Mad Money w/ Jim Cramer 7/30/26

Summary

Mad Money w/ Jim Cramer – July 30, 2026 Episode Summary

Episode Overview

This episode of Mad Money with Jim Cramer focuses on navigating the complexities of Wall Street investing during turbulent times, emphasizing the dangers of margin (borrowed money), market reactions to forced selling by over-leveraged hedge funds, and the emergence of buying opportunities. The show also features exclusive CEO interviews (IBM, BlackBerry), a fresh look at recent IPO Jersey Mike’s, stock analysis in the Lightning Round, and a segment highlighting Starbucks’ turnaround.

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Key Themes and Discussion Points

1. Market Turbulence from Hedge Fund Liquidation (01:01–10:32)

• Leverage Woes: Cramer opens discussing recent volatility in tech stocks, notably stemming from the meltdown of the “Situation Awareness Fund” led by Leopold Aschenbrenner. The fund used massive leverage to build up big positions in semiconductor and datacenter stocks, then imploded after a downturn, causing forced selling and contagion throughout related equities.
• Stock Price/Fundamental Divergence: Despite positive earnings and business performance at companies like Intel, their stocks tanked due to margin calls and panic among copycat investors.
  • Quote (Jim Cramer, 09:35): “Turns out I wasn’t [wrong]. Aschenbrenner and his minions didn’t want to sell, but the margin clerks forced him to sell and that crushed the stock.”
• Lesson for Listeners: Cramer strongly warns individuals not to use margin, noting that hedge fund blowups can hurt everyone—even when company fundamentals are strong.
  • Quote (Jim Cramer, 10:15): “For two weeks I’ve been telling you to get off margin. I didn’t want you to get blown out. I want you to remember what happened here.”

Key Timestamps:

• [01:01]–[10:32]: Discussion of forced selling, warning against margin, breakdown of Intel and other tech reactions.

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2. Call-In Q&A: Stock Specifics and Market Guidance (10:34–13:20)

• Home Depot vs. Lowe’s: Cramer recommends patience on Home Depot, but notes Lowe’s is currently doing better given fears about interest rate increases.
  • Quote (Jim Cramer, 11:07): “Be patient, it will work. Not now though.”
• Netflix: Despite a 22% drop YTD, Cramer encourages holding, not selling at current prices.
• General Margin Warning: Calls margin trading too risky for average investors, referencing the earlier fund collapse.

Key Timestamps:

• [10:34]–[13:20]: Rapid-fire answers to caller questions — Home Depot, Netflix, IBM prelude.

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3. IBM CEO Interview: Quantum Computing and Company Prospects (15:18–23:27)

• Guest: Arvind Krishna, Chairman & CEO of IBM
• Quantum Computing Advances:
  • Collaboration with University of Chicago for “random circuit sampling” (RCS) — problems that were intractable for classical computers are now solvable, verifiable by quantum.
  • Partnerships with Israeli startups for quantum simulations in new materials for batteries and more.
  • Algorithmic breakthroughs: Quantum methods now show unforeseen physical properties, including potential drug discovery and fusion energy applications.
  • Quote (Arvind Krishna, 20:21): “By the end of the 2030s, we are now pretty convinced this is $1 trillion of value.”
• Crypto Security Warning: Krishna says quantum computers could break today’s crypto security in 3–4 years.
  • Quote (Krishna, 21:03): “Give yourself three or four years and at that point I would get rather paranoid about [your crypto holdings], really.”
• IBM’s Financials: Recent shortfall was due to delayed deals, not lost business; 40% of deferred deals have closed quickly.
• “Lightwell”: Free open-source cybersecurity offering to top research universities.
  • Quote (Krishna, 22:27): “For the 185…top research universities…we will give [Lightwell] to them gratis.”

Key Timestamps:

• [15:18]–[23:27]: Whole IBM segment — quantum computing, material science, crypto risks, business update, cybersecurity.

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4. Jersey Mike’s IPO Review & Fundamentals (25:15–32:34)

• Public Debut: Shares opened below IPO price despite being oversubscribed; Cramer views this as a buying opportunity.
• Business Model: 99% franchised, strong long-term growth, high cash returns (42% for franchisees), 20 consecutive years of positive same-store sales.
  • Quote (Cramer, 25:43): “Jersey Mike’s…the highest rated quick serve chain in America, unseating Chick Fil A…Eleven years at #1.”
• Growth Prospects: New CEO Charlie Morrison (formerly of Wingstop) sees potential for 15,000 stores (currently ~3,300), with major “white space” especially in the West and internationally.
• Balance Sheet & Valuation: Some debt, but manageable for a franchise operator; trades at a premium to peers, but Cramer believes leadership and growth justify it.

Key Timestamps:

• [25:15]–[32:34]: Jersey Mike’s IPO assessment, business fundamentals, CEO background, valuation.

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5. BlackBerry CEO Interview: Software Renaissance (33:07–40:21)

• Guest: John G. Mateo, CEO of BlackBerry
• Transformation Story:
  • BlackBerry now focuses on two main segments: QNX (embedded vehicle/industrial OS, in 275+ million cars) and secure communications (mobile device management, encrypted data for governments and defense).
  • Deep ecosystem partnerships (Qualcomm, Nvidia, Arm, Intel). Rapidly growing, cash positive.
  • Key customers include US federal agencies, German and Canadian governments.
  • Investing in expanded vehicle content (“alloy core”); poised for more wins in embedded platform space.
  • Quote (G. Mateo, 35:55): “As more software goes in the car, all of these OEMs are standardizing their architecture on QNX.”
  • Quote (G. Mateo, 39:27): “We’re generating more cash now than we’ve made in the last five years.”

Key Timestamps:

• [33:07]–[40:21]: BlackBerry’s transformation, automotive software dominance, government security contracts, financial outlook.

