in a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

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[Jim Cramer]

This morning the world World champion New York Knicks rolled up Broadway in their hard earned victory parade. Even as a loyal Sixer fan, I got to tell you I was moved. That's why today I want to talk to you about the Knicks as an investment. As I've mentioned before, this is one of a handful of pro sports teams that regular people can indeed get a piece of. Specifically, you can buy Madison Square Garden Sports MSGS, which also owns the NHL's New York Rangers along with the Knicks and Rangers minor league teams. Full disclosure, I recommended this thing a little over three years ago and it was pretty much dead money until the last 12 months where we've seen a 94% rally. Still, now the Knicks are the best team in basketball. I think it's worth circling back to the MSG Sports because that might not even be the best part of the story. First though, let's answer the obvious question. Should we even consider the Knicks championship run a positive catalyst for the stock? After all, everybody heard the stories about how it cost thousands of dollars get into Garden for the Finals. Not like this is news. In the end, the company should have a very good second quarter thanks to the extra gains for the postseason. And longer term, they can get away with raising season ticket prices. But at the end of the day, the stock market's inherently forward looking. The Knicks winning the championship is already priced into the stock. That's why MSG Sports rallied 16.5% over the course of April, May, then hit a new all time high last Friday, right before what turned out to be the last game of the Finals. With the player front now over, the stocks pulled back 7% from its high. That makes sense, right? It's classic. Buy the rumor, sell the news. That's the way it works on Wall Street. So that's not the reason why I buy MSG Sports, even if it, well, certainly doesn't hurt. Now, I buy MSG for one simple reason, the market capitalization. This company is currently worth less than the sum of the parts. So TP we call it around here. Right now the company's worth $8.9 billion and it's got a little bit more than than $1 billion in net debt. So let's call it an enterprise value of a little below $10 billion. But when you look at CNBC's latest tally of NBA team valuations from back in February, the Knicks alone should be worth $10.1 billion. Even if MSG Sports own nothing else, you'd be getting nice discount here, right? And of course, whatever the Knicks were worth in February, you know the team's got to be worth more now, right? Of course. Course they also own the Rangers. Now, we don't have the 2026 data on hockey yet, but based on CBC's list of NHL valuations from last year, we're talking $3.8 billion. That seems low to me. What can I do? Makes the Rangers the second most valuable franchise in the team in the league though. Combine them and MSG Sports own, you got two major teams that together are worth just under $14 billion, along with a pair of smaller minor league teams. Now, in the end, I think the some of the parts valuation is too good to ignore. You're basically getting the Rangers for free. The problem here is that MSG Sports has been trading at a huge discount to the sum of the parts for many years. There just was never a way to unlock that value. No catalyst. But that might be about to change. See, MSG Sports has been making moves to spin off the Rangers as a new independent company. If you look at the chart, you see a pop in mid February. That's when the company announced plans to explore potential spinoff because the Knicks and the Rangers clearly weren't getting the valuation they deserve while living under the same roof. Then exactly one month ago, we learned that MSG Sport had sports had filed the paperwork to do the spin off. So far, the details haven't been finalized. The spin off? Well, it might not even happen, but it sure seems like MSC Sports is headed toward a breakup which would split the Knicks from the Rangers and hopefully help investors unlock all this hidden value. Now, we know these guys have a history of unlocking value via breakups. Think about this. They previously spun off MSC Entertainment, a venue business that owns Madison Square Garden, among other properties. Then they spun off the Sphere Entertainment, which owns the big Sphere in Las Vegas. Plus from MSG Entertainment. Now, both of those stocks have been big winners in recent years. The Sphere is doing so well. Finally, for what it's worth, the analysts who cover MSG Sports agree that pro pickup is the right thing to do. We've seen several big price target hikes over the past few weeks since the Form 10 was filed, with many price targets now well over $400 for this $70 stock. That said, I feel compelled to say give some disclaimer here. While you can own an economic stake in the Knicks via shares of MSG Sports, you need to Understand that you and your fellow public shareholders won't have any control of the company because chairman and CEO Jim Dolan controls the majority of the voting rights through his Class B shares. Don't expect to be consulted on contract negotiations or invited the owner's box anytime soon. You're simply along for the ride. Second? Well, I think this network's estimates for the value of the Knicks and the Rangers are legit. That's what these franchises might be worth in a sale. MSG Sports currently makes very little in the way of profits, though their 2026 fiscal year ends this month, and the company's on track to bring in just $16.6 million in earnings for interest, taxes, depreciation, and amortization, according to current assessments. That's not so great. So, based on traditional price journeys, tight valuation metrics, this stock is far from cheap. Really, what you're betting on is MSC Sports is that the underlying teams will continue to rise in value. But with those disclaimers out of the way, I got to tell you, I like MSG Sports here, especially after the stocks pull back pretty hard this week and with the potential catalyst of a breakup play. So here's the bottom line, this pretty exciting darn story. At the end of the day, the company that owns the Knicks and the Rangers has a stock that trades like it only owns the Knicks. After years of being underestimated, MSG Sports is finally thinking about spinning off the Rangers business to give you a basketball stock and a separate hockey stock. I bet that sends this thing higher. So congratulations to the New York Knicks.

