Mad Money w/ Jim Cramer 7/28/26

Summary

Mad Money w/ Jim Cramer 7/28/26: Episode Summary

Date: July 28, 2026
Host: Jim Cramer
Episode Theme:
Cramer dissects a significant shift in market dynamics: money is rotating out of once-beloved tech/data center stocks into a mix of familiar value (retailers, food, drugs, industrials) and overlooked growth areas (aggregates, infrastructure, steel). He explores what’s fueling the moves, evaluates dramatic recent selloffs, interviews Nucor’s CEO, and shares actionable investing lessons—emphasizing caution with parabolic stocks and the long-term power of “stairstep” compounders.

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Main Topics Covered

1. Market Rotation Away from Data-Center Heavy Tech (01:00–13:07)
2. Lightning Round—Rapid Stock Takes (38:59–41:50)
3. SpaceX Stock Analysis Post-IPO (15:04–21:41)
4. Focus on Aggregates and Infrastructure Stocks (22:01–30:22)
5. Interview with Nucor CEO Leon Topalian—American Steel Outlook (31:36–38:39)
6. Investing Lessons: Parabolic Moves vs. Compounders (42:12–46:13)

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1. Market Rotation: Out of Data Center, Into Broader Growth (01:00–13:07)

Key Observations:

• Big money (institutions) is rapidly diversifying, dumping over-owned data center hardware/memory stocks and plowing cash into sectors like aerospace (Boeing), big-box retail (Costco, Walmart), food (Coke, Pepsi), drugs, and biotech.
• Cramer draws parallels to the 2000 tech bubble aftermath, warning of “sea change” risk.

Notable Quotes:

• “You can see what I’m talking about when the Dow Jones rallies furiously…but the data center heavy NASDAQ actually loses…that is a very interesting dispersal.” — Jim Cramer (02:10)
• “I bring that up, not because it will [cause a crash]. I just need to tell you, if history is going to repeat itself…” — Jim Cramer (03:45)

Memory/Storage Stock Analysis:

• Dramatic rises and brutal falls—peaks in June, huge post-peak losses despite no real price drop in their wares.
• Cramer’s classic lesson: “You have to sell the parabolic moves…because parabolic moves always end.” (05:20)
• Names called out: Western Digital, Micron, Seagate, SanDisk.

Possible Causes:

• Guesses: China increasing chip supply? Global buyers diversifying? Memories of Alphabet’s (Google) stock tanking after raising CapEx spooked hyperscalers.
• Alphabet’s data center CapEx hike led to a $275 billion drop in market cap: “The stock then dropped 7%...and lost $275 billion in market cap just on that news.” (08:37)

Winners of the Rotation:

• ServiceNow, Salesforce (+4% in a day), Costco, Walmart
• “Food stocks soared … drugs all went up. Biotech was screaming.” (09:44)

Cramer’s Takeaways:

• Don’t panic—there may be a rally attempt off positive earnings (like Seagate’s after-hours move).
• The issue: hyperscalers (big buyers) may slow but are unlikely to collapse spending.

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2. Lightning Round Highlights (38:59–41:50)

Cramer delivers quick-fire “buy/sell/hold” advice with trademark energy.

Notable Moments & Quotes:

• Arista Networks (ANET):
  • “I really like Arista. It’s not that dependent entirely on the data center. It’s got a lot of things going for it. I think Arista’s terrific.” (40:50)
• Ross Stores (ROST):
  • “Ross Stores…now it is just terrific. I like Ross Stores.” (41:37)
• Caller Phil, about teaching investing to his granddaughter: “Younger people will inherit. We know that from the wedding I was at this weekend.” (39:58)
• Classic Cramer: “Let’s go for the gold; own Willie!” (for HIMS) (39:29)

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3. SpaceX: From Meme Stock Highs to Buy Opportunity? (15:04–21:41)

Cramer’s Breakdown:

• SpaceX stock’s rollercoaster: peaked at $225, then straight down to $107—a 50%+ nosedive post-IPO.
• Now seen as a “trillion-dollar meme stock,” with volatile trading and heavy speculation.

Bullish Case (Sell-Side Analyst View):

• Massive new AI-related data center rental deals ($1.25B/month with Anthropic, $920M/month with Google).
• Street sees profitability by next quarter; $3+ EPS by 2028.
• “If you believe these numbers, this stock’s definitely getting cheaper as it comes down.” (16:36)

Cramer’s Cautions:

• The deals can be canceled with 90 days’ notice: “Makes this new revenue stream very tough to model because nobody’s really locked in.” (18:00)
• The “float” (tradable share count) will more than double next week, likely adding selling pressure from insider lockup expiry.

On Elon Musk/Tesla Merger Rumor:

• Cramer sees risk Musk could use SpaceX to buy Tesla, due to dual-class share control.

Quote:
“Maybe buy a little, but I’m really begging you to wait…let the lockup drag the share price lower before you pull the trigger.” (21:34)

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4. Aggregates and Infrastructure Stocks: The Power of “Boring” Growth (22:01–30:22)

Cramer spotlights “rocks”—literally. His visit to CRH’s quarry inspires a deep dive into the investment case for stone, gravel, and aggregates used in infrastructure.

Why Aggregates, Why Now?

• “Not as sexy as AI, but these are irreplaceable businesses with massive barriers to entry,” Cramer says.
• High oil and interest rates slammed the sector, but both are now reversing.

Quote:
“Rocks are really heavy and thus expensive to transport. You need local quarries wherever you are operating…That gives the established producers tremendous pricing power, which is why their stocks have been such long-term winners.” (23:04)

Company Spotlights:

1. Vulcan Materials (VMC):

   • Cramer loves its 100-year compounding: $1 invested in 1925 = nearly $400K by 2023. (24:51)
   • “Vulcan offers the cleaner aggregate story…strong unit profitability, less near-term risk.”

