Mad Money w/ Jim Cramer 9/16/25

Summary

Mad Money w/ Jim Cramer — September 16, 2025

Main Theme & Purpose

This episode of Mad Money dives deep into the forces driving today's market, particularly the surprising strength and ascendance of bank stocks—most notably J.P. Morgan—as contenders for the next non-tech $1 trillion market cap. Cramer breaks down why banks are soaring, discusses the broader implications of Fed rate policy, hosts a segment with Apple CEO Tim Cook on American manufacturing and tech innovation, and features cybersecurity insights from CrowdStrike's CEO. The show caps off with listener questions, a rapid-fire Lightning Round, and market analysis around data center power players.

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Key Discussion Points & Insights

1. The Rise of Bank Stocks (J.P. Morgan’s Trillion-Dollar Run)

• Cramer’s Big Observation: Contrary to common forecasts, Eli Lilly (big pharma) is no longer likely to be the next non-tech $1T stock; instead, J.P. Morgan (and other banks) are making a strong move ("a run for the roses move that's as breathtaking as it is obscure" – [03:48]).
• Market Context:
  • J.P. Morgan's market cap sits at $850 billion, up 29% for the year.
  • Eli Lilly is stalled, in part due to competition from Novo Nordisk and investor reluctance to buy drug stocks ahead of Fed rate cuts ([04:08]).
• Why Banks Are Hot ([05:31]):
  • Industry-wide multiple expansion: Investors are paying higher price/earnings ratios for banks for the first time in years.
  • Earnings are rising—both P/E ratios and profits are increasing for banks like J.P. Morgan, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley.
  • Analyst Mike Mayo's note, "Goliath is Winning," highlights deregulation, robust capital markets, and strong credit quality as tailwinds ([06:40]).
• What Makes J.P. Morgan Special? ([07:50]):
  • Leadership under Jamie Dimon.
  • Breadth in lending, capital markets, trading, and global reach.
  • Valuation remains attractive relative to other large caps ([08:38]).
• Cramer’s Take: "I'd much rather have a market led by the banks than a market led by big pharma." ([09:48])

2. Federal Reserve Rate Cut Fears

• Cramer's “Biggest Worry” ([26:52]):
  • A new Fed rate cutting cycle may not work as intended; previous cycles saw long-term rates spike, hurting rate-sensitive stocks despite short-term rate cuts.
  • Bond market rebellion is possible if inflation isn’t tamed, the budget deficit haunts, or tariffs push prices up.
• What’s Different in 2025?
  • Labor market is much weaker now, and the administration may take novel steps (e.g., Treasury shifting bond issuance) ([29:20]).
  • Cramer: "Tomorrow the Fed’s likely to start a new rate cutting cycle. And while that should be good for stocks, you've got to keep in mind the possibility that the rate cuts just won’t work." ([32:52])

3. Apple CEO Tim Cook Interview: American Manufacturing & AI

• Theme: Apple’s investment in US manufacturing, changing global supply chains, and the future of AI in Apple products ([13:21]–[25:51]).
• Key Insights and Quotes:
  • On the CEO role:
    “It’s an incredible job and it’s a privilege of a lifetime to have it...I can’t imagine life without it.” — Tim Cook ([14:13])
  • On Apple’s US investment strategy:
    “It’s not really bringing it back because that manufacturing was not here to begin with...[but] a lot of advanced manufacturing can be done in this country and be done competitively in this country now.” — Tim Cook ([14:58])
  • On AI Criticism:
    "There’s a lot of AI in the iPhone...we integrate AI across our operating system." — Tim Cook ([18:00])
  • Apple's partnership with OpenAI, future integration into Siri ([19:26]), and the expectation that AI is "the most profound technology of my lifetime" ([19:52]).
  • On EU technology regulation:
    “Unfortunately, the Digital Markets Act is very difficult to navigate...this is an unfortunate side effect of a very rigid regulation.” — Tim Cook ([23:33])
  • Career advice for young people:
    “My advice is to follow your passion and find something that helps other people. If you can find the intersection...you can earn a great living.” — Tim Cook ([24:56])

