Mad Money w/ Jim Cramer 7/24/25

Summary

Mad Money w/ Jim Cramer - July 24, 2025

Host: Jim Cramer
Producer: CNBC
Release Date: July 24, 2025

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1. AI Investments and Market Implications

Timestamp: [01:56] - [09:33]

Jim Cramer opens the episode by addressing the ongoing debate surrounding AI spending by major tech companies. Despite critics claiming that AI investments by giants like Google (Alphabet) and Microsoft are unsustainable and likely to fail, recent financial reports suggest otherwise.

• Alphabet's Investment Surge:

  • Quote: “AI is positively impacting every part of the business, driving strong momentum this quarter..." – Sundar Pichai, CEO of Alphabet [04:15]
  • Alphabet has increased its capital expenditure by $10 billion, bringing the total to $85 billion, indicating a strong belief in AI's potential.

• Market Performance Amidst AI Investments:

  • While the Dow Jones Industrial Average declined by 316 points, the S&P 500 rose by 0.7%, and the Nasdaq gained 0.18%.

• Nvidia's Strategic Role:

  • Quote: “Nvidia is not a tax on the system. It's an expander. It's a force multiplier.” – Jim Cramer [08:00]
  • Nvidia's advanced chips are critical for AI advancements, positioning the company as a pivotal player in the AI race.

• Global Competition and Supply Chain Dynamics:

  • Emphasis on the necessity for the U.S. to maintain technological superiority, especially against China, highlighting the importance of semiconductor advancements.

Key Insights:

• Continued AI investments are fueling market resilience.
• Nvidia's hardware remains indispensable for AI progress.
• Geopolitical factors are influencing semiconductor strategies and trade relations.

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2. Deep Dive: Honeywell International

Timestamp: [15:33] - [23:30]

Jim Cramer shifts focus to Honeywell International, addressing the stock's unexpected downturn despite a strong quarterly performance.

• Earnings Analysis:

  • Quote: “The stock was climbing in premarket trading, yet it only got hit and finished the session down 6%.” – Jim Cramer [15:33]
  • Honeywell reported a 9-cent earnings beat and 5% organic growth across three out of four segments.

• Strategic Spin-Offs:

  • Vimal Kapoor, CEO of Honeywell, discusses the company's plan to spin off its advanced materials, chemical, and aerospace businesses.
  • Quote: “We're simplifying Honeywell into three end markets: process, industrial, and buildings.” – Vimal Kapoor [16:49]

• Investment in R&D:

  • Significant investment in research and development, amounting to $100 million for the year, translating to a 40 basis point impact on margins.

• Acquisition Success:

  • Recent acquisitions have enhanced margin rates and positioned Honeywell in higher growth markets.

• Quantum Computing Initiative:

  • Announcement of Honeywell's commitment to quantum computing, with plans for an IPO in the next 18-24 months.
  • Quote: “We are executing all our milestones and I feel confident that Quantum should be able to get into IPO in the next 18 to 24 months.” – Vimal Kapoor [22:29]

Key Insights:

• Honeywell is undergoing significant restructuring to streamline its operations and focus on high-growth sectors.
• Strategic investments and acquisitions are positioning the company for future expansion.
• The quantum computing venture represents a forward-thinking move to capitalize on emerging technologies.

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3. Stock Spotlight: Danaher Corporation

Timestamp: [25:30] - [49:32]

Jim Cramer provides an in-depth analysis of Danaher Corporation, highlighting recent performance metrics and market challenges.

• Earnings Performance:

  • Quote: “The company actually delivered a pretty good set of numbers. A healthy revenue beat, steady organic growth...” – Jim Cramer [28:30]
  • Danaher reported strong revenue growth and expanded margins, particularly in the biotechnology segment.

• Challenges in the Chinese Market:

  • Slower recovery post-pandemic and regulatory changes in China have impacted sales, especially in diagnostics.
  • Quote: “This volume-based procurement issue is a result of China's national strategy to curb healthcare costs...” – Jim Cramer [31:45]

• Bioprocessing Segment Rebound:

  • The bioprocessing division shows signs of recovery with a book-to-bill ratio of 1 and success in monoclonal antibody sales.
  • Quote: “The core bioprocessing business is on the rebound.” – Jim Cramer [38:00]

• Investment Thesis:

  • Despite recent setbacks, Cramer remains bullish on Danaher, citing the company's strong fundamentals and recovery signs.
  • Quote: “We've finally reached the tipping point here now that the core bioprocessing business is on the rebound.” – Jim Cramer [48:00]

Key Insights:

• Danaher's diversified portfolio helps mitigate risks, but exposure to the Chinese market remains a vulnerability.
• Recovery in key segments like bioprocessing indicates potential for future growth.
• Investors are advised to monitor underlying strengths despite short-term market fluctuations.

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4. Quantum Computing with IonQ

Timestamp: [32:30] - [42:18]

In a special segment, Jim Cramer interviews Nicolo Damasi, CEO of IonQ, to explore advancements in quantum computing and the company's strategic positioning.

• Company Overview:

  • Quote: “We are building the most powerful and most affordable quantum computers...” – Nicolo Damasi [35:08]
  • IonQ is positioning itself as a leader in both quantum computing and quantum networking.

• Partnerships and Collaborations:

  • Notable collaborations with Nvidia and Amazon Web Services, demonstrating tangible quantum advantages.

• Technological Breakthroughs:

  • Announcements of achieving quantum advantage through significant speed-ups in computational tasks.
  • Quote: “We've demonstrated quantum advantage now twice.” – Nicolo Damasi [35:50]

• Future Projections:

  • IonQ aims to achieve fully fault-tolerant quantum machines by the late 2027.
  • Plans to scale computational power exponentially, far surpassing classical computing capabilities.

