Mad Money w/ Jim Cramer 7/13/26

Summary

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Mad Money w/ Jim Cramer – July 13, 2026

Podcast Summary

Episode Overview

Jim Cramer guides listeners through the current state of the stock market in July 2026, offering his signature analysis on market trends with a focus on tech, energy, and standout international performers. The episode covers reasons to double down on tech despite geopolitical shocks, dives into hot legal battles (notably Apple vs. OpenAI), dissects one of the year’s most interesting tech IPOs (Bending Spoons), and features an interview with Banco Santander’s executive chair. As always, Cramer’s "Lightning Round" gives rapid-fire takes on listener stock picks.

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Key Discussion Points & Insights

1. Market Rotation: Tech’s Enduring Appeal Amid Oil Shocks

[01:01–09:35]

• The day’s market dip (-138 Dow points; S&P -0.79%, Nasdaq -1.55%) is marked by a “flight to boring:” chemicals (Dow), fertilizer (Mosaic), refiners (Valero), and dollar stores rally as oil spikes due to Iran shutting the Persian Gulf.
• Cramer urges listeners not to chase these “winner stocks” long-term but instead to consider robust tech stocks beaten down into buy zones.
• Cramer: “There’s always a bull market somewhere and I promise to help you find it…Tech certainly seems to be a much more fertile ground to plow than any other sector.” (01:01)

Meta’s Recent Moves, Nvidia’s Dilemma, and Buyback Strategy

• Cramer references his scoop that Meta (Facebook) must monetize excess compute capacity, a move promptly confirmed, netting a 100-point gain for the stock.
• Contrasts this with PepsiCo’s earnings shortfall, showing tech’s dynamism vs. stagnating defensive sectors.
• Nvidia’s fortunes are discussed in detail: Investors sold Nvidia to buy into the SK Hynix IPO, then rotated back. Cramer critiques Nvidia’s buyback—“not enough to buy back stock in big blocks… need to walk right behind buyers in lockstep.” He lays out what a “real” buyback would have looked like with explicit bid increments.
  • Notable Quote: “If I were running the buyback… I would have gone 208 bid 1 million shares soon after the open… If I got hit, I would then bid $207 for 1 million shares.” (06:56)
• Advocates for tech giants as “masters of their own destiny,” able to engineer upside in ways old-line firms (food, drug stocks) cannot.

Stock-Specific Tech Hot Takes

• Alphabet (Google): A Waymo spin-off IPO could “dramatically” boost the stock by unlocking hidden value. (08:15)
• Apple: Robust due to price increases absorbed by telco subsidies; current lawsuit against OpenAI could actually eliminate near-term risk from AI hardware. “Apple owner, don’t trade it.” (08:48)
• Banks: Even top banks like Goldman Sachs will struggle to post tech-style gains.

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2. Call-in Q&A: Palantir (PLTRU)

[09:36–10:54]

• Jeff from California hypes Palantir’s “explosive” growth—14 consecutive quarters of beating earnings/revenue estimates, huge gross profit, no debt, “incredible cash flow.”
• Cramer agrees: “Palantir can be bought here…I do like profiting and they make a lot of profit and it’s a great company.” (10:53)

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3. Lawsuits in Tech: Apple vs. OpenAI – Implications for AI IPOs

[13:46–20:57]

• Cramer gives a detailed rundown of Apple’s lawsuit against OpenAI for IP theft—alleging the poaching of employees and stealing of trade secrets to develop hardware.
  • Apple’s Legal Filing: “OpenAI’s nascent hardware business now rests on the shakiest of foundations, rotten to its core by its illegal reliance on misappropriated trade secrets.” (15:00)
• Highlights broader pattern of legal trouble for OpenAI (including the ongoing New York Times copyright suit). Notes how these distractions threaten the company’s upcoming IPO.
• Cramer’s Take: “OpenAI has real legal problems here…not easily dismissed…litigation headaches could be endless…certainly doesn’t improve their IPO prospects.” (20:36)

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4. Deep Dive: Bending Spoons IPO – A European Tech Roll-Up

[22:46–29:45]

• Background: Italian tech co Bending Spoons IPO’d at $29, soared to $40.50, now at $31. Business model is digital brand roll-up ("technology company, partly a private equity firm"), owning properties like AOL, Evernote, Vimeo, Meetup, etc.
• Strategy: Buy distressed/retired digital brands, slash costs using proprietary tech & AI, monetize user base.
  • Serves over 500 million MAUs, 9 million paying customers.
  • Revenue growth: $387M (2023) → $1.31B (2025); Q1 2026 revenue up 132%, but most growth via acquisitions (organic growth only 13%).
• Risks: Huge debt load—$2.67B (2025) to $4.36B (Q1 2026); uses IPO proceeds for more acquisitions, not debt paydown.
• Valuation: “Sells for roughly 15 times…last year’s revenues, not earnings…not cheap.” (27:50)
• Cramer’s Advice: “Put on a sport [small] position here right now. Leave more room to buy at lower levels because I expect this one to come down.” (29:36)

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5. Interview: Ana Botín, Executive Chair of Banco Santander

[31:54–41:53]

• Santander’s global rise: “An overnight success, 10 years in the making.”
• Growth drivers
  • Vast customer base (180M customers), local scale; focus on efficiency, revenue growth, profitability.
  • Strategic U.S. move: Acquisition of Webster Financial, bringing commercial/consumer banking together—“a $300B asset bank…gives us the road to over 18% ROT by 2028.” (34:06)
• Santander’s "self-help" strategy: local engagement, technology (AI for customer personalization), and a globally diversified business model.
  • Botín: “AI is all about personalizing by customer… gives returns to shareholders…personalized service in a way that makes sense for shareholders.” (36:02)
• Global footprint: Resilience through diversification in Europe, Mexico, Brazil—well-positioned regardless of macro headwinds.