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6. Lightning Round: Rapid-Fire Stock Takes (40:38–43:46)

Highlighted stocks/callers:

• Meta (Met): Strong buy despite sector’s oil-fears affecting aerospace.
• Farmers National Bank: Doing well, hold if owned.
• Bending Spoons (FDA): Digital/software firm, Cramer likes it, thinks hedge fund pressure is behind its recent drop.
• AMC Theaters: Speculative, depends on movie slate.
• Coherent: Stock’s been punished, is a buy at these levels for datacenter exposure.
• Establishment Labs: On the rise in plastic surgery field; Cramer assigns further research.
  • Quote (Cramer, 40:54): “It’s Friday eve!” (playful banter)

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7. Starbucks Turnaround: The Brian Nicholl Effect (44:15–47:39)

• CEO as Gamechanger: Brian Nicholl’s track record at Chipotle now translating to Starbucks, revamping its culture, service, and store experience for growth.
  • Store upgrades (thousand+), operational improvements, better customer focus.
  • Sent China business to JV due to market turmoil; refocused US with improved customer experience and productivity.
  • Earnings lifts and renewed growth.
  • Quote (Cramer, 46:47): “He took a company that people had written off and made it into a growth business that can finally break out of this doggone trading range… It’s a terrific place once again to sip a triple venti cappuccino with skim wet. Thanks, Brian.”

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Memorable Quotes & Moments

• Margin Dangers (Cramer, 10:18): “This business is hard enough. You don’t need margin to make it all that much harder.”
• Quantum Computing/Crypto Threat (Arvind Krishna, IBM CEO, 21:03): "Give yourself three or four years and at that point I would get rather paranoid about [your crypto holdings], really."
• BlackBerry’s Comeback (John G. Mateo, 39:27): “We’re generating more cash now than we’ve made in the last five years.”
• Starbucks Thanks (Cramer, 46:57): “It’s a terrific place once again to sip a triple venti cappuccino with skim wet. Thanks, Brian.”

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Timestamps for Key Segments

| Segment | Start–End (MM:SS) | |:-------------------------------------------|:---------------------| | Market turbulence, margin, tech carnage | 01:01–10:32 | | Call-in Q&A | 10:34–13:20 | | IBM CEO Arvind Krishna interview | 15:18–23:27 | | Jersey Mike’s IPO analysis | 25:15–32:34 | | BlackBerry CEO John G. Mateo interview | 33:07–40:21 | | Lightning Round | 40:38–43:46 | | Starbucks turnaround commentary | 44:15–47:39 |

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Tone and Style

Cramer is energetic, passionate, and direct, blending clear educational warnings (“get off margin!”) with entertainer’s flair (“booyah!”), and engaging guests and callers with humor and actionable, no-nonsense analysis.

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Final Takeaway

Jim Cramer delivers a strong lesson about the dangers of margin and blind following of “hot hands” in finance, while highlighting that volatility can create opportunities for careful, informed investors. Interviews with IBM and BlackBerry’s CEOs showcase innovation, quantum computing risks, and corporate turnarounds. Jersey Mike’s, Starbucks, and others provide a lens into stock picking amid market noise.

“Remember what happened here. Understand that while Aschenbrenner is a spectacular flameout, these kinds of things happen with some reality. I don’t want them to happen to you.” (Cramer, 10:17)