• Market Position and Competition:

  • Emphasis on being the most energy-efficient and cost-effective quantum solutions provider.
  • Quote: “Our machines are cheaper than everybody else's in the space.” – Nicolo Damasi [38:23]

Key Insights:

• IonQ is at the forefront of quantum computing, with strategic partnerships bolstering its market position.
• Continuous technological advancements are crucial for achieving practical quantum supremacy.
• The company's focus on affordability and efficiency aims to democratize quantum computing applications.

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5. Lightning Round: Rapid Stock Picks

Timestamp: [42:18] - [49:32]

Jim Cramer engages with callers, offering quick buy, sell, or hold recommendations on various stocks.

• Caller: Daniel from New Jersey

  • Stock Picks: Shutterstock vs. Getty Images.
  • Cramer's Take: Prefers Shutterstock for potential growth despite limited upside. Encourages selective investments based on growth potential. [44:00]

• Caller: Richard from New York

  • Stock Picks: E.T., One Oak.
  • Cramer's Take: Endorses both stocks as solid investments. Reiterates confidence in their performance. [44:20]

• Caller: Karen from Florida

  • Stock Pick: Nebby Group (Ticker: NBIS).
  • Cramer's Take: Advises sticking with core wave investments, remains bearish on Nebby Group. [44:40]

• Caller: Stanley from California

  • Stock Pick: StoneX Group (Ticker: STONEX).
  • Cramer's Take: Expresses uncertainty and personal embarrassment over StoneX's performance. [45:32]

Key Insights:

• Cramer's recommendations emphasize growth potential and strategic positioning.
• Encourages investors to remain selective and informed, avoiding speculative or underperforming stocks.

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6. Market Leadership and Financials

Timestamp: [45:42] - [49:32]

Jim Cramer concludes the episode by discussing the importance of leadership within financial institutions and their impact on market stability.

• Role of Financial Leaders:

  • Quote: “When the banks are in good shape, the whole economy is in good shape.” – Jim Cramer [47:12]
  • Highlights how institutions like BlackRock, Goldman Sachs, and JP Morgan drive market confidence and economic growth.

• Impact of Mergers and IPOs:

  • Discusses potential mergers in the railroad industry and upcoming IPOs that could stimulate market activity.

• Strength of Regional Banks:

  • Emphasizes the stability and growth of regional banks as a sign of a robust and sustainable market rally.

• Investment Philosophy:

  • Advocates for investing in "boring" but stable financial institutions to ensure long-term growth and market resilience.

Key Insights:

• Strong leadership within financial sectors underpins overall economic health.
• Strategic mergers and active IPO markets are indicators of a thriving financial ecosystem.
• Regional banks play a crucial role in maintaining market stability and supporting business expansion.

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Conclusion

In this episode of "Mad Money," Jim Cramer delves into the critical role of AI investments by major tech firms, examines strategic moves by Honeywell International, provides a comprehensive analysis of Danaher Corporation's performance, and explores the future of quantum computing with IonQ. Through insightful discussions and expert interviews, Cramer offers valuable perspectives for investors navigating the complex landscape of Wall Street. The Lightning Round further supplements these insights with quick stock recommendations, while the focus on financial leaders underscores the importance of robust institutions in sustaining market growth.

Notable Quotes:

• “Nvidia is not a tax on the system. It's an expander. It's a force multiplier.” – Jim Cramer [08:00]
• “We're simplifying Honeywell into three end markets: process, industrial, and buildings.” – Vimal Kapoor [16:49]
• “We are building the most powerful and most affordable quantum computers...” – Nicolo Damasi [35:08]
• “When the banks are in good shape, the whole economy is in good shape.” – Jim Cramer [47:12]

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Disclaimer:
All opinions expressed by Jim Cramer on this podcast are solely Cramer's opinions and do not reflect the opinions of CNBC, NBC Universal, or their parent company or affiliates. Investments are subject to risks, and listeners should perform their own due diligence before making financial decisions.

Transcript

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[Jim Cramer]