4. CrowdStrike CEO George Kurtz on AI Security & Threats

• Falcon Conference Key Announcements ([35:26]):
  • Protecting AI agents—securing not just human users, but the digital AI “super humans” now operating across networks ([36:23]).
  • Acquiring Pangea to bolster AI agent defense.
  • Partnering with Salesforce ([39:03]) to secure SaaS and AI agent identities, including giving AIs their own employee IDs.
  • Working with Nvidia on autonomous security and the next step toward security AGI (Artificial General Intelligence).
  • “If you can have an autonomous car, you can have an autonomous SOC with an autonomous security analyst. And that’s what we’re building...” — George Kurtz ([41:14])

5. Rapid-Fire Listener Q&A & Stock Analysis

• Target (TGT) Concerns ([10:08]):
  • New CEO transition, tariff worries, and a 33% stock drop put Cramer in “wait and see mode.”
• Costco (COST) Long-Term Value ([33:32]):
  • Always expensive but worth averaging in; “Buy this slowly...Don’t buy it all at once.” — Cramer ([33:56])
• Lightning Round features takes on Apple’s satellite partner GlobalStar, gold mining stocks, and more ([42:34],[43:02]).
• Bloom Energy as a Data Center Winner ([44:02]):
  • Fuel cell power solutions have surged from obscurity, now vital for data center power needs, explosive stock gains ("up roughly 230% YTD" — [44:02]).
  • Cramer regretful for missing the wave but advises patience: "At this point, I think all I can do is wait for a better entry point..." ([46:05])

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Memorable Quotes & Moments

The Banks’ Resurgence

"A bank stock putting on that kind of market cap right on the eve of an incredibly important Fed meeting—what's going on here?"
— Jim Cramer, [03:55]

“At the end of the day, the price/earnings multiple is the arbiter of what’s cheap and what’s expensive on next year’s earnings estimates. And you’re talking cheap, cheap, cheap.”
— Jim Cramer, [09:07]

Apple’s Manufacturing Philosophy

“We’re an American company, and we’re a proud American company, and we want to do as much in the United States as we can, not only for product we sell in this country, but for product that we sell around the world.”
— Tim Cook, [16:25]

"I see AI as the most profound technology of my lifetime."
— Tim Cook, [19:52]

On the Dangers of AI in Cybersecurity

“AI is democratizing destruction. It’s making it easier and faster for the adversaries to be able to get in and look legitimate...”
— George Kurtz, [38:41]

"We have customers now that are actually assigning employee IDs to AI agents."
— George Kurtz, [39:22]

Navigating the Fed & Markets

"My biggest fear is that once the Fed starts cutting rates, we’ll see the same thing we saw a year ago...the rate cuts ended up being totally counterproductive and self-defeating."
— Jim Cramer, [26:52]

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Timestamps for Important Segments

• [03:53] — Cramer opens on the trillion-dollar chase, bank stock surge, and market leadership.
• [10:08] — Caller question on Target (TGT), CEO transition, and tariffs.
• [13:21]–[25:51] — In-depth Tim Cook (Apple) interview: US manufacturing, AI strategy, regulation.
• [26:52] — Cramer on Fed fears and long vs. short rates.
• [33:32] — Caller on Costco, long-term buy philosophy.
• [35:26] — George Kurtz (CrowdStrike CEO) on AI security, partnerships, and cyber threats.
• [42:34] — Lightning Round (quick stock Q&A).
• [44:02] — Cramer’s analysis of Bloom Energy in data center buildouts.

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Summary Flow & Tone

Cramer’s signature energetic, opinionated, and educational tone guides listeners through the complexities of market dynamics—from the parade of bank stocks breaking out, to Apple’s strategic commitment to US manufacturing and AI leadership, to the evolving challenges in cybersecurity. The episode is packed with actionable insight, big-picture analysis, and lively Q&A—always aiming to help listeners “make a little money” and navigate the twists of Wall Street.

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For New Listeners

This episode is a must-listen for investors curious about the unusual rise of financials, the behind-the-scenes of Apple’s US manufacturing push and AI integration, defense strategies against new cyber threats, and the practical impact of central bank decisions on your portfolio. Cramer keeps it real—expect a blend of sharp skepticism, humility about missed calls, and hope for the next big opportunity.

Transcript

[Fidelity Representative]

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[Podcast Host (Only Murders in the Building)]

Welcome to Only Murders in.

[Jim Cramer]

The Building the Official Podcast.

[Michael Ciro Creighton]

Join me Michael Ciro Creighton as we go behind the scenes with some of the amazing actors, writers and crew from Season five.

