Mad Money w/ Jim Cramer 6/24/25

Summary

Mad Money w/ Jim Cramer – Episode Summary (June 24, 2025)

Host: Jim Cramer
Produced by: CNBC
Release Date: June 24, 2025

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Market Overview and the Deep Seat AI Breakthrough

Deep Seat AI has been a hot topic since early this year, initially causing significant turmoil in the AI and tech sectors. Jim Cramer revisits the Deep Seat story, highlighting how misinformation led Wall Street to prematurely sell off AI-related stocks.

"Remember that [Deep Seat] nightmare officially came to a close as data center tech led the way back up driving the averages to near their all-time highs."
— Jim Cramer [02:30]

Cramer draws parallels between the Deep Seat incident and the 1957 Sputnik affair, emphasizing how initial fears of China’s AI advancements were unfounded and ultimately benefited U.S. tech stocks.

"This rally is a total refutation of everything you heard back in January when we accepted China had beaten us in AI."
— Jim Cramer [04:15]

Middle East Tensions and Oil Prices

The host discusses recent geopolitical tensions in the Middle East, particularly the conflict between Israel and Iran, and its impact on oil prices. The aftermath of President Trump's actions against Iran’s nuclear sites led to a decline in oil prices, alleviating previous inflation concerns.

"Oil plummeted from $78 and change at its highs yesterday to the mid-60s today. It's given up all of its gains since the mini war began."
— Jim Cramer [06:45]

Despite initial fears of Iran blocking the Straits of Hormuz, Cramer notes that Iran’s desperation for revenue keeps oil supply stable, contributing to a return to declining inflation trends.

Federal Reserve and Interest Rates

Cramer touches on the Federal Reserve’s stance on interest rates, noting that although Jerome Powell has opted to "wait and see," the current economic indicators in housing and autos suggest potential rate cuts later in the year.

"There is enough slowness in the economy in housing and autos that I think [Powell] will definitely get rate cuts at some point this year, tariff or not."
— Jim Cramer [07:30]

Data Center Renaissance and Tech Stocks

The resurgence in the data center sector has been pivotal in the market's rebound, with major players like Nvidia, Micron, and Marvell Technologies experiencing significant stock recoveries. Cramer emphasizes the importance of holding onto these stocks despite earlier pessimism fueled by the Deep Seat narrative.

"The Nvidia, the mds, the Vertifs, the Microns, the marvel technologies are all back or nearly back in the story."
— Jim Cramer [08:10]

Interview with Waheed Nawabi, CEO of AV (formerly Arrow Environment)

Cramer interviews Waheed Nawabi, CEO of AV, focusing on the company's recent Blue Halo acquisition and advancements in counter-drone technology. Nawabi explains how AV is positioned to meet the U.S. Department of Defense’s strategic priorities across various domains, including air, land, sea, space, cyber, and maritime.

"We have the solution that's operationally deployed that you can actually kill a drone or drop a drone from the skies with a small package of directed energy lasers."
— Waheed Nawabi [16:15]

Furthermore, Nawabi discusses AV’s role in the Golden Dome initiative, highlighting their comprehensive capabilities in laser communications and AI-driven defense systems.

"We represent basically two-thirds to three-quarters of the US DoD’s priorities in terms of our product sets."
— Waheed Nawabi [19:00]

Mastercard’s Foray into Stablecoins: Interview with Michael Meback

In another segment, Cramer engages with Michael Meback, CEO of Mastercard, about the company’s strategic moves into the stablecoin market. Meback underscores Mastercard’s commitment to integrating stablecoins into their payment ecosystem, emphasizing security, trust, and innovation.

"Stablecoins in itself is a rail. So we have leaned in because we said, okay, it actually does help with some use cases."
— Michael Meback [34:10]

He elaborates on partnerships, such as the collaboration with Fiserv, to facilitate the adoption of stablecoins, thereby enhancing cross-border payment solutions.

"We do this together with Fiserv to make it easier for traditional financial institutions to offer stablecoins to their customers."
— Michael Meback [35:25]

Lightning Round Highlights

The episode features a Lightning Round segment where Cramer addresses various caller questions about specific stocks:

• Chime IPO:

  "I think Chime I want to buy it. I think it's going to be good."
  — Jim Cramer [09:41]

• Lockheed Martin Investment:

  "Every time I see Jim take that. I say to myself why does anyone want to sell that stock."
  — Jim Cramer [10:15]

• CrowdStrike Holdings:

  "CrowdStrike's terrific. The bull market has a lot of similarities to the dot com boom."
  — Jim Cramer [30:31]

• Hims and Hers Health:

  "This is one of the most heavily shorted stocks in the market. You haven't made a dime until you ring the Register on part of your position."
  — Jim Cramer [28:00]

Cramer emphasizes the importance of discipline over conviction in managing speculative stocks, urging listeners to take profits to secure gains.

Final Market Insights

Cramer concludes by drawing a parallel between the current AI-driven bull market and the late 1990s dot-com boom, suggesting two to three more years of substantial gains. He acknowledges potential volatility and corrections but remains optimistic about the overarching upward trend fueled by AI and data center advancements.

"If the bull market is following in the footsteps of the dot com boom, then we've got two or three more years of incredible gains."
— Jim Cramer [28:45]

Conclusion

Jim Cramer wraps up the episode by reiterating his bullish stance on AI and tech sectors while advising prudent financial strategies amidst market fluctuations. He encourages listeners to remain disciplined, take profits where appropriate, and stay informed to capitalize on ongoing market opportunities.