Hey I'm Kramer. Welcome to Bad Money. Welcome to Crane America. I hope you make friends. Hey I'm just trying to make a little money. My job is not just entertain but that well put it all in context. So call me at 173cbc.tweet me Jim Cramer we keep hearing that all the AI spending by the hyperscalers the nation state companies like Google or Microsoft has to stop eventually. It's not worth the price. They'll regret it. They aren't getting a lot out of it. And then you get a quarter like the one Alphabet reported yesterday where they added $10 billion to the already $75 billion capital expenditure budget. And you realize just how off base these criticisms might be as long as the spending continues to make sense. And that makes well it sure seemed made sense when the case of Alphabet, which is the parent of Google. It seems like these investments are both urgent and needed. That spending is also a big part of the reason why this market can hang in there and Dow declining 316 points but the S&P advancing point of 7%. Nasdaq gained 0.18%. Last night I listened to Sundar Pichai, he's the visionary CEO of Alphabet, talk about AI and how much it means to his company. I would just give you one quote here. AI is positively impacting every part of the business, driving strong momentum this quarter. Search delivered double digit revenue growth and quote. Then he goes to say AI overviews now has over 2 billion monthly users across more than 200 countries and territories and 40 languages. End quote. Now, if you don't use Google, these overviews gives you a summary that appears at the top of the search pages. It's a game changer that makes people want to keep coming back to Google search. Even as many like me worried that search may go the way of the dodo. I mean, why do search? I figure we can just go right to one of the major chat bots avoiding Google search entirely. They're not. They're going to more than ever explains they're not mutually exclusive. It's easy to just stick the results in there because, well, he's got the leading global network of AI automated optimized data centers. In other words, he who spends the most money on AI wins. I am sure we'll hear something similar next week from Metta and Microsoft and Amazon. I wish I could say the same about Apple, but it remains on the sidelines. When you hear about this spending, you should be thinking one thing. Nvidia. You can't be dominant in search unless you buy the latest and greatest chips. From Jensen Huang, CEO of Nvidia. The naysayers tell us that spending is a big waste of money. But if you listen to Jensen, he says his best hardware and software stacks can give you four times your money's worth. Given what Alfred said last night, you know what? I think it probably works out about four times now. Nvidia is not a tax on the system. It's an expander. It's a force multiplier. That's why it is so important for the US government China to have a version of various technology. We tend to assume that China makes everything we want while needing nothing from us. Aside from this video semiconductors, that's not really true. We're beginning to get cheaper products from elsewhere. By the way, we know from Judy Marks, the CEO of Otis, the elevator company, that China's business is miserable right now. We know from Jim Fitterling, the CEO of Dow Inc. That China is no longer the cheapest place to make plastic. Just pick those two. Because that in the last 24 hours, really. China's got two things going for its electric cars and first class military, but what it needs more than ever is Nvidia's chip stack. That's the only reason they're willing to make a deal with us on trade, even releasing a chokehold on rare earth minerals in video. Still, the skepticism is thick and frankly, somewhat justified. I'm heavily reliant on some of the chat bot sites. Not all, but I spend a lot of time with them. I'm chiefly on Grok, the Elon Musk site that spoke about in this otherwise not so hot Tesla conference call last night I checked the advanced chat GPT, mostly out of respect for Sarah Fryer, the fabulous CFO of OpenAI. I use call it from Anthropic because my computer savvy daughter tells me it's the best one right now. Meta is my go to for pop culture and I'm on perplexity probably 25 times a day, if not more. And bar because Jensen Wong told me he looks at it regularly, which got me hooked last night in a rear gamer to be actually human I went out with my wife and her friends, something I never do, especially during earnings season. It was a huge amount of fun by the way. Definitely kind of playing hooky. And I realized it was though when it was over I was way behind the eight ball when the dinner broke up, even as I remembered why people go out to dinner because it really is kind of fun. So I decided I needed to take a shortcut of AI and began to prompt the sites for information about some earnings. For the first Chipotle I got a couple of nuggets, but I knew I'd have to wake up early and read through that one. Then I put in IBM and all the sites had the same thing so far was a little soft. Nothing else though. Then I knew I needed service now, okay, because it seems to have the most exposure to AI as as a software, as a service play. You got to know what they're saying. I knew the stock had enjoyed a significant move higher after the bell last night, although some people said it couldn't last. So what I did was around 10:30, 11:00 clock I went to one of the chat bot sites. I will not reveal which one because it's so embarrassing. And I put in the prompt about why did ServiceNow stock go up after the company reported and then down after the conference call because that's what I figured would happen. There appeared an astounding story about how the slowdown in enterprise software had finally hit Service now and the company's high valuation made it very vulnerable. Now I knew there could be some weakness because the software service sector is not as strong as it used to be. They charge by the person. If AI is replacing humans, that means fewer people. But I started jotting down notes about what caused the real weakness and how management addressed the weakness if they could. I knew had a good story about the decline and fall of ServiceNow. So the next day when I checked some actual news organizations and saw the stock was actually flying high after a much better expected quarter, the story I read on the AI generated site was 100% wrong. They know nothing Now I don't know why this ridiculously embarrassing incident even occurred, but it's not exactly unusual for these AI platforms to to make things up. Here's what I do know. The more new chips you have from Nvidia, the less likely your AI will get things wrong. Like I saw last night about ServiceNow, I also believe there's so much skepticism in large part because people simply don't trust the answers they get from these platforms. You know what? Rightly so. So my take is that Google is upping its spending because the most accurate chat bot will be the winner. Just like how Google search one to begin with, the bots that are wrong too often will lose. And just like Google Search, if you win the race you can end up with a near monopoly and hyper hundreds of billions of dollars in profits. My conclusion? These companies aren't overspending on AI, they are actually underspending on AI. Underspending? See, this is a winner take all, loser take none situation. The only reason to spend less is if you don't believe you can win. Bottom line, that's the reason why Nvidia is the largest company in the universe. It's why Apple has to use this moment to make a good site great. And it's why Google still in the conversation and might even end up winning the battle for AI just like it won the battle for search. Gabe in Michigan. Gabe. Hey Jim. Big booy out here from Michigan and club member. Oh thank you Gabe. Thank you very much. We were Boy, Jeff and I are really cooking today on the Honeywell in Dover. Were we? Yes. Question for you sir. Given the significant program charges and reduced cash flow in Q2 here, how do you assess its ability to sustain long term growth?

[Caller]

Especially in light of the increased defense.

[Jim Cramer]

Demand and ongoing development challenges and legacy.

[Caller]

Programs for Lockheed Martin?

[Jim Cramer]

Look, I know Jim Takelett. I know he's going to figure this out. But Everybody tells me every single research note told me that you have to buy Northrop Grumman for when it comes to the weapon, the big, the big defense procurement. And I still like our environment. AV I mean it was AV he broke the story, the lobby broke the story about why things were so great there. And that stock is up about 90 points as he came on the show. And I'm sticking by it. Now we're going to go to Ali in New York. Ali. Hi Jim. Hi Ali. What's up? Hi. Good first congrats on 20 years. Thank you.

[Vimal Kapoor]

I'm up 17% on the stock I bought this spring. It is 70% up this past year but it's still down 39% from its.

[Jim Cramer]

All time high and it's down almost 10% this month. Morgan Stanley issued a positive note on its new CEO but they've had insider selling recently and it is enterprise software.

[Vimal Kapoor]

I'm wondering if they report a good quarter next month.

