Mad Money w/ Jim Cramer 7/29/26

Summary

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Mad Money w/ Jim Cramer: July 29, 2026 – Episode Summary

Main Theme:
Jim Cramer analyzes the turbulent market fallout after the latest Fed meeting in the context of persistent inflation, spiking oil prices due to geopolitical conflict, and investor sentiment shifts. He explores recent pains in data center and enterprise tech stocks, spotlights select earnings (notably Microsoft, Chipotle, and Vertiv), and seeks growth outside tech in names like Ralph Lauren. As always, he fields audience questions and delivers the rapid-fire Lightning Round.

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Market Turmoil & Fed Commentary

Segment Start: [01:01]

• Setting the Stage:
  The new Fed chief, Kevin Marsh, and the central bank’s unwillingness to hint at tightening policy rattled markets.
  • Cramer: “Darn inflation. It’s here. It’s got to be taken seriously now, even if you think that it’s being caused by a war that now seems endless and is driving up the cost of oil, killing any hope of lower rates.” [01:20]
• Market Reaction:
  • Dow down 1,153 points; S&P down 1.52%; Nasdaq down 1.74%.
  • 30-year Treasury yield spikes to 5.2%, the highest since 2007.
  • Cramer: “The bond market genuinely fears a real inflation comeback...the conventional wisdom is just plain wrong.” [02:44]
  • Cramer challenges consensus: “If Wash wants to calm this bond market, he should tighten today or at least promise to tighten if long rates don’t go down.” [03:13]
• Why It Matters:
  Rapid rate increases shake up both stocks and investor confidence; long-term rates especially hit growth and tech stocks.

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Tech Sector Shakeup & Earnings Highlights

Segment Start: [04:25]

• Rotation within Tech:
  • Despite bond-driven selloff, enterprise software stocks (e.g., ServiceNow, Salesforce, Adobe) are in resurgence after strong quarters.
  • Cramer: “When a group stops going down you have to take notice...this group even after what happened with the bond market has stopped going down.” [04:47]
• Microsoft Earnings Surprise:
  • “Microsoft reported a clean top and bottom line beat... Azure… revenue growth accelerate[d] to 43% on a constant currency basis - that’s the fastest pace in four years.” [06:08]
  • Copilot reaches 30 million paid seats.
• Meta (Meta Platforms) Disappoints:
  • Weak guidance, rising expenses, legal contingencies weigh on the stock.
  • Cramer: “...they need to be more rigorous in their spend...do you mind starting to monetize WhatsApp? Just kind of sits there and does nothing except for be great for consumers and make you nothing.” [07:55]
• Big Picture Takeaway:
  Tech stock pain is not universal; software can turn around on a dime. Hardware and data center plays may be next if sentiment shifts or results improve.

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Chipotle Mexican Grill: Earnings Interview with CEO Scott Boatwright

Segment Start: [12:57]

Key Discussion Points

• Earnings Beat & Raised Guidance:

  • Modestly better than expected quarter; $0.01 earnings beat; full-year same-store sales guidance raised.
  • Stock has been halved since ex-CEO Brian Niccol left, but seeing signs of a bottom.

• Growth Levers & Operations:

  • Focused investment in restaurant operations, high-efficiency equipment, and AI-driven "Cook to Needs" tools.
  • Menu innovation heavily emphasized, especially high-protein options.
    • Boatwright: “We believe we have the best proteins in the industry with the best animal husband, husbandry, welfare practices...the high protein cups, an approachable price point...Consumers are taking us up on that value proposition.” [16:07]
  • Tech and digital kitchen investments yielding better throughput.

• Margins & Costs:

  • Margins improved vs expectations, but still compressed due to “underpricing inflation” — plan is for this to normalize as pricing adjusts.
  • Supply chain, beef and transportation inflation discussed, but some relief appearing.

• Brand Perception & Younger Consumers:

  • Efforts on value and rewards; menu choices attractive for value-seeking and younger diners.

• Food Safety / Recent Social Media Health Scare:

  • Addressed recent Cyclospora stories as transitory.
    • Boatwright: “We haven’t [changed protocols]...we have just doubled down on our food safety protocols, and we’re ensuring that whatever comes into our supply chain we’re monitoring very closely.” [20:43]

Notable Quotes

• “Our value perception scores are moving forward in a meaningful way, and then affordability amongst all age group and all income cohorts has moved up exponentially.” – Scott Boatwright [17:23]
• “Congratulations on the turn. I knew you'd do it. I knew you were buying back stock the whole way, which I really like.” – Jim Cramer [21:09]

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Ralph Lauren – A Contrarian Growth Pick Outside Tech

Segment Start: [23:23]

• Why Recommend Ralph Lauren Before Earnings?
  • Stock off previous highs; macro-driven pullback, not company-specific issues.
  • RL up 280% in 4 years vs S&P’s 77%.
• Luxury Repositioning Pays Off:
  • Gross margins up substantially over 3 years (from 64.9% to 69.9%).
  • Direct-to-consumer business expanding (higher margins, more control).
  • Overseas growth solid, especially Asia (+21.5% revenue growth last year).
• Valuation Opportunities:
  • Trading at 21x forward earnings, down from 25x earlier in the year; Cramer sees room for upside based on growth fundamentals.
• Analyst Upgrades Support Case:
  • Raymond James upgrade after recent pullback due to macro/war/oil fears, not business execution.
• Memorable Moment:
  • Cramer, with gusto: “I smell, I smell some opportunity here. Ralph Lauren has so much going for it that I feel comfortable about taking this risk.” [25:28]

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Data Center Turmoil – Interview with Gio Albertazzi, CEO of Vertiv Holdings

Segment Start: [33:16]