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 make friends. I'm just trying to make a little money. My job is not just entertain, but to educate, teach, explain how this stuff happens. So call me 1-800-743-CBC. Tweet me at Jim Cramer. Everyone assumes that stocks rise or fall with the fortunes of the companies they represent. Sometimes that's even true. But at other times the two diverge and stocks become hostage to the fortunes not of their own companies, but of the shareholders. We are seeing that happen right now at this very moment, and it's a little nerve wracking. Of course, you can't tell the average Dow gaining 614 points, S&P jumping 1.7%, Nasdaq surging 2.8% today. But the shares of some huge tech companies were recently dragged down by a flailing hedge fund that controlled something like $45 billion worth of stock, much with borrowed money. You may not have heard of the fund situational awareness or the boy wonder who runs it, Leopold Aschenbrenn. But the unraveling of this hedge fund roiled the entire complex. Tech down big because of it. Boy wonder no more. His selling and the selling by the firms that borrowed that lent him the money, well, they caused gigantic declines in stocks over the last few days that should not have been going down. Many sprung back to life today and gave. I've got to tell you because they were so depressed, I think they have further to go. How does this happen? I mean really, I mean how does something behind the scene like this just happen? As a former hedge fund manager I can tell you how it does because I've been involved in it. I've seen it. See brokers really want your business. One way to get it is to lend you money. I've had that happen say here Jim, take millions. The managers find had a hot hand originally and when you have a hot hand investors are throwing money at him. And brokers are always eager to lend money to new superstars. This fund was apparently able to borrow a gigantic amount of cash recklessly. I think $3 for every $1. They put up that traffic when your stocks go up but it is the kiss of death when they come down and this case they went down big, big smooch of death. For months I'd heard about this situation awareness, not situational situation situation awareness fund and I heard that it could do no wrong. Absolutely no wrong. Everything Leopold Ashenburg touched turned to gold. He mostly touched the semiconductor stocks along with the memory and data storage power companies. And he loved the Neoclouds. Oh he need despise software. He bought the memory players with the same gusto that he shorted the software stocks at some point this year. I thought this guy's view was all that mattered to host of both big time people and smaller time speculators. When you're as good as Ashton Brenner was you get a lot of copycats. This guy had a bunch of camp followers who also ran billions of dollars and also borrowed a ton of money. Lots of other funds simply mimicked him as did many individuals. They didn't want to be left behind as is often the case with a younger manager with a steaming hot hand. Ashburger apparently didn't believe that anything ever go wrong that he did. He didn't seem to realize that when stocks go down and you bought bought them with margin money the brokers aren't going to lose money on you. You either pay them or they forcibly sell the stocks you bought with borrowed money, raise money to pay them or they sell them out from underneath. It's brutal, it's self fulfilling. So when things go wrong they go spectacularly wrong. Aschen Brenner and his imitators bought the big semiconductors Micron Sanders Intel. He liked the companies that Built data centers, got core, we have Nibius and he had a thing for Bloom Energy which makes hydrogen fuel cells to power the data center. Now you need to know a couple of things. Many of the people who bought these stocks really didn't know anything about them other than this guy had them. They just knew Ashton Bretter was an ace and he'd been dead red for so long they, well, they had to pile in. The irony here is that when tech had just had a bit of a downturn just a smidge, Ashton Bretter apparently lost almost all the money managed despite excellent earnings performance of the actual companies themselves. That's why I say they diverge. The good news is simply they stopped translating into higher stock prices for a variety of reasons. Maybe because rates were climbing, maybe because not every company did well or because they went out of fashion, the Wall street fashion show or buyers turn to other kinds of technology as I've been saying they're doing. Plus these stocks do tend to trade with each consider it a contagion, something I don't think Leopold thought about or was old enough maybe to realize. The contagion spared almost none of the stocks of these companies even as the fundamentals remain very very strong. At the same time as Better was a serious short seller and he bet against the enterprise software companies like there was no tomorrow. Adobe Workday, Salesforce. So again we got self fulfilling moves down as he was mimicked consistently when the stocks turned. He apparently didn't take the emergency actions that you need to do the things I've been telling you to do for weeks. He didn't sell the datacenter plays and get off margin. Instead he wrote his investors on July 24, six days ago that it was really a terrific time to give me more money. So what happened? Well, they didn't give me more money. I'll tell you how much. Consider what a stock that if you're a member of the club, you know was caused me tremendous hangs. Consider Intel. We got an earnings report from intel last Thursday night that was a thing of beauty. Not only were there no flies on it, but Lip Bhutan, the CEO, the CFO and I and I talked for a long time about the incredible multi year story of Demand for Intel CPUs. Intel's Foundry business is great, will be great. Intel Semiconductor Packaging Division I like it. We told members of CMC Investment Club that this was such a great opportunity to buy in a note we sent out Thursday night. Well, the stock roared from the high 90s where it had been trading to as high as 110 in after hours when the earnings news broke, I was ecstatic. We nailed this one. I certainly didn't think would stop at 110. I thought 120 next stop. But that next day, unbeknownst to us big mouth investors got that letter from Aschenbrenner asking for money from Best to meet the margin calls. Right from the get go, intel stock could not get an uptick. It just came down and down and down and down. And it's astonishing those of us who knew how good the fundamentals were, including big people as the company. Well behind the scenes it looked great. Aschenbrenner's fund was furiously selling intel to raise money though, and the brokers he owes that money to were doing the same thing. The imitators were certainly bolting from intel to it didn't matter how good Intel's quarter was. The result? The stock sliced through $100 and didn't stop in the low 90s, about an 18 point swing. When I thought it would be the opposite, I thought I'd go up 18 points, not down. I couldn't believe I could be that wrong. Turns out I wasn't. Aston better and his minions didn't want to sell, but the margin clerks forced him to sell and that crushed the stock. His funds meltdown did create an amazing opportunity to buy Intel. The selling seems to have dried up for now. I think it's going to stay dried up because the only people really want to get rid of it were his people. Now that Ashmet is out of the picture, we can go back to analyzing stocks as pieces of the companies they represent. Last night for example, Microsoft reported terrific quarter and soared higher. Metta not firing on all cylinders Tonight we heard from Amazon and Apple. Amazon shot the lights out. It was like Microsoft last night. They reported a solid revenue beat. Terrific operating income of 43% year over year or almost $4 billion higher than expectations. I normally talk about the earnings, but this time they include a massive gain from Amazon's investment in Anthropic. So they're not really apples to apples. What matters most here is that Amazon Web services put up nearly 4. 37% growth. A dramatic acceleration 26% last quarter. I remember a couple of quarters ago when it was under 20. Wow. Their margins were terrific. They're making big money from AI. This is the same kind of cloud infrastructure business that made a fortune for Microsoft. And that's why Amazon caught fire. And FDR's trading stunning gain and I don't think it's done. As for Apple, after roaring higher for most of July, it reported a slight earnings beat when you exclude the impact of tariff rebates and a slight revenue beat. The stock still got hit. Despite strong iPhone sales, their services division came in weaker than expected, as did the Americas. And they don't sound that confident about their margins bouncing back because of, well, memory prices. It just seems like that, well, let's put it this way, it's doing good. Not good enough. After that stock run, Apple spent most of July cruising steadily higher. So it did come in too hot. I suspect more profit taking than we got even tonight. Still, let's not forget the big picture. You know that there's a gigantic takeaway from what happened here. For two weeks I've been telling you to get off March, two weeks I come out here every night and say it. Stop using borrowed money. I didn't want you to get caught up in some and some over leveraged hedge fund was doing. I didn't want you to get blown out. Bottom line, I want you to remember what happened here. Understand that while Aschen Better is a spectacular flameout, these kinds of things happen with some reality. I don't want them to happen to you and I don't want you to be misled by it. This business is hard enough. You don't need margin to make it all that much harder. That said, the margin selling has created tremendous opportunities now that I think all the forced selling is finished and the price is right. Let's start with Cordell in Ohio.

[Caller]

Cordell, good evening Jim.

[Jim Cramer]

Good evening Cordial, what's up?

[Caller]

Currently work for one of the biggest retail employers in the United States. And I was wondering is I noticed that this company stock was down flat today and it went back down towards normal pricing. And I was wondering is Ed Decker and Home Depot the right company to follow right now?

[Jim Cramer]

Look, right now Lowe's is doing better than Home Depot right now because we're going to have probably have rate increases, not rate cuts going to be wrong on owning Home Depot. Why do I own it? Because a great American company can be owned at a lower price than I expect and I have patience. I tell people on Home Depot who are in there with me be patient, it will work. Not now though. Don't expect it to. Chris in Florida. Chris, Booyah.