[Jim Cramer]

Should I sell or trim my position? The stock is Snowflake. Okay, Snowflake. Well, Sridhar Ramaswamy came on our show and broke the story of that much better than expected quarter. And I say you just hold on to this. There's going to be ups and downs. Maybe it takes a little fluff out of it, but street, ours is good for it and I think that could be a great long term position. I like the stock of Snowflake. The race could be a winner spend all situation. I think the only reason a company wouldn't spend money is because they already think they're going to lose. Honeywell reported an earnings beat but the stock fell in response. So are investors getting an opportunity to pick up a high quality name at a discount or am I just a complete and utter idiot? I'll tell you what, why check in with the CEO to find out? I was worried about the club stock danaher DHR going in this quarter. But the report really helped us solidify our thesis. I'm going to give you my take on the name and we're all about covering the stories that you want to hear, even if I think they're too speculative. So tonight I'm checking in with one that I know you're interested in. A quantum computing company, Ionq. You get a read on the state of this burgeoning industry and I'm gonna cover every single one of these from now on. So stay with Kramer.

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[Jim Cramer]

All right, help me here. What in the world just happened to the stock of Honeywell? The iconic industrial. It's in the process of breaking itself up. This morning the company reported what sure looked to me like a good quarter. Top and bottom line beat management raising their full year sales and earnings forecast. That's what I always like to see. The stock was climbing in premarket trading, yet it only got hit and finished the session down 6%. And look, the quarter wasn't perfect. There was some margin pressure, especially in the aerospace business. But much, much of the raised guidance comes down to weak dollar, maybe some acquisitions. Still, I think it's crazy the stock pulled back this hard when we're getting so close to a third three way breakup. That could really unlock a lot of value for you. But don't take it from me. Let's dig in with Vimal Kapoor. He's the chairman CEO of Honeywell. To learn more. Welcome back to Money.

[Vimal Kapoor]

Hi Jim. Good to be, good to be back with you.

[Jim Cramer]

Oh, thank you. Okay. So you know, I got the release, I looked at a quarter of six. I like to look at things in the cold a day and I realized, wow, this, this is really a good quarter. There's so many moving parts, but it's going in the right direction. Stock was looking up and then it turned down. I have to tell you, I think that the turn down is a false narrative. But I'm going to give you the floor because of the many, many parts, Maybe there were 20 we found, maybe three wrong and 17 better. Could you help us here?

[Vimal Kapoor]

Yeah. Look Jim, if you see the quarter print, it's very clean. Overall, we had a 9 cent beat to the consensus. Our organic growth was 5% and three out of the four segments grew more than 5% and one segment was flat. And it has been a while. Honeywell has printed a performance like this where we had a secular growth in three of our segments at that high rate. And we raised the guide for rest of the year. We started the year at 1010 to 1050. Now we are at 1045 to 1065. High confidence to deliver that guide. So overall I would say how the year is progressing. We are very pleased with that. I mean I won't, I won't comment on the market reaction but what's also important Jim is apart from the financial performance, we are executing the three way separation on time. So we also announced today that we're going to spend the advanced materials business, a chemical business in Q4. So that's going to definitely happen in a couple of months. And then we are on plan for separation of Aerospace in 2026. And the third dimension, while we are doing this work, we're also transforming the portfolio. We completed the separation of our personal protective equipment business. We made two more acquisition announcements. So it says a lot going on and I really feel excited how we're executing to what we say and there's a lot of promising time ahead for Honeywell.

[Jim Cramer]

Well, I also think that there were two divisions that you felt weren't doing things right and you said listen, we're going to review those two which means that if you don't think that can be fixed, I think that there's going to go too. But that, but they counted against you even though you said that it could be transitory. I think the people were just trying to shadowbox with you.

[Vimal Kapoor]

Yeah, I mean if you look at the two businesses, Jim, which you mentioned we chose, they are very good businesses are workflow automation business, warehouse automation business, which is popularly known very well run business. We also have a business in scanning and mobility productivity solutions. Both these businesses fit less in the future I'm imagining for Honeywell because we also want to have a Honeywell which is simple to understand. Our shareholders can clearly understand the value proposition, the verticals we play, our business model. So it's not that these are the bad businesses. We are really looking at the better fit for these businesses with the next owner. And it helps us to simplify Honeywell into three end markets. So when we complete the spin of aerospace and chemicals business, the remaining Honeywell will be just focused on pure play automation focused on three end markets, process, industrial and buildings. And these are compelling markets. There's a $500 billion TAM lot of growth opportunity available. So that's what really excites me. And that's the reason, Jim, we are proactively investing in R&D. One of the reason our margins are flattish. Year on year we are ramping up R and D. You know, $100 million we talked about in this quarter but for the whole year the impact is about 40 basis point on the Margin, but that's a good thing. We are investing for the future. We are building the portfolio, we are investing in the right new products. So we're keeping the company ready for the, you know, very compelling future ahead. So that's what excites me.

[Jim Cramer]

Meanwhile, that carrier acquisition was fantastic. I mean to me it's, it's cut and dried. How great that was. People didn't want to focus on that.

[Vimal Kapoor]

Absolutely that Jim, that acquisition has gone extremely well. You can see the margin rates of building automation, how the building automation business is performing three quarters in a row. 8% growth. Part of that is this acquisition is playing, the synergies are really working. Margin is expanding. So the acquisitions we made, they're all pivoting us towards higher growth end markets. That's the point that's really focus we have been doing. We made acquisition of Access solution, we made acquisition, the LNG area. All of that is really pivoting Honeywell to higher growth end markets. And we are well positioned with the work we are doing organically and the work we are doing inorganically. So we'll continue to stay focused on what we can control and we'll let market decide, you know, how they should value us.