• Summary:
  Vertiv, a data center infrastructure supplier, had a sharp revenue miss, sending its stock tumbling despite strong organic growth and raised guidance.
• Key CEO Takeaways:
  • The miss blamed on timing, not demand weakness.
    • Albertazzi: “We believe that this is something that will affect only the short term...the complexity of course continues to be characterizing the type of industry in which we operate.” [35:42]
  • Strong long-term pipelines and demand from AI compute buildout.
  • Expecting 34–36% organic growth in Q3, driven by both catch-up from delayed projects and new demand.
  • Customers’ current investments in capacity are based on “every token is utilized, every watt available is utilized...there are no dark GPUs right now.” [38:58]
• Reassurance on AI Boom vs Past Tech Bubbles:
  • Unlike 1999, the new infrastructure is being fully used and monetized, not overbuilt.
• Cramer’s Conclusion:
  • “Those of you who own the positions in these, you want to hear exactly what Gio just said.” [40:07]

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Rapid Fire Q&A: The Lightning Round

Segment Start: [40:20]

Sample Highlights:

• Asterolab (ASTL): “Nothing changed. It is just a matter of sentiment...But you’re a good company, I'm gonna like you.” [41:13]
• Eli Lilly (LLY): “Classic own, don't trade...I've owned it for years, I'm going to continue it for years because it's a great business with great drugs.” [42:41]
• TJX vs. Ross/Burlington: “I'm sticking with TJX because it's for long term...But I do not blame you for questioning my analysis with Ross. The others know Ross is the one that is doing incredibly well.” [31:10]

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Market Sentiment – How Fast It Turns

Segment Start: [43:29]

• Cramer teaches what market “sentiment” really means: it’s not sentimentality but “how you view something at that moment and how that view’s colored by how you feel.”
• Just last month, enthusiasm for everything data center and AI was sky-high (OpenAI, SpaceX, etc. setting fundraising and IPO records).
• Now, rapid rotation as data center/AI stocks are crushed, and old economy/consumer staples rally.
  • Cramer: “Sentiment can turn on a dime...It’s incredible how quickly it changed. And it could change right back, too.” [46:17]
• Only select software names (Adobe, Salesforce, ServiceNow, maybe Microsoft) seen as strong.
• Final advice: “There’s always a bull market somewhere. I promise I’ll find it just for you.” [47:12]

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Notable Quotes & Moments

• “[On the bond market]: The bond market genuinely fears a real inflation comeback...it's not like we have a president who seems really concerned about inflation after today.” – Cramer [02:44]
• “When the market is this negative, sometimes it just takes one good earnings report to turn everything.” – Cramer [08:55]
• “There are no dark GPUs right now.” – Gio Albertazzi, Vertiv CEO [38:58]

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Timestamps to Key Segments

• Fed, inflation & market reaction: [01:01] – [04:25]
• Tech sector shakeout & Microsoft/Meta earnings: [04:25] – [10:01]
• Chipotle CEO interview (Scott Boatwright): [12:57] – [21:29]
• Ralph Lauren bullish case: [23:23] – [32:30]
• Vertiv Holdings CEO interview (Gio Albertazzi): [33:16] – [40:18]
• Lightning Round: [40:20] – [43:06]
• Market sentiment, AI/data center recap & closing lessons: [43:29] – [47:39]

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Summary Flow

Jim Cramer breaks down a wild market day, attributing the selloff to both the Fed’s nonchalance on inflation (amid an intractable Iran war and high oil prices) and to sharply negative investor sentiment—especially toward tech and AI infrastructure plays. Yet, he spots green shoots in software, declares Microsoft’s quarter a game-changer, and finds compelling risk/reward outside tech in Ralph Lauren.

The episode delivers hands-on takeaways for investors: sometimes, late-hated sectors turn quickest; not all valuation dips equate to deteriorating businesses; and sentiment—not fundamentals—can drive both panics and rallies. Interviews with leaders from Chipotle and Vertiv provide insight into how strong management and execution can overcome transitory stumbles. The Lightning Round reinforces Cramer’s doctrine of patience with quality companies (e.g., Eli Lilly, TJX), even amid storms.

Closing Thought:
The episode is a crash course in riding out volatility: focus on fundamentals, don’t be whipsawed by market mood swings, and never stop hunting for pockets of value—even as headlines scream crisis.

Transcript

[Jim Cramer]

The board recommends approving regarding that seat on the committee. We're promoting quarterly earnings.

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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 Mad Money. Welcome to Kramerica. Other people, my friends, I'm just trying to save you some money. My job is not just to entertain, but to put days like today in context because they're very difficult. So call me at 1-800-743-CNBC or tweet me at Jim Cramer. Darn inflation. It's here. It's got to be taken seriously now, even if you think that it's being caused by a war that now seems endless and is driving up the cost of oil, killing any hope of lower rates. We expected the Fed would talk tough at its meeting today about how it won't let inflation get out of control. Give us that warning. The House of Pain. Instead, we got a business as usual Fed maybe even a tad complacent Fed and we're in anything but complacent times. And that's why the averages after initial fake higher got crushed later in the day. Dow plunging 1153 points, S&P going down 1.52% and the Nasdaq finishing down 1.74%. The House of Pain why is it so poignant to so many people about interest rates? Because of memories, that's why. When the 30 year treasury went down in price and up in yield today, with a level of speed that I found astonishing. Rates climbed to 5.2%. That's the highest since 2007, which in itself was a pretty ignominious year when you think about it. The steep increase was the bond market's way of saying to the new Fed chief, Kevin Marsh, hey Chief, show a little more gumption. In fact, I'm going to go a step further. And as an old bond trader, yes, I used to trade him, I. I'm going to challenge what's the conventional wisdom. The bond market genuinely fears a real inflation comeback in part because prices for many items keep creeping up. It's not like we have a president who seems really concerned about inflation after today. I think the conventional wisdom is just plain wrong. If Wash wants to calm this bond market, he should tighten today or at least promise to tighten if long rates don't go down.