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Notable Quotes with Timestamps:

• "Remember that [Deep Seat] nightmare officially came to a close as data center tech led the way back up driving the averages to near their all-time highs." — Jim Cramer [02:30]

• "Oil plummeted from $78 and change at its highs yesterday to the mid-60s today. It's given up all of its gains since the mini war began." — Jim Cramer [06:45]

• "Stablecoins in itself is a rail. So we have leaned in because we said, okay, it actually does help with some use cases." — Michael Meback [34:10]

• "This is one of the most heavily shorted stocks in the market. You haven't made a dime until you ring the Register on part of your position." — Jim Cramer [28:00]

• "If the bull market is following in the footsteps of the dot com boom, then we've got two or three more years of incredible gains." — Jim Cramer [28:45]

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Note: This summary excludes all advertisements, introductory segments, and non-content sections to focus solely on the substantive discussions and insights provided during the episode.

Transcript

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer America. Other people make friends. Hey look, I'm just trying to make you a little money. My job not just to entertain but to educate, to teach you. So call me at 1-800-743- CNBC. Tweet me at Jim Cramer. Maybe it was all a dream or more pointedly a nightmare. I'm talking about the Chinese artificial intelligence breakthrough known as Deep Seat. Remember that which caused Wall street to turn its back on the AI Data center cohort? Earlier this year we were told that the Chinese had come up the way to build AI models using far less hardware, meaning chips from Nvidia. And it crushed every stock in the group. The house of the biggest casualties being the stocks of all the companies needed to create high speed computing and generative artificial intelligence. Today. Today the Deep Seat nightmare officially came to a close as datacenter tech led the way back up driving the averages to near their all time highs. Dow jumping 4, 507 points. S&P climbing 1.1%. Nasdaq poll voting 1.43% House of pleasure almost back to where it was for everything started getting kerflowing. This rally is a total refutation of everything you heard back in January when we accepted China had beaten us in AI. It was almost replay of the Sputnik affair when the Soviets launched the first satellite to orbit orbit the Earth on October 4th of 1957. Back then we had an infuriating complex about the Soviet Union like we have now about China. We decided we were finished. We'd never catch up to them in the space race. But not only did we catch them, we leapfrogged them and we never looked back. When the Deep Seat news broke, Wall street exhibited the same inferiority complex and everything AI related got hacker. Everyone just accepted that China come up with something revolutionary that made all of our artificial intelligence efforts pointless. They know nothing. Almost no one dug into Deep Sea's highly misleading numbers. But just like with the Russians in 1957, it was all chimerical. We never heard from the Chinese again, did we? Except that they were willing to go to the mat to get their hands on Nvidia second rate semiconductors. Not even the best of. We were never going to give them that. It didn't work. Our governments came to some sort of agreement, but we didn't give them the chips they wanted. Chips they wouldn't have been going begging for if Deep seeks. But Nick had been a real breakthrough. Why didn't any of the naysayers and pessimists put that two and two together? If they had, they would have stayed in these stocks as we did. For my child. Trust. This data center renaissance. So shocking to the people who abandoned these stocks. The Nvidia, the mds, the Vertifs, the Microns, the marvel technologies are all back or nearly back in the story that envy that Nvidia CEO Jensen Huang calls the new Industrial Revolution is once again front and center. It's like Deep Seat never happened. The stocks, they're all breaking out. Of course, success has many fathers. And this rally is about more than just the data center. Just a week ago, we were trembling about what would happen in the Middle east as we watch oil prices climb and climb. The decline in oil earlier this year had been our hope to offset the rising price of tariff goods. But suddenly was going away because of the war between Israel and Iran. Stocks, which had tried to climb back once again seemed ready to roll over. It felt like only oil stocks were worth. For all its prowess, Israel seemed able to stop Iran's nuclear program on its own. But then this weekend, President Trump bombed Iran's three Big nuclear enrichment sites. And suddenly Iran no longer had a viable path to become a nuclear power. Of course, Wall street wasn't really worried about the Iranian nukes at all. It was worried about the price of crude. Usual pessimists assumed that Iran would shut down the Straits of Hormuz, blocking all 20% of the world's oil supply. But that would have represented a major escalation and without a functional nuclear program, they just didn't have the cards. In fact, Iran's desperate for money, which means they need to keep the straits open, not closed, to sell their own oil. 1.7 million barrels a day. Once the blockade thesis got taken off the table, oil plummeted from $78 and change at its highs yesterday to the mid-60s today. It's given up all of its gains since the mini war began. And I think by the way, that oil has got a lot more downside with crude going in the right direction. We're back in the declining inflation story. It wasn't enough to get Fed chief Jay Powell on board with rate cuts today. He just told Congress that he wants to wait and see. But there is enough slowness in the economy in housing and autos that I think will definitely get rate cuts at some point this year, tariff or not. That's the other leg of this rally that's driving up so many stocks. But now I got to go back to this thing that I know you care about so much. This tech situation, this Deep Seek affair is one of the most instructive stories I've come across in years of trading. It's a microcosm of everything that causes people to get the market wrong, to lose money, to write off stocks and bizarre embrace of American mediocrity in a market with the memory of a mayfly. It may be impossible to remember, but Deep seats ability to do so much more with less went almost unquestioned because it was China. And if Deep Seek numbers were real, which I don't think they were, then all the hyperscalers, the Microsoft, the Googles, the Amazons, the Orals, were wasting billions upon billions of dollars on unnecessary AI hardware. If you believe Deep Seek, it meant that virtually every tech executive was an idio. Our tech titans, we were told, had lost their minds. All that build out simply could not be justified. We have visions of tens of billions of dollars worth of write downs. So you had to sell every one of these tech stocks, everyone. And that's exactly what happened for months on end. I told you it was a mistake. And a handful of Experts called out deep seats numbers, but for the most part, nobody listened except CNBC investing club members. And we will convene tomorrow noon to talk about it. These companies became the punchline of endless jokes about overvaluation, with the biggest joke of all being in video. You couldn't go a day, make that an hour, without hearing about all the brilliant hedge funds that sold in video, could you? The company which had been leading a new industrial revolution, suddenly became a one trick pony. A semiconductor maker that needed China to make its numbers, but it wasn't going to be able to allow to sell it. So what do you do? You had to sell. Those of us who champion the data center in general and video specifically look washed up, clinging to a thesis that have been defrocked by the Chinese. We tried to argue that perhaps the whole thing was highly misleading. But Deepseek never actually disclosed their full costs, including their hardware costs. Yeah, they didn't even tell you what they spent on chips and servers. Yet somehow their numbers were treated as gospel. And anyone who questioned them, they were regarded as insane. Now, looking back, with so much of tech bordering on new highs, it's clear that these stocks never should have been sold in the first place because Deep Seek simply wasn't that meaningful. With the data center story back on, all those analysts and hedge fund managers, newsletter writers have to try to get back into these stocks. The ones they dumped at much lower levels, they might be able to get back in. If we have a tariff fiasco. Maybe they can have an earned earnings report or two. But I think they'll be left behind. A bottom line here. The Deep Seq affair made so many money, managers believe that Mark Zuckerberg from Metta, Andy Jassy from Amazon, Larry Ellison from Oracle, Satya Nadella from Microsoft, Sundar Pincha from Alphabet. We're all a bunch of morons. Here's what I have to say. Who looks like morons now? Jerry, Missouri. Jerry.