[Jim Cramer]

Now look, I know you've told me don't get ahead of yourself but we've been doing a lot on quantum computing. One of our actual show guests tonight said that they feel like they're in the league with quantitative. I mean they brought it up, I didn't. We're in the league with quintinum. And here I think that you don't even necessarily want to get anyone too excited about it because you're a hard nosed business person. It's not the kind of thing you do. But when I hear another guest say that they think they're in league with you, I need to ask you what does it mean to be in league with quantity? And.

[Vimal Kapoor]

Look, quantitative is another exciting part of Honeywell. And Jim, we, we talked about it before. We are committed to do an IP of continuum. I would say that next 18 to 24 months time probably more towards later part of 2027. The business is progressing well. We are making the right commercial progress. We got a big deal from Qatar, for example, during President Trump's visit in Qatar a couple of weeks back. We are doing a fundraise as we speak so that we could, you know, make sure the company has enough cash to work towards before the ipo. But I would, what I can say to you is we are executing to all our milestone and I feel quite confident that Quantinum should be able to get into IPO in next 18 to 24 months time.

[Jim Cramer]

That's great. Also I want to tell people, you know Dave Cody is my friend. He was my next door neighbor. You are continuing with the tradition of Dave which is get this portfolio to where it could be. I mean the PPE he had, that was a great idea at the time. You did what I think was right was get rid of it. But this is the shuffling to make it better and better that's going on. I think it's confusing people vim and they shouldn't be confused.

[Vimal Kapoor]

No Jim, we will do. I think it's we have done so much of work in our portfolio so clearly we need to do a better job to tell our story. But as we complete these separations, part of it is going to be that we are going to tell our story across each of the three businesses. So we're going to have an investor day for our chemicals business later part of this year. We should be on the road sometime in Q2 next year as we are needing the spins off aerospace and automation business. So I think big part is we have made our portfolio and story very compelling but we probably need to do a better job to get our story across to the to the market.

[Jim Cramer]

I want our club members by it before you get the story too far across because it is so clear and evident to me what's happening here. I think you're doing a sensational job. This is a very big spin and it's really going to work. I want to thank Vimal Kapoor. He's the chairman and CEO of Honeywell International. Read the deck. It's so transparent. You will reach the conclusion that I did. Trust me, that money's back after the break.

[Fidelity Ad]

Coming up, is the embattled Life Sciences name finally showing signs of life? Cramer's checking up on diagnostics company Donahuer to break down the numbers.

[Jim Cramer]

Next.

[Fidelity Ad]

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[Vimal Kapoor]

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[Jim Cramer]

Coming into this week, I was really worried about Danaher, the life science and diagnostic powerhouse we offer the Chapel Trust. You follow of course by joining the CMC Investing Club. See, for many years Dan was arguably the best rung conglomerate on earth and the stock has been a phenomenal long term winner, up over 1000% over the past 20 years. But ever since we got through the pandemic, the stock has struggled to get back on track. Now we bought this one in early 2022. We have to own it a couple of times previous in order to get a chance to buy Dana home. Weakness because I expected the business to stabilize the stock to make a comeback like that. But for one reason after another, Danaher never really found its footing. First was China's slower recovery from the pandemic. Then customers over ordered in response to the supply chain crisis, leaving them with excess inventory, meaning no need to buy new stuff from these guys. Then it was that tepid IPO market because fewer biotech IPOs translates into fewer new drug companies with money to spend on Danaher's equipment. Oh, then it was President Trump's tariff extravaganza along with the spending cuts to the National Institutes of Health. Again, less money for the life sciences equipment. As a result, this has been a tough stock to own. Dana always seems to be on the verge of getting better and historically it's been one of the best run companies on earth. But in the last few years they keep dropping the ball. And remember, I blame them because I don't really care about their excuses. I want wins. Now making things worse, Abbott Labs and other charitable trust holdings saw a major pullback last week and that was in part because of issues with the Chinese business. Remember, Danaher is big China exposure, so we decided to sell bid a Danaher for the charitable trust just in case something went wrong with the quarter. That's how worried we were and I got to tell you, when Dana reported Tuesday morning, it almost gave me a heart attack because the stock immediately got clobbered. The company actually delivered a pretty good set of numbers. A healthy revenue beat, steady organic growth and better than expected, the margins all leading up to a 16 cent earnings beat of 64 basis. I like that. Now the last time Danaher reported strong results in April, management paired that with very cautious guidance which held the stock back. This time though, management raised their full year earnings forecast and also gave healthy guidance for the current quarter. Now at first I breathed a sigh of relief when I saw those numbers. But then I checked the stock and somehow it was down. In fact, it was down nearly 7% in pre market trading. Well, guess what I want to do. This earnings season has been a real rollercoaster for the travel trust that plunged Danner. Almost drove me insane. You might argue I was already insane, but I mean new levels of insanity. I started trying to figure out what the heck Danaher did wrong this time. Snake bit. Were investors objecting to the fact that Dana only raises for your earnings forecast, not taking up the revenue numbers even though they reported revenue beat? Was that it was. Was there a China issue like we saw from Abbott Labs? Maybe Investors were disappointed that Danaher announced its CFO Matthew McGrew would be retiring next year. This is how I was grasping straws. I didn't know what the issue was. I just couldn't believe it was happening again. Even if the company must have some fairly solid numbers and good guidance. But thankfully the story got a happy ending this time around. The stock rebounded from its lows on Tuesday morning and was almost back to even by the time the market opened. Then Danaher rallied, although it was choppy and still it finished the session up 1%. Hey, not great, but certainly not the end of the world. Things got better yesterday when upon further review, buyers stepped in and the stock shot up nearly $8 or 2.4.2%, then attacked on another 2.5% today. Only this quarter was a positive catalyst for Dan or stock, as it always should have been. Because when you really looked into the numbers like the we did with the investing club for subscribers, there was so much to like here. Of course that doesn't mean everything's suddenly perfect for Danner. There's some hair on this one like in your soup. Starting with the thing I've been most worried about. That's China. Sales were down mid single digits in the People's Republic versus modest growth in North America and high single digit growth in Western Europe. On the conference call this week, Reiner Blair tried to stress that only parts of China are bad tally strength in the company's biotechnology and life sciences businesses, but said that those were more than offset by the decline at Danish diagnostics business due to volume based procurement and reimbursement changes that were implemented by the Chinese authorities late last year. It's not just Danaher. Believe me, everybody got hit by this. This volume based procurement issue is a result of China's national strategy to curb health care costs and it's the same problem that plagued Abbott when they reported last week. I was upset about that too. But putting aside China, I think there was far more good news than bad news this quarter. For example, while all three of Danaher's core segments reported better than expected results, their highest margin biotechnology segment led the way. That at 8% sales growth, that's 150 basis points of operating margin expansion and operating income of more than 12%. Wow, that's very good. The core of Danner's biotechnology segment is its bio processing division. Now it is about a $6 billion business, but one that struggled in recent quarters. Finally though, bioprocessing looks to be on the mend. A few months ago management started talking about positive order trends for that business and now Danner says these trends continued throughout the second quarter. That's great. The book to bill ratio for bioprocessing orders remains at around 1 mean the company's fulfilling orders about as quickly as they get them. In particular, Danner is seeing success with monoclonal antibodies which represented over 75% of the BioProcessing unit sales. That's good too. Here's how the CEO put it. Quote, overall order activity in the first half and second quarter are fully supportive of a high single digit core growth in second half and quote and he thinks bioprocessing can maintain high single growth long term. Pretty good. So after investors had time to digest Anna's quarter on Tuesday, Tuesday they only decide that the court the good did outweigh the bad and the stock broke out the upside next day. Now remember, we saw the same problem, the same issue a couple of we saw domino's on Monday and Tuesday, sadly during the height of earnings season. Earnings season investors, they're so quick to judge. Many saw the stock down in premarket trading on Tuesday and simply figured that there must have been something really bad about the day in a quarter when it simply wasn't the case. I'm betting that that's going to be the same thing for Honeywell for the same thing for Dover. She was only after investors look more closely that the stock finally got its due and may at last be poised and ready to return to the wondrous days of the old Danaher. Here's the bottom line. It's been very tough to be a bull on Danaher for the past couple of years. And the company still not perfect. But I think we've finally reached the tipping point here now that the core bioprocessing business is on the rebound. That's why we're sticking around for the Chabel Trust and why you have my blessing to pick up some of the stock right here. Let's go to Todd in California. Todd. Hey, how you doing?