[Caller]

Jim, this is Chris Florida first time caller, longtime follower and club member. Thank you for all you do for to help us individual investors.

[Jim Cramer]

Thank you man. People still get the book. Join a club. I guess you join a club. We had some really good calls lately. And now this intel is going to be our biggest. Trust me watching.

[Caller]

I love, I've read all your books. I love your latest book. Thank you.

[Jim Cramer]

Thank you, man.

[Caller]

Thank you. My question is on Netflix. I have owned this stock for many years and it has been a very good investment. This year, however, has been a messy one. As you know, with the stock down 22%. I know you always say to focus on where the stock is going and not past performance. Jim, should I sell Netflix to buy a stock?

[Jim Cramer]

No, don't sell it down here. I think Netflix can bounce. I really do. Don't sell it. I mean, like, that would be just plain wrong. You know, one day what they're going to do is they're going to come on this show. Ted's going to come on Serenos. He's going to sit right here and we're going to discuss why it's a great company or well, don't sell it yet. But I ain't got much more to say about it. The market is complicated enough without borrowed money. Skip the margin. Don't you think Leopold wish he had maybe tonight. After a rocky reaction pre announcement, IBM has now reported its latest quarter in full. Hey, how's Wall street taking it? I'm getting a full picture of the company. CEO, you probably want to know because maybe it's not as bad as you think. Then Jersey Mike's team public today. I like their stuff. Should you take a bite? I'm taking a closer look at whether the sandwich stock cuts the mustard. You think I wrote that? And then we sit down with CEO BlackBerry after these days. This one's had such a comeback. You're going to want to own that stock. I know you're probably buying it right now. Could you at least wait to hear what he has to say? This was the longest a block in history. Stay with Kramer.

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[Jim Cramer]

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

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[Jim Cramer]

Okay. Earlier this month, IBM pre announced an earnings shortfall. You probably know that their customers were prioritizing other types of tech investments over their offerings. Stock did plunge to 90 to 17 single session. Unfortunate, but I still think this company's got a lot going for it, including the most legitimate quantum computing business out there. Today, IBM and some of its partners unveiled three separate demonstrations, really exciting stuff of quantum advantage. Overcoming some of the field's long standing challenges and proving this technology can do things that ordinary computers just can't, maybe never can. That's why we want to take a closer look with Arvind Christian. He's the Chairman, President, CEO of IBM. Welcome back to Mad Money.

[Arvind Krishna]

Always a pleasure to be here with you, Jim.

[Jim Cramer]

Thank you. It's great to see you. I know you've got some very important announcements, but first I'd just like to start with a simple thing. What is the quantum advantage that IBM offers?

[Arvind Krishna]

Quantum advantage means that a quantum computer can do things better either faster, cheaper, in a way that normal classical computers cannot get to at this time.

[Jim Cramer]

Now you've got three announcements. I want to start with this IBM University of Chicago announcement. I think it's very important because it's you solve the computation that could not otherwise be solved.

[Arvind Krishna]

Correct. So this is a problem that is well known in computer science. It's called random circuit sampling rcs. And so it's a one that computer scientists and math people use as A test for how hard is the problem. So they have one which cannot be solved by classical computers. And up to a certain scale, our quantum computers could do it. The other thing is, if the quantum computer does it but you can't do it with others, how do you know you got the right answer? And so they figured out that also incredibly brilliant faculty at the University of Chicago on this one.

[Jim Cramer]

All right, so in other words, we can actually verify it. Otherwise it was intractable. We would not know if it was right.

[Arvind Krishna]

Is it right or is it wrong? So that's really important to do both. Solve something hard, but also find a way to say, am I in the right zip code or am I not?

[Jim Cramer]

Okay, all right, now how about this breakthrough with an Israeli quantum computing startup that involves using quantum computers to explore the physics of materials? To me, this would mean that we could discover materials that. That all the researchers, let's say at a DuPont, could never find.

[Arvind Krishna]

That's correct. So in this case, they're trying to figure out materials in real life are not perfect. If they're perfect, maybe you can predict their properties. So like batteries, electrolytes. And they figured out how these materials behave when they're imperfect. And they also then figured out a way to say, am I in the right zip code or am I not, given I cannot solve this problem on other forms.

[Jim Cramer]

So that's again, that would mean what, for instance, we wouldn't. There are probably materials that we think would work if we went to Mars that wouldn't. Maybe we could find ones that would work.

[Arvind Krishna]

Or maybe we can double the capacity of a battery.

[Jim Cramer]

Right? Well, that would be fantastic. We know that would change everything, especially the environment. The last one, algorithmic announcement. Classical verifications are unavailable. Toughest one for me to understand. Frankly, I didn't yet to help me with that one.

[Arvind Krishna]

So actually, let's make it simpler. Some of the math on these problems is understood. It just turned out to be impossible to do. So in this case, they were trying to figure out that if you apply energy, let's say light waves into a material, how does it behave? And the quantum computer discovered that the material gets into oscillations and gets into other things that no other technique had ever gotten to. And they tried hundreds of other techniques. What that tells you is maybe we can discover a material that has better magnetic properties. Okay, that is a very practical problem that we could go solve. Or maybe we could discover a way to have a plasma for a possible fusion nuclear reactor. And that's the second one that is really interesting. Or maybe we can find a drug to inject into your body that if you apply light it acts and if you don't apply light it doesn't act.

[Jim Cramer]

Would people be listening to you in companies that really want to do this contact you or. Or would the Secretary of Energy contract you contact you. These are things that are so necessary right now actually.

[Arvind Krishna]

So we're well in conversations the Department of Energy and with Chris and I think that this are exciting things. We are very happy actually that they're funding lots of companies because I think at this moment it's important to foment competition and to create an ecosystem. But I really am excited by the.