[Gio Albertazzi]

So.

[Jim Cramer]

So now we're no man slam where investors seem nervous that there wasn't any talk of raising rates. Now normally I don't have to go this deep into the weeds of the bond market not because it's boring, I got to take it seriously. But normally we're not stuck in an intractable war with Iran that keeps pushing up the price of oil. That makes it difficult for a new Fed chief. He really does. I feel for he mean he has the consensus of the Fed with him. But I wonder if they would have changed their minds after they saw the hideous action in wake of what they did. When the Fed speaks, we always listen around here because the Fed matters. The stock market. It can declare war against business if it wants to because that's how they can get inflation under control. The Fed didn't want to and the bond market didn't like that. Big jumps in long rates like we saw today, long rates being the 20 the 30 year will impact much of the stock market, making buyers more uncomfortable than if there had been a rate hike. They'd rather. You know, it can really turn buyers into sellers. It's too bad because the last thing this stock market needs is an interest rate jolt.

[EY Parthenon Representative]

Why?

[Jim Cramer]

Because the stocks that have been working lately have been the ones that do well only when rates are quiescent. I tend not to look or parse the statements of Feds. I think that that's for those who do nothing but follow. Hang on every Fed's word. I can't do that. I'm trying to make money for you. My usual posture seems well intentioned today. Until the bond market fell apart and then the stock market fell apart with it. It Might seem absurd to even ponder what's worth buying it for daily today it's tough to buy the drugs and the foods of the banks. Those have been the places where people have gone because they haven't like tech. But I also know the market can turn in favor of certain types of tech on a dime. Remember the dime? I think Roosevelt's on it. We've been bashing the heck out of enterprise software not that long ago it's been a really good call. When a group stops going down you have to take notice and this group even after what happened with the bond market has stopped going down. The software rally started with service Dow delivering a very good quarter. Remember that was Bill McDermott on our show where we went through it and we like what we saw. Now if the stock had been higher I don't know if it really considered to be that good a quarter because it was slower than what I'm used to seeing from the company. Still given where the stock's been trading a listen the market has spoken. It likes it. So ServiceNow stock became began a sustained run that triggered a run in all the software stocks including Salesforce which is now shot up from 146 to the end of June moving to 189 today. And that one seems to know no quit. Hey get no quit. Think about this. Two of the CEO and the CFO of Adobe quit and that stock has done really well. Yes, there's no one behind the wheel Adobe. Still the stocks had a monster move from $190 to to 263 despite what you can only see as being don't buy don't buy. When you think of the stock market, I mean the bond market I mean the bond market saying don't buy. Why do I spend some what I think some people think be a waste of time on some stocks that were bygone bygone because they've got so cheap they started rallying like crazy after ServiceNow poured that quarter. That means you got to think about this. That means the same thing can happen to tech hardware stocks and if they keep going lower like they have the last few days. Case in point is a company called Vertif that's a company that provides the most basic parts of a data center aside from semiconductors. The stock Converter traded at $379 three months ago. Now it's at $221 still expensive 34 times this year's earnings estimates. However, what you need to know is what whenever the heck really drove the rallies in ServiceNow and Salesforce, Adobe that can change going right back to the data center provided we have the basics in place. So we're going to listen to verdict tonight and we're going to make a decision. Maybe it's time finally many stocks in other parts of tech have come down as low as Salesforce and Adobe that we know they can bounce to maybe and I know this is a huge maybe. A stock like Microsoft by the way which remember is a software company like Service Dow, like sales, like Salesforce. Now they could do it because they're like doing horrible anyway. Microsoft reported a clean top and bottom line beat after the close today and I think it can start leading the parade of rising software companies. This was a genuinely strong quarter and the market lapped it up. Started gaining after hours even after the bond trauma. Why? Well first of all Microsoft posted a big earnings beat in Azure. They're all important cloud infrastructure business saw its revenue growth accelerate to 43% on a constant currency basis do that's the fastest pace in four years. I wasn't looking for that for free cash flow solidly positive as well. So even though Microsoft spending is big on data centers, they're not spending beyond their means. Oh Microsoft 365 copilot reached 30 million paid seats up from over 20 million three months ago. With Microsoft you can never be sure until the conference call is over. But numbers for the quarter look good and I trust this management to do what's right. All right, I hate to use this same paragraph. Do I trust matters management? Well, let's just say that quarter is less impressive. Clear bottom line Ms. Although if not for $2.4 billion in legal contingencies, the earnings would have been better than expected. That said, the guidance for the current quarter was not so hot and they narrowed their full year capex forecast effectively raising it slightly so the stock got killed in after hours. Now we've owned this stock from a travel trust for years and years. Lately it's been trying my patience like that. They need to be more rigorous in their spend and they need to start taking take, maybe take more J and J like scorched earth posture on lawsuits fighting them individually if they have to. Right now I will hold I'm not we're going to hold it, okay? I want to use their I would like them to see their spend be a little more creative like say Elon Musk. And while they are at it, do you mind starting to monetize WhatsApp just kind of sits there and does nothing except for be great for consumers and make you nothing. That said, now the Fed's meeting behind us and we're not fighting the Fed, we do have to feel more confident about the newly down and out matter. Certainly, let's say it's trying my confidence, but maybe I can get more confident. Here's the bottom line. This month we've seen a remarkable resurgence in the once hated enterprise software stocks and a complete evisceration of data center plays. But the lower these stocks get, the more enticing they do become and the easier for a single grade earnings report to turn the entire complex around. With that earnings report be from Microsoft? I don't know. But by now the datacenter plays have really cratered though, bringing us closer one piece of good news that could change everything. Hey, we saw it happen with software and nobody believed it could happen to hardware too. I want to start the questions by going to Randy in California.

[Caller]

Randy Arrow Virument Symbol AV Buy seller hold.