[Jerry]

Hey, Jim, thanks for taking my call.

[Jim Cramer]

Of course, Jerry. Good to have you on the show. What's going on?

[Jerry]

About two weeks ago, I listened to an interview with David Faber and a CEO named Chris Britt and I liked what they heard. What I heard about this IPO originally priced at 27, but it opened at 43. It's been dropping steadily ever since. Now, let's go to its original price. What are your thoughts about Chime?

[Jim Cramer]

Okay, you know, look, I think Chime was part of this. There was a couple of days where no matter what anybody did, things were going up. And then this One happened and it cost too much and people got rivers about $10 billion. Chime I want to buy it. I think it's going to be good. I think every analyst is going to come out and recommend it. I think you get a good price here by the export level at 25. Let's go to Luke in Texas. Luke.

[Jerry]

Hey Kramer. Professor Kramer, Luke Villanova wanted to ask.

[Jim Cramer]

About the defense sector.

[Jerry]

Should it take some gains from the tech sector and reposition Lockheed Martin?

[Jim Cramer]

I know I like Lockheed Martin too much to tell you to do that. Every time I seem I see Jim take that. I say to myself why does anyone want to sell that stock with a 3% yield, a great book of business and a terrific CEO? Now you stay long Lockheed Martin. Listen, this deep seat news made so many money managers believe that our leaders of our great tech companies were incompetent. Well, after this last rally, who's looking incompetent now? On Man Money tonight, AV the Artist former known as our environment report its latest quarterly results from the bell. I'm sitting down with the CEO. See how this defense stock is standing up in the geopolitical tensions that we're still seeing around the globe. Then does this AI driven bull market have more room to run? I'm going off the charts to follow up on what I just told you about to see what stage of the cycle we're in and this market is. Any parallels to previous bull runs? And mastercard has seen the stock pullback due to of course the potential threat of stablecoins. But as a legitimate concern, I've got the company CEO to set the record strike. So stay with with Kramer.

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[Jim Cramer]

What's going on with these numbers from av? That's the drone focused defense contractor. You may remember it as Arrow Environment Company just reported significant top and bottom line beat, but its earnings guidance was a tad light versus expectations and the stocks were real volatile in after hours trading as it often tends to be. So we checked in early with Waheed Nawabi. He's the Chairman, President and CEO of AV. Again, former Arrowvironment. To learn more, take a look. Mr. Wabi, welcome back to Man Money.

[Waheed Nawabi]

Great to be with you Jim. Thank you for having me.

[Jim Cramer]

Thank you once again. I've got to tell you, I look at the release, you've got a big top line beat. You've got 87% increase in some of the key things. I like the water ammunition system. Nice bottom line beat. Market seems to be a little unsure about what's going on. Perhaps it's the goodwill impairment, but to me this looks like you are more positioned positioned better than I've seen you in all the years that we have talked together.

[Waheed Nawabi]

Precisely Jim. We're in an inflection point. We have delivered outstanding results. We're entering fiscal year 2026 with a incredible backlog over 750 plus million dollars. We're setting our targets again in our guidance for between 1.9 to $2 billion in revenue. We delivered over 40% quarter over quarter last year's fourth quarter versus this year's fourth quarter results in terms of top line strong profitability. We have purpose built this company for the critical strategic priorities of the U.S. national security and our allies. And we're just getting started and the future looks really bright for our company.

[Jim Cramer]

Last time we spoke, you doing the Blue Halo deal that is now closed. I think it was a little confusing to the analysts about what it means right now, but give me a sense of how it's doing versus when we spoke when you did the deal first.