2. Martin Marietta (MLM):

   • Going big, acquiring the WA: “Some execution risk…potentially more upside, but a little more risk.” (27:09)

3. CRH: Cheaper on valuation but more international.

Bottom Line:
If you want diversification away from data center risk, Cramer’s favorite “rocks” play is the U.S. aggregates giants—especially into weakness or dips.

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5. CEO Interview—Leon Topalian, Nucor (31:36–38:39)

Why Nucor is Soaring:

• Demand for steel is surging across US infrastructure (military, energy, data centers, non-res construction).
• Tariffs on steel imports created record-low import levels, strengthening domestic players.

Quotes & Highlights:

• Topalian: “Demand drivers are unlike anything I’ve seen in 30 years…military towers, data centers…all at or near record backlogs.” (31:47)
• Tariffs lauded: imports at lowest in a career, Nucor at the “tip of the spear.”
• 9,000 direct jobs, 30,000 indirect jobs created by Nucor in 7 years—“rewarding the communities where we live and work.” (35:13)

On Community Investment:

• Jim Cramer: “No one’s as anyone ever contacted you?...You have always done it right, because that is the Nucor way.” (38:17)

On USMCA & Trade Policy:

• Some tweaks needed, but overall supportive.
• “A year-to-year review [of USMCA] that will tighten things up again.” (36:21)

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6. Investing Lessons—Parabolas, Panic, and Patience (42:12–46:13)

The Dangers of Parabolic Moves

Core Message:

• Post-parabolic moves (explosive upward curves) nearly always end in disaster for latecomers.
• Don't chase after the “rocket ships”—the subsequent bust often erases most gains.

Quote:

• “Most good stocks go up in a stair-step fashion. That’s what I like…But a setback with a parabolic move—well, these are disasters and they lead to panicked confusion.” (42:47)

Advice:

• Don’t be fooled by massive declines following failed parabolic runs—there is no floor until seller exhaustion.
• Focus on “stairstep” compounders (like Vulcan) for lasting wealth.

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Notable & Memorable Moments

Jim to Intuitive Surgical (“Da Vinci Robot”):
“Down 36%. I think this and a lot of others have been thrown away. Have a couple of days gains but don’t forget the quarter wasn’t that good. It’s not as good as you’re singing. Jimmy Chill says be careful…” (12:06)

Caller Robert’s Song:
“Happy Birthday to me. Happy birthday to me. Thank God for Jim Cramer. He keeps making us money.” (11:09)

CEO Topalian on Nucor’s future:
“We’re just getting warmed up. Not everything we’ve invested in is yet online…and that’s coming by the end of this year…you’ll see a through-cycle performance that Nucor has never achieved.” (33:44)

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Timestamps for Key Segments

• [01:00] Intro to Market Rotation: Tech Out, Value In
• [05:20] Memory/Storage Stocks—Why the Meltdown?
• [08:37] Alphabet’s Data Center CapEx & Market Reaction
• [10:53] Lightning Round: Birthday Song for Jim, Intuitive Surgical
• [15:04] SpaceX: From Meme Craze to Opportunity?
• [22:01] Aggregates as Infrastructure Play—CRH Visit, Vulcan, Martin Marietta
• [31:36] Nucor CEO Interview: U.S. Steel’s Moment
• [38:59] Lightning Round: Advice & Investor Stories
• [42:12] Parabolic Moves—Why They’re Dangerous and What To Do

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Cramer’s Final Words

“Don’t be tempted by these declines. A post-parabolic stock may look cheap to you, but the shareholders are all trying to figure out how to get out alive. I say, you stay away from them. I like to say, there’s always a bull market somewhere.” (45:40)

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Summary Table

| Segment | Key Companies | Cramer’s Sentiment | |--------------------------------------|-----------------------------|----------------------------| | Data center/memory stocks | WDC, MU, STX, SNDK | Avoid until dust settles | | Big-box & food retail, pharma | COST, WMT, KO, PEP, pharma | Rotation winners | | Tech (non-memory) | CRM, NOW, ANET, INTC | Mixed: be selective | | Aggregates/infrastructure | VMC, MLM, CRH, STRL | Buy into weakness | | Steel | NUE (Nucor) | Big growth, buy | | SpaceX | (SPACEX) | Wait for lockup dip | | Parabolic stocks | ARM, SNDK, others | Sell/trade, do NOT chase |

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Actionable Takeaways

• Don’t chase data center hype—look for value in sectors with pricing power and barriers to entry (aggregates, steel).
• Trim parabolic gainers; compounders win over decades.
• Pay attention to share lockups and “float” dynamics with new IPOs.
• Infrastructure/materials are being rerated—consider adding to portfolios into dips.
• Cramer remains bullish long term on transformative names like Nucor and patient, disciplined investing overall.

Transcript

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[Jim Cramer]