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6. The Lightning Round – Key Call Highlights

[42:12–43:45]

• Duolingo (DUOL): Cramer negative — “there’s too many ways to be able to translate things now…I don’t need to learn any language.” (42:27)
• Endlight (laser): Speculative buy — “Laser… is a speculative buy here.” (43:30)
• Sienna Corp: (Earlier Q&A) Cramer cautious, prefers to wait a day before considering scaling in after a pullback.

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7. Closing: Oil Stocks, Dollar Stores, and Pavlovian Market Trades

[44:13–47:40]

• With U.S.-Iran tensions, refiners (Valero, Marathon Petroleum, Phillips 66) are the day’s true winners. Avoid majors, as “integrated oils are among the worst.”
• Chemicals (Dow) and Fertilizers (Mosaic) win as Persian Gulf competition knocked offline.
• Dollar stores (Dollar Tree favored for price, Dollar General less so) see defensive rotation.
  • Other retail picks: “Wal-Mart and TJX (which the Chapel Trust owns)…the best two retail stocks…real bargain though is TJX.” (45:30)
• Final strategy: “Get ready for some Pavlovian trades that work for the moment because they always do.”

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Notable Quotes

• [06:56 | Jim Cramer on Nvidia Buyback]:
  “If I were running the buyback… I would have gone 208 bid 1 million shares soon after the open… If I got hit, I would then bid $207 for 1 million shares.”
• [10:53 | On Palantir]:
  “Palantir can be bought here…I do like profiting and they make a lot of profit and it’s a great company.”
• [15:00 | Apple Lawsuit Filing]:
  “…OpenAI’s nascent hardware business now rests on the shakiest of foundations, rotten to its core by its illegal reliance on misappropriated trade secrets.”
• [20:36 | Cramer on OpenAI]:
  “OpenAI has real legal problems here…not easily dismissed…litigation headaches could be endless…certainly doesn’t improve their IPO prospects.”
• [27:50 | On Bending Spoons]:
  “Sells for roughly 15 times…last year’s revenues, not earnings…not cheap.”
• [36:02 | Ana Botín, Santander]:
  “AI is all about personalizing by customer… personalized service… in a way that makes sense for shareholders.”

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Key Timestamps for Important Segments

• Tech Sector Rotation / Buyback Discussion: 01:01–09:35
• Palantir Call-in: 09:36–10:54
• Apple vs. OpenAI Legal Deep Dive: 13:46–20:57
• Bending Spoons IPO Analysis: 22:46–29:45
• Banco Santander Interview: 31:54–41:53
• The Lightning Round: 42:12–43:45
• Energy/Defensive Trades Recap: 44:13–47:40

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Podcast Tone & Style

Cramer’s trademark energy, blunt market wisdom, and colloquial delivery shine through. He blends anecdote with actionable advice, never hesitating to share his fiery opinions or to challenge market consensus.

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Summary Usefulness

For anyone who missed the episode, this summary unpacks Cramer's critical insights, major stock recommendations (with healthy caveats), sector-specific strategies, and provides key timestamps for focused re-listening. It captures both the spirit and content of Cramer’s market navigation on 7/13/26.

Transcript

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[A]