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Hey.

[Vimal Kapoor]

With all the managed health care companies.

[Jim Cramer]

Just getting shellacked, is now a good.

[Fidelity Ad]

Time to maybe take a nibble at Cigna?

[Jim Cramer]

I want you to wait until UnitedHealth makes a clear vision of what's really going wrong. So UnitedHealth's gonna report and that's gonna be coming up. And then once they report, we then look at the downside for the rest of the group and we make decisions. Now that's only five days away. So let's make sure we wait, bat on shoulder, and then we'll make our move. Guys, it's been real tough to be a bull in Danaher lately, but I think the business is finally turning around. That's why I'm gonna sticking with it. And you should do some buy now. Much more may have on it. At this year's Nvidia GTC conference, Jensen held Quantum Computing Day. So we need to understand more about this industry. I'm checking in with one of the players of this space called IonQ. Then leadership matters in bull market. I am sharing which groups are leading us higher and why it matters. And of course, all your calls. Rapid fire in tonight's edition of the lightning round. So stay with Kramer. I've always made it my mission to shine a spotlight not just on the companies that Wall street wants to hear about, but the ones that you would hear about. Which brings me to Ion Cue. It's one of the quantum computing plays that has dominated this market for the past year. You ask a lot of questions about it and especially in the past few months. It's really going to month. Well, let's say the things up 4. 76% over the past 12 months. After pulling back harder this year, it's now up 145% from its March lows. I know you want that. I don't blame you. I would too. Now I used to resist recommending highly speculative stocks like IonQ with no earnings, not much in the way of revenue. But in this market, anything with a good story has the potential to become a huge winner. And I work for you. So let's take, let's check it with Nicolo Damasi, he's the CEO of Iron Q to get a better understanding of why so many people are excited about this. Mr. Massey, welcome to mayor body.

[Caller]

Honor and pleasure to be here, sir. Big fan.

[Jim Cramer]

Oh, thank you. Well, I've got to tell you, I first came across your company when Peter Chapman, who's your executive chairman, he spoke at GTC and I think it had a real impact on Jensen Huang who's the CEO of in video and. But I candidly, I asked him about it and he said, Jim, you really got to study, study, study. And then you still may not understand it. We have a very candid relationship. So I know we can't win to study, study, study. But I want to give you the microphone. Just tell us why this technology so exciting and where you fit in it.

[Caller]

Yeah, well look, IQ is the biggest player in the business of quantum, right? We are the 800 pound gorilla of both quantum computing and quantum networking. So we're in fact a fully fledged quantum Internet company, right? So we're building the most powerful and most affordable quantum computers. We're also building the networks, nodes, repeaters to be able to communicate safely, not just safely in a classical world, but safely in a quantum world where quantum computers are going to crack RSA in the coming years. You know, we are racing China, we believe almost single handedly for the western world, if you will, to be the RSA cracker. And of course when that happens, everybody's going to need our quantum networking equipment to make sure that the world as we know it and civilization as we know it goes on. You mentioned Jensen Huang and GTC. You know, we've actually been on two GTCs this year and they were both very impactful, right? So Peter did the one in March and we did one in Paris. And we've demonstrated quantum advantage now twice. The first time was with Ansys and Synopsis back in March. And then more recently it was in Paris where we announced the 20x speed up in partnership with Nvidia and Amazon Web Services. And no one can really say that a 20x speed up is not, you know, real quantum advantage. The era of what's called quantum supremacy is just around the corner. You know, it's coming in quarters and very low Single digit years. And that's getting people obviously pretty excited about the fact that we'll be able to do things to help every area of applied science from drug discovery.