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 Bad Money. Welcome to Cramerica. Let's be my friends. I'm just trying to make you a little bit of money here. My job is not just entertain, but to educate. Doing some teaching. Call me 1-873-CBC. Tweet me at Jim Cramer. First they started buying materials and pharma companies like DuPont 3M, Johnson Johnson. Then they expanded their net to beat by this beaten down growth software companies. Today they cast the widest net yet. Wrangling aerospace like Boeing, high quality growth retailers like Costco and Walmart and even Coca Cola and PepsiCo. Who is they and what am I talking about? I'm using trader sign to describe what big institutional buyers. The ones who move stocks where they're buying like you saw today. And their patterns they are now using to rearrange their portfolios to have more than just a exposure. That's what's happening. So where does that money come from? Do all this new buying cast the wide net? Mostly from NASDAQ stocks, Especially the ones connected to the once loved Nelson Data center. This sea change is roiling. The averages jumping 537.5 billion gaining point to 1%. Nasdaq falling.22%. You can see what I'm talking about when when the Dow Jones rallies furiously as it did today. But the data center heavy NASDAQ actually loses almost a quarter of a point. That is a very interesting dispersal. What is this action saying? You need to know. I'm listening to it. Pretty much what we said in 2000. That's the problem. When the tech stocks cratered in, the money flowed into areas where growth remained. It looks like a lot like that bygone era and we wish good riddance to that era. We don't want that. In the end, it could take everything down. I bring that out, not because it will. I just need to tell you, if history is going to repeat itself, why is this great swap happening again? It all starts with tech. We've seen a huge part of the Nasdaq and lots of the S and P pivot hard in the last year as orders started ramping up for the data centers. Pivot in a beautiful way. But there are many parts of the data cent. The parts that most excited people were actually the parts that were in short supply. That's right. In this. Well, let's just say they were scarce. I'm talking about memory and storage from Seagate, Western Digital, SanDisk and Micron. There were shortages in all these. These companies historically have been very boom and very bust. When it's very boom, there's big shortage. When it's very bust, there's a surfact. When I explode on the scene in the data center caught fire. We had to fill those data centers with servers and servers are packed with memory and storage. And those big four companies, plus SK Hynix now trades here, not just in Korea. And Samsung in Korea very quickly got huge pricing power because they literally weren't enough chips to go around. And by the way, SK Hynix and Samsung are much better than much bigger than our companies. Not much better, but much bigger. So what's happened to these companies? They've been able to raise prices and raise prices and raise prices with abandon and it's caused a lot of things to be a little more expensive than you and I like that allowed though for some of the greatest runs I've ever seen in stocks. Listen to this. Western Digital went from 70 $70 a year ago to 799 in June. Micron stood at 101 dollars a year ago and then it falled to $1,255. Say it went from 152 dollars to $1,145. And Sanders made the biggest move of all, galloping from 42 dollars to $2,354. Those moves are incredible. I call them lifetime gains at least if you took them. But every one of these stocks peaked in June. Western Digital's now fallen from 799 to 463, Micron 1255 to 820, Seagate 1,145 to 7:47 and SanDisk well it's doubled from 2354 to $1096. And those are colossal losses. What triggered them? The answer is elusive. Prices for their wares haven't come down at all. Some of them still going up all the time. I've been through many boom and bust cycles with these companies and the stocks always start coming down well before the business deteriorates. You can't see what's going to happen. That's what I always say though you have to sell the parabolic moves. More on this later that these shortages trigger. Because parabolic moves always end. The stocks just anticipate that ending. In other words, the stocks fall first and then the numbers go down. My best guess. Remember there are two Korean companies that are the biggest memory makers. I just talked about it. But. But maybe the Chinese which are struggling with memory pricing have managed to produce more chips than we know. And some of the producers in Europe in Asia can therefore switch to China. Producers in Europe switched to China. Maybe they're about to place fewer orders with the Koreans busting the shortage. And that would also explain why Apple big buyer memory saw its stock hit an all time high today. Not a conspiracy theory, just a conjecture. Now we are going to get a real chance to see if these disk drive memory stocks can reignite because Seagate reported very nice upside surprise this very evening and it is trading higher after the close about 50 points higher than where the trading ended at 4. But here's the thing. These stocks all traded higher initially after they reported already. We need to watch to see tomorrow if the money can flow back to the company stock. If it can, we can be in reprieve mode. If it can't, let's just say, well they all trade together. Many of those who sold these stocks to take capital gains will keep redeploying the capital away from the kind of tech. This found in the data center though. And we saw that all day today. Now they certainly aren't selling because of a lack of demand for data centers. The demands ferocious. We just found out today that Matt and BlackRock are getting together to build a $14 billion data center every day. We get used to saying every day. I'm not kidding. This weekend we got we had hundreds of billions of dollars of these, of these deals exactly like them. Now they're selling because they're afraid of the whole group. They're concerned that the big buyers this data center equipment will slow their spending or stick to their current budgets. In part because they saw how sellers swarmed out of Alphabet stock when it raised its capital budget to get even bigger in the data center. They saw the stock of Alphabet raise. They saw Alphabet raise its capex budget, which was initially going to be 180, 190 billion up to 195 billion to 205 billion this. The stock then dropped 7% on that news and lost $275 billion in market cap just on that news. Let's see. It raised its spend by about 15 billion in the midpoint and and then shed $200 billion now. But stocks recovered a bit since then. But the point remains. Perhaps more important, anyone who participated in Alphabet on the secondary got crushed as the stock went from $355 to 3 and $30 with a pit stop as low as $318. And now output has negative free cash flow. So the datacenter stocks once so price now seem dicey. I expect that the tech bars will try to mount a rally off the Seagate's good number this evening. I don't know if it's going to last. Meanwhile, I can't believe the gains we saw today in Costco and Wal Mart which have been such dogs. They're up 1.6 and 1.2% respectively, but were much higher at one point. The software companies like ServiceNow and Salesforce jumped 4.8 and 4.6% respectively. The food stocks soared. Oh my God, that group is strong. Coke and Pepsi rallying 5% cocoa in that great quarter and 2.2% drugs all went up. Biotech was screaming. Now you can call it a broadening or you can call it a fleeing. Of course, we have to distinguish among the decliners. Memory stocks are part of a bottleneck in the data center. They're regarded as a tax. They're hurting the margins of the buyers. There are other companies like Nvidia and I believe intel that are worth holding on to because their gains weren't from shortages. But I recognize their stocks have been hurt. Wow, we're taking a beating in this Intel. But I'm going to buy it all the way down for the Chapel Trust. Why don't we even buy some of them? Because I don't think spending is going to collapse. Some of the builders may exercise Prudence when they announce their spending plans. And that could put pressure on some of these stocks. But they'll still be okay, just not as good as they were. So much money has been made with the data center thesis, but a lot has been lost of late. If you bought stock on that Google secondary at $355, if you bought Space X right out of the gate, you're in no mood to help finance the data center builder, are you? And if you're a privately held operator, your values likely come down. Since June, we just can't see it. The next move might be a down fundraising round and then perhaps they won't even have enough money to meet their commitments, causing losses all the way down the line, particularly to those who extended financing. Something I don't like. That's a big reason why the entire complex have been trading lower. There are plenty of other reasons why money's fled. The non tech growth stocks and the formerly hated software stocks. Oil's down, rates stable, Fed meaning could have benign outcome tomorrow. Not that long ago we thought there might be a rate hike. The earnings of the winners have been far better than expected. Health care has really been trampled for no reason. But the overwhelming theme here is the concern that some big company wary of what happened to Alphabet says it's going to hold the line on spending. No more increases. The market can certainly be wrong, maybe soon. OpenAI comes out and says you know what? Clear line of profitability next year, perhaps anthropic says time to time to come public we're profitable. Then the data center story lives and you'll wish you owned some Dell or AMD or Nvidia or Intel. The bottom line right now though, other stocks are in the sunshine and the semi portion of the data center is undersold. Money can flow back, especially considering how low these stocks have gotten. But it sure would help to hear some of the hyperscalers say they're making a ton of money with AI or at least not losing it. Or even a line of sight to profitability that could save the group. But does anyone have one? I don't know. Let's go to Robert.