[Jim Cramer]

You know, that one's gotten too controversial for me. When I think about defense, I say to myself, you know what? That group's gotten very, very tough. I'm not going to stick my head in it. Ye into that lion's den. Too tough for me. All right. Anyway, the lower stocks get, the more attractive a lot of them get to buy. I mean, like I think let's just invert it. Maybe that's the case. Hopefully more prone to pop on any positive news. How's that memory? Tonight, Chipotle's on the move after earnings. I'm sitting down with the CEO to get the latest in the quarter. Then I'm on the hunt for growth stocks and I think I found one in the retail sector of all places. Do not miss my deep dive on Ralph Lauren. And like I told you, vertif eye of the data center storm. Why don't we get the lowdown with the CEO and see if there isn't something worth buying in that stock. So stay with Kramer.

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[Jim Cramer]

the board recommends approving

[Scott Boatwright]

regarding that seat on the committee.

[Jim Cramer]

We're promoting quarterly earnings.

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[Jim Cramer]

Can the stock of Chipotle finally put in a sustainable bottom after the solid second quarter report? Here's a stock that's mostly been struggling since former CEO Brian Niccol left for greener pastures Starbucks nearly two years ago. Since then, Chipotle has been cut in half even as the stocks rebounded from its lows over the past few weeks. After the close say the company reported modestly better than expected quarter $0.01 earnings beat better than expected sales growth. Even better management raised their full year same store sales outlook from roughly flat to up low single digits. That's pretty big. Will that be enough to sustain the stock's recent momentum? Let's check in with Scott boatwright. He's the CEO of Chipotle Mexican Grill to learn Mr. Boat, welcome back to Mad Money.

[Scott Boatwright]

Hello Jim, and thanks for having us on today.

[Jim Cramer]

Of course. Now Scott, you definitely had what I regard to be the great all around quarter because you didn't just grow from ticket, you also had great volume. Do you see it happening? Is this the turn that you told us last quarter is really going to be able to get rolling?

[Scott Boatwright]

It is, Jim. Our recipe for growth strategy. We saw the green shoots of the strategy really in Q1. We saw that continue that momentum, continue into Q2. We're also seeing that momentum continue into third quarter, which gives us confidence to raise the full year. Guidance. We're still in early days of the strategy, Jim, and that's what gives me confidence in the growth ahead. And as we continue to pull levers within the strategy to continue to move transactions similar to what we did in

[Jim Cramer]

Q2, so give us some of the idea of what the levers are because I think people will be saying, hey, look, this is maybe my opportunity to get in, but I want to know exactly what they, what they're doing doing to make it so that he feels so confident.

[Scott Boatwright]

Yeah, great question, Jim. So I think first and foremost we're investing in our restaurant operations specifically around execution to ensure we're delivering great experiences consistently every day. Those investments include things like the high efficiency equipment package which is moving the needle on guest experience and total sales as well as investments in technology related items like our new cook to needs tools that is now with an AI driven tool behind it as well as our new Chipotle kitchen which I talked about on the earnings call and that's rolling out to restaurants as we speak, which is improving accuracy on time percentage as well as overall guest satisfaction. So we're really encouraged by that.

[Jim Cramer]

You're getting better throughput, we're getting better

[Scott Boatwright]

throughput and so what the high efficiency equipment package is doing exactly what we anticipated and we're moving the needle on transactions in those restaurants and our max 15 in a really meaningful way. The other growth levers we're leaning into, Jim, are really around menu innovation, which I talked about a great deal. In the last couple of quarters we've accelerated menu innovation that's being well received across all income cohorts and age groups, which we're excited to see. We're also leaning into our brand communication in a more meaningful way. We're broadening and deepening our rewards engagement, which I think is important, and then leaning into group occasions.

[Jim Cramer]

So talk to me about say the protein menu is a good example of what you're up to because I know the success is there. I'd love to hear how the health conscious consumers like it.

[Scott Boatwright]

Yeah, so with the uptick on the high protein menu has been really extraordinary, Jim. We knew there was an emerging trend and who better to capitalize on that trend than Chipotle Mexican Grill? We believe we have the best proteins in the industry with the best animal husband, husbandry, welfare practices. And so who better to capitalize on on a moment which I think will sustain than us? And so the high protein cups, an approachable price point, I think, is an extraordinary value. And the consumers are taking us up on that value proposition.

[Jim Cramer]

Okay, well, talk to me about costs. I know that look there. I can. They came in better than, than I would have expected. Still, they're not. The margins are not where I'd like them to be and I'm sure not what you like to be. What is keeping the margins down a little bit that you can change coming in next quarter?

[Scott Boatwright]

You're right, Jim. So we, we delivered a margin number that was better than we anticipated going into the quarter. We think that was really, you know, really around execution and supply chain initiatives that we have in flight. The dislocation you're seeing from last year is really driven by our underpricing inflation for the year. We talked about a slow and measured approach to pricing to continue to drive extraordinary value for our consumer. So that dislocation is temporary and we'll, we'll taper towards the end of the year as we roll over that pricing strategy.

[Jim Cramer]

Now, how about more importantly. I'm sorry, go ahead.

[Scott Boatwright]

I was just going to say, Jim, more importantly, we're seeing strong value for the Money scores in Q2, better than we've seen probably in the last couple of years. And the value perception scores are moving forward in a meaningful way. And then affordability amongst all age group and all income cohorts has moved up exponentially through the quarter as well.

[Jim Cramer]

I was just going to ask you about what about younger consumers who are the most scrapped and are looking for, looking for a bargain. And a lot of people didn't think Chipotle could be a bargain, but you've made some moves to make it so that like, you know, in the office at least you can mix and match. But it seems like the younger consumer can find something that's not too expensive that they like.