[Podcast Guest or Actor]

The audience should never stop suspecting anything.

[Podcast Host (Only Murders in the Building)]

How can you not be funny crawling.

[Podcast Guest or Actor]

Around on a coffin?

[Podcast Host (Only Murders in the Building)]

Yeah, that's true.

[Michael Ciro Creighton]

Catch Only Murders in the Building Official Podcast now streaming wherever you get your podcasts and watch Only Murders in the Building streaming on Hulu and Hulu on Disney for bundle subscribers. Terms apply.

[Mad Money Disclaimer Narrator]

Sam.

[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Crame America. Other people may Friends I'm just trying to make you a little money. My job is not just to entertain, but to teach. Put it in context. So call me at 1-800-743- CNBC. Tweet me imkramer not that long ago, pretty much everybody assumed that the next non tech stock to cross the trillion dollar threshold would be the stock of Eli Lilly. Why not? They've developed a weight loss and diabetes wonder drug with incredible prospect. This market plays many tricks on us every day, including today where The Dow dipped 126 points as we declined 0.13% and the Nasdaq edge down 0.07%. The anomaly this time it looks like the next trillion dollar stock won't be Eli Lilly. If anything, it's more likely to be the stock of J.P. morgan, a bank. Right now, Lilly's market capitalization is roughly $724 billion, but JP Morgan's at just over 850. 50 billion. Up 29% for the year. Meanwhile, Lilly's down oh so slightly. To me, this is a monumental move, people. A bank stock putting on that kind of market cap right on the eve of an incredibly important Fed meeting where everyone seems to be expecting a quarter point rate cut despite a recent uptick in inflation. What's going on here? First, understand the trillion dollar barrier is really hard to cross. Right now there are only nine members of the club in video at an astonishing 4.2%, 4.2 trillion. Then Microsoft close behind a 3.8 trillion Apple 3.5 trillion Alphabet which just crossed the $3 trillion threshold. Amazon at $2.5 trillion. Matt at $2 trillion. Broadcom at $1.7 trillion. And there comes Tesla yen, $1.4 trillion. And at last, hanging on by a thread is Berkshire Hathaway at $1.06 trillion. They're all more or less tech companies except for Berkshire. Oh, I thought Lilly would be next. The GOP Dash ones are just that huge. Today, Lilly announced plans to build a $5 billion manufacturing plant in Richmond, Virginia. As we told members of the investing club this morning, this facility marks the first of four, four American plans for targeting cancer and autoimmune drugs. They also need another plan for the pill version of the GLP1 drug, which hasn't been approved yet, but could turn out to be much bigger than the current injectable version of the drug. When you consider all the indications for this thing, including the already approved chronic weight management, diabetes and obstructive sleep apnea indications, and the fact that it might be approved for heart failure, hypertension and even chronic kidney disease, well, you can see why the betting line favored Lulu across the trillion dollar finish line first. But Lilly stock has been stalled in part because it has a vicious, some would say desperate, rival in the form of Novo Nordisk, which is doing quite poorly but has a very good compound. Plus, you aren't supposed to buy drug stocks if the Fed's going to cut interest rates. They are toxic at this point in the business cycle because it should accelerate the economy. So you should avoid so called safety drug stocks. And of course, the President seems to be hostile to the industry. They're building plants in America that could help Lily. Meanwhile, like a horse that's bided its time but is now at the far turn, J.P. morgan stock is putting on a run for the roses move that's as breathtaking as it is obscure what's propelling it first. It's not the only bank that's making a ferocious move. Citigroup for example, which had been in the doldrums for so so long, just crossed the $100 mark. What a 43% rally for the Citigroup star. That's a remarkable move in itself. Wells Fargo and Bank of America have been climbing to up more than 15% each. The so called investment banks Goldman Sachs and Morgan Stanley have been running like crazy with Goldman up 37%, Morgan Stanley