[Robert (Caller/Guest)]

New York, please.

[Jim Cramer]

Robert,

[Robert (Caller/Guest)]

thanks for having me on the show. I just want to let you know, as I do every, as I do every year, that it's my birthday this Thursday.

[Caller/Listener]

Oh my.

[Jim Cramer]

Robert, we're gonna have to send you some cupcakes like we sent Heather Gaines, because they were delicious.

[Robert (Caller/Guest)]

Jim, my favorite song is Happy Birthday to me. Happy birthday to me. Thank God for Jim Cramer. He keeps Making us money.

[Jim Cramer]

Sinatra. Sinatra will never be confused with Robert. So last year I said don't quit your job. This, this one, I'm saying that Sinatra. No, he's not. All right. All right. Yeah, you're right. What do you got? Okay.

[Robert (Caller/Guest)]

Okay. This next company is an American biotech that develops and markets robotic products designed to improve clinical outcomes of patients through minimally invasive surgery, most notably with the da Da Vinci surgical system. Jimbo. Now I think this stock is on sale. Hospitals are eagerly buying the company's new Da Vinci 5 systems. With placements jumping 18% in the second quarter, this stock is at a low. And Jim, I cannot buy it unless I speak to you. But I think this is going much, much higher. Intuitive surgical.

[Jim Cramer]

Okay, all right, look, I was hit. Robert, here's the problem. They did not have a good last quarter. However, I agree that it's down so much that it is looking up to me. Down 36%. I think this and a lot of the others have been thrown away. Have a couple of days gains but don't forget the quarter wasn't that good. It's not as good as you're singing. Okay. Jimmy Chill says be careful in two of surgical. Right now the data center stocks, they're a little pain today but many other sectors are in Sunshine maybe tonight. SpaceX is slow dramatic since IPO. Is there an opportunity here now? It reversed in midday trading. I'm taking a look ahead of big lock up expiration though then is the best opportunity in the market. Hidden underground. I'm taking the aggregate stocks for a second day. Give you my take on this incredibly good growth stock. Group of rocks and shares in new car on a tear this year. Speaking of gross. Oh my God. The growth in steel business is just nothing short of amazing. And new course the leader. Stay with Kramer.

[Mad Money Announcer]

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[Jim Cramer]

Last night I got a call about SpaceX from Kevin in Kentucky and I told him what I've been saying all along. This is a stock that requires a lot of trust. If you trust Elon Musk, then it's worth owning for the long haul. But if you don't trust him, forget about it. But now the stocks come down nearly 50% from its initial highs. I figured we're circling back. This one could be very interesting. It's been a little more than six weeks after its IPO. SpaceX hit a new low of 107 this morning, down almost 53% from its high. But then it had this really terrific bounce off that low and ended up the day nearly 3%. That is a very positive pattern, people. Maybe some of the big sellers are cleared out. Still, even if you like Space X, I think it probably pays to be patient because I expect to see some lower prices in the not too distant future. As I will explain after peaking 225 on its third day of trading is being viewed as a meme stock. A trillion dollar meme stock. Space X has sunk to 116 and change practically in a straight line. Why has it been such an awful trader? Look, this is a rocket play with a big satellite Internet business that I love. Social major data center operation. Data center plays have been crushed over the past month. That said, it's not like there hasn't been any good news here this month. The quiet period ended for SpaceX and most sell side analysts initiated coverage of the stock with 28 buy ratings, 7 holds just one sell. They're extremely bullish and if you look at most of the hold ready's, their price targets are quite a bit higher than where the stocks currently trading. Kind of makes it a de facto upgrade. The key here is that we now have a consensus estimates for Space X future numbers. And those analysts projections, they look pretty darn good. The consensus estimates have SpaceX losing money this year though they expect profitable quarters starting right now the third quarter 2026. Then they have the company reporting a modest profit of around $0.70 per share next year. Come 2028, Wall street expects Space X to earn over $3 per share. With the stock now at around 1 or $16. That means it's trading something like 38 times the 2028 numbers that. Look, I know that sounds crazy for some stocks, but it's not particularly expensive for an elite growth stock run by the greatest industrials of the century so far. So if you believe these numbers, this stock's definitely getting cheaper as it comes down. And I like that. The question is, should you believe the analyst estimates? When you dig in these projections, the analysts expect that a lot of the heavy lifting to come from SpaceX's AI division, which includes everything from its Colossus data center to its Grok AI patterns platform and other AI applications like Cursor, the AI coding tool the company's acquired for $60 billion that everybody loves. They're expecting, well all the people who write software, they're expecting solid growth from space business, genuine strength from Starlink and then a revenue and earnings is pushing for the AI business. Is that reasonable? Well this bullish outlook for the AI business is based in large part on two big deals. This space that can now in the weeks before its IPO and they are really good deals. On May 6th they announced this massive deal with Anthropic that is Space X renting compute at a cost of $1.25 billion per month.

[Empower Advertiser]

Month.