[Caller / Viewer]

Bye. Bye.

[Jim Cramer]

Bye. And the city of New York. And hey, if the Knicks can finally win a championship again, maybe even the Sixers can get their house in order. Let's go to Bilal in New York. Bilal.

[Caller / Viewer]

Booyah, Jim.

[Jim Cramer]

Booyah. What's going on?

[Caller / Viewer]

Hey, nothing much, man. Just out here enjoying the World Cup. By the way, who do you think is going to win it?

[Jim Cramer]

The World Cup? I don't know. You know what? I'm not good enough to know. I can't even guess. To tell you the truth, I can't even guess. But I like to help you when it comes to stocks, which is better and more of my stock.

[Caller / Viewer]

Fair enough. Yeah. Anyways, Jim, I got to tell you, man, I hate short sellers. And short sellers have been destroying this stock the entire year. Despite the recent Alani new acquisition, despite their recent pivot to becoming a lifestyle energy brand, and despite the recent C suite insider buys. Jim, me and my boys in the GS need to know Celsius holdings, does

[Jim Cramer]

it get, you know, the shorts have played havoc with this stock for a long time, to tell you the truth. And this seems to be an interesting level to buy it. And I say that in part because I think that what people are betting on is the comparisons year over year are not going to be good. This course. The first of the bad comparisons come out say like it's 43 versus 47 and that's going to get the stock hit. And I would pull the trigger the more moment the company reports that quarter. Let's go to Sam in Massachusetts. Sam?

[Caller / Viewer]

Jim, so I've had my eye on Nike for a long time now. This is one of the great American brands. And the question is what is a brand like Nike worth? It's globally recognized, everybody right now.

[Jim Cramer]

Okay, so look, Nike, we talked about it yesterday at the club meeting and I admitted it's disappointing and I said that I'm going to give the company one more quarter and if they disappoint, then I have to sell a stock because it's been, it's been a long time now that we voted and it has been a bust and I've not done a good job and I've told my, the, the tens of thousands members of the club that I screwed up and I'm hoping for one more quarter, maybe get some redemption. If not, then Chuck in Arizona, please. Chuck?

[Caller / Viewer]

Well, yeah, hi, Jim. You know, I'm not much of a drinker, but it seems this stock market is driving me to drink. What do you think about Austin beer? Sam?