My mission is simple. To make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to kramerica. Other people make friends. I'm just trying to help you make some money. My job is to just entertain, but to put it in context, call me at 1073 CBC. Tweet me at Jim Cramer. Here we go again. Today's winners, the Prosec chemical company that is Dow. The boring fertilizer company that is Mosaic. The refiners, especially my favorite Volero. And the dollar stores reminders that the most boring stocks win when Iran shuts down the Persian Gulf and oil goes higher. I don't think you should chase today's winners long term. Although after a session where The Dow dipped 138 points, the SB lost point 79% and the NASDAQ tumbled 1.55%. I think it's time to circle back to tech to make some money. Why? Because the sector that is tech is wonderfully robust versus other groups and it's just been clobbered back to where I think is very near the buying zone. Again, despite Iran, wonderful things can happen to tech at a drop of a hat. Take last week I've been saying that matter has to do something big with its excess compute capacity. These are leaving a lot of money on the table. Literally the next day. Meta does exactly that, confirming a story I'd help break the week before. A simple acknowledgment of something that seems so obvious that has given you a nearly 100 point gain this month. They have to sell some of that. Compute. Now Compare that with PepsiCo, a company used to give you consistent mode of year growth with a stock that declined to the point where it seemed like it would be easy to beat expectations. Nope. PepsiCo, it crushed you by a simple stroke of a pen. Media gives you almost 100 points by dint of a weak quarter. PepsiCo takes a severe beating in the end. The tech companies, especially big tech, just have a lot more to offer the rest than the rest of this market. Look, we know that there was big money to be made in SK Hynix listing on Friday because they kept the supply of stock tight. Today, SK Hynix gave up a huge amount of gain, but not all that money was still made. Again, tech is dynamic. This time SK Hynix is benefiting from the same memory shortage that major fortunes in Micron and the data storage stocks and the semiconductor capital equipment makers. They keep growling because there's literally not enough of their product all year round. And that has not changed. And it might not change until 2028. But then consider the opposite. Try to be thoughtful for a second. Solstice Advanced Materials acquisition of Element Solutions. That's a $14.5 billion deal announced last week. We had Solstice on the show. The rationale for the deal was frankly brilliant. They're putting together a modern day materials colossus, by the way, including the key materials needed to make semiconductors run nuclear power plants. And another time both stocks would have rallied. Instead, right out of the gate, both stocks were losers. They got killed. Now ultimately, I think it'll be a good deal. I may actually want to buy for the Chapel Trust, but we have too many stocks right now and Solstice is being lost in the shuffle and it just won't work. Now consider the possibilities this week. I don't know if you saw, but once SK Hynix started rallying on Friday, so did Nvidia. Now this was a big deal because Nvidia has been trying our patience, right? I think buyers of SK Hynix sold Nvidia stock to get into the SK Hynix deal. Why Nvidia? Because it's big, it's liquid, it's doing nothing. If you sold a lot of Nvidia to get SK Hynix then got a small piece of that Hynix than you wanted. Well then you had a lot of leftover cash be able to put back in Nvidia. Same for if you sold the SK Hynix flipped it into strength on Friday so the buyers moved Nvidia up to 210 even as it pulled back hard, hard again today. Can the stock go higher? No, actually I don't think so. Not unless the company dramatically expands the size of its buyback and gets much more aggressive. And video needs to make the claim that Apple used to do. When I used to hector them about why they weren't more aggressive about buying other companies. They always said because there was nothing cheaper to buy than their own stock. It's not enough to buy back stock when shown stock big blocks, which is how I think this buyback seems to be run. It needs to walk right behind buyers in lockstep so they are ready to buy when the stock gets walloped like it was today. If I were running the buyback and I have run a lot of buybacks in my time, I would have gone 208 bid 1 million shares soon after the open. The stock opened at $208.54. If I got hit, I would then bid $207 for 1 million shares. If it dropped to 206 I would have been 2. 2 million 2 million 2062 million. Same with 2 or 5. I'd bid to a 5 for another 2 million and then 2 or 4 for another 2 million if necessary. Now see, the stock only went out of 203 and change but it would most likely have not gotten that low and the company would have bought a lot of stock. Now the SEC allows the company to buy back stock 3:50pm it doesn't want the company to manipulate the close. But I watch this stock like a hawk, probably poster and anybody else in America and it's manipulated down almost every single day between 3:50 and 4:00pm Almost every single day, including today. I don't think it would have ever gotten down to a four with my method, but it did. The company's getting its stock on the cheap have listened to me, which is a terrific goal. If I were in video, I would petition the SEC to allow it to bid for stock right into the close 4:00 clock because everyone can see that the last few minutes are an artificial breakdown. But again, my point here is that the big tech companies always have something they can do to change the equation. And that's why I love these things. Look at the food or drug stocks could engineer the same kind of upside I'd be all over conagra, Pfizer, but they just don't have that level of control of their own destiny. On the other hand, let's consider Alphabet for a moment. If it were announced tomorrow that Waymo would be a separate company and it would float a piece of it to get started, well you know what, who knows how hard high the stock would go at this moment way more self driving technology is far ahead of Tesla's in terms of trials and data, so I believe we get a ridiculous valuation. Once it did that, I think Alphabet stock would move up dramatically. It required nothing else to do. It would just show you exactly how undervalued Alphabet really is here. Even after did that big secondary. How about Apple? Oh, the stock's been on a roll, right? Perhaps because word is that memory related price increases are already baked into the stock. Or maybe it's because the lawsuit against Open Air could eliminate any near term risk from AI hardware. More on that later. But it sure seems like the Street's too afraid of Apple's price increases. Perhaps because it doesn't understand that the phone companies wind up eating a huge chunk of those costs. They're in a battle royal. Hardly anybody pays full price for a smartphone. They're heavily subsidized by the carriers. They so Apple trades to a new high of 323 before retreating to 317 up almost 2 bucks. I'm thinking what is it? What does he say? Apple owner don't trade it. I want so much this week to find a bank stock that could rally 20% like a tech could. But Goldman Sachs, my favorite for tomorrow morning, will most likely have to vastly exceed consensus. If it is able to go higher than it is already. A gigantic quarter might only give you a 4% gain. So I stick with endless tech narratives of Casey veering off to a health care company that has some pretty good news and perhaps a retailer that can have a run like a Target or a middleman like Cardinal Health that shows you is changing his stripes to help small to medium sized doctor groups. I will keep trying because that's my job. But the bottom line after a month where matter does the obvious and picks up 100 points like this tech certainly seems to be a much more fertile ground to plow than any other sector, almost all of which can help themselves and need a rotation to send any of them dramatically higher. Why don't we start with Jeff in California?