[Jim Cramer]

Then on June 5th the company made a deal with Google, which is Google paying them $920 million per month for the same thing put together. We're talking an additional $26 billion in annual revenue. That came out of nowhere. When you build out data centers, you can rent out your excess computing power for a big premium. At least you can right Now. However, those two deals can be canceled by either party with 90 days notice. From my perspective, that makes this new revenue stream very tough to model because nobody's really locked in. And if you look at the bullish Analyst estimates for 2028. They're clearly assuming we're going to see a lot more deals like these two. That's certainly possible, although there aren't many other companies with such deep pockets. And that's what I worry about. It's really a small group of stocks of companies that can do these deals. Next Tuesday though, we're going to get a glimpse into how the AI business is doing. When SpaceX reports any color at all about the nature durability of these kinds of agreements well occur any indication that similar ones are in the works that could prop up the stock. What else will be listening to? Well, you might have heard that Space X had a successful test flight for its next generation starship rocket last Friday night. This was the 13th test flight and the first one since the IPO. That's key to the future of the space business. Finally, for the last segment connectivity, we want to see continued progress for their Starlink satellite, Internet and mobile service. Regular viewers know that I love this Starlink business. It has excellent subscriber growth because it offers incredible service at a surprisingly low price, especially in Europe. But expectations are high here. So Space X really needs to impress, especially since it's not known how clear how good this service is in urban environments. But beyond the earnings report, there are two big issues with owning this stock right now that I need you to know about and think about. First, I believe it's likely that Elon Musk may only decide to have SpaceX just buy Tesla and consolidate his publicly traded companies under one roof. Tesla's been doing terribly. It's just reported a weak quarter and the Stock's down nearly 40% from its highs last December. Because Space X has a dual class ownership structure. If Musk wants to use it to buy Tesla, while there really isn't anybody can stop them. Personally, I think SpaceX has a better mix of businesses than Tesla, so I don't know if I Love the idea. Second issue the flow. Remember, very few of SpaceX's shares actually trade on the open market right now. Currently most of them are under lockup. But Next Thursday, no 911.5 million shares will be released from the lockup, which will more than double the stock's float by my math. SpaceX float will will go from just under 5% of the shares outstanding to almost 12%. Maybe that's why there's been such a big short activity in the company. I can't tell you exactly what that means for the stock, but generally speaking, more supply does tend to result in lower prices. Even if they report a great quarter on Tuesday, I don't know if it can withstand the lockup expiration on Thursday unless the shorts come in and cover and maybe that will be the trampoline that you need. I don't know. Here's the bottom line. Space X has been a real dog since it peaked the third day after it became public. But I know there's a lot of interest in this one and a lot of faith in Elon Musk. And I like the way the stock went out today. Hey, I don't blame anyone for believing in him. I believe in him too. Guys got incredible long term track record. However, if you really look at buy Space X, you know what, maybe buy a little but I'm really begging for the to kind of wait. If you want to go big for that first wave of lockup when insider selling to expire next Thursday, be patient. Let it drag the share price lower before you pull the trigger. Bear bunnies back after the break.

[Mad Money Announcer]

Coming up, they form the foundation of most of our world. So can aggregate stocks be the foundation of your portfolio? Kramer's digging in next.

[Jim Cramer]

Yes, I paid this real cool visit to crh. That's the largest agriculture producer in North America. Rocks at their Mount Hope quarry not that far from here in northern New Jersey. And I spoke to CEO Jim Minter. This maker of rocks for infrastructure and construction, largely like Grand Gravel, has been a terrific long term performer, up more than 80% since it switched its primary listing to the New York stock exchange nearly three years ago. But the stock's down 17% year to

[Caller/Listener]

date,

[Jim Cramer]

mostly thanks to worries about higher oil, higher interest rates. We've seen similar pullbacks in Vulcan Materials, Martin Materials, the other two big aggregates companies. It's a big three and that's why I think this group deserves a closer look. I'm always looking for things that are down that can go higher. You know, I don't care that much about the things that are flying. Remember right now investors are looking for growth wherever they can find it as long as it's not only perfectly safe. Related the data center people want diversification. I blame them. And I see an opportunity in the aggregates companies, they've been hammered by high oil prices because firing stone consumes a ton of diesel. They've been hammered by higher interest rates because they make new construction more expensive to find finance. Although as we saw from series yesterday, a lot of business that they have is road building and the government maintains the roads. Good customer and oil's already Plummeted back to the 70s. And treasury yields are coming down too, so that's not so bad. Plus these companies all have major barriers to entry for the simple reason that rocks are really heavy and thus expensive to transport. You need local quarries wherever you are operating. And getting permits to start a new one can test take years, assuming you even get a permit. Not a lot of companies, not a lot of homeowners want quarries next to them. That gives the established producers tremendous pricing power, which is why their stocks have been such long term winners. Sure, the aggregates companies have some data center exposure. The rock can form the foundation of a data center campus. I saw a model of how the stuff that's really underneath the data center. It's pretty, pretty intriguing because it's not just rocks but. But you need their stuff. And you know what? It can also work underneath a highway, a bridge, an LNG facility, a warehouse, a housing development. That's where some really specialized rocks are. It's kind of diversified exposure. Enough infrastructure to provide upside, but enough diversification that one hyperscaler changing its capital spending plan won't wreck the entire business. CRH reminded me of this opportunity when I visited yesterday. But historically, you know, I didn't really know Sea Arch that well. And I've been much more of a fan of Volkman Materials and especially Martin Marietta. So let's take them one at a time I think is really valuable. Volcan Materials is the nation's largest producer of construction aggregates. Now this is the example I used in how to make money in any Market to demonstrate what long term compounding from a growth stock can look in an incredibly basic business.

[Mad Money Announcer]

Rocks.