[Scott Boatwright]

Now, you're absolutely right. Whether it's an approachable or affordable price point, Jim, we think value is more than just discounting and a price point. Specifically, what that consumer is looking for is meaningful menu innovation. They're looking, looking for deeper rewards, engagement and opportunities to be rewarded for their behavior. I think those things together are really driving meaningful affordability and value perceptions for the brand.

[Jim Cramer]

Now we also have got avocado coming down. We know that the government has allowed Mexican beef, which is important. Some of the outfits that I deal with, like Texas Roadhouse, have managed to be able to say, listen, we're starting to get a little more vague here. With beef, are you seeing some breaks in some food? Food costs, you Know, beef costs are

[Scott Boatwright]

still up year over year, Jim, and that's obviously because of the cattle herd being at an all time low. Plus the opportunities come with cattle coming over the border. We're seeing some inflation in, in transportation, as you could imagine, because of oil and also in utilities. But other than that, everything seems to be moderated and we're running around the mid threes on inflation for the year. And of course, we've priced well under that number, which is creating the margin dislocation that we just talked about.

[Jim Cramer]

Understood. Now, Scott, I know you said, I want to be sure about this, that actually the strength here has continued this month. Correct?

[Scott Boatwright]

It has. We've seen that momentum accelerate into the quarter, Jim. We did see a modest step back, but the recent conversation that's happened in social media around cyclospora, we think that's transitory at present. And we are, we're still giving the full year guide with that in mind.

[Jim Cramer]

Now, I have to say, having been in the restaurant business for years, I know it's there by the grace of God. I mean, it's not like you can ever say, you know what, that guy, he did it wrong, I'm doing it right. But your company years ago did experience something like this. It is an experience. And now what's the advice to consumers? Should they be a little more guarded with going to the other places, or do you think that when there is this kind of scale scare, everybody's a little on their game and we don't, we kind of, well, we kind of nip it in the bud.

[Scott Boatwright]

Yeah. Here's what I would tell you, Jim, is when something like this happens, regardless of the brand, it really hurts the industry overall. And so it's not good for anyone. What I would tell you is I would put your trust and faith in the CDC as well as the FDA and their abilities to navigate these challenges they have demonstrated historically. They can solve the challenge and move it out of the main mainstream supply chain. And food, food, food supply for Americans. That's where I put my bet. I'd listen to the FDA and I'd listen to the cdc.

[Jim Cramer]

I will say, though, having lived through the period of what happened last time, that you guys switched the way you do things to make it so that you absolutely became the gold standard. Have you changed anything this time?

[Scott Boatwright]

We haven't. We have. What we have done, Jim, is just double down on our food safety protocols and we're ensuring that whatever comes into our supply chain we're monitoring very closely. And then how we handle our produce in restaurant hasn't changed. We've doubled down on our efforts. We recommunicated the importance of our procedures in restaurant, which I think will serve us well for many years to come.

[Jim Cramer]

Excellent. And I know you guys were you made some big changes and if you double down on that's even better could explain why I think that that things have just continued to be good for you despite what we are hearing in some of the other places in the restaurant group. Scott, congratulations on the turn. I knew you'd do it. I knew you were buying back stock the whole way, which I really like. So now we've got a great basis going and I hope to see you soon.

[Scott Boatwright]

Thank you so much, Jim. Have a great day.

[Jim Cramer]

Okay, you too. Scott Boatwright, CEO of Chipotle with some numbers that were nice in a day when that wasn't too great for shareholders of any stock. Their money's back. Different

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[Jim Cramer]

The board recommends approving regarding that seat on the committee. We're promoting quarterly earnings.

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[Jim Cramer]