[C]

Jeff hey Jim, there's an old saying that says numbers don't lie Numbers don't lie. Numbers don't lie. I put in $66,000 for this stock about two years ago, Jim. It only went up 862%. A perfect. It's in a perfect position now to explode. This stock has beaten earnings and revenue estimates for 14 consecutive quarters in revenue growth. Its trailing 12 month revenue is $5.22 billion with most recently quarter revenue reaching $1.63 billion. 85% year after year increase. Bam. Jim. $4.4 billion gross profits with little or no debt. This company has incredible cash flow. In fact, the free cash flow is $2.1 billion.

[D]

Boom.

[C]

Management has predicted for 2026 free cash flow to be.

[A]

What would this wonderful company beat, Doc?

[C]

Is this stock is Palantir Jim, or pltu? Double your pleasure with pltu.

[A]

All right. Well, Planter as the wrong people call it. Let me tell you about Palantir. I completely agree with you. I think that, let's put it this way, I have not necessarily cared about ranting. I do like profiting and they make a lot of profit and it's a great company. I agree that Palantir can be bought here. All right, listen to me. I'll keep trying to find you winners, but you may have to circle back to tech because it's so hard to find winners in the other places I'm already tonight. Could the latest Apple case against OpenAI actually derail the company's IPO prospects? I'm digging deeper in that lawsuit. A few others then. Should you take a spoonful of the latest tech IPO to hit this market? Don't miss my analysis of an Italian company bending spoons where it's real hard to get a job at. And Banco San Zendaya is one of the best bank stocks out there. Maybe the, maybe the best of all. I'm sitting down with the always reliable executive chairman. So stay with cream.

[B]

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

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[A]

One Friday night we learned that Apple is suing Open AI for allegedly stealing their trade secrets and intellectual property to develop its own line of consumer hardware. That's pretty serious, especially when you remember this is really the latest in a long line of legal headaches for Open AI. Specifically, Apple's alleging that their former employees stole trade secrets after being poached by OpenAI. In particular, former Apple engineer Chang Lu is accused of using unauthorized access to Apple's network to surreptitiously download dozens of confidential hardware related files, including, quote, voluminous detailed information about unreleased products, engineering presentations, technical specifications, and proprietary project data, end quote. They also claim that LUD Coach, a former Apple colleague, on how to steal proprietary information. Apparently when the company dug into this, they found other employees who left for OpenAI doing the exact same thing, including their old vice president of product design for iPhone and Apple Watch, who left in 2024 and is now open AI's chief hardware officer. They make it sound like the AI lab has a whole IP theft operation focused on Apple. Here's how Apple's lawyers sum it up, quote at every level, from members of its technical staff to its chief hardware officer, and in coordination with business partners, OpenAI has been stealing Apple's trade secrets and confidential information. As a result, OpenAI's nascent hardware business now rests on the shakiest of foundations, rotten to its core by its illegal reliance on misappropriated trade secrets, end quote. So what do we make of this complaint? Look, now there is a diversity of opinions on this case, not everyone seems to be on Apple side, despite the fact that I find the litany of specific details incredibly damning. For example, I really respect Ben Thompson, a tech industry analyst who runs the influential Stridecher, an important newsletter, framed the lawsuit as sour grapes for Apple, who in his words, quote, just really hates AI, end quote. While Thompson concedes that Louis almost certainly guilty and an idiot to boot, he describes Apple's lawsuit as using his actions quote as a cudgel to exact revenge on the company represents everything that is making your life miserable, end quote. Similarly, last last night the Wall Street Journal published an article saying the lawsuit quote, echoes a familiar playbook betting that litigation can delay arrival from upending the iPhone era, end quote. I disagree. This is not your standard issue Silicon Valley litigation nonsense. Sure, Apple sued Samsung in 2011 for copying its smartphone tablet designs. This was a series of lawsuits in several different countries that lasted for seven years before the case was finally settled in 2018. But Apple is not some bottom feeder that constantly engages in frivolous lawsuits designed to stifle the competition. That's not their style. Company only resorts to litigation like this when absolutely necessary. And it seems to be the case here when it has specific illegal actions that it can point to as evidence of wrongdoing. Well, I'm not sure exactly how Apple's trying to benefit here. Aside from forcing OpenAI to stop stealing the trade secrets, maybe blunt all their hardware so called innovations. I think this is a major problem for the privately held A lab, a lab that's looking to come public. I think it's serious. Keep in mind OpenAI hasn't exactly been a great corporate citizen and this is hardly the first time they've been sued for doing something unethical. While the company won a big legal victory against Elon Musk this past spring, that case was decided on procedural grounds. Basically the jury found that Musk waited too long to file his lawsuit about OpenAI's transition to from a nonprofit into a for profit corporation. It's not like open I was vindicated here. It's just that the statute of limitations have already run out. And while this lawsuit from Apple is now getting more attention, there is a long running lawsuit against OpenAI from the new York Times, which has just very recently picked up steam and is not talked about much at all. In that lawsuit, the Times claims that OpenAI of Microsoft, Microsoft, it just added infringe on its own copyrights by using millions of its articles, I mean millions to train its AI models. The Times modified one of its claims last month. But it's standing by its core argument that OpenAI did this and Microsoft, their main partner, actively encouraged them to do it. The New York Times was the first major American media company to sue OpenAI over copyright issues, but since then, all sorts of companies and artists have either joined that lawsuit or filed their own legal actions. They There are now dozens of lawsuits involving parties claiming copyright infringements against leading AI labs. Just last Thursday, the Times and 16 other publishers said in a court filing that OpenAI was withholding evidence that could play a key role in these types of copyright violation lawsuits. The publishers are asking for monetary penalties and other sanctions against OpenAI, though for what it's worth, OpenAI frames this new allegation as evidence that these publishers don't have a strong case. Now, it's not clear when or how the Times led lawsuit will be resolved, either with a settlement or even possibly a jury trial, maybe just a complete like injunction by a judge. A judge allowed most of the case to proceed Last year if OpenAI tried to have it dismissed, and the companies are now in the midst of a prolonged discovery process taking forever. But to put things simply, this problem hasn't gone away for Open Air, which now has to defend itself against multiple claims from serious plaintiffs with major accusations, accusations of of wrongdoing. At best, these legal issues are a major distraction for OpenAI, which is now fighting tooth and nail with Anthropic and others to develop frontier AI models with customers in both the consumer and enterprise markets. At worst, litigation could result in severe monetary penalties against OpenAI. And that's real bad news given the way this company likes to burn money building data centers. Plus, the Apple lawsuit could really slow the progress when it comes to entering new markets like consumer electronics, and especially if Apple's successful in winning an injunction that stops OpenAI from using its trade secrets as it is seeking to do. Putting it all together, I don't like the pattern of behavior. If OpenAI is really running a sophisticated intellectual property theft operation Targeted Apple, what are the odds it's only Apple? My worry is that this could be the first in a series of trade secret lawsuits. Here's the bottom line. Open Air has real legal problems here, and they seem like a pretty big deal. They aren't easily dismissed. It looked like these guys were out of the woods when they beat Elon Musk a few months ago, but now the litigation headaches could be endless. We still don't know how much damage it'll do, but regardless, it certainly doesn't improve their IPO prospects, which may be integral to the company's independence. Bit money is back after the break.