[Jim Cramer]

Get this. $1 invested in Vulcan on December 21, 1925. $1 would have grown to $393,492 by the end of 2023. So remember, it's yours. You give it to your kids they inherited, maybe even goes further and listen to that kind of thing. Okay, that's a big win. Now it didn't happen because someone perfectly timed every housing cycle or recession or infrastructure bill. This is a testament to the staying power and long term growth of the rock business. And the earnings power of a well run company when you hold it for decades. That's what we try to teach here on the show. Now volcano reports tomorrow before the opening. We know the company executed well in the first quarter despite difficult environment. I'm optimistic even though this quarter may also be a tough one. And look, the stock is not cheap, especially compared to its peers. This one sells for almost 32 times this year's earnings estimate. That's like a tech stock versus 31 times for Martin Marietta. Also expensive, just 17 times for CRH, which is one of the reasons why I want to spend some time. So yes, you're paying a premium for Volk Materials, but companies like these rarely look statistically cheap because the market understands the quality of the reserves and pricing power. Vulcan has repeatedly demonstrated over multiple decades that it can grow profitability through different environments. If rates eventually come down and housing recovers, Vulcan should have volume upside on top of the pricing and productivity gains it's already delivering. If tomorrow's quarter confirms that volumes, pricing and margins remain intact, I think we get a nice snapback. Like we saw a lot of the snapbacks in today's session. How about Martin Marietta Materials, the country's second largest domestic aggregate producer? Martin they report Thursday and its previous quarter was strong, albeit not perfect. These guys been on the show a lot. The big story here is their agreement to acquire the wast. Now that is a North American company and that's the deal's big 13.5 billion in cash and stock. CEO Ward Night came on CNBC to explain why Martin Mayer is making such a large bet on a major product producer of lime. Dolomitic lime, like the Dolomites and industrial minerals. The deal brings 20 quarries and production facilities, 45 distribution turbos and 1.8 billion annual sales. Lime starts with the same core acquiring skills as aggregates, but it serves a broader collection of end markets, from steel manufacturing to wafer treatment, environmental applications, infrastructure, soil stabilization and industrial production. There are no meaningful substitutes. Limited import competition. Yay. And enormous barriers to building new supply. And that's why Martin Merrier is willing to pay so much for this thing. It'll make them a heck of a lot more profitable, but also make them more diversified. But I can't ignore the risk here. Martin Mary has a strong takeover record. They've done a really good job. But these companies are long term roll ups. They buy assets repeatedly and sometimes they get the timing wrong. The WASP is a terrific business, but Martin Marietta is paying a full pressure, issuing a lot of stock and taking on substantial debt. That's worrisome. So there's some execution risk. And we also have to worry about the broader economy. That's the key difference between Martin Merit and Vulcan today. Vulcan offers the cleaner aggregate story with a focused portfolio, strong unit profitability and less near term risk and almost a similar multiple. Martin Marriott potentially has more Upside. But the WA steel also means I think a little more risk. Maybe like kind of like the CRH come that is buying. You make an acquisition and you just, you know, you say to yourself are these acquisitions a bridge too far? If the economy goes well, economy doesn't do well. Plus both companies remain hostage to the broader economy. There's real earnings risk when construction volumes decline, weather's poor, public funding weakens or energy costs spike. But their earnings power is not as boom bust as it used to be. And that is why these stocks have been able to compound for so long despite periodically ugly concerns construction cycles. And it's why they get such high price journeys multiples even though they make rocks in the end the three big aggregates names have pulled back hard after yesterday's visit CRH quarry. I want to go over my two favorites in the group, Vulcan and Martin Marietta. Because they own scarce, difficult to replace assets that society simply can't function without. Roads need to be refurbished, bridges need to be built. Factories, power plants, LNG terminals and yes data centers all all need foundations. We can't live without these rocks. And very few companies can do all those projects that I just mentioned. So the bottom line, when I see Vulcan and Martin Marriott pulling back it makes me want to swoop in. This is a moment where we're looking to diversify away from data centers. And I think that you could do a lot worse than the rock process which have surprising growth. That said, don't call him. With the earnings coming this week and the macro environment still uncertainly effeminate the market far I recommend putting both in the shops buying their stocks into weakness which you often get. These are all lasting companies with much bigger moats than you would expect for companies that in the end make stone not the most special of commodities. Let's go to Robin and Cali Robin hymn is sterling infrastructure by at this

[Caller/Listener]

time

[Jim Cramer]

I think that. I know it got hit pretty hard. I think it's a really really good company that that particular segment did go parabolic and when a stock goes parabolic we're not quite sure where it's going to bottom. This one has almost taken out the beginning of its parabola. So we're close to it but down down used today you got to wait a couple more days. Vulcan and Martin Marietta materials are rock stocks and they rock

[Empower Advertiser]

all right.

[Jim Cramer]

I think it's a buy opportunity that much more man money had including my exclusive a steelmaker Nucor. Then we're seeing a major unwinding in a lot of former market darling. So what's going on here? I'm breaking down the moves and how to handle them and they're parabolic and order calls. Rapid fire. Tonight's edition of the Lighting Round. To stay with Kramer, Look at the stock of Nucor. Go. The nation's preeminent steelmaker reported a better than expected quarter last night after already pre announcing to the upside back in June. Not only did they deliver a top and bottom line beat, they gave very bullish guidance for the current quarter too. In response, the stock deservedly shot up 7%. It's now up 84% over the past 12 months. A steel maker, some of that's because President Trump raised tariffs on steel imports and to 50% last year, protecting Nucor and its compadres from foreign dumping. Even when the war in Iran started, the stock kept marching higher. It's like nothing can derail this thing. So can it keep running? Let's check in with Leon to buy it. He's the chairman and CEO of Nucor, a great American company. To find out. Mr. And welcome back to Bad Money.

[Leon Palliation (CEO of Nucor)]

Thanks Jim. Appreciate you having us.

[Jim Cramer]

Okay. So Liam, let me ask you, is this the greatest demand environment you have ever, ever seen in your career at nuclear?