Tonight, I'm going to stick my neck out in a market where the old winners the AI Data center plays have become unreliable. We're on the hunt for great growth stocks outside of tech that can survive this environment. And there's one I like very much that's reporting next week. Oh my God. I'm going ahead of an earnings troll. I like Ralph Lauren. Normally, I do not recommend stocks on this show going into earnings. I try to teach you to think long term. So capturing the gains from a single earnings report is rarely worth the risk that it could blow up in your face or certainly my face. But Ralph Lauren has been a huge winner for us for a long time now and the stocks recently pulled back from its highs over the past six weeks. So I smell, I smell some opportunity here. However, it's. Why, because in the past four years, RL has rallied over 280%, trouncing the S&P, which has gained only 77% in that same period. Now, that didn't happen by accident. Ralph Warren's been pulling up, really putting up some incredible performance under the CEO Patrice Levey, who I think is really smart. In the past three fiscal years, its earnings have doubled. Magnificent growth, especially for an apparel company, even for a tech company. Just two months ago, I pound the table on this one because this last quarter was one of the best I'd seen from any retailer with stunning 17% same store sales growth, a tremendous full year forecast. Remember, a 7 to 8% same store sales growth is considered terrific in this market. This stock's had a choppy start to do 2026. That's mostly due to big picture worries as the war with Iran spiked oil prices and everyone's lost confidence in the consumer. I think that's wrong. The last time Ralph Lauren reported, The stock jumped 14% in a single session. And it kept running over the next few weeks, charging to an all time high of $421 in mid June. Not that long ago. Since then though, this stock has cooled along with the market, falling nearly 11% to $375. The source of the weakness? Honestly, I don't see any company specific issues here. Just like earlier in the year, the weakness in Ralph Lauren is all macro, not micro. The war in Iran has restarted. Oil prices have gone up again and interest rates are going higher. And that's caused a new wave of concern about the consumer. Remember, the Fed failed to raise rates on the short end today and bond sellers swarmed in because they wanted a Fed chief to be tough on inflation. And the way you do that is either raise short rates or at least say, listen, I'm going to have to raise. Give us a little heads up. Still, macro concerns have been ill advised reasons to sell Ralph Lauren stock in the spring. And I think it's a bad reason to sell. Now keep in mind, Ralph Lauren has spent years repositioning itself as more of a luxury brand. Why? Because luxury brands tend to be more insulated from broader swings in the economy. And it's true, they are. Rich people are less likely to put off their purchases because the price of gasoline is more expensive. Hey, they may not even notice what they're paying at the pump. Meanwhile, Ralph Lauren has more pricing power than ever and that translates into much higher margins. There's a reason this company's gross margins have expanded from 64.9% to 69.9% in the past three years. And I've got to tell you, that's highly unusual. Most have shrunk or done nothing at the same time. Ralph Lauren's made a big push into direct to consumer sales, meaning both sales through its stores and through its website. Again, there's multiple benefits to this. First, obviously they get higher margins when they cut out the retail middleman. Second, it fits into the broader luxury repositioning narrative. The brand is perceived as more valuable when there aren't as many Ralph Lauren Polos and the shelves at Kohl's or the racks at j@tj max. And believe me, I remember before the day came in when I would go to Kohl's to buy Ralph Lauren, I was always horrified. It was there. They called it chaps. I thought that was strange, but I bought it on top of everything else. These guys are doing great in both North America and the rest of the world. Make no mistake, this is an iconic American company. North America has been very strong company's constant currency revenue growth accelerating. North America each of the last two years reaching 9.1% in their 2026 fiscal year with North American same store sales up 11%. But the best growth for the past few years has come unlike almost everybody else from Asia which had 21.5% constant currency growth last year, 20% same store sales growth. The one concern on the on this whole international front is Europe where growth was ahead of North America for a few years but pulled back a bit last year. Still with an 8.7% constant currency growth in Europe last year and 6.6.7 same store sales. 6% same store sales growth. I got to say, Ralph Lauren is doing pretty well. If that's the worst geography and it is like everything else, their overseas success is not an accident. It's driven in part by a thoughtful approach to the international markets that it competes in. Ralph Lauren focuses its marketing and advertising on the top 30 markets across the world and creates specific messaging and experiences for those focused regions. They have unbelievable social media by the way. They've now laying the foundation for the next 20 markets that they'll be focusing on in the future. So there is great growth coming, I believe. That's not all. Ralph Lawrence expanding into new categories to fuel that growth, Management's already called out their success in accessories, outerwear, women's apparel and products for younger consumers in recent quarters. Put it all together and you've got a terrific long term growth story. Of course, I'm not the only one who's bullish on Ralph Lauren. After the stock's recent pullback last week, analysts at Raymond James upgraded it to an outperform media buy rating as part of a broader earnings preview on the soft lines retail sector. They gave us positive reads on website traffic, mobile app data. I'm telling you that stuff is really important. So these guys are very social media oriented. Google trends against social media more generally. They continue growth for average unit retail quote, strong momentum in China, end quote improvement in Europe and further margin expansion. I agree momentum in China is not easy to come by. Finally, let me give you a quick note on valuation if this pullback. Ralph Lauren's stock internally trades at just under 21 times the earnings estimates for the 2027 fiscal year. The stock certainly been rerated over the past few years. Back in late 2022 when it started marching higher, it was trading with the P in the low teens. But I'd argue that Ralph Warren deserves every point of that rerating. And even with the stock selling at 21 times forward earnings, it's far from expensive. In fact, look, earlier this year the stock was selling for 25 times earnings. That's why I wanted to get in ahead of the quarter. I like, I like that PE contraction look. When the numbers are this strong, it's worth owning before it reports next Thursday. Even with these longer rates, which is again what destroyed the market today was the interest rates. So here's the bottom line. I am indeed sticking my neck out twice with the guillotine already with this call because there's always a chance that the quarter doesn't go well. But Ralph Lauren has so much going for it that I feel comfortable about taking this risk. Lately the stock's been pulling back on macro worries, but I don't think there's anything wrong with the business Prices. That's why I expect Ralph Lauren to surprise the upside when it reports next week. And you will be rewarded with a higher stock price if it does. Let's go to Terry in New Jersey.

[Caller]

Terry, Good evening, Jim. How are you, sir?

[Jim Cramer]

I am doing fine, Terry. Little jammed here today because there's so much going on but I got time for terror. No doubt.

[Caller]

All right, no problem. Great. Jim, I wanted to get your feedback on tjx. It's part of your charitable trust and dink part of the investment club. It's part of my portfolio. But look at tjx. It seems to be dragging a little comparison to two other closeout retailers, Burlington and Ross. Why should I not replace TJX with one of those two?

[Jim Cramer]

First of all, that is a great call. It's really worth asking about. Ross stores does have a new manager, Jim Conroy. It's doing amazing. Well, I think that my analysis of TGX is a multi multi long term year not just this year multi long term year move. And with that I'm sticking by tj. But I do not blame you for questioning my analysis with Ross. The others know Ross is the one that is doing incredibly well. But I am sticking with TJX because it's for long term. I'm talking about 10 years. It's been amazing, Ralph. Foreign stock has so much going for it. I'm hoping it pulls back at 30 so you can get a chance to buy even more. Hey, much more be a bunny had. Including my exclusive with Data Center Player verdict. Wow, that stock got hammered. And one thing is driving this market lately and it's not the way I like it. I'll reveal it and explain what you can do about it. And oil calls rapid fire. Tonight's edition of the lightning round. So stay with Kramer. What the heck happened to the stock of Vertical holdings today? Now this had been one of the hottest stocks out there. A company that provides power, cooling controls, server racks and more to the data center. Some people think it's the gust of the data center away from Nvidia. At its highs this May, vertical peaked at $379. Now it's back to $223 for Savage Beat down on anything related to the data center. But also it did have a staggering 17% decline today alone. What happened? Well, Vertical reported this morning and its revenues came in. We could expect it 18% organic sales growth. Analysts were looking for more than 23%. Magnum said it was a minor timing shift with sales being delayed in the second half. Wall street is no longer willing to give any data center stock. The benefit of doubt though didn't matter that verve delivered a 10 cent earnings beat off a $42 basis or that the margins were excellent or that management raised a full year forecast across the board that was completely ignored so was the stock therefore unfold fairly punished. Let's take a closer look with Gio Albertazi is the CEO of Vertif holdings to find out more. Mr. Alberto, welcome back to Mad Money.