[B]

Coming up, Could Italian IPO bending spoons help you find Le Dolce Vita? Kramer's daughter diving in to find out next.

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Back on July 1, an Italian technology company called Bending Spoons came public with a bang, the deal priced at $29. Then the stock jumped nearly 40% on its first day of trading to close at $40.50, although as of today it's pulled back to $31 and change. Now that erased most of its initial gains. You know what could this be? Opportunity, I think a lot. What is this thing? CEO Luca Ferrari has described Bending Spoons as mostly a technology company and partly a private equity firm, which is probably the simplest way to understand it. Company acquires established digital businesses, often with recognizable retired brands, and tries to revive them using a common operating playbook, proprietary technology and shared data infrastructure. Okay, These days they own and it's Kind of like a memory lane thing here. Aol, Evernote, Vimeo, Evan Bright, we transfer meetup and Bright Cove along with products like Remedy, Streamyard and Harvest. I've used half of these for the old days. Now look, these aren't speculative startups still searching for customers. They're established products that at some point fell by the wayside. Many have lost momentum, fallen behind technologically, become too bloated or failed to generate as much money as as people thought they probably should. Across the portfolio, bending Spoons properties served more than 500 million monthly active users and over 9 million monthly paying customers as of March. Basically, they buy these forgotten digital properties and try to turn them around. The strategy came together by accident back in 2010, Ferrari and two eventual co founders and started Evertale, an AI powered diary application. They raised $1 million and spent nearly three years trying to make the product work. Unfortunately, almost everybody passed on it. By 2013, Evertale had little to no revenue and only a few months of cash remaining. After liquidating the company, the founders were left with roughly 40 grand and the basis for new strategy. Rather than trying to predict the next great digital product, they acquired products that had already proven themselves and focus on becoming the best possible operators of these businesses. That's a playbook kind of interesting, right? They said the acquisition driven operators like Teledigne, great stocks, capital cities. Wow, what a hit. Broadcom, Danaher trying to make a comeback. And they applied a similar approach to digital businesses. Since 2013, Benning Spoons has completed more than three 50 acquisitions worth about $2.01 billion in terms of aggregate enterprise value. To put it simply, betting Spoons buys mature technology businesses, slashes costs and does everything it can to monetize the existing user base. Basically they're old school corporate raiders that happen to operate the new economy. Now the key to making that work is talent and also execution. Company received roughly 800,000 job applications last year and hired just 286 people. Hey, making this one of the most selective institutions in the world. And they get as much out of these people as possible by heavily relying on yes, AI. That's the story. Now let's talk about the financials, which are actually pretty impressive but also massive because acquisitions account for so much of the growth. Benning Spoons has seen its revenue rise from 387 million in 2023 to 267 million in 2024 to 1.31 billion last year. Holy cow. You think? Really something big happening right in the first quarter of 2026 alone, they put up 132% revenue growth, making $601 million eye popping numbers. But investors need to remember where that growth is coming from. While Benning Spoons reported 95% revenue growth last year, the organic growth was just 13%. Because most of these gains came from takeovers. That's the business. Although 13% is actually not that bad. How about profitability? Benning Spoons generated $84 million in operating income back in 2023, grew to 1,27 million 2024, then 278 million in 2025. None of that flowed to the bottom line last year though, because of surging interest expenses. In the first quarter of 2026, Benning Spoons saw its operating income jumped $120 million and its GAAP earnings came in at 27 million. Now that's pretty good. Well then what's not so good? Well, how about the balance sheet, which probably the biggest financial risk at the end of 2025, binding spoons had approximately $2.67 billion in total debt against 630 million in cash. By the end of the first quarter, their debt had climbed to roughly $4.36 billion. After additional borrowings in the IPO proceeds, the prospectus shows approximately 2.68 billion in pro forma net debt. That's manageable relative to adjusted earnings. But look, this is no pristine balance sheet here. Keep in mind, debt is central to the business model. Benning Spoons has repeatedly raised large term loans to finance acquisitions, and the impact is visible in the sharp increase in interest expense. Plus, it's not like they're using all the IPO proceeds to pay down debt. Benning Spoons plans to use the money for general corporate purposes and to pay for additional acquisitions. If they keep buying good businesses at disciplined prices and make them more profitable, then the sales and earnings will keep falling like crazy. But the high debt load gives them less margin for error. One disappointing takeover could make this a much uglier story. At the same time, the founders of Benning Spruce now control a little less than 83% of the voting power year through super voting shares. Which means the normal shareholders would never have much of an impact on how companies run. I do not like these kinds of companies. Still, the numbers are so strong that I can forgive a lot less when the only question is what kind of price point we should be willing to play. Here, pay here. It's hard to value bending Spoons because the company's fairly unique. Sitting somewhere between a software company, a private equity firm, And a takeover driven conglomerate with the stock trading in the low 30s is currently sells for roughly 15 times next year's. I'm sorry, last year's Revenues, not earnings. Revenues not cheap. If Benning Spruce can keep putting up numbers similar to what reported in the first quarter that I can justify the valuation right here. But if they drop the ball, the stock is just going to get hammered. My biggest worry here is that many of their businesses are. Software industry is being upended by the rise of artificial intelligence. Even though Benny Spruce has done a great job of harnessing AI to cut costs, it's hard to tell if their business model will remain viable in the age of AI displacement. But here's the bottom line. Betting spoons is easily one of the more interesting IPOs of the year. I think they're doing something brilliant. The only question is whether they can continue to deliver. You've got my blessing. Put on a sport position here right now. As long as you leave more room to buy at lower levels because I expect this one to come down. Let's go to Dave in Illinois. Dave.