[Waheed Nawabi]

We're incredibly excited about that. We successfully closed the Blue Halo acquisition. Now we are essentially in all the critical domains of modern warfare. Air, land, sea, space, cyber and maritime. And so we have a solution set that is leading. We have the production capacity that is desperately needed. The demand in the United States as well as abroad is huge. Counter uas, counter drones, drones loading munitions when we attack. We are the leading player in these spaces. And Blue Halo has given us a tremendous complementary set of capabilities to, to meet our customers needs in the next two to five years. Very successful.

[Jim Cramer]

Let's talk about the key thing that I feel I really want to get a lot on this, this counter drone technology that you got. I think that we now realize from what we've seen in the Mid east, from what we've seen in Ukraine, counter drone technology may be the most important area that our country needs. What do you have there for us?

[Waheed Nawabi]

Absolutely. So one of the key reasons we acquired Blue Halo is because they have developed one of the leading layered approach to a counter drone technology. They don't have just one point product. They have detection systems, RF jammers, even directed energy lasers where you can actually shoot down drones at a much, much lower cost than what we can do it today. Today we're shooting down a 50, $100,000 Group 2 drone with a 2 to 3 million dollars missile. The solution is not economically scalable. We have the solution that's operationally deployed that you can actually kill a drone or drop a drone from the skies with a small package of directed energy lasers. And essentially it could allow us to remove, to reduce the cost of this economic equation from millions of dollars per kill to basically a few dollars per kill.

[Jim Cramer]

Well, this is great.

[Waheed Nawabi]

So that's the solution.

[Jim Cramer]

Our whole country, our country is gripped by the idea that we're spending tens of thousand dollars on drones and, and they're using $500 Iranian drones. And those drones are superior. This is clearly no longer the case.

[Waheed Nawabi]

That's not the case. We have the technology, we have the capability and products that we could produce now and deliver. In fact, some of our products are being deployed today and conflicts that are out there. Number two, we need to protect every airport critical infrastructure around the entire country. This is a massive Large long term opportunity which we're leading. And we're excited about the Blue Halo acquisition because of that as well.

[Jim Cramer]

I'm glad you mentioned that because on slide 10 of your most recent deck, and this is a deck that dates back. Well, because I don't have your new one. This is a May 2025 one, you actually mentioned the term Golden Dome. Leaders, leaders, start work on Golden Dome. Are you doing our equivalent of the Golden Dome in our country?

[Waheed Nawabi]

Jim? We have many, many of the pieces of the puzzle for, for a effective and successful adoption and implementation of the Golden Dome. For example, we're currently the winner of a $1.7 billion program record with the Space Force to modernize the laser communications and directed RF communication of all of our satellites in the space. The same technology is critical and essential to a Golden Dome solution. We have the software, solution and AI capability to that, we have the lethality and kinetic capability, directed energy solutions, counter drone solutions. All of these things that we have fits into the overall priorities of the U.S. department of Defense as well as the Golden Dome. We are here ready. And the best thing about the whole thing, Jim, is that unlike many other players in our industry, we have the production capacity to deliver now. And we've been doing it for several years. That's a really key differentiator for us.

[Jim Cramer]

No, look, I think that these are all important because I know every time that you and I have been together, I have seen this stock drop. And every single time I've had to tell people that you've got to use this opportunity because of your backlog, because of your technology, because of, of who you can stop and what you can do. For instance, right now, a lot of people are gripped by the idea of the Chinese drone mothership. This is the mothership that's filled with so many drones that they're going to overwhelm our country. When I listen to you, I think that perhaps it's overdramatic to state that that would be doing that.

[Waheed Nawabi]

Very much the case. I mean, the capabilities that we have, we purpose built our company to meet the needs of our defense industry, our national security and our allies. The amount of investments that needs to be directed and shifted from traditional systems to our capabilities and our type of robotic systems is enormous. Over the next several years, you can see the priorities of the Department of Defense, the Secretary of Defense, the White House, the Congress, all align with our priorities and our capabilities. We represent basically two thirds to three quarters of the US do these priorities in terms of our product sets. That is an incredible position to be in and we are delivering year after year in terms of profitable top line double digit growth and we're poised for a lot more to come in the future. I think we're positioned better than ever before in the history of our company to be able to capitalize on this, this very seismic shift that is going to be taking place in the next several years in our industry.

[Jim Cramer]

Well, I'm so, I'm so glad you say that because I know there are a lot of people who are gripped with fear right now about the possibility of what drones can do. I know you've got Titan 4, which I think sounds terrific. That's a recently launched Titan 4 for next gen unmanned aerial system and detecting and defeating drone theft threats. So you are getting ahead of this issue.

[Waheed Nawabi]

We have the most capable solution out there that is being deployed today operationally that is a layered approach to counter UAS or counter drones. First is the detection, then RF jamming. That's the Titan 4 product that we announced. And then it's directed energy. And then if all those do not work, eventually you can also get to a kinetic defeat system which is a switchblade or a high speed high velocity weapon system such as our Freedom Eagle one, which is right now poised for a program of record with the U.S. army. So absolutely we have the solution set to be able to address these issues. We have selectively and deliberately have invested in areas over the last decade to enable us to be in a position that we are today. We're very fortunate because we made the right decisions to position ourselves to be in a great, great position to for the prosperity that is going to be coming our way in the next several years in our industry.