of 24%. But if you ask me, the real rocket fuel, it's the expansion of what we call the price to earnings multiple or what we will pay for the company's earnings. Right now people are simply willing to pay more for the banks. We don't talk enough about the P E price to earnings multiple around here. A topic to which I spend a lot of time. Time in my next book, believe me, how to Make Money in Any Market comes out in two weeks because it's just so darn important. See, I don't think people realize that the price earnings multiple is at the heart. It's the fundament about how stocks trade. The multiple can rise even when the earnings estimates stay the same. That's called multiple expansion. It can move up a stock. Or the multiple can stay the same when the earnings estimates rise, which gives you a higher stock price too. In the case of the banks, it's both. That's right, both the earnings are going up and the price earnings multiples increase. See, at the same time it's remarkable because we're less than 24 hours away from a Fed meeting that would normally upset the financials if it backfires. And if you want to know what it means for a rate cut to backfire, stay tuned for the rest of the show. Right now though, the market's saying that the Fed doesn't matter to the bank stocks, which is nuts because the Fed matters immensely to the actual banks. Now some of that is because of this multiple expansion I just referred to. JP Morgan stock has been consistently selling for about 414 times its earnings for many, many years. Dramatically lower than the 22 times earnings bogey of the S&P 500. But it's been levitating alongside the earnings estimates all year. Now JP Morgan sells for 15.7 times this year's numbers, up from 14. Goldman Sachs and Morgan Stanley have also making gigantic moves. They now sell at 16.9 and 17.5 times earnings respectively. It is what we call a wholesale revision and it's only gaining steam now. Kudos to Mike Mayo, the uber bullish bank analyst at Wells Fargo who has a terrific piece out just today entitled Goliath is Winning. He upped his price targets for all these banks, making it very clear that the capital markets are really getting hot with some terrific tailwinds like Trump, deregulation, even credit quality, which has been remarkably good during this period. His favorite has been Citigroup, which CEO Jane Fraser has rescued from Murray obscurity. Recall, I happen like Wells Fargo where Mayo toils because CEO Charlie Sharp has resurrected this bank, this time from regulatory hardship. That said, JP Morgan's got something special. It excels at so many things. Lending, capital markets, trading and perhaps most important, statesmanship. With CEO Jamie Dimon performing at a level that's rare for any industry. JP Morgan has always been a top quality bank, but it's now become a fantastic place to work and its global reach is unmatched. There's a reason its market cap is so much bigger than the other major banks. Can this continue? I have to tell you, if you look at the forward multiple, meaning how much JP Morgan's trading on versus next year's earnings estimates, the answer is a resounding yes. Because this one sells for just 15 times the 2026 estimates. That's puny. Goldman Sachs and Morgan Stanley trade at roughly the same levels. But Wells Fargo, bank of America and Citigroup sell it ridiculously low, around 10 to 12 times next year's numbers. That's not sustainable. It's going to go higher. At the end of the day the price journeys multiple is the arbiter of what's cheap and what's expensive on next year's earnings estimates. And you're talking cheap, cheap, cheap. So yeah, my original prediction will likely be wrong. Eli well is probably not the next non tech stock to cross the trillion dollar barrier. But man, what a way to be wrong. I'd much rather have a market led by the banks and a market led by big pharma. The bottom line, I've been waiting for years for the banks to get higher priced earnings multiples. They're incredibly important to the broader market. When the banks are winning, it's a terrific sign for the overall trading. Remember this tomorrow if the averages take a hit from the Fed because once multiple expansion starts, it's not easy reverse we might be okay. These are hard fought moves and I bet that they're just at the beginning. Julio in Pennsylvania. Julio.