[Leon Palliation (CEO of Nucor)]

Yeah, it's funny, I share that exact quote today on our earnings call. Jim, you know, I just crossed my 30 year mark with Nucor and I would tell you the demand drivers are unlike anything I've seen because they are is diverse, is wide in terms of markets for military towers and structures, data centers, energy, energy infrastructure, non res construction, insulated metal panels and tower structures, all of them are at or near record backlogs. And so it is absolutely unequivocally a demand environment like I've never seen before.

[Jim Cramer]

And would there be a demand environment like this if we had the old rules on tariffs where there really wasn't you could really pretty much they look the government looked the other way when other countries tried to flood our imports.

[Leon Palliation (CEO of Nucor)]

Look, you and I have talked about this for a long time. We are in a global excess oversupply situation and nations around the globe are trying to find a way to dump and subsidize their steels to land on the shores of the U.S. what we've seen in the current administration and I got to apply applaud President Trump or ustr Jamison Greer, you know, Secretary Glutnik, they understand it. It's really to me an investment in American manufacturing and the steel industry. But to answer your, the short answer to your question is yeah, I think we would look. Imports are at the lowest levels I've seen in my 30 year career. the same time the demand drivers are unlike anything I've seen. So you've got, you know, the dual factor in place today and quite frankly Nucor's at a position at the tip of the spear. And almost every, every one of those instances to win we have the capability, the volume, the cleanliness, the grades, the just the differentiated capability to reward our shareholders handsomely. And so I love what our stock's been doing, but quite frankly we're just getting warmed up. Jim, not everything we've invested in is yet online and that's coming by the end of this year. We will start it up. West Virginia, the largest investment in the history of Nucor at $4 billion invested in Mason County. When that comes online you're going to see a through cycle performance that Nucor has never achieved before.

[Jim Cramer]

Now do you think that there is a inflation problem in the country and could you try to estimate whether there's any real inflation in steel despite the tariffs?

[Leon Palliation (CEO of Nucor)]

Look, yeah, I think there's some and you know, when it comes to overall GDP to steel demand, well, you know this is better than anyone. It is a commodity driven business. It is supply and demand. Pricing is going to be dictated simply by the consumer. Now when you pull out 5 or 6 million tons of steel out of imports that were flooding our nation, man, it creates a very, very balanced level playing field where Nucor and other steel producers can win. And again I think we are the best position in our industry to take full advantage of that.

[Jim Cramer]

Funny, you got to go back to Hamilton. You really do. I mean Hamilton said if you do the tariffs, what will happen is our country will thrive and will build plants. Now that how many people have you put to work since we decided to take this industry seriously and not have it destroyed by, by imports?

[Leon Palliation (CEO of Nucor)]

You know in the last seven years Jim, we've created about 9,000 direct Nucor jobs and about 30,000 indirect jobs through contractors and on campus facility partners. So we continue to reward the communities where we live and work. We're so excited about the investments we made in Lexington, North Carolina again, Mason County, West Virginia, Kingman, Arizona, the new Galvans at Berkeley and Crawfordsville. What we're doing in csi, the investments in Gallatin and almost every division that continues to be reinvested in our three towers and structures facilities, two of which are running now, the third that will start up early in 2027 are all going to create again the highest lift Nucor has ever seen.

[Jim Cramer]

Now what do you want to be done with usmca? I know the Trump administration is opted not to renew it. I thought it was doing okay for you. Is there something that could be better?

[Leon Palliation (CEO of Nucor)]

Look, I think there's a few things you can tweak, right? Could we take rules of origin and content for automotive up a little bit? Yeah, I think we can do that. But 232, I agree with you, was a good vehicle.

[Robert (Caller/Guest)]

Yeah.

[Leon Palliation (CEO of Nucor)]

Except when you see violations at 3,4000% of you know, products coming across from Canada into the country or from Mexico into the United States. USMCA wasn't the problem when we had people that were violating it and not creating outcomes that were going to create a more level playing field is a problem. So I think today you're going to see a year to year review that actually will tighten those things up again. I think we have a USTR and Jamison Greer that understands this very well and I think you're going to see that the country will win as a benefit to that annual review process.

[Jim Cramer]

Now the last one is I deal with a lot of these so called hyperscalers and they go into a town, they say they're going to create all these jobs and don't worry about a thing. It's really going to make your neighbor better. I always ask them, do you ever think about like what Nucor does when they go in ahead of time and make sure that it's the right place for the people and that you're the right guys for the people. No one's as anyone ever contacted you. Of all the companies I've said they should talk. You should talk to Leon. He knows how to do it. Have any of the guys called you? Every one of them I've mentioned it to.

[Leon Palliation (CEO of Nucor)]

You know we have, we have a great relationship with many of the hyperscalers and the very biggest ones, you know, the, the I guess Jim, for me the most gratifying part of that is when I get to go to those plants, when I get to go up and I just was up at our plan, West Virginia to see the lives that are being impacted, to see the communities change. Where we can come in literally at the grand opening, right? A million dollar check to the school system, supply the food banks and food pantries, reinvest in that community and then hire locally right jobs that we're paying 130 to $150,000 a year annually. We take great care not just of our team, but the communities that we live in and that is going to continue a long time in our future and how, how we we operate in the things that we do and that we value.

[Jim Cramer]

Well I hope I know a lot of them watch. I hope they listen because you there's, there's a good way to do it and a not so good way to do it. And I know you have always done it right. You and your predecessors have always done it right because that is the Nucor way. That's Leon to palliation. He's the CEO. CEO of Nucor Nue. Leon, it's always great to see you on the show. Thank you.

[Leon Palliation (CEO of Nucor)]

Thank you.

[Jim Cramer]

Jim, May I be back here for

[Mad Money Announcer]

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

[Jim Cramer]

It is time for the light rain. Play the sound and then the lightning round is over. Are you ready? Ski dead to the lightroom. Crazy. Let's start with Mike and Mishkin. Mike. Booyah Jimbo, booyah. Long time. Long time. H I M S well, I know controversial stock. I really prefer just own Willie. Let's just go for. Let's go for the gold own Willie. Let's go ahead and Phil, North Carolina Phil.