[C]

Dr. Kramer. So I'm wondering how your Brianna or whatever that is crop is coming along.

[A]

Well, I gotta tell you, I was wearing Zanu on Friday and that may equate to why the peppers aren't coming incorrectly.

[C]

Oh, that's too bad.

[A]

It is. It's actually quite a tragedy in the vegetable business.

[C]

Jim, I would like to revisit a stock I called in about three months ago in the lightning round. Sienna Corp. When I called, it had run up 100%. You said too hot for me. It had run too far too fast. Recently, however, it pulled back nine from the pin action in the South Korean stock market and has since leveled off to an approximate total of my May call. Apart from today, of course. So, Jim, at the risk of fomo, can you weigh in and bless a time to scale in?

[A]

All right, David's great question. There are about a dozen stocks that look just like Sienna. And that means what that tells me is I'd love to call the bottom right here. I may have to try to do something at the Thursday club meeting, but I would say right now you got to give it a day. And that will be the tale of the tape. And thank you so much for calling. All right, listen up, people. Bending spoons is really an interesting story. I'm kind of drawn to it. But if you want a piece of it, I think you should wait until inevitably comes down, buy small and then hope there's much more money, including my Suits with Banco Santana there, then Wall street is a lot of things, but creative is not one of them. I'm running through today's winners, telling you what to do after yet another predictable trading day in the life of a higher oil economy. And oil costs rapid fire. Tonight's edition of the Lightning round. So stay with Kramer. Over the past few years, Banco Santander, the Spain based financial powerhouse with a growing presence worldwide, has been an incredible outperformer with the stock up 200% since the beginning of 2025 and it shows no signs of slowing down. This year we learned they're acquiring the Connecticut based Webster Financial and they just got key regulatory approval for that deal, giving them a stronger foothold in America once that deal closes later this year. So can it keep running? Earlier today I had a chance to speak with Anna Boutine. She's the executive chair of Banco Santander. Take a look. And I've got to ask you point blank. Your bank, since I've known you, has radically rerated in the terms of the parlance of Wall street. It just keeps being worth more and more and more. What are you doing to make it so? In the eyes of all analysts, your franchise is worth much more than people thought.

[D]

So it's great to be back with you and you are an early believer, so thank you for that.

[A]

Quite welcome.

[D]

You've been right. So I like to say it's an overnight success, 10 years in the making. Okay, so I'd say three things. First, we're one of the largest banks in the world by number of customers. 180 million with local scale. Very important.

[A]

Right.

[D]

That helps with efficiency, growth and resiliency. Second, we have delivered, so we have delivered every single plan and everything better. And third, we're on a journey and we say not even in the first leg of the journey to become global platforms. And there's a lot of upside and it's what we call a self help. So it's a lot about changing the model. So we grow revenues and lower cost and improve profitability dramatically.

[A]

Lower costs. Frankly, I don't know if people realize how much your run rate of cost is much lower than US banks. How do you do it?

[D]

So look, we, we've added 8 million customers until the first quarter. Year on year, we've grown revenues by 4% and lowered cost by 3%. And EPS is 17% up on Q1. So these are pretty good numbers.

[A]

Nobody has it. I can tell you because I study US banks. No one's near that now. You are making an acquisition of a bank I know well, and I think it's very exciting. When I saw it, I said, how does he know these things? How did you know that Webster is such a great bank?