[Gio Albertazzi]

Well, thank you for having me.

[Jim Cramer]

Okay so Geo first before we get into the nitty gritty of what's going on, I want to make it clear that your chairman Dave Cody started with a couple of things that I think are that I want you to expound upon. He said the industry outlook is incredibly good because the digital age has decades to go. Our outlook is incredibly good and deservedly so as we provide the picks and shovels for the digital age. Nothing about what happened with this quarter has changed from that view. Correct?

[Gio Albertazzi]

Correct. Nothing has changed in the long term of our trajectory. Indeed the industry is very strong. Our pipelines are very very strong and as you explained earlier our the performance in our second quarter is strong and we are have raised our guidance across across the board. So we continue to be very very optimistic about the future and have very strong backlog supporting that.

[Jim Cramer]

Okay, now people are going to say wait a second, a lot of these companies are beating the revenue forecast play by big amounts because this is so good. We had that last time with Seagate. But Your revenue at 3.27 billion did miss the $3. 3.38 billion estimate. Now I know we're going to talk about the timing issue but that is a big miss. Is it big enough to worry people who have seen only huge upside surprise for Vertis since she became the CEO?

[Gio Albertazzi]

Well what we what we've done with the rest of the year taken taken our our sales up more than compensate this timing element in the second quarter. I think that is testament to the fact that not only do we believe that this is a timing issue, a temporary issue, but that we believe in a very strong second half as as we see more than 40% growth in the second half and and a long term trajectory. So very confident that this is just a temporary let's say a timing issue with some, some, some projects ongoing right now, but still a very growth and a trajectory continues strong year on year.

[Jim Cramer]

Okay, but you do sell complex complete infrastructure systems. Could this be something that might be a recurring challenge or do we really just say timing Issue one time only.

[Gio Albertazzi]

We believe that this is something that will, will affect only the short term. In general. We see that that complexity of course continues to, to be characterizing the type of industry in which we operate. But we are strengthening the way we operate and our, our forecast, our guide going forward expect that there could still be some, some non perfect execution somewhere because that's the nature of the big complex, let's say very interconnected business and type of projects that we operate. And so we do not believe that that's something that will influence the future trajectory that we've guided the investors.

[Jim Cramer]

Okay, well you're guiding for 34 to 36% organic growth in the third quarter. How much of that acceleration depends on recovering the delayed second quarter revenue and how come how much comes from new capacity and new orders?

[Gio Albertazzi]

It is a combination of all of the above. Clearly what we the project in Q2, the timing effect that I was explaining will be recouped in the second half. But in the second half also we have more capacity coming on board and we have quite some more backlog that backs our trajectory. So it's really a combination of all the efforts above.

[Jim Cramer]

Okay, so can you give us a sense of the industry itself? Are you in that same camp that everybody else sees, which is that there really is no let up. If anything, companies are increasing their capex and how long that can last because at a certain point, do you think that some of your customers will be disciplined by a stock market that really crushes your stock if you spend too much?

[Gio Albertazzi]

Well, we believe that, you know, the trajectory continues. We see very well the market through our pipelines and our pipelines are stronger quarter on quarter, year on year. And that gives us a lot of confidence going forward. As I vocally explain all the investors this this morning. But, but, but.

[Jim Cramer]

Good, I'm sorry, go ahead.

[Gio Albertazzi]

But at the same, at the same time we believe this is a long term trajectory because again, this industry needs capacity and that capacity, the availability of that capacity will generate the output in terms of tokens of for the industry. So that capacity is the necessary capacity for the growth, monetization and evolution of the AI economy. We believe that that's a long term trend.

[Jim Cramer]

Now I lived through the 1999, 2000 period where a lot of the supply suppliers, companies like you, made fortunes. The customers kept buying and buying, buying, but then their customers didn't come through. So the suppliers made a lot of money. The customers didn't. Are you of the belief that the customers are going to begin to make a lot of money either this year or next year. Or could it be a little bit like 1999 where frankly we don't know if they're ever going to make money with all the different equipment they're buying.

[Gio Albertazzi]

I believe that this is a different situation than let's say the 99 situation in the sense that this capacity is very much utilized and utilized. Every token is utilized, every watt available is utilized. And someone talked about dark fiber back then. There are no dark GPUs right now.

[Jim Cramer]

All right, that's very good because I know that increasingly what we're hearing is, is that the companies are blind to what it ends in the market. But I know they wouldn't be giving you such strong second half orders if they were beginning to worry that they weren't going to be making money with what they do.

[Gio Albertazzi]

Well, we see some trajectories, very strong trajectory of growth and profit in many of of the AI companies. I will not go in details, in details there, you know, that's something anyway you and, and your team do do very well. But we see that monetization come through and we believe that that's a long term trend and more capacity will be needed for the long term.

[Jim Cramer]

All right, that's what we want to hear. Those of you who own the positions in these, you want to hear exactly what Gio just said. Now that's Gio Albertazzi. He's the CEO of Vertiv Holdings. Gio, thank you for coming on the show.

[Gio Albertazzi]

Thank you. Thanks Ella, for having me.