[Jim Cramer]

No, I don't. I know I'm not. Such as I don't like the beer. I know, I just don't. I think it's just, it's flat. It's just not going to make you money. The beer business is just okay right now. I don't recommend any of the liquor companies because they're not doing well enough. I'm. My wife is in that business, but she's in agave spirits and agave is probably the only growth area left in the entire spirits complex. All right, look, MSG Sports has spent years being undervalued. I think sports spinning out the Knicks and Rangers into separate companies I think would send the stock even higher. Now much more money, including some really smart questions from members of the CBC Investing Club after we had our club meeting yesterday. Then is there any end in sight to this memory shortage? I'm sharing what it will take to solve these supply issues, why price hikes might be only starting and how let's just say the remedy is drastic. And of course, all your calls. Rapid fire. Tonight's issue of the lightning rounds to stay with. Yesterday we held our investing club monthly meeting where Jeff Marks and I get together what club members through our decision making process for the portfolio, we discuss our current holdings, including my new favorite intel and then we take questions from our club members. Look, my favorite part of this is when we take the questions but we never have enough time. So I'm going to give you an inside look at what we do at the club when it comes to the interaction because it's not just all me tell you I like to use your questions to teach too. I think you've joined the club. You'll get the insights on how to manage your own portfolio, which is the essence of what we do. Hey, by the way, if you want to be a part of the next monthly meeting, join the club. Just scan this QR code behind me or go to cnbc.com/investing club and I am passionate about you joining or else I wouldn't keep reading this stuff all the time. I would just say that's enough. But I want you to join. All right, first up we got Rob from my home state of Pennsylvania says, hey Jim, would you kindly explain how a stock price is affected by when a company plans to raise cash by issuing more shares. If they plan to issue more shares, should we be selling? Okay, this is up to the company. In other words, it's case by case. So for instance, Google had to sell a lot more Alphabet. They had to sell a lot of stock because we know that they have to pay for all these data centers. But that was good because we didn't want to take down a lot of debt. We knew that, that the stock was, that there were rabid fans of the stocks and they go buy it. But then there are other situations where debt has to be stuck, has to be issued because the balance sheet is bad. And those I almost never bite on because the reason why the balance sheet was bad is not fixed by adding more equity. It's just mass by adding more equity. So what you want to do is you want to look at the company and be what do they need it for? And if it's for growth, it's good if it's to help the balance sheet take a pass. Next we have AJ From Maryland who says thanks Jim, Jeff and your team for your support. We do have a great team. Do you think the Federal Reserve will increase interest rates due to high inflation, increasing job growth? Which sectors typically benefit from higher interest rates. What action should investors take now if there's a high likelihood that the Federal Reserve will raise rates? Okay, the Federal Reserve is gravely mistaken. They're using bad data. I think Washington is going to find that things aren't nearly as strong as people realize. It's strong for certain echelon, not others. I do not believe they'll have to raise rates. If anything, I think that oil is going to plummet, is going to lead a chain down of deflation and we're going to find interest rates going down. And you're going to say, what were they thinking? Okay, it's a bold position I'm outlining. So it's the first time I'm taking a bull position. Maybe not the first time I've been wrong, but I have to have a worldview and my worldview is the one I just shared. Next we have Ronald. He asks, I would like to have some educational overview of the massive IPO now that SBC IP has be trading and how should we approach the macro of such dynamic flood of new issues in the technology space beyond the individual company updates. How should we think about this whole market rotation? Okay, so several rotations, just money going into certain stocks and the next two are anthropic. Okay. And. And OpenAI. OpenAI is not doing well. They have some good people and some good products and a not good balance sheet. Anthropic is doing incredibly well. They have a great product in Claude and they are just going to be a fantastic growth company. For the latter, I want you to put in for as much stock as you can with your broker. For the former, we got to see where the deal comes. That will probably be the last in the shoot. What you care about, when you care about IPOs is how much money there is. The first in the chute does its best. And that's why we saw with Space X as we go along because we also had the Google fundraiser, there's going to be less and less money to be involved. So it's really not as fundamentally oriented as it is involved with the mechanics. And we will keep you up on every bit of it. Then we have Howard who says if I'm not a believer in AI stocks catapulting by investments, what sectors investment strategy can I take advantage of to limit my risk for at least the near future? Okay, this is very hard because right now the ones that I would tell you is ones that in making money in any market I would tell you can be difficult at times. The cheapest group in this entire market are the bank stocks. They sell a very low multiple and the banks are being reregulated in a much better fashion. Those work for me. Okay. I happen to like aerospace very much because aerospace, the airlines are all pretty liquid right now and oil is coming down. That's a second sector that works for me. And finally the sector that is really polarized and dividing is health care. I like the health insurers and the highest growth drug companies, but not much else in between. Next we have Ryan from New York who says ASTS has 3.5 billion in liquidity and has guided fiscal year 26 revenue. One in 50 to 200 million companies has a massive building customer base to go with nearly 60 globe global mobile network operators. However, it is burning a significant amount of cash and faces considerable execution and launch risk. What do you think of the stock right here? All right. Now, we looked at all these satellite and rocket stocks and came back with a very mixed view of them because they're so hit or miss. This one right now is on the miss cycle. Now, strangely, when in the miss cycle I like them. When they hit my hit cycle, I don't. This is low enough that I think you ought to take. It's a flyer. Remember, you're allowed to have every five stocks. You can have one that is speculative for every five stocks that are of that I want rigor. You could have one that is just about your heart. How about that? And anyway, it's passion versus rigor and it's speculation versus pure investment. I don't mind people having one of each and one of each. I want to thank all club members for the amazing questions. You seem like what kind of. What we do. I try to go is get in as many as possible because I know people like to hear their names. That's okay. I'm not against that. I like the part of TV that's interaction. You know why? Because everybody else hates it. Man mice back here for the break.