[D]

So that's exactly the point. Webster is a great bank, and it's not easy to buy great banks. And by the way, it is very, very complimentary. Webster is a great match for Santander US because it brings the commercial bank and we have the consumer bank. Together. It becomes a $300 billion asset bank, bit more than that, with great funding costs, with a great business like the hsa. So it gives us basically the road to get to over 18% rot by 28.

[A]

It's not a small bank. There are 177 branches. The idea to make it even bigger, ultimately maybe one day have it be named bank of.

[D]

For now, it's going to continue as Webster. We have very strong relationships through them with all the commercial customers. And by the way, the other thing people don't talk about is culture. So Webster is a community regional bank, which is what Santander is at its core, every market.

[A]

Now, how is it possible that. I read you what you're doing in your. Of course, Spain is fabulous. Mexico is terrific. Brazil is great. How do you even know a Webster? I mean, how does it even hit your revenue screen?

[D]

Well, there is work behind that, and there is. This is like, you know, before you get married, you have, like, you go out with somebody and you get to know them through time. And that's what John Sewell and I did. We got to know each other over three years. When they were ready to take the step, I was there.

[A]

All right, so now we're going to switch directions for a second. Your use of AI is very different from an American use of AI. In AI here, we think about how to cut costs. The first thing you talk about with AI is personalized customer interactions. We don't think of those two. How did you come up with the idea that that's what I would be good for?

[D]

AI is all about personalizing by customer. To you, Jim, every person is different. I would allow us to do that in a way that gives returns to shareholders. And that's the key. It's personalized service by the person or the very small company in a way that makes sense for shareholders.

[A]

And you speak about defensive perspective and offensive perspective. What does that mean?

[D]

Well, for the first time, I'd say in a decade, maybe more banks like Santander, with 180 million customers, lots of data, we can now access that data fast and In a cheap way. That is what will allow us to have an offensive role and try to go into new markets in a very different way. So again, it's a huge opportunity for the first time because before it was very expensive to try to manage those, you know, trillions of data points in a way that we could actually, you know, offer customers a better product. Now that's possible.

[A]

Now I want to talk politics for a second. You should know. But my colleague David Faber said, you know what, Jim, turn to me. I think that the President's attack on Spain could really hurt Webster. And I said, no, it won't, because Webster is about banking and it's about a CEO knows banking. It turned out I was right. It just didn't matter. But maybe it was because the President was just impetuous.

[D]

Webster is exactly what he said. Webster is the combination with Santander US we are a US bank, we're combining two US Banks. So think of this as in market merger where we bring capital, we're bringing $12 billion into the United States where we're going to make a more competitive bank for our customers. It's a win win. So our US customers from both sides are going to get better service, better prices, and the US as a whole is going to get billions of dollars of investment and a more competitive banking system. What's not to like?

[A]

Exactly. Right now you have a dominant franchise all over the all pretty much you could be wherever you are in the world. So where do you want to be right now? Where do you want to cut back and where do you want to put more money?

[D]

We have, since I took over, gone across, you know, let's say against the current. Not anymore. I think now that has changed of putting more capital into the United States, but into the Americas as a whole. And that is something which has taken us to, you know, in three years will be above 20% roti and above 20 billion euros in profits. That is a large bank and a very profitable bank.

[A]

Numbers of people in Brazil, an extraordinary share that you have.

[D]

So Brazil, you know, Brazil is not doing as well as we thought. And as we said in Q1, we're still going to deliver all the numbers. Why? Because of our diversified model. So it's very resilient. It's different businesses and different geographies. So we have businesses that do better with lower rates. Business do better with higher rates. All in all, you know, the current situation is very good for banks.

[A]

You are the American bank that wants for Mexico. In other words, if you want to do business In Mexico and you're American, somehow it's your bank that is the most knowledgeable. Is that something that you intended?

[D]

If you're an American company and you want to do business in Mexico or South America or Europe, Santander is the go to bank.

[A]

That's such a smart way to do it. And you at the same time spend a lot of money locally. People know your bank locally because you get involved in local business. We tend to not even have local banks that do that anymore. Is that your idea spread? Because it does it necessarily give you return and instantly. And you're spending a lot of money on local areas just to get your name around, but also to do good things for people.

[D]

Santander was founded almost 170 years ago to finance commercial trade between northern Spain and the Americas. So helping small business grow. Today we have 4 million small business customers around Europe and the Americas. And we're the bridge. You know, the U.S. biggest trading partner is European Union. Mexico the third largest. You know, there is more business with Latin America than with China between the US So again, helping small businesses from the US into all these regions and vice versa. That's really where we are unique.

[A]

Now one last thing you introduced in our show, this very high rate and that people get started with younger people still know this rate. Is it something that you like to continue it work right, Open bank when you. Yes, open bank.

[D]

Open bank. It's a huge success. We have over 11, 11 billion in deposits and you know, 235,000 customers. And we still have a great rate. And we're one of the best banks in terms of credit rating. You know, the stress test recently here in the US we're one of the best globally, we're one of the best because about diversification. So you get great trust, great balance sheet with a great rate that's unique.

[A]

How do you keep all these countries in your head?

[D]

There's not that many.

[A]

I think there's about 10 more than others can handle.