[Caller or Guest (various callers)]

Hey Boya Jim, it's Julio here from Pennsylvania.

[Jim Cramer]

Great to have you on the show. How can I help?

[Caller or Guest (various callers)]

Hey, I called a few months back about targets. It was an historical low back then. I picked up some shares. I'm a little underwater, but, you know, the stock's dipping further now with the CEO transition and some tariff noise in the mix. Trying to decide what to do here. What are your thoughts?

[Jim Cramer]

Well, the stock's down 33%. I am in a wait and see mode on this. Why? Because I want to know this new CEO. I want to know what he's cut out. I don't know whether he's the right guy or we have to wait and see before I would possibly advise you to think that there's more to buy. And Julio, thank you again for calling. All right, look, when the banks are winning, it's a tremendous sign for the market. Remember that tomorrow in case the averagers take a hit from the Fed on My Money tonight. Unsurprisingly, there was so much to discuss with Apple CEO Tim Cook last week that we are airing the next part of my exclusive sit down from the Corning plant in Harrodsburg, Kentucky, where the glass for every iPhone and Apple watch will be born. You won't want to miss it then. Tomorrow afternoon, we will learn the latest decision on interest rates. And with it being pretty clear that the Fed is going to start a new rate cutting cycle, I'm going to share with you one of my biggest worries about what could happen. Plus, CrowdStrike had a bunch of announcements from its annual customer conference, Falcon. And I'm getting the latest of the company's top brand. So stay with Kramer. Don't miss a second of Mad Money. Follow imkramer on X. Have a question? Tweet Kramer Madmentions. Send Jim an email to madmoneycnbc.com or give us a call at 1-800-743-CNBC. Missed something? Head to madmoney.cnbc.com if you could hear.

[Podcast Host (Only Murders in the Building)]

Love, what would it sound like?

[Jim Cramer]

Son, can we talk about your drinking? Yeah, Dad, I think we should.

[Podcast Host (Only Murders in the Building)]

Helping those closest to you think about their excessive drinking.

[Jim Cramer]

Maybe that's what love sounds like. [e-mail] an OHA initiative.

[Podcast Host (Only Murders in the Building)]

Welcome to Only Murders in the Building, the Official Podcast.

[Michael Ciro Creighton]

Join me, Michael Ciro Creighton, as we go behind the scenes with some of the amazing actors, writers and crew from season five.

[Podcast Guest or Actor]

The audience should never stop suspecting anything.

[Podcast Host (Only Murders in the Building)]

How can you not be funny crawling around on a coffin? Yeah, that's true.

[Michael Ciro Creighton]

Catch Only Murders in the Building official podcast now streaming wherever you get your podcasts and watch Only Murders in the Building streaming on Hulu and Hulu on Disney. For bundle subscribers, terms apply.

[Jim Cramer]

We quilt this city.

[Caller or Guest (various callers)]

We quilt this city with a comfy.

[Fidelity Representative]

Roll with quilted Northern, to be specific.

[Jim Cramer]

So cushy and so plush. Just give it a try. Feeling is believing. Quilted with three cushy layers for your comfort.

[Caller or Guest (various callers)]

The quilted comfort of quilted Northern.

[Jim Cramer]

We know what's comfy and now you do too. Keep it quilted with quilted northern. Last Friday, I got a chance to check in with Tim Cook, the CEO of Apple at Corning's iPhone glass manufacturing facility in Harrodsburg, Kentucky. We've been broadcasting that interview over the course of multiple days because when you get an interview with Tim Cook, it's market moving and you need to see every bit of it. This does priceless, but does also explain some of the big move we've seen in the stock lately. We've got one more piece of this huge interview with the CEO of arguably the best company in the world. Take a look. Did you ever think, Tim, that the role of a CEO would be a global ambassador and also someone who has to try to make peace with India, with China, with the White House? This isn't what you got in this.

[Podcast Host (Only Murders in the Building)]

Business for, you know, it's an incredible job and it's a privilege of a lifetime to have it. The people that I get to work with are just unbelievable. We trust each other, we collaborate with each other, and I just, I can't imagine life without it.

[Jim Cramer]

Well, a lot of people I think would say when you hear something like, and we did this, we heard this. In truth, social. I have long informed Tim Cook of Apple that I expect the iPhone will be sold in the United States. We manufactured and built in the US Not India. Now that's the kind of thing where you read it in truth, social media, you say, geez, maybe I had to reconfigure things. Right?

[Podcast Host (Only Murders in the Building)]

Definitely a motivator. Definitely a motivator. And, and so what? But what we were doing, Jim, since we announced a $500 billion commitment toward the beginning of the year, we were continually working to come up with more ways to, to bring manufacturing into the United States. It's not really bringing it back because that manufacturing was not here to begin with, Right. And we came up with several things that we could do, do more of. One was the glass that you saw today. And we're thrilled with how this project is going. Another is stitching together the end to end silicon supply chain. I'm really pleased with how that's going. And yet another One that's a little different than both of those is a deal that we did with MP Materials to do rare earth magnets in the United States. And. And so a lot of advanced manufacturing can be done in this country and be done competitively in this country now.

[Jim Cramer]

So a shareholder should feel that even though these international markets are so huge, it's okay to make these things here in. Okay to commit 600 billion. It was a big deal to commit 1 billion in 2017 when we first took 600 billion. That's a huge chunk of any of a country.