[Jim Cramer]

Well, I know I care about the stock, but I'm also American citizens. I care about what you said about the, the strength that you may be bringing to us for something that again has many people concerned because it's just so prevalent when we read about Ukraine, we're about the Mideast. And again, I also think that you are perfectly positioned for this moment. All you did during this interview is make me feel even strongly about that position. That's why he Nawabi. He's the chairman, president, CEO of av. Av. We've seen the stock go down before. What do I tell you to do? It won't be any different this time. Thank you. Good to see you.

[Waheed Nawabi]

Thank you, Jim.

[Jim Cramer]

Wonderful family back here. This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed Daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results statistics that may impact your trading. Download the latest episode and [e-mail] MarketUpdatePodcast or find Schwab Market Update wherever you get your podcasts Ryan Reynolds here from Mint Mobile with the price of just about everything going up, we thought we'd bring our prices down. So to help us we brought in a reverse auctioneer, which is apparently a thing Mint Mobile Unlimited Premium wireless everybody get 30, 30 better get 30, better.

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[Jim Cramer]

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[Jim Cramer]

As the averages rebound in response to possible detente in the Middle east, we're now back to levels last seen in February before the whole market got derailed by President Trump's tariff agenda. Four months ago everybody was really ready to give up on all speculative stocks that have been flying lately. People were eager to throw in the towel on anything connected to artificial intelligence, with the whole complex getting crushed until the market wide bottom in early April. But now all these groups are on fire again. It's like the tariff turmoil and the open conflict with Iran never happened throughout this period, including at the top of tonight's show. I always told you that nothing had been really changed on the business side, that the bull market was just as strong as it was in January, if not stronger. I thought it made no sense to give up on such a powerful story, which meant the stocks got cheaper as they went lower. And now we know that was true. So today I want to think about what it means to say that we have a long term bull market in artificial intelligence when they can get knocked down. But like Chumba Wamba gets back up again. That's why we're going off the charts of Joe Famme. He's the portfolio manager at Zur Capital LLC. He's also the founder of Joe Family.com education because he's got a unique take on the situation. When you look back, we've had a bull market in all things going back to late 2022, early 2023. You can argue about the exact start date, but certainly By May of 2023 the AI revolution was upon us because that's when in Video, the backbone of artificial intelligence delivered one of the greatest earnings report I've ever seen. And aside from a detour earlier this year, the stocks never really look back. We know that in terms of money making potential, AI is more of an enterprise technology than a consumer technology. But Farming points out the Chat CBT was still the fastest application to reach 100 million users in history. ChatGPT got there in two months after it launched. TikTok took 13 months. Instagram 26 months, Snapchat 39 months. Facebook 42 months. I've been telling you that AI represents the next industrial revolution. And FAMI sees it the same way. Just like railroads, personal computers, cell phones, the Internet, I can help us boost productivity. And higher productivity translates into higher stock prices across a whole host of industries. That's why he thinks it's safe to compare the bull market to the great Internet boom from 1995 to early 2000. Normally when someone makes a comparison to the dot coms, they're implying that the bubble will burst and Wall end up in tears. And it's true that dot com collapse was terrible. But man, the late 90s gave us one of the greatest bull markets I've ever seen. People made fortunes and they kept those fortunes long as they were disciplined enough to bring the register on some big gains. Fobby wants to make this comparison more explicit. If the bull market is following in the footsteps of the dot coms, then we've got two or three more years of incredible gains. Years. Take a look at a chart from Bespoke Investments comparing the action in the NASDAQ composite from the mid to late 90s in blue to the current moment in red. He starts this with the release of Netscape at the end of 1994. This first chart shows you how the NASDAQ roared in the first three years following the launch of Netscape, which is a real game changer in terms of Internet access. Fahmi says if you look at the bull market from the launch of Chachi Beat, their trajectories, well, they're kind of ridiculously similar. Now here's another chart that shows you how things played out for the NASDAQ composite in the five years following the launch of Netscape. So Farm is even partially right. We could have a lot more gains in the cohort over the next two or three years. Of course, that doesn't mean you should go all in AI here. Even though 1995 and 2000 was one of the greatest bull markets in history, there was insane volatility along the way. For instance in late 1997, we witnessed a rapid, horrific correction thanks to the East Asian currency crisis. In the summer of 1998, we took a beating from the Russian debt default and the collapse of a highly levered hedge fund. It was called Long Term Capital Management. Take a look at how The S&P 500 traded in 1998. Okay. It's really important because we had a terrible summer followed by a terrible fall. The market only recovered after the Federal Reserve stepped in with an emergency rate cut in October of that year. 1998 was so bad that almost put my hedge fund out of business. But then we came roaring back. S and P raised all of its losses by December and 1999 was one of the best years on record. So even if Farm is right that we're in the middle of a five year bull market and AI one that could last until 2027, we're still going to see plenty of corrections, some shakeouts, some pullbacks along the way. In fact, we just escaped from one, didn't we? Points out that coming out of the correction in late April of this year, we caught an incredibly bullish tech technical signals called as Wide Breadth Rust named after my late hero Marty's why This is when the 10 day moving average of the percentage of advancing stocks goes from below 40% to above 61.5% within the 10 trading days. When that happens shows a decisive change in momentum. You know, we've seen only 19 of these moments since World War II and all 19 have led to above average returns over the next 12 months. Well, maybe we're going to join them up. Farming also points out that there's been an insane level of call option buying, specifically call options that expire in June, December of 2027. It's been happening at Amazon and Google, Nvidia, Tesla, Broadcom, Surface. Now if the bulls are right, then these stocks can take up the entire market. We've seen that before, haven't we? At the same time, he notes that the vane Semiconductor etf, the SM H has been consistent consolidating for the past year now looks poised to break out to the upside, the consolidation upside. Given that Nvidia has been roaring lately while Taiwan Semi and Broadcom have also started working the way higher. He's feeling very bullish about the chip makers. I also like the action AMD and Marvell. Of course this is not just about the bull market. NI Whether or not the Fed cuts rates at its next meeting, it's very likely that rates will go lower over the next 12 to 24 months. Not higher and lower rates are are almost always good for the broader stock market. Look, if the boom is really a sequel to the dot com boom then that's good for more than just the stocks. We had all sorts of big winners the late 90s because people felt so good about the stock market. So here's the bottom line. The charges interpreted by Joe family suggest that the bull market is following closely in the footsteps of the dot com boom. Which would mean we've likely got two or three more years of gains even if we definitely won't get there in a straight line. Keep that in mind the next time something happens that makes you want to give up and sell everything. Let's go to Michael in New York.