[Show Announcer / Segment Promoter]

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

[Jim Cramer]

It is time. It's time for the light rail Christmas. These candy socks. Bye bye. The course I don't care so much stamp for you anti and then the lighting round is over. Are you ready? Ski dads in the lightroom Critical. Let's start with Alex in Nebraska.

[John Kemp (CEO of Cunity Electronics)]

Alex.

[Jim Cramer]

Hey, hey, hey.

[Caller / Viewer]

Good afternoon, Jim. Checking in from Decatur, Nebraska.

[Jim Cramer]

Okay.

[Caller / Viewer]

Just north of the College World Series in Omaha.

[Jim Cramer]

Oh, yeah, absolutely. I followed on ESPN on the homepage. What's going on.

[Caller / Viewer]

I'd like to get into the mining sector a little bit.

[John Kemp (CEO of Cunity Electronics)]

And the Critical.

[Caller / Viewer]

Critical Rare Earth Minerals Company would be Niacore Developments.

[Jim Cramer]

Yeah, you know, a little too speculative. I like mp. I'm a traditionalist. That's the one that's got the government backing. I go with MP materials. Let's go to Wes in Washington. Wes.

[Caller / Viewer]

Hey, hey, Professor Kramer. What a couple weeks we just had. Am I right?

[Jim Cramer]

Oh man, just crazy, crazy, crazy. What's happening?

[Caller / Viewer]

Hey, I want to say thank you for your help in keeping us all disciplined while as markets like this, you know, like tailwinds, headwinds, otherwise, you know, your approach keeps us all, keeps us all centered.

[Jim Cramer]

Thank you.

[Caller / Viewer]

Thank you. So, hey, 20 years ago I called in, we talked about Under Armour for a minute. Gave me some good advice there. Today I'm wondering about SOFI technology.

[Jim Cramer]

Okay, so so far I didn't like it. 2080 came down first. I liked it at 5, 6, 7, 8. Then it shot up all the way to 2830. I just say that's enough. It's come back down. We got back to 8. I said time to buy. It's hanging around that level. I continue to believe it's time to buy. Thank you for the kind words. Let's go to Mary Marie in Utah. Marie.

[Caller / Viewer]

Hi, Jim, this is Mari from Mari.

[Jim Cramer]

How are you?

[Caller / Viewer]

I am well, thanks. I am calling you to say the stock that I'm calling about just released the R2 last week and I thought that it would start to go really well. But so far nothing much is happening. It's Rivian.