[Phil (Caller)]

Hey Jim, how are you doing today?

[Jim Cramer]

I am doing well. How about you, Phil?

[Phil (Caller)]

Jim, I'm doing. I normally tell you I'm doing fair to Midland but I'm doing better than that today. I'm doing better than that and I just want to give a quick shout out. I have a granddaughter that goes to college up in App state there in Boone, North Carolina and she has her friends listening to you every day almost at 6 o'.

[Caller/Listener]

Clock.

[Jim Cramer]

That's what we're looking for. Younger people will inherit. We know that from the wedding I was at this weekend. Let's go to work.

[Phil (Caller)]

Yes, her name is Lily and she says that they rather listen to you more than listen to that TikTok thing.

[Jim Cramer]

But anyway there you go. There you go.

[Phil (Caller)]

So we, we both have separate accounts that I managed for her and this stock is going to report August 4th. Now we. It's important to know that I've taken out our course basis both accounts can't lose.

[Robert (Caller/Guest)]

She's.

[Phil (Caller)]

Lily is 20. Should I let her and this is going to report like I said August 4th. Should I let her have just keep her shares and maybe some of mine out? We're doing very well with it.

[Jim Cramer]

What stock is that?

[Phil (Caller)]

Okay. The stock is Arista Networks.

[Jim Cramer]

Oh well I really like Arista and risk is not that dependent entirely on the data center it's got a lot of things going for it. I think a risk is terrific. I wish she'd come back. J Street will come back on because I think she's just crushing it right here. Let's go to Betsy in California. Betsy.

[Caller/Listener]

Hey, Jimmy. Longtime fan and the. One of the most important lessons, lessons I learned from you is not only follow the stocks and follow the money, follow the CEO and Jim, you know, when I. When Jim Conroy was at Booth Barn, they were flourishing. Okay. Booth Barn is in the toilet. Okay. Boothburn year to date is negative 9.7%.

[Jim Cramer]

Disappointing, right?

[Caller/Listener]

Exactly. But Rust stores, which is my fave

[Jim Cramer]

in this space because of. I totally agree. Ross Dorris and he has done a great job and it was good to begin with, but now it is just terrific. I like Ross Doors. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

[Mad Money Announcer]

The Lightning round is sponsored by Charles Schwab.

[Jim Cramer]

At the beginning the show I talked about how some stocks really can get hard hit. We've had some true destruction here. And not just in the disk drive memory stocks, but also in stocks like Corning after some softer guidance or intel last week. After good guidance we keep buying intel for the child trust. But it's traded 142 at the end of June analysis. 86 at that monster. Good quarter and solid forecast. I thought the stock would handle the onslaught well. I was clearly too sanguine. I still think it tells a terrific turnaround story. Unfortunately, this market does seem to care all about my view on that one. What's going on here? We're dealing with what something that I have chronicled multiple times. The undoing of a parabolic move. This market seen the most parabolic moves I can ever recall. That's where you have a stock that's made a rounded curve and then goes almost straight up vertical. Relevance. Delicious. Just see one as it's created over multiple days or even weeks is breathtaking. They happen so rarely that yet we've had dozens in the last year. All thanks to the advent of the data center. I always advocate take something off the table when a stock goes parabolic and parabolic and parabolic cut. That's what my travel trust did with both arm holdings and Corning. Although we did leave some Corning on just because I felt like we're playing with some money. There's a problem with these moves up. Most good stocks go over time like this stair step fashion. That's what I like. If there's a setback, it's likely that stock goes down to the previous stair, maybe below that a little bit. Kind of like a minigame of choose ladders. Might be in the penalty box for a bit, but if any good, it can begin to rally on some good news. Maybe lower oil prices, lower rates, end the war. I don't know. Better execution. It can make a comeback. But a setback with a parabolic move. Well, these are disasters and they lead to panicked confusion. Take SanDisk, which is probably the most undervalued at one point. Here's a stock that's fallen from $2354 to $1096. That is a beat down that is worthy of clever lag in Rocky 3. Even to that decline though, SanDisk is up 361% year to date. Now, you can't really call a bargain a stock is up that much and the numbers haven't even been cut yet. They're still hoping that a lot of these buyers still think the numbers are going to be made. Charles would tell you that the stock of Sanders is more dangerous here than it when it was higher because the stock that goes down after a parabola has been busted rarely stops where the parabola began. And that was happening right now there are so many broken parabolas that people are just fleeing because they can't figure out what anything's worth. Plus, the latest quarterly reports from all these stocks were blowouts and honestly got shocking blowout, yet they still went down. So even if another one of these companies reports a terrific quarter, can it really turn things around? Look, we saw Seagate report a fantastic quarter this very evening after it fell hard since the last one. So then we got to ask in the quarter, resuscitate the stock. I don't know. I think should be difficult as some owners might just want to get into another kind of stock, knowing that you almost never see a second parabola after the first one's demolished. I can't think of one. That's why I try not to recommend parabolic stocks. I always say you should trim them on the way up, perhaps stopping when you're playing with houses money like we did with Corning and they. But they always do get wiped out in the end, like it did. Recording my advice, don't be tempted by these declines. Opposed parabolic stock may look cheap to you, but the shareholders are all trying to figure it out. They're trying to figure out how to get out alive. They'll sell on any uptick. Some bought using borrowed money are one stop away from the poor house. Instead, I say go for the stairstep stocks. They won't seem to make you as much money as fat as fast as a stock running a parabolic. A parabolic move. But notice. Notice the word seen. Remember, you don't make money until you sell. And the vast majority of people who are in a parabola never let go. They can't part with rockets even after the rockets are spent. Those people are now weak shareholders. It's not the companies themselves, it's the shareholders that you should be worried about. I say you stay away from them. I like to say this always Bull market Sommer at Palms just for you right here on Man Money. I'm Drew Kramer. See you tomorrow.

[Jim Cramer Disclaimer]

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 forward/madmoneydisclaimer yeah, maxing is

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