[Jim Cramer]

Well, I love this is that you, you introduced me the concept of UBS using the bond market, using these. But that's, you know to me that's terrific. That's a very niche use. These are actually broader uses. Which brings me to the idea that now you're starting to talk about eps someday in the near future. Is that seem plausible?

[Arvind Krishna]

I think that in 2028 or 29 you'll see it have a measurable impact on our top line and bottom line.

[Jim Cramer]

That that's a very big statement.

[Arvind Krishna]

That's two to three years away. I'm giving ourselves one year of flex there, but not that far. And by the end of the 2000 and 30s we are now pretty convinced this is $1 trillion of value.

[Jim Cramer]

Trillion dollars.

[Arvind Krishna]

Trillion dollars of value by the end of the 30s.

[Jim Cramer]

Okay, look, you're deep, deep in it. Let me give you something that I'm concerned about. I have some crypto. When I think about the equations that people tell me could never be cracked get to my crypto. It sounds to me like the University of Chicago announcement. Should I be more careful?

[Arvind Krishna]

I think that you should give yourself three or four years and at that point I would get rather paranoid about it really.

[Jim Cramer]

Three or four years? That's not that long.

[Arvind Krishna]

No, that's not that long.

[Jim Cramer]

Okay. People should listen to that. I know a lot of our viewers have it. That's. That is disconcerting. I do want to get to light well but I do want to just check, check in with you. I know that it's not. It's difficult to talk about a period after you've announced something and there was an excellent article about forthright you were about a ball shortfall. Anything you can say to us about how yes, that was a moment in time and you're glad that that's past you because there's some good things that have happened because I Know that some of the costs that people have had. Even Apple's talking about the dram being 100 year flood. Are we doing okay?

[Arvind Krishna]

I think we are doing okay. The semiconductor, I'll call it the semiconductor price increases are real. I actually don't believe they'll actually go away, at least for the next couple of years. Maybe in two years, but likely they're staying with us. So we got Capex deals deferred. Here's the good news. About 40% of them have already closed in three to four weeks. We would have thought that might have taken three months, but they actually already closed. That's a good signal that it is a deferral, not a destruction.

[Jim Cramer]

Okay, I like that. I do want to give you a chance because it's something you're doing that's good for 185 of the world's top research universities. Light. Well, something that we think we. Look, we know about some of these models. They're potentially dangerous. You're trying to help.

[Arvind Krishna]

We are. So you've talked a lot about. Methos and Methods is quite real. And the danger of metals being able to find vulnerabilities and letting people exploit them is real. Venice proprietary code. The vendor who provides it should go fix it. If it's open source, which is widely used, the majority of the world uses it. Lightwell is our offering that can patch all open source. We believe that universities, where a lot of this comes from, deserve to get this for free in order to protect their faculty, their students and the research they do. So we are making a commitment that for the 185, what are called R, one of the top research universities in the country, we will give it to them gratis, with nothing expected back.

[Jim Cramer]

That's. That's the IBM way that I've come to know. And I want to thank you so much for your forthrightness. Not enough. I want to thank you for the crypto announcement because I think that's actually bigger news than any I've heard our network today. I want to thank Arvin Krishna, president, chairman and CEO of IBM. Arvin, it's so great to have you.

[Mad Money Announcer]

Coming up, should you take a bite out of Jersey Mike's? After its debut on the New York Stock Exchange, Kramer's digging into the numbers. Next

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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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Oh no.

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[Jim Cramer]