[Jim Cramer]

Yeah, Rivian I think is losing too much money. I'm not going to say to buy Rivian here. I just don't want to do it. I know a lot of people think it is that the time is right. To me it's losing too much money. Sorry. Let's go to Steven, Wisconsin. Steve.

[Caller / Viewer]

Hey, Jim. Love your show.

[Jim Cramer]

Thank you.

[Caller / Viewer]

Hey, my question is this stock is down over 50% from its high in late August. Should I initiate a position in Tractor Supply?

[Jim Cramer]

You know, I thought these things could be like a takeover target soon. He's got a 3% yield. I just. But I got. Here's what I was thinking about Tractor Supply. I just bought a really heavy Carhartt sweatshirt. What I went to Amazon was really cheap. I like couldn't believe it. I didn't have to go to Tractor Supply for it. That's what I get. I buy a lot of Tractor Supply. People were moving during the COVID period A lot of people went to countryside. They started making their homes into like little farms and stuff. That move is over. People aren't doing that anymore. That's hurt. Tractor Supply, other than for takeover, and I don't recommend takeover. I can't think of a reason to own Tractor Supply. Let's go to Bob in Rhode Island.

[Caller / Viewer]

Bob.

[Jim Cramer]

Booyah. Jim.

[Caller / Viewer]

How you doing?

[Jim Cramer]

I am doing well. How about you, Bob?

[Caller / Viewer]

I'm doing okay in the data. Bought in a 63 about five months ago. Stayed in for the ride. What do you think?

[Jim Cramer]

Look, they hammered this darn thing today. Look, it's a data engineering company and this market likes data engineering. So I'm going to say it's fine. I don't like. I'm going to say it's fine. It's a little too speculative for me. Let's go to Reginald in Texas. Is Reginald.

[Caller / Viewer]

Hey, Jim. How you doing, sir?

[Jim Cramer]

I'm doing well, how about you?

[Caller / Viewer]

Not bad. I've been looking at an AI company sound.

[Jim Cramer]

How sound Hound.

[Discover Advertiser]

Excuse me.

[Jim Cramer]

AI Incorporated. Yeah, that's. I call that AI Light. I've got to tell you, this thing is just. Ever since they. You know, what happens if Vinnie took a little position one time and thought, it's a meme stock. Hey, take a look how the meme guys did with their SpaceX. They came, they bought it like 220. I mean, let me know when you. Is that a soft landing? What do they got there? Maybe they're landing in the Gobi Desert. I don't want to be in a soundhound. I just think it's a. It's a $4 stock. Masquerading is a $7 stock. Let's go to Cade in washing. Cade.

[Caller / Viewer]

Jim.

[Jim Cramer]

Booyah.

[Caller / Viewer]

How are you, my man?

[Jim Cramer]

Oh, man, I'm fired up. How about you?

[Caller / Viewer]

Fired up? It's been a dream of mine to

[Jim Cramer]

talk to you and here I am, so. Well, here we are, man, we're talking. What should we talk about? Yeah, well, you know, I'm a big fisherman and I'm thinking about doing a

[Caller / Viewer]

different kind of fishing. Specific sector's been a laggard, but specifically one stock, so.

[Jim Cramer]

Medical Devices looking at Boston Scientific wanted to hear your thoughts. Oh, I thought you were going to go tarpon fishing with me and Michael. That's what we're looking forward to. Now, I gotta tell you something. I was shocked at the decline this is. They have this one really good product. The sales didn't come through and the stock has been removed. Major league decline. But so is Abbott. So is Medtronic. The device sector is from Hades. If you're willing to wait. I still don't know when their next edition is going to come out to make you feel better than you feel better. I also said the intuitive surgical. This whole cohort is just too hard to own. And when I see that, what I think is somebody knows something I don't, I hate that I say no to Boston Scientific. I want to continue this, which by the way is the longest lightning round I've ever done in my history. Let's go to Anders. Anders is out to go to Anders. Booyah.

[Caller / Viewer]

Jim, I'm a first time caller but a longtime listener and it's truly an

[Jim Cramer]

honor to be on your show this evening. Well, thank you.