[D]

Well, it's actually 10 and this is important. It's like we like the local depth because that's important. Small customers, we care about small customers. We care about small businesses. That is the model.

[A]

Well, like congratulate you. You're the bank that I've recommended that has been the most successful for people who watch the show. And I think I'm looking at why it is. Congratulations to Ana Boutine is executive chair of Satander Bank. Thank you.

[D]

Thank you so much.

[B]

Coming up, he's the fastest mind on Wall Street. So we're putting him to the test with your help. Bring on the lightning round. Next,

[A]

It is time for the light. And then the lighting round is over. Are you ready? Ski dad tonight with Frank and Flor. Frank, Booyah.

[C]

From Pensacola.

[A]

I wanted to ask. My Duolingo been hammered over to a logo. I gotta tell you, there's too many ways to be able to translate things now. I don't need to learn it. I don't need to learn any language. Let's go to Ed in Texas.

[C]

Ed.

[A]

Hey, Ed, how you doing?

[C]

Good evening there, Professor Kramer. How are you?

[A]

Thank you, I am doing well. How about you?

[C]

I'm good. I've been. I worked in Aerospace for 47 years on satellite propulsion systems.

[A]

Okay.

[C]

And I called about four months ago on a company and it's since doubled. And last week they received a 44 million dollar start.

[A]

Okay, that sounds good. So what do we think? What's the name of the company?

[C]

And they also got systems on the striker plan. Okay, the shoot down.

[A]

What's company?

[C]

My company. My company is Endlight.

[A]

Okay. We do have to hope that they're as successful as everybody else. So I'm going to tell you that laser, which is symbol for Nice, is a speculative buy here. And that ladies and gentlemen, is the conclusion of the Lightning Round.

[B]

The Lightning Round round is sponsored by Charles Schwab. Coming up, wondering where to move your money. With oil prices on the rise again, Kramer's revealing his top trades.

[C]

Next.

[A]

You want to tiresome trade, go back to the refiners. A couple of chemical stocks, a few fertilizers and the dollar stores. Those are what the market perceives to be the winners. Anytime the price of oil jumps like it did today and expect to do tomorrow and the next day. If President Trump lives up to his word to hit a rant and then hit a rant again. Wall Street's not a very creative place, people. It doesn't try to match winners with real events. It just does everything it can to epitomize the obvious in a completely knee jerk fashion. Oil prices go up. Don't buy the majors though. They make money in some things and don't make money as many in many others. People try to shoe Warren Conoco into the mix. The winners are the refiners that can raise prices at the pump immediately. Which means Valero marathon, Pete and Philip 66 should be bought. They're the best performers. The integrated oils are among the worst. I like Fleros, the most pure play. Remember, there are a limited number of refiners. They can export gas if they want to make even more money in selling here. Best of all, there aren't going to be a lot of new refiners built anytime soon. Soon, because it takes ages and ages to get even in the approval process. And greenfield refinery plans are almost never approved. But there have been plenty of refineries that have been shuttered, chiefly in California. It's a tremendous business if the strait of remove stays closed. How about the other winners? Dallas A case of knocking out the competition. The Persian Gulf is home to the chemical company's largest competitors. Some of their product now goes offline causing massive price increases across the industry. Pure profit for Dow. Other product has to be raised in price. Meanwhile, Dow uses domestic energy which is a lot cheaper. Total win. Same with Mosaic, the fertilizer maker. Gulf companies produce a ton of fertilizer. It's commodity product. Iran shuts down the Gulf. Mosaic becomes a low cost producer instantly. The trickiest trade though, and the one I like the best is return to the discounters. The dollar stores are natural. So I went to my favorite Dollar Tree this weekend. It's ridiculously cheap for so many things. I season in the movie candy aisle so I can watch Cape Fear with all the dollar snow caps I want. The seasonal fair is just perfect. That's why I like Dollar Tree. My Dollar General on the other hand is often poorly stocked. What do you do? But the best two retail stocks I think are Wal Mart and TJX2 that are, I got to tell you two that I think always bounce back in this kind of environment. Wal Mart didn't have the best quarter but it's rolling back prices in a way that should bring people right back to the stores. And the real bargain though is TJX which the Chapel Trust owns. It put a remarkable quarter ship is sharply better than expected. It's a trade not on price but on excess merchandise. If the big long department stores are stuck with unsold inventory, they sell it to TGX for pennies of the $. TGX and sells it to you for quarters of the dollar. It was a remarkable trade until it ran right into the buzz saw that came from lowered oil prices. Now that oil is going back up, you might. I'm not kidding. You could get a quick 10 in TJX. What else? I know that the airline supposed to go down when oil goes up and I don't want to tempt that group and to talk against my charitable trust book the aerospace stocks. They will get hammered. But if you're like me, you think this wholesale increase in gasoline will only get rolled back. I think they're actually the ones that are best to buy by Thursday. So get ready for some Pavlovian trades the work for the moment because they always do. I'd like to say there's always more market Summer at Props Scott by Just for your man Mighty I'm Jim Cramer and I'll see you tomorrow.

[E]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer Our trip up the coast was perfection. With my Sapphire Preferred card, we earned three times the points on gas, online, grocery and dining.

[B]

It was amazing.

[E]

Chase Sapphire preferred the card that's preferred for a reason. Cards issued by JP Morgan, Chase bank and a member FDIC subject to credit approval terms apply.