[Jim Cramer]

Let's take pharmaceuticals. Okay. Now pharmaceuticals, right now we have a lot of pharmaceuticals that are meant to keep you alive for five months. There's a tremendous, maybe hundreds of billions of dollars spent to make it so that you can live for four or five months. Are you guys thinking about instead of, would it be, instead of maintenance, would you be doing cure or is there diseases that are really hard that people spend fortunes on? No and no luck. You would address them. Where would you be in that vertical? Yeah.

[Caller]

So all the bits of computational analysis in this world, from engineering to drug discovery, we announced a protein folding partnership and success, you know, just a month or so ago. And so our machines are now on the verge of simulating molecules, you know, that are probably 30, 35, you know, atoms, molecules long. And so we're doing things in the next year that classical computers will not be able to do to predict and also look at molecules through a quantum lens.

[Jim Cramer]

Right, right.

[Caller]

And so I think you're going to see a plethora of both chronic as well as, you know, critical, if you will, drug discovery breakthroughs. And it's just going to keep going from there. As our machines get more powerful, we'll be able to model ever bigger molecules. Same with material science.

[Jim Cramer]

But Jensen told me that in the end, with companies like you, he would still have to play a role that he now supports quantum. But he said, look, Jim, Nvidia is going to be involved. If it's quantum, they need us. Why is that?

[Caller]

Yeah, I think, I think we are the biggest reason, honestly in the last six months why John Jensen has changed his, his perspective on this sector. We've demonstrated two partnerships with him where we've shown common advantage and we've shown that, yes, we're going to grow with him in the coming years. Kind of like when GPUs, you know, were an earlier thing and we were growing with CPUs. There will be a day where quantum processing units, particularly ours, where we are an order of magnitude, if not two orders of magnitude cheaper than any other path to what's called a fully fault tolerant machine in the coming years. And so we expect to take down more pieces of the total compute space as our energy needs are lower than classical and our machines are cheaper than everybody else's in the space.

[Jim Cramer]

So how did the Defense Department discover you? How did the Air Force discover you?

[Caller]

Well, we're a 30 year old business. Right. So we were founded, you know, really on work that was done in the mid-90s. Our founder is the, is the father of quantum computing hardware. We're the first to demonstrate it in the lab. We're the first to commercialize. Right. And these advantages, you know, Jim, last a really long time. Reminds me of companies like ASML that have been plugging away effectively ultraviolet flashing of chips for 30, 40 years and they continue to lead the sector. I've always believed as a physicist originally, and I of course was the SPAC sponsor that took IonQ public. So I've raised maybe 85% of the total money invested in IonQ, either the CEO, IQ or CEO of the SPAC before. And the reality is I've looked at the space many times. The leadership that I and Q has in its technology, because we started first and because we picked the best path that runs with the least energy, runs at room temperature, gets to commercial advantage first is something we're just building on. Right. And we're building on that both organically and inorganically, as I've shown the last three or four or five months now.

[Jim Cramer]

But we are talking about waiting to 2030 before we think about making money. Now that requires a certain kind of mindset investor. Right. I mean, you don't want someone who was thinking this thing's going to have its big breakthrough in 2026.

[Caller]

Well, we're having big breakthroughs actually every day, almost every month, if you follow the press. Right, so. So it's bigger breakthroughs. And one of the things, Jim, that gets people excited, I think about IQ in particular, is we're moving the size of our machines forward so quickly that we are doubling the compute space. You know, sometimes every week, sometimes every month. Right. And so generations of our machines are not a factor of too big or like Moore's law, they could be hundreds of millions of times more powerful. They could be billions of times, maybe even trillions of times more powerful because the scaling gets so vertical in the next few years that classical computers can't write out the size of the number. If you look at two to the power of the larger qubits that we'll be producing.

[Jim Cramer]

All right, well, look, so to. I have to let it go there. I am fascinated by everything you say. I know I have to do some sort of special or something about this because our viewers want it and they are owed it. And I just learned, even in this short snippet, I learned why Jensen changed his mind and why he started talking about how it's sooner rather than later because things that you did. So I want to thank you nick Low Damasci, CEO of IonQ. It was great to have you on. I hope you come back.

[Caller]

Look forward to coming back. Maybe. Maybe we can co host an hour next.

[Jim Cramer]

Well, why not? We should do that. I've always been looking for someone to fill in for me anyway. Man. Money's back after the break. Thank you. Good to talk to you.

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Coming up, Kramer takes your calls and the sky's the limit. It's a fast fire lightning round next.

[Jim Cramer]

It is time. Hi, it's time the lightroom Chris here with rap compulsory Sandovs Oxford. My steppers plan it sound and then the lightning round is over. Are you ready? Ski dad to light everyone. Daniel, New Jersey. Daniel. Hi, Jim. The AI revolution is here and the money is pouring in. This stock's lunch has already been eaten by traditional gen AI putting chip companies like Nvidia and AMD as well as big tech like Meta, Microsoft, OpenAI, Apple, Amazon, Google and even Tesla in perfect position to benefit tremendously by utilizing the treasure trove of clean legal photos and videos from Getty Images and Shutterstock to better train their LLM AI models. Okay, real time images. Which one you want? Both of it. Look, one of them is making money. Shutterstock. One of them is losing my yeti. I think Shutterstock's better, but doesn't really have the growth that I'd like to see. But you can pick up the deal maybe to get some growth. But it's really been, frankly, it's been a labor of not like. And I'm not. I don't like labors of not like. Let's go to Richard in New York. Richard, Sir Jimmy. Chill love watch you all the time. And I know I need to be a club member. Oh, absolutely. Today I'm crazy about my Best of the breed collection. However, I'm starting to grow a position in a brand in a stock. I'm kind of concerned, not sure if it anymore if it's worth going long or going short. The stock is E.T. no, E.T. got attack together a long time ago. It's a really, really good stock. I'm giving the two first because I really, really like this fellow. Yeah, I think one oak is real good too. All right, so you get the ET and the one oak both good to go. Let's take one more call. Let's go to Karen in Florida. Karen, Hi, Jim. I'm a founding member of the investment club and I want to thank you.