[Jerry]

Michael, Hello Jim. How are you? Booyah. Michael in Arizona. But I'm from the Bronx. I have a question concerning CrowdStrike. I purchased it in 2020. I'm up 649%. I got to 10%. I sold a third. I, I got my principal back as well as a significant profit. It is back up to 8% of my holdings. Do I hold it or do I take more profit?

[Jim Cramer]

Many disciplines involved here. Obviously you exercise the first discipline. That was terrific. Next discipline. You're a little bit too overweighted in CrowdStrike. But I do like CrowdStrike very much. Why don't you take it down a percent, just take it down to 7 and then I think you let it go. It's a little bit more like what we do with the travel trust we talk about again tomorrow at noon. But thank you for sharing that with us. You know, I think CrowdStrike's terrific. The charts interpreted by Joe family suggest that this bull market has a lot of similarities to the dot com boom with some outsized gains still to come. So just remember that the next time you want to give up and sell everything. Much more money including my sit down with the CEO of MasterCard PA I'll get engaged in what kind of disruptions these stable coins might be posing to the business pressure off the company's annual shareholder meeting. Then discipline will always trump conviction in the stock market. I'll tell you why it's more relevant now than ever. And of course all your calls. Rapid fire. Tonight's edition of the Lightning round. So stay with Kramer. Over the past couple of weeks, Visa, MasterCard, two of my favorite companies have pulled back sharply from their all time highs. Wall street suddenly worried about the whole payments industry might be threatened by advances in crypto. Especially now that Congress looks like it'll pass this genius act which establishes a framework for regulating stablecoins. Visa fell over 10% from its high set on June 11 to its low last Friday. Mastercard dropped more than 11% over the same period, though both stocks have rebounded this week. In part, that's because there's no reason these companies can't deal in stablecoin too. In fact, MasterCard already supports a bunch of this morning I spoke with Visa CEO Ryan McNerney and Ryan told me, I think a story which made me feel like that, that you'd be nuts to be in this, frankly. McEnery is very smart guy. But I got another guy I want to hear from. This is Michael Me back. He's the CEO of MasterCard. After the company's annual meeting earlier today to find out what he thinks. Mr. Me back, welcome back to Man Money.

[Jerry]

Good to have you.

[Michael Meback]

Thank you. I'm happy to be back.

[Jim Cramer]

I have to tell you, I've gone from thinking that from the article that appeared a few weeks ago, that Walmart article. Yeah. Walmart and Amazon might be coming after you, to thinking maybe this is just all nothing, all much ado about nothing. And I say that having spoken to Mr. McInerney this morning, but also reading all the things that you say, you, you're happy to be in stablecoin if people want it. But does anybody really want it?

[Michael Meback]

Well, in a way, yes. But let's take a step back. Let's take a step back. So when you think about what we do as a company, it's kind of all relevant payment choices, somebody wants to be paid or pay with a debit card, credit card, prepaid, whatever, you name it, we have it. And as of late, that does include stablecoin. There are some use cases where stablecoin Coin does add some value. So there are niche opportunities. But let's think about why that is and what is new about stablecoins. So fundamentally, if you look at innovation in payments, it always comes down to a couple of central things. People got to trust, they got to understand, you know, what is it doing? It's going to be simple, it's got to be secure. That's the standard for debit credit, prepaid, everything has ever happened, buy now, pay later, you name it. So stablecoins in itself is a rail. So we have leaned in because we said, okay, it actually does help with some use cases. Let's take its cross border payments. But we can add our safety, our security, our trust that people feel they want to use it. So we've invested in technology for the last 10 years. So it's starting to become a potential driver of payment innovation in the future and we're at of the head ahead of it.

[Jim Cramer]

Well, should I be worried if I'm a MasterCard shareholder that countries that have very unstable currencies might have people who want to use this product, use stablecoin and therefore may disintermediate the exchange fee, the interchange fee that you get.

[Michael Meback]

So from a MasterCard perspective, you know, if you take the basic stablecoin you still have the need for safety, security, you still have the need for our secure, for our cybersecurity, all the protection for free. That's we're investing in that and therefore there is a value to be brought. So very clearly we are needed to make sure that stablecoins will become part of the fabric of the payments ecosystem.

[Jim Cramer]

And now how about this fiserv partnership? Is there a very knowledge company?

[Michael Meback]

So what we're going to do with FISA is basically make it easier for traditional financial institutions, institutions who are now also getting interested in stablecoins to offer these to their customers. So fiserv is at the back end of banking ecosystems. They will help facilitate that in partnership with us. One good example of that is the MasterCard 1 credential. So it's an opportunity for a consumer to choose at the moment of transaction do you want to use credit, debit or now stablecoins. So we do this together with Pfizer.