This was a tough moment to come public, so it's no surprise that when Jersey Mike subs debuted on the NYSE, the stock opened at $21, down 2 bucks from the IPO price for ending the day at $21.63. I know it's a bit of disappointment for all the great bell ringers who were here, but I got to tell you, given how oversubscribed this IPO was, I think it may actually make for an excellent buying opportunity. Yeah, I think it's Good news. Jersey Mike's is frankly a great story. The sandwich chain has 3,378 locations across the US and Canada, vast majority of them being franchisees, something like 99% up. In late 2024, the then private company was acquired by Blackstone private equity for $6.3 billion and now Blackstone's ringing the register by bringing it public. Take advantage of the fact that this change very popular. Last month Jersey Mike's was included in the American Customer Satisfaction Index Restaurant and Food delivery study for the first time and it debuted as the highest rated quick serve chain in America, unseating Chick Fil A, which had been ranked number one for the previous 11 years. The food is even great look as if even as a Philadelphia I got a bit to make a pretty good cheesesteak, but I live in New Jersey now. Maybe that's why. Maybe the best part of this whole story is that Jersey Mike's has a franchise heavy business model like Kramer Fave Yum that lets them grow like a weed. They make their money primarily from royalties and franchisee contributions to the company's advertising fund, along with supplier program payments, upfront development, franchise fees and technology fees, and profits from the three dozen stores that are actually company owned. Last year, the cash on cash returns for running a franchise came in at 42%. So it's no wonder they're popping up all over the place. That's a good business. I could use a couple of these. Just as important, Jersey Mike's had 20 consecutive years of positive same store sales growth. There were some bad years in those 20. Last year their same store sales were upper respectable 3.2%. Dipped to 2.0% in the first half of 2026. Now it would like. I'd like to see that stabilize, obviously, or even improve a bit. Company's Average unit volume, AUV, they call it, has grown steadily over the past two decades, just under $1.4 million. Management believes that they can do $2 million per unit with its Asset Light franchise focused model. The overall numbers look pretty darn good. System wide sales have risen at a 20% compound annual growth rate over the past 20 years. That's superb. Last year alone, system wide sales up about 13%. As for Jersey Mike's total revenue, it's risen at a 16% compound annual growth rate over the past four years and stood at 7, 24 million dollars since 2025, up about 11% from 2024. Their earnings for interest, taxes, depreciated amortization were up 25% last year, with their EBITDA margin rising to 4. 47% from 40% in 2024. Needless to say, that's translated to a huge increase in earnings. This business is incredibly profitable. Seems like the private equity guys at Blackstone knew what they're doing, picked it up. Speaking of that private equity ownership, this is something I usually worry about when we're talking about an ipo because it can create a huge overhang. It acts as a damper and often does. Blackstone did sell some of its position in the IPO. Of the 43 million shares sold the offering, nearly 30 million shares came from Blackstone. But the firm still owns roughly 30, 85% of the company even after the IPO. And the only thing I can say about that is I hope that they take their darn time monetizing that position. For a sophisticated firm like Black Zone, though I do expect them to exercise a certain degree of patience, especially since the stock is currently trading at only a slight premium to what they really paid for. How about the balance sheet, which I'm so worried about when I have a company that's brought public by private equity? After accounting for the proceeds from the IPO, Jersey Mike has $1.8 billion in long term debt and about 276 million in cash equivalents. So we're talking roughly 1.5 billion in net debt. Company racked up 200 million in EBITDA during the first half of the year. Assuming they put up similar numbers in the second half, Jersey Mike's would have a leverage ratio of 3.8. That is on the high side. But for a franchise business that generates a lot of cash, asset light doesn't have a ton of cash expenses, I'm actually not that troubled by it. Ideally the balance sheet should be cleaner, but for this kind of company, not really a problem. Finally, let's talk valuation. Especially after the stock came down that after prices IPO at $22 in the middle of its 21 to 25 range, Jersey Mike's shares dropped down a couple bucks today at 21. For firming up at 2163. And where the company has an enterprise value, that's the market cap plus the debt of $8.4 billion. And using my rough 2026 EBITDA estimate of $4 million, that means it has projected enterprise multiple of 21, not P E enterprise multiple. If you look at the other top restaurant chains that are franchise oriented, yum. Restaurant brands, International, Domino's, Wingstop, they all have enterprise multiples in the middle to high teens. So on that one, Jersey Mike's might be trading at a premium. Can have everything. The question is, do we have enough to think that it deserves to trade at a premium? Honestly, I think it does for two big reasons. First is something I know personally because I studied the company for a long time is leadership. After Blackstone acquired the company last year, it brought in Charlie Morrison as CEO last spring. Now longtime viewers might remember Morrison. I've been in many times here on Man Money. He served as the CEO of Wingstop during its heyday. He was the CEO when Wingstop came public back in 2015. That was a phenomenal growth stock for a long time, climbing from sevenfold seven fold from the IPO of 15 to 123 by the time he resigned in March of 2022. I met with Charlie today when he was here at the stock exchange. Had to say hi, thanked him for all the the money he made for viewers in his last gig. He's even more excited about the opportunity that has he's got with Jersey Mike's than he was with Wingstop. It is hard to disagree them actually because the growth opportunity here is enormous. Morrison says the chain can grow from around 3,300 stores today to more than this one. Took my breath away. 15,000 over time. With about half those locations domestic, half international outside the United States, Jersey Mike's is in infancy, just a couple of dozen Canada. If you look at map of their current domestic storage you can see lots of white space especially in the western United States. Morrison also told me he thinks there's a lot of room to grow in cities as urban stores were deprioritized before he took over. In the near term, the company has a development pipeline of over 1600 stores. Roughly 90% of that pipeline coming from existing franchise owners. That's very important because he knows their balance sheet. You won't be worried when you're in the franchising business unit. Growth is, is the name of the game and Jersey Mike's has it in spades. So here's the bottom line on what I regard to be a very exciting story. Wall street may not have been too, let's say, enamored by the Jersey Mike's ipo, but I think it's a great business. And this tepid start represents a terrific buying opportunity for you at home. When you have a tremendous brand, powerful growth opportunity, proven leadership, I think that's a recipe for long term price appreciation. Yeah, I like Jersey Mike's. Let's go to Chuck in Arizona. Chuck.

[Caller]

Hi, Jim, this is Chuck from Arizona. I was wondering with the recent cyber and ransomware attack and its latest earnings report, I'm wondering if I should hold on to or buy more Coca Cola.

[Jim Cramer]

KO yeah, you're absolutely fine in Coca Cola actually. By the way, Coca Cola was down really badly at one point and came right back. Why? Because this is the best packaged food company there is and I'm going to throw in a bonus prize crowdstrike. If you want to be able to worry about cyber security, that's the outfit I would buy still right here. All right, listen to me. Jersey Mike's may not have had the best debut today. It was kind of a bummer. I was so excited for everybody. But I think the sub story is worth buying here and you're getting a better price than I thought I'd have to talk about it when I wanted to do this piece today. There's much more mid money ahead, including my exclusive with the new and improved approved BlackBerry. And speaking of turnarounds, I don't think the one at Starbucks is getting nearly enough credit. People are so lost in emotion about all the other stuff that's reporting. So I'm going to check in to give you my take and all your calls. Rapid Fire, tonight's edition of the Lightning round. So stay with Kramer. You're going to like this. I want to talk to you about one of the the greatest under the radar turnaround stories I've ever seen. It's BlackBerry. Yes, BlackBerry. Back in the day, this was the original smartphone maker. Business is long gone. These days BlackBerry makes software for cars, robotics, industrial equipment and they have a cybersecurity business that's amazing. After spending years bouncing along the bottom, this Stock's up nearly 123% for 2026. BlackBerry reported a great quarter at the beginning of the month. Okay, now here's the real advantage. The Stock's down over 33% for July. It's been dragged down with the rest of tech. Business is still in great shape though. Let's check in with John G. Mateo, the CEO of BlackRock. Mr. G. Mateo, welcome to Money.

[John G. Mateo]

Thanks so much for having me on the program.

[Jim Cramer]

I find this is very exciting. When I first saw that your stock had moved and I had not been thinking about it, I said how is that possible? It's pulled back a little. What a great time for you to give us BlackBerry 101 and the reshaped company.