[Jim Cramer]

All right, Mad Bunny be back after the break. It is time to talk to the light brokers, Planet Sound. And then the lighting round is over. Are you ready Ski Dag? To the white room is my Sharon in Tennessee. Sharon, hi Jim. I love your show and never miss it and I know all the stocks have dropped, but one of my biggest disappointments has been a sterile laugh. What changed in that story and do you still have confidence and nothing changed. Nothing changed. It is just a matter of sentiment. That stock has now been cut in half. It is doing well. Well, I'm gonna actually go for the first time, I am going to say Astero Labs gotta get cut in half. And you're a good company. I'm gonna like you. Tom in New York. Tom. Hi Jim, how are you? I'm good. Spaghetti computing back in May and I'm down 30% already. How long do you think it will take before I could get my recoup my at least my initial investment? Geez, Tom, that's one I Don't really care for. Honestly, I'm gonna have to save too long is the only answer I can give you. Let's go to Prashant in Ohio. Prashant.

[Caller]

Hey. Booyah.

[EY Parthenon Representative]

Jim.

[Jim Cramer]

How are you? I am doing well. How about you? Good, good, good. The stock is MMYT. It has 60% market share OTA in India.

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Yeah.

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Okay.

[Jim Cramer]

Make my trip. I'm actually going to take a pass on this and do some work on it. Why? Because I do not know, make my trip and rather just say, you know what? I don't want to make that trip. I'm going to say I'm going to work on it. Let's go to Dean in Pennsylvania. Dean.

[Caller]

Hey, Tim.

[Jim Cramer]

I'm a new club member. Yes, you are. You are an encyclopedia dressed as a man.

[Caller]

I like.

[Jim Cramer]

Wow, that's better than being a dollar sign dressed as a man. I'm going to take it. An encyclopedia like that. I like that a lot.

[Caller]

I. I like your strategy of own don't trade. Should that apply to Eli Lilly?

[Jim Cramer]

Yeah, Eli Lilly's classic own don't trade. By the way, a lot of my stocks are on their trade because I don't like trading. I don't believe in trading. I did it for many years and I don't think trading is the way to make money. And Eli Willey is a good company and I want to own that for I've owned it for years. I'm going to continue it for years because it's a great business with great drugs. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

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The Lightning Round is sponsored by Charles

[Caller]

Schwab

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coming up with investors thinking more with their hearts than their heads. Kramer's explaining how to navigate the nightmare.

[Jim Cramer]

Tech tape next.

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Next.

[Jim Cramer]

You can't underestimate the power of sentiment in this market. It's driving a lot of the action, much to the despair of the bulls. I like to teach in the show, especially if I have a chance to teach about any term that didn't make sense to me when I started working at Goldman Sachs more than 40 years ago. Back then, I kept hearing the term sentiment and I thought it meant people were being sentimental in their trading activities.

[Caller]

Wrong.

[Jim Cramer]

Sentiment means how you view something at that moment and how that views color, by the way you feel. Are you scared? Are you comfortable? Are you exuberant? In June, we felt pretty darn joyous about everything. We knew that OpenAI and Anthropic, the two biggest private companies, had raised a ton of money. That was positive Open air even Broke fundraising records. On June 2, Alphabet announced the largest fundraise in history, 84.75 billion, putting a big slug of stock price to 355. That stock immediately went to a premium and Space X came public. Pricing $555,555,555. Well, a ton of shares at $135 this year, but I don't know why he does that. That too immediately went to a premium trading as high as $225 on its third day of trading. It's kind of like a meme stock except for a trillion dollar meme stock. These were remarkable gains and they showed you that the market was willing to buy pretty much anything connected to the data center. Sentiment was terrific. Only the enterprise software stock performed badly. The Adobe leading them all down. Salesforce and Servicenow rolled over to as I said at the top of the show. One month later, sentiment has turned vicious and all the previously red hot stocks have become nightmares. If you didn't sell the Google when it ran well, you're buried in Google. That's because Google raises capex forecast for the data center, which no one wanted to hear. We're trying to look for some frugality or at least some rigor. SpaceX, it's been cut in half. Nothing's changed. We just didn't want a space company if everyone else was selling the big momentum. Stocks like the disk drives and DRAM makers, some of the largest one year gainers in the history of the stock markets, all reported tremendous earnings. But their stocks have gotten crushed. Some of them down more than 50% from their highs on the same numbers that would have sent them into the stratosphere earlier this year. That was a sentiment change. Hey, same thing's happening to Intel. We wanted to hear about CPU growth and we got it. CPUs were growing like crazy, but now it doesn't matter. We heard about open source models that attack the profitability of incumbents like Anthropic and Alphabet. I am aghast. Declined by the way, the stock of Intel. I'm not comforted in the decline in video stock either. I'm glad right now that Anthropic is a private company and really happy that you don't know what price open air selling for Oracle, a major data center builder, unfortunately is not private. Its stock's been crushed along with Core. We've most of tech is now hated. Only Adobe, Salesforce and ServiceNow and hopefully Microsoft have been able to rally. Adding insult to injury, the money moved over to companies with no real momentum. Companies like J.M. smucker, the maker of Twinkies, up 29% this year despite GOP Dash ones. Mondelez, the maker of Oreos and Chips Away. Maybe GOP this one makes you like those that's up 20% now. It's important to know that sentiment can turn on a dime. Maybe an anthropic comes out and says it's so profitable that it'll come public right away. Maybe OpenAI says, hey, what do you think in your Kramer business is booming. Maybe they're about to become profitable and they don't need the loan guarantees from Nvidia. We see a change in sentiment like you wouldn't believe. Maybe people rejoice at Microsoft and say see? Software beyond the down and outers can rally, especially if they have a cloud business. But without it, we're going into August Tricity Week Month Tech with about as negative a bias as I've seen in decades. It's incredible how quickly it changed. And it could change right back too. I don't see that happening, though. Then again, it was hard to spot when the bear woke up too, I like to say. As always, bull market summer. I probably find it just for you. Radio Man Money I'm Jim Cramer. See you tomorrow.

[Mad Money Disclaimer Narrator]

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

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