[Vimal Kapoor]

So Much for helping me become a better investor.

[Jim Cramer]

Thank you. Yeah, that's the goal. That's the goal. Thank you.

[Vimal Kapoor]

So my question is with AI infrastructure spend increasing Nvidia invested in this company Goldman Sachs initiating coverage and Jeff Bezos recently backing one of its subsidiaries to LOCA is Nebby Group Ticker NBIS a buy?

[Jim Cramer]

Look, I totally get Nebus Group but I am through and through a core wave person and because I'm a core wave for Canada on a boat but we kicked the tires Nebus and we went all in cor wave and I'm not going to change my view. I got to take one more call. I'm going to go to Stanley in California. Stanley, hi Jim Cramer. Hi Stanley. Formerly from Philadelphia, now living in California. Thanks for your insight and advice. Over many years I've watched. Thank you. Thank you. The stock price of this financial services company has increased about 8% in the past month and 75% in the past year. What are your thoughts about Stone X Group ticker stick? I don't know. Stonex move. I'm mortified and embarrassed and feel like I have no clothes on. And that, ladies and gentlemen is the conclusion of the Lightning Round.

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The Lightning Round is sponsored by Charles Schwab.

[Jim Cramer]

There's nothing like the banks and brokers to provide leadership and a bull market. Most people don't realize the importance of leadership in the stock market in general. But it matters. And some groups make much better leaders than others. When the ordinary non tech financials are winning, you know that the rallies on firm footing. We often hear about narrow markets once that are led by the Magnificent seven or the spectators stocks, you know, the nuclear is the quantum is the meme Stocks, even the semiconductors, enterprise software names. Whenever those groups are leading the charge they're always greeted with suspicion. We're told they aren't any good for anything but themselves. They have no gravitas, no broad pin action so they're criticized endlessly. But a rally underpinned by the banks. Nobody criticizes that solid granite. Think about what this kind of rally really means. When the banks are in good shape, the whole economy is in good shape. Let me take them one by one so you know what the hell I'm talking about first. When you see BlackRock powering higher, that means a lot money in as there are many a lot of new contributions Go to Blackrock. Call it oxygen. You can't have sustainable rally without oxygen to feed the fire. BlackRock's got over $12 trillion under management. Can't quibble that can you? Second, when the stocks of Goldman Sachs and Morgan Stanley go higher, that means more IPOs, more takeovers are coming. This morning we got confirmation that Union Pacific and Norfolk Southern are in merger talks. I mean, this is the biggest test we've ever seen of any trust or even these in my life. Okay. We have so few railroads in this country and we want them to compete with each other.

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All aboard.

[Jim Cramer]

We always want them to compete with each other. Under President Biden or honestly any previous president, I think the advisory firms would say don't even bother doing this deal. But under Trump's regulators, it's an open question. I think the advisors want to test the waters. They get to go ahead. That means big fees and a giant green light to any company that wants to merge with a competitor. On top of that, we got words that FIGMA is coming public. And you know, we need IPOs. This design sulfur IPO is the kind of deal that will really turn heads, showing people that the window is open. Many companies that pretended they didn't want to come public when the IPO market was ugly, they're going to show up now, hat in hand. If the figment deal works, great product big Robin Adobe. Third, a rally with JP Morgan at Vanguard means we're looking at a wave of commerce that will spur strong business formation and expansion. J.P. morgan is the leader. Well, many others will follow. Oh, I like that. Now how about this? Wells Fargo. Now here's a company that actually guided lower. When it reported Charlie Sharp, the CEO, talked about the need to invest in the company's business after seven years of pretty much being on hold because of regulatory straitjacket. Normally in this market, a company be penalized for spending money on anything but a buyback or dividend boost. But Wells Fargo stock is now up from when it reported. A tacit admission that when things are good and getting better, it's worth investing heavily in your own business. And that's exactly what Wells is doing. We own this one for the Travel Trust stocks rebound from last week's lows. Total vindication. The regional banks. Oh, these are the brick and mortars of any rally. This morning I saw Ohio's key bank got a downgrade after a nice run and its stock barely got ding. What does that tell you? First, Horizon Tennessee closed at a new 52 week high yesterday. I like the action Huntington bank shares. It feels like a return to the old days when this was a market leader every time the spotlight turned the regions. Now these are flash. When bank of America announced a $40 billion buyback the other day and nobody notices. I regard that as a terrific sign. We want boring. We want no flash. We want gray flannel suits. And that's just what we're getting to fuel this rally. So you want to wait, but be sure to do some buying. Alexander, as always for Market Summer, I promise I'd find it just for you right here on Man Money. I'm Jim Kramer. See you next time.

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All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of cnbc, NBC Universal, or their 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 Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer trading@schwab is now powered by Ameritrade, giving you even more specialized support than ever before, like access to the Trade Desk. Our team of passionate traders ready to tackle anything from the most complex trading questions to a simple strategy gut check. Need assistance? No problem. Get 24. 7 professional answers and live help and access support by phone, email and in platform chat. That's how Schwab is here for you to help you trade brilliantly. Learn [e-mail] trading.