[John G. Mateo]

Fantastic. Hey, we just came through a massive transformation for the company focusing on two market segments for us, our Q and X which is our safety, secure embedded software business. Power 275 million cars, robotics, medical instrumentation, industrial automation. I have to tell you that business is on fire. We're seeing a tremendous amount of growth. The others real steady Eddie. And particularly with all the increased defense spending.

[Jim Cramer]

Right.

[John G. Mateo]

Secure communications business, our mobile device management, our emergency notification and we have this incredible encryption technology for voice data and video that sells serves militaries all around the world. That's the new BlackBerry. And both of those businesses are very much on a growth trajectory.

[Jim Cramer]

Okay, I want to start with the auto. I know some of the use case but that the number you gave it sounds like that you're actually on everybody's car.

[John G. Mateo]

Just about 275 million cars. Almost every car manufacturer from EV to combustion, from Germany to Japan to Korea. And everybody here in the US is as more software goes in the car, all of these OEMs are standardizing their architecture on the Q and A.

[Jim Cramer]

But at the same time you have a bit of like an ARM holdings model. So there's no great foundry up in Canada that you use and you put this stuff out.

[John G. Mateo]

We do, we do a really good job of partnering with the entire ecosystem. Deep partnership with Qualcomm in video, Texas Instruments, arm, Intel. All of the silicon that's going into the car completely standardized on Q and X. So we have a really good partnership and ecosystem approach that's getting a lot of traction.

[Jim Cramer]

So why do we need Q and X? Well, if something goes wrong, is that. Where is its critical mission?

[John G. Mateo]

Yeah, Q and A safety critical software for the vehicle. These are things when driver assist, blind spot assist, different technologies that are actually protecting, making sure that the car stops every single time when it's supposed to stop. Our software is that critical software that's making that happen.

[Jim Cramer]

Okay, so this is for say self driving. It must be incredibly important. Even more important than for a regular car.

[John G. Mateo]

Absolutely. It's a lot of design wins, a lot of activity going on in the automation space.

[Jim Cramer]

Out of 23, I mean almost everybody uses. Right. There's one that's obvious. Outlier.

[John G. Mateo]

There's one that's an outlier.

[Jim Cramer]

Yeah, yeah. Okay. Now robotics and you Q and A and robotics seem like a natural. It would be terrific for that.

[John G. Mateo]

Absolutely. We just announced a partnership with Nvidia on the Halo safety stack, which is powering robotics for all different use cases around the world. They standardized on Q and X as the robotics operating system for everything they do with their entire stack.

[Jim Cramer]

Do you think your legacy is being really the best, the hardest to crack into has helped you? Or do you think the notion that Blackbird didn't win, so to speak, hurt you? Where does it come out, your history?

[John G. Mateo]

Yeah, you know, we're, we're proud that we've had the resilience to reinvent ourselves. You know, we've tried a lot of different things over the years and over the last few years we really honed in on these two, these two market segments with Kuine X and Secure Communications. It's helped us bring us back to growth. It's helped us with margin expansion and you know what, Jim? It's helped us with cash generation. We're generating more cash now than we've made in the last five years. So a lot of good momentum on those, those two parts of the business.

[Jim Cramer]

Okay. Now I'm going to read something from the Commerce Club that really intrigued me. These are some logos primarily across government, defense and regulated industries, North America. We secure deals with U.S. air Force, U.S. cyber Command, U.S. senate, U.S. secretary, Secret Service and the White House. Are you one? Are you. Who are you beating here?

[John G. Mateo]

75% of our business in the secure communications is with large governments around the world. US Federal government, one of the most significant ones, Germany. The German government has adopted our secure encrypted technology across their entire industry. And naturally us being a Canadian company, the Canadian government has adopted a lot of our secure communications to power mission critical communications.

[Jim Cramer]

All right, so look, you do have a ton of money. Well, how do you balance buybacks, investment in Q and X acquisitions? I mean, you're in great shape.

[John G. Mateo]

Yeah. Balance sheet is strong. Yes, we're in a really good. We did some buybacks last year to help kind of move the stock to from where it was you mentioned is a little bit down in July, but.

[Jim Cramer]

Right.

[John G. Mateo]

We are up 100% year to date and we've got a lot of great momentum going into the next year. So from a balance sheet perspective, we feel like we're in good shape.

[Jim Cramer]

Okay. Just to go back once more because I think people will be shocked about about that. How much per vehicle you have a chance with alloy core to have even more content per vehicle. You want to. Are you going to be somebody like next year when I see you, it's going to be even a bigger part of every vehicle.

[John G. Mateo]

I look forward to coming back and announcing some nice alloy core wins. We've got some great momentum, tremendous pipeline. It's us moving up the stack into the middleware and becoming instead of an operating system, a platform player in the entire order.

[Jim Cramer]

I have to tell you, and I know we got to go, but when it was at 12, I said, oh man, I can't. I can't do a big thing on it because I'm so afraid I'll hurt people if I hope it comes down. It has come down. This is the level.

[John G. Mateo]

It's actually pretty good.

[Jim Cramer]

And there are a lot of people who love the brand. It's not the phone. It's better. John GM Mateo is the CEO of BlackBerry. Still be excellent. Money's back into the ring. Coming up.

[Mad Money Announcer]

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

[Jim Cramer]

It is time. It's time for the light round clearance save in the box every Bye Bye Bye Soul Silver principal graph while you're playing this town and then the lightning round is over. Are you ready dead tonight start with Riley in South Carolina. Riley.

[Caller]

Yes, sir, Mr. Kramer.

[Jim Cramer]

How you doing beta? I am having it's just a super bang up day. How about you?

[Caller]

Yes sir, it's Friday eve.

[Jim Cramer]

It is curious on your thoughts on how met I've had it for I met my mother. It's my one of my absolute favorite aerospace plays. I'd buy it right here. Aerospace been down because the oil going up. That's ridiculous. Let's go to Steve in Ohio. Steve, Dave?