[Caller / Viewer]

Thank you.

[Jim Cramer]

Anyway, I know you're always encouraging your

[Caller / Viewer]

viewers to find best of breed companies within specific industries. Additionally, given your philosophy that there is

[Jim Cramer]

always a bull market somewhere, I'm wondering

[Caller / Viewer]

if I should buy, hold or sell. McGraw Hill, one of the big three players in the education industry.

[Jim Cramer]

It's 42%. It's nine. I think it could go down a few more bucks. It doesn't lose money, but it has been aide and these ones that are AI you keep trying to catch them and they are just falling knives, they're folding cell phones, they're folding safes, they're folding man, they're falling manhole covers. And that, ladies and gentlemen, is the conclusion of the longest lighting round in 21 years of the show.

[Show Announcer / Segment Promoter]

The lightning round is sponsored by Charles Schwab. Coming up, the memory shortage could soon be jacking up the cost of smartphones and it has Kramer concerned. He's explaining next.

[Jim Cramer]

Everybody wants cheap phones, but they're getting harder and harder to make. We need to talk about why. Yesterday we learned that Apple plans to raise prices to pass on the soaring costs of memory and data storage or more specifically, the cost of the semiconductors that handle those things. We have an acute shortage of memory chips. They're made by only a few companies and most of the memory that gets made is being snapped up by the super rich hyperscalers and what can only be considered alarming prices. If you make cell phones, Apple, of course makes cell phones. Now we know there are shortages everywhere in this particular food chain. Almost no one, save Nvidia's Jensen Huang saw the demand from the data centers coming in the memory space. The companies that make these chips have been burned many times by horrendous downturns. They're reluctant that manufacturing capacity too quickly because it's blown up in their face in the past. They got a late start on this ramp because their balance sheets in some cases were in tatters. But this shortage has gone on long enough that they're building lots of foundries. Micron, which reports next week will tell you it's embarking on a build out that could cost hundreds of billions of dollars. Unfortunately, they started late because the company again was losing money in 2023, barely profitable 2024. They couldn't even afford to think about a big build out to last year. And it takes a long time to put up a semiconductor foundry. They were conservative. Shouldn't still crime to be conservative. So I don't see this chip shortage abating anytime soon. And that makes all sorts of electronics more expensive. Apple can get away with raising the price of its phones in part because perhaps $200, some of that's going to be cost worn by the phone companies, not not by you. But I do think these prices could become a real issue, a national issue. Once people realize that the price of their phones are going up not because of Apple, because of memory companies, but because of the rapacious rich hyperscalers who seem insensitive to price your price. It can easily become one more reason for people to hate data centers. Now we've already seen how this kind of story plays out, haven't we? When the hyperscalers come into a new town to build a data center, we know that they push up the price of goods and services, especially electricity. They're aware of the inflationary pressure they call cause. And for the most part now they have finally started to reimburse towns for their additional costs. I say I'm not saying the exact same thing will happen with the hyperscalers causing phone or PCC inflate PC inflation. But I worry that we could end up with two presidential candidates who are populist in nature in 2028, with both parties looking for ways to stick it to the data centers. And that can get pretty ugly for all the hyperscalers and for all of tech. On the other hand, that might be the only thing that could possibly put the hyperscalers in their place. But the only hope I can see in this entire food chain is intel and its CEO Lip Bhutan. I think he can create a great American foundry business because he has tremendous experience in chip design and manufacturing from his time in Cadence Design Systems, which he saved by the way. Give you 50 bagger plus. He has the smarts and he has the friends. He has the contacts and he's just a good guy, but even intel can't get there overnight, so I'm betting this won't be the last cell phone price increase based on skyrocketing price of memory chips. If anything, it's probably the first of many and sadly, there's just not much anybody can do about it anytime soon as it's awfully hard to repeal the laws of supply and demand. Alex says Always bull market semi prosper event just for your money. I'm Jim Cramer. See you next time.

[Legal Disclaimer Narrator]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer trading@schwab is now

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