[Podcast Host (Only Murders in the Building)]

It is a huge one. But we're an American company, and we're a proud American company, and we want to do as much in the United States as we can, not not only for product that we sell in this country, but for product that we sell around the world. And so, you know, we do have a global footprint and sell quite a bit of product outside the United States.

[Jim Cramer]

Is the administration keeping track of how much you're spending?

[Podcast Host (Only Murders in the Building)]

We're in constant communication. We have a very good relationship. It's very positive. And to their credit, they are focused on regulation and trying to decrease the amount of regulation that it requires to build a new factory, to build a new data center, et cetera.

[Jim Cramer]

Did the tariffs work in the sense that they are bringing companies back and they gave us a level playing field, which I think you and I would always think if us had a level playing field, we would win.

[Podcast Host (Only Murders in the Building)]

I think they're a motivating factor for many businesses, and I hope that there are other factors as well. Like, for example, in this factory, what you get a sense of here is it's not just one thing. It's innovation plus cost, competitiveness plus quality. It's the sum of all of these things coming together.

[Jim Cramer]

Let's talk about the phones we saw today. There's a sense from the critics that they don't have enough AI. I always think, if they don't have enough AI, then why isn't everyone going to Samsung? The numbers don't show that people are feeling fed up with your AI, do they?

[Podcast Host (Only Murders in the Building)]

There's a lot of AI in the iPhone. And what we do, you know, is try to do things that are in the background for people and then surface them when they're in the app. And so we integrate AI across our operating system. You might come across it in doing something like smart replies or mail summarization. You might come across it if you wanted to do some visual intelligence, you know, like saying, what. What is this piece of machinery over here? Or whatever, you may come across it in the future with live translation. Right. And so there's all kind of things built in. And then in addition to that, we're working on a personalized Siri that will be available next to year and we are very excited about this.

[Jim Cramer]

Will I be able to use a personalized Siri to be able to connect in a way that I do with. With a perplexity or chatgpt? Will you have to develop that? Or after that incredible decision by a district court judge saying, listen, the relationship you have with Google's fine, yes, they should pay you well, it will the tables turn. A lot of people thought you would have to buy somebody. I mean, but the way I look at it, if that decision, people should want to access your 1.2 billion users, that to me, it went from you paying them to they paying you.

[Podcast Host (Only Murders in the Building)]

You can already. Because we've integrated OpenAI into the operating system. You can already use OpenAI with Siri, and so that's available today. But there will obviously be a finer integration in the future.

[Jim Cramer]

But there are discussions right now about the way to go.

[Podcast Host (Only Murders in the Building)]

I presume we are having great discussions. I can't really talk about this.

[Jim Cramer]

I know if you did that, you wouldn't be Tim Cook.

[Podcast Host (Only Murders in the Building)]

Right. But basically, Jim, I see AI as the most profound technology of my lifetime. It's that statue. And you think about all the things that have happened in both of our lifetimes, that's really making a statement. And so we are all in now.

[Jim Cramer]

Do I. When I look at what you're doing right now, I think that each ones of these phones have more AI, but you don't talk about it enough. I don't find out until I own the phone. The AI that you have, there were people. There's someone who downgraded your stock the other day, said there isn't enough AI in it, but they don't even have it yet.

[Podcast Host (Only Murders in the Building)]

Yeah, I can tell you that it's all over the applications. It's all over things that you use and where you are, from notes to messages to mail, all the things that you normally use.

[Jim Cramer]

Well, I think that I do want to try to figure out what can't be done here. I mean, what. I mean, we're not making liquid crystal display, even though Corning does that. I'm not seeing that made here. There are certain parts of this that involve the camera. I'm not seeing that made here. Do you think, you know what, the president, who says he wants everything made here, is he keeping score and saying you know what? Yeah, sure, they got the glass, they got some of the semi, but I want the camera made here. Is that realistic?

[Podcast Host (Only Murders in the Building)]

There's 19 billion chips made in America all already. And we're scaling that further. And so there's significant semiconductor presence in the United States. You know, we have relationships with many of the people that you report on. And so that, that feels like we've planted seeds and it's growing and doing, doing well. We're also, as you know, continuing to ramp with TSMC in Arizona.

[Jim Cramer]

Right.

[Podcast Host (Only Murders in the Building)]

And this is a very key project.