[Caller]

Yes. It's nice to Hear your voice, Mr. Kramer.

[Jim Cramer]

All right. All right. Let's go to work.

[Caller]

Yeah, Farmers National Bank I'm interested in and hopefully we can find out which direction it's going.

[Jim Cramer]

Well, I think the direction is up. It's a regional bank that is doing incredibly well. You know when they get this overbought on what I regard as a good not unbelievable quarter, you got to wait until it cools down if you want to buy it. But if you do own it, please do not sell it. It's good bank. Let's go to Mitch in Florida. Mitch.

[Caller]

Hey, Mr. Kramer, I'm calling it to get your opinion on a recent stock that just listed on the dow as of July 1st. It's called bending spoons FDA.

[Jim Cramer]

There's a really good digital. It's a really good software company. And I got to tell you, people just like in sour and software companies. But I think a lot of it's just because some of these hedge funds are pressing them down. I think Bending Spoons is a good idea. But someone comes out and recommends the stock real soon. Let's go to Zach in Texas.

[Caller]

Zach.

Hey Jim, I was wondering what you thought about a company that just had record Q2 results. Best Revenue and company history, best EBITDA and free cash flow. The apes seem to like the stock. What do you think about ancient AMC theaters?

[Jim Cramer]

You know, look, it's. It's just a spec and if you want to spec, you got to have a couple good movies slayed. You do okay. It's not my thing frankly. But if you want to spec, I say AMC is fine. Now we're gonna go to Dolly in New York. Dolly. Hey Jim, thank you for being

[Caller]

show.

[Jim Cramer]

What do you think of coherence at this point? I like Coherent has come down so much as part of this mob of stocks that have come down the data center. I think it's the right level to buy. I'm going to bless it. Now we're going to go to Quentin In Georgia. Quentin. Hey, Jim.

[Caller]

I started accumulating this stock in the upper 20s and recently trimmed about a quarter of the position through their R and D. They are one of the hottest trends in plastic surgery, offering women breast augmentations with only local anesthesia and and one hour recovery time. What do I do with the rest of establishment laps? And do you see them as a takeover target?

[Jim Cramer]

This is the kind of stock I'm going to give to Ben Stoder to do a real drill down. Ben is going to know this and we're going to come back because I do not know the stock myself. And that. Ladies and gentlemen, conclusion of the Lightning Round.

[Mad Money Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, Kramer's raising a glass to the CEO of Starbucks for restoring the coffee chain to Wall Street's good graces. Next.

[Jim Cramer]

We just don't talk enough about management on the show. That's because most of the time a CEO has to play with the hand they're dealt and that hand may be more or less set in stone. It's not like a new CEO can come in and change a company's culture overnight. I can count on one hand the new bosses who could come in and turn a broken franchise into winner. Now, one of those fingers on that hand would have to be reserved by Brian Nicholl. Now he is the CEO of Starbucks. In 2018, Brian went to work fixing the broken culture and strategy of Chipotle after the company had been hit by a series of floods, foodborne illnesses, and never really recovered. Using simple tactics, blocking and tackling refreshed advertising, embracing Chipotle's reputation for natural, fresh food, he gave you an astonishing 775% return from the day he took over until he got the Starbucks job two years ago. That is astonishing. At first everyone got very excited that Brian came to Starbucks. The stock climbed from 76 to 95 one day's time. This is sensing the term might not be as arduous as people thought. Stock then continue to climb to $117 this year. But reality set in a couple of months later when the numbers didn't turn in. The stock plummeted to $75 on a sobering quarter. At that point, two things happened. One, people began to sour on the franchise itself, realizing maybe Starbucks was a lot more broken than they thought. And two, they started thinking that maybe Nickel maybe be a miracle worker, but maybe this one's a coffee shop that can't be fixed. I think they weren't listening to what Nickel was actually saying when Starbucks didn't turn immediately. Yes, there were real problems. Slow ordering, perfunctory, often not nice place, an emphasis on getting in and getting out. Aesthetic way not unlike Dunkin, no coffeehouse fuel. But there was a template that he knew worked. The template of Starbucks or at least the Starbucks evolved with the best customer service on time coffee, a great tasting brew, a nice place to sit and high but not necessarily endlessly raising prices. Hence his back to Starbucks anthem for remaking Starbucks into not a place to get coffee but a coffee house. By returning to its roots including tremendous customer service, fantastic pickup drive thru and takeout throughput. One of his specialties. Measured by a rigorous set of benchmarks per store. He could turn things around and get it done with one by one by one. Sure, it takes longer that way. Plus there were distractions. The endless price wars in China, fractious labor force, difficult decline. So he sent the China business off to a lucrative joint venture. He used the incredibly good management tools and hierarchies that turn around Chipotle. He created some new rather simple drinks because complications slowed things down. Got rid of the pit stop Starbucks. Improved the loyalty plan. Brought back the electric outlet so you can sit and have a great cup of coffee, do some work. Now he's uplifting stores. He's done about a thousand which have already brought about superior results. There are thousands more. He's already gotten Starbucks of seven point numbers in same store sales Compton in our country with earnings forecasts that are boosted, not cut. The thing most important that he's done, I mean this is amazing. He took a company that people had written off and made it into a growth business that can finally break out of this doggone trading range. He's turned Starbucks into a terrific investment. Investment again. I think the stock goes much higher and it's a terrific place once again to sip a triple venti cappuccino with skim wet. Thanks, Brian. I like to say there's always more market summer. I promise just you right here made money. I'm Drew Kramer. See you next time.

[Julia Boorstin]

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 discussed 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 what made you confident that you could do something that hadn't been done before?

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I have no fear of failure.

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Trailblazing women, Changing the game One of

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my favorite pieces of advice?

[Jim Cramer]

Think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself.

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