[Jim Cramer]

Okay, so let's talk about actual business it to me the what do we know about this mascot is still a cash to plastic. That's not changed. But what has changed is that countries that have massive adoption of plastic, you're taking share it. So it's not just like well wait a second, the whole world has gone already to plastic. That's totally untrue. It's also not true that there are whole categories where still cash, not plastic. This is still the greatest great secular growth story of all time.

[Michael Meback]

It's a tremendous opportunity to remains to be. You know we as an industry we've been really good at digitizing cash and checks. But if you look at it today, just take the US $3 trillion cash and checks as an opportunity and we haven't even started to talk about commercial payments. B2B small business, you know, there's a tremendous opportunity there. So the secular growth opportunity remains. We're differentiated it versus anybody else out there in terms of geographic coverage. So we can help going after this opportunity in places like Asia, in emerging markets everywhere. So that's a big part of it. But what's also changing is the nature of the digital economy. So it's not just cash and checks. There's a whole, you know, take the rideshare opportunity. What used to be maybe one taxi ride is a bunch of payments. You pay the driver, you pay a, you pay Uber and the people who is actually taking the ride is another payment. So it's a multitude of transactions and our business model is about transactions as well as volume. So here's an ever growing digital economy and we have a tremendous growth opportunity in the long run.

[Jim Cramer]

See my, listen these things, I've got the stablecoin in the back of my mind. I just don't think that I want to take a risk of anyone have my information unless I've got somebody like Master Card who backs me up. If I'm just out there freelancing the stablecoin, who do I call?

[Michael Meback]

Well, so here's the role that we take is, you know, it's a, it's a very simple rail in the middle. Our protections take cybersecurity, data protection, anything, zero liability, fraud, you name it, we put it around the transaction. That's the value that we bring. But spy itself, stablecoins cannot do that. It can move money from A to B. We do a lot more that that.

[Jim Cramer]

All right, so what we're concerned about right now as the Fed spoke today is that things are slowing. I don't detect from your numbers that things are slowing.

[Michael Meback]

They're not. So take the headlines, take the sentiment analysis, consumer sentiment, one thing and that is, you know, we've seen some concerns there among consumers. But if you look at actual consumer spending, actual behavior, very solid to the end of April data that we reported. So we have said to the market that we don't see that changing in the near term. You know, if you look at some of the, there's some minor changes. For example, travel from Europe to the US There was a little bit of, you know, downdraft there, but you know, are people sitting at home? No, they're going to just travel somewhere else. So here's basket changes slightly different positions. Overall, the factors that support consumer spending is wage growth, employment remained rock solid.

[Jim Cramer]

See, and if you're the Fed listening to you and I know you have the best data in the world, I understand why Jay Powell is not just so quick to say listen, we got to cut. Things are not as dire as the media makes it out.

[Michael Meback]

They're not, they're not. It does not show in the Hard data. It might show in the headlines.

[Jim Cramer]

Well, if you don't mind, I'm going to go with the hard data over the head guys.

[Michael Meback]

I'm with you.

[Jim Cramer]

Very good. That's Michael. Me back CEO of MasterCard and you. Everyone knows I've liked the stock forever and I just. Well, it's been right to like forever. That money's back after the break. It is time. It's the Light Records. Rapper called him a Stockton. Bye bye Shelter. Another call. Sports Edwards. We plan this out and then the lightning round is over. Are you ready? Ski daddy time. The lightning round comes up with Jess in Nebraska. Jess, big booyah.

[Jerry]

Jim from Lincoln, Nebraska. I'm a big fan.

[Jim Cramer]

Thank you so much, Jess. Thank you. How can I help you?

[Jerry]

I really like TNC's business model and would like your thoughts please.

[Jim Cramer]

Okay. Heavily speculative stock. And as I said a couple of months ago, I've changed my view on this. If I think that a stock can go up on a headline, I'm no longer prevent people from doing. You can be what you can be that you can keep that specular stock. I'm fine. Let's go to Larry in Illinois.

[Jerry]

Larry, Hi Jim.

[Michael Meback]

I'm interested in Six Flags. Should I buy some fun this summer?

[Jim Cramer]

Don't be interested in it. I don't like the theme parks other than Disney. Let's go to George in California. George, thank you for taking my call.

[Jerry]

This is George from California. I would like to get your outlet on MP material.

[Jim Cramer]

Okay. I've always liked NP Just very recently people realized it's got great rare earth potential. Butinski's done a good job. It keeps losing money. That's unacceptable. But you can own the stock. Let's go to Robert and Delaware.

[Jerry]

Robert, Hi Jim. I love you and I love your show. I also love how you get into it with David Saber on Squawk.

[Jim Cramer]

He's a good man.

[Jerry]

Great tv.

[Jim Cramer]

He's a good man.

[Jerry]

Give him and Carl a shout out for me. Best trio on tv, bar none.

[Jim Cramer]

All right. Thank you. That's very nice. Thank you.

[Jerry]

My question. You're welcome. I love you guys. My question is djt, given the fact that they are now positioned well in bitcoin. Do you see a short squeeze? A short squeeze?

[Jim Cramer]

Well, I can't really. I can't really anticipate a short squeeze because I don't know, you got 12% short position. Could be. Maybe the real short squeezes have occurred. Sir, when it gets to about 25, 30, I think below that then you're kind of on your own with the fundamentals. Let's go to Brett in Florida. Brett, hello. Go ahead. Brad, it's Jim.

[Jerry]

How you doing?

[Jim Cramer]

All right, how you doing?

[Jerry]

Fantastic.

[Jim Cramer]

All right, how about a stock, Jim?

[Jerry]

BWX Technologies.

[Jim Cramer]

All right, that's nuclear and again, like you know, nuclear. I'm not going to fight anyone. And watch the nuclear stock. I'm going to bless it even though it's up very, very big. Let's go to Dave in Illinois. Dave.

[Jerry]

Dr. Kramer, I don't know whether I should be more envious of your recent trip to Vancouver island with your two lovely daughters or your monumental achievement of delivering 20 solid years of mad money with Jim Cramer. And I thank you for your kind shout out.

[Jim Cramer]

By the way, they're both, they're both hard fought and I thank you for recognizing them. And how can I help you, Jim?

[Jerry]

My Stock today is JBill Inc.

[Jim Cramer]

J Bill is so terrific that even though it's up on a spike, Dave, I am again going to bless it. Why? Because it only sells at 22 ton journeys and it's the kind of company you need to deal with right now. They'll understand all the tower problems and they'll help you. Let's go to Ian in Florida. Ian, hey.

[Jerry]

Booyah.

[Jim Cramer]

Jim, how you doing? I'm doing well, Ian, how about you?

[Jerry]

I'm doing excellent, thanks. Third time caller and investment club member.

[Jim Cramer]

Yes, see you tomorrow. There are 12 noon coppers. Absolutely.

[Jerry]

Looking forward to it. Jim, I wanted to ask you, what do you think about this company and is it a good time to possibly enter? It's achr, Archer Aviation.

[Jim Cramer]

Okay, Archer and Joby again. I'm going with them. Why? Because a news headline line and they can be up 25%. That's what I'm looking for these days. And that, ladies and gentlemen, is the conclusion of the lightning round forum has been busy lately putting through a lot of your calls about speculative stocks. I don't mind. I actually like it. You can make a lot of money speculating, but remember, you haven't really made any money until you sell something. It's all conjecture. Otherwise, no matter how much you love these speculative winners, you don't have a gain until you actually ring the registry. At the end of last week, for example, Hims and Hers Health, the online health care company was trading at $64. But then yesterday the stock fell 22 bucks for almost 35% decline. The cause? The company had a deal with Novo in orders to sell its miracle weight loss drug Wegovy. Novo canceled the deal Charging Hims and hers with deceptive marketing. Something the company vigorously disputes. Now, I don't want to go into particulars here because I don't care about particulars. What I care about is that this stock had almost tripled in two months. If you own hims and hers up almost 200% and you hadn't sold any at that point, you were being a knucklehead. Why? Because this is one of the most heavily shorted stocks in the market. 35% of the shares sold short. A lot of people betting against the haters are plentiful in that situation. The stock can erupt on any good news. And there was a lot of good news when HMS was making money with the McGovy deal. But a lot of those gains came on the backs of the short sellers who were forced to cover or buy back the shares they sold short because they couldn't take the pay. That's why when a stock goes up that fast and there's a big short position, you got to generate some discipline here. You got to let discipline trump your conviction, meaning you have to take something off the table. It's not a case of suddenly hating a stock that you love. It's simply that the gains don't count until you ring the register. You can love a stock and still sell some of it gradually. Selling your winners on the way up is responsible money management. Now, this kind of thing is happening all over the place right now. Little worrisome. Take Core Weave. This is the company came public at $40 a share. Company I recommended and pushed incredibly hard to. People didn't believe it. Many chose to bet against the stock. 32% of the shares are sold short. On Friday Core. We've hit a high of $187. Stock still sits at $172. Change sure reported a great quarter. But a lot of this move is because so many people were betting against it because the company picked a bad time to come public. I had tremendous conviction that Corey would make a big move, but not this big. Again, I think discipline must trump conviction. And you got to do some selling here. Sell, sell, sell, sell. Well, I still like the stock. I recognize that much. This move was powered by panic. Short sellers. Take something off the table, please. Finally, there's Circle Internet Group again. I have conviction that this company has a bright future in the red hot stablecoin market. But I care about the stock price, not just the company. Less than three weeks ago, Circle Internet came public at $31. It's now at $222 and change. And that's after 15% decline today. You may think you've made a fortune this one. However, you've made nothing until you ring the Register. I'm not questioning your conviction. I'm questioning your sanity. How can you not at least take your cost basis out? You can let the rest run that way. You're playing with the house's money. That's the ideal place to be because you'll never lose. Look, I know a lot of stocks are going nuts here. It's sensational. Some of these moves are short squeezes, others are because of overexuberance. The last thing you want to hear is some old geezer telling you how to sell part of your position. Know this though. I want you to make money. And you can't do that until you sell at least some of your position. So tomorrow, examine your spec winners and ring the Register on at least part of those positions. Go buy yourself that you've always wanted or put it in the bank so you don't give it back. Don't worry, I'm not saying sell the entire position. You can keep your favorite stocks. I'm not going against them. But remember, you haven't made a dime until you ring the Register on part of your position. Then, and only then can we say you made money at a Hymns and hers or a Cor Weave or a Circle Internet group. I'd like to say there's always more market somewhere and I promise to try to find it just for you right here on Bad Money. I'm Jim Cramer. See you tomorrow.

[Bank of America]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC, NBCUniversal or their parent company or affiliates and and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kremer'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 powered by Ameritrade.

[Jim Cramer]

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