[Jim Cramer]

Now what we're seeing here, can it be replicated? And I say that we see these gentlemen who've been working here for years and we think that we see this plan. It's been so many iterations. Is this something that one of Apple's legacies? I know you want healthcare as your legacy. Should it be that you can bring back. I know some places have never even had. But you can change the landscape of our nation with five. With 600 billion.

[Podcast Host (Only Murders in the Building)]

With 600 billion, we hope to do exactly that. And so when you think about, we do business with 79 factories across the United States today. Each of these, there's a story behind. There's a story of a community, there's a story of multigenerational workers. There's a story. Story of earning enough to earn a good living. Not just earn, not just having a job, but earning a good living. And we're very proud to be a part of that.

[Jim Cramer]

You should be. I would think, though, that we may not have the education system to do that. Can some of that money be used for education? You could endow better endowment than Harvard University of Texas, whatever. I have to believe that you're going to have to do that too.

[Podcast Host (Only Murders in the Building)]

It's part of what's behind the thinking behind the manufacturing academy that we put in Detroit because we want to train small and medium businesses to be in the manufacturing business in America.

[Jim Cramer]

Now the eu, you're not let there, they don't have the translation yet. They're not allowed to. What's going on?

[Podcast Host (Only Murders in the Building)]

Yeah, unfortunately, the Digital Markets act is very difficult to navigate. And so there are several innovations that we will bring to the EU, I hope over time, but need to be delivered in a different manner than they're delivered in other parts of the world. This is an unfortunate side effect of. Of a very rigid regulation.

[Jim Cramer]

What's your message to the administration about how urgent what you're doing is and whether the urgency is felt throughout all of business? Because obviously you're well ahead of everyone else in this country.

[Podcast Host (Only Murders in the Building)]

Well, we feel good about where we are and we feel that we can be the ripple in the pond. And so stitching together the semiconductor supply chain will not only help Apple, it will help other companies do more in the United States. And so the bringing rare earth magnets into the United States, that will also help other companies as well. So I, I hope to be a ripple in the pond here.

[Jim Cramer]

And what's your message to young people who feel that AI is going to take their job, that the opportunities for them are not nearly as good as their parents or their grandparents? What do you say to them? Tim?

[Podcast Host (Only Murders in the Building)]

You know, I think there's always been these moments over time where fear crept into our psyche. We feared the spreadsheet. Some accountants and different analysts feared the spreadsheet. But there's probably more of those today that exist than were there before that. We feared the word processor. I'm not saying AI is like the spreadsheet in the word processor. It's much more profound than that. But I think that there will be great opportunities for young people. My advice is to follow your passion and find something that helps other people. And if you can find the intersection of those two things, following your passion that helps other people, you can earn a great living.

[Jim Cramer]

Well, let's leave it right there. Thank you to Tim Cook. Thank you for your time. Thank you. Appreciate it.

[Podcast Host (Only Murders in the Building)]

Thank you.

[Jim Cramer]

That's the sound of the fully electric Audi Q6E Tron and the quiet confidence of ultra smooth handling. The elevated interior reminds you this is more than an ev. This is electric performance redefined.

[Podcast Host (Only Murders in the Building)]

Welcome to Only Murders in the Building the official podcast.

[Michael Ciro Creighton]

Join me, Michael Ciro Creighton, as we go behind the scenes with some of the amazing actors, writers and crew from season five.

[Podcast Guest or Actor]

The audience should never stop suspecting anything.

[Podcast Host (Only Murders in the Building)]

How can you not be funny crawling.

[Podcast Guest or Actor]

Around on a coffin?

[Podcast Host (Only Murders in the Building)]

Yeah, that's true.

[Michael Ciro Creighton]

Catch Only Murders in the Building Official Podcast now streaming wherever you get your podcasts and watch Only Murders in the Building streaming on Hulu and Hulu on Disney for bundle subscribers terms apply.

[Jim Cramer]

Tomorrow afternoon we'll find out the Federal Reserve's next move on interest rates. Like most people, I'm expecting a quarter point cut because over the past month and a half we've learned that the labor market has weakened substantially since the spring. But tonight, as we get set to embark on a new rate cutting cycle, I want to spend just a couple of minutes talking about one of my greatest fears, fears for this market. My biggest worry right now is that once the Fed starts cutting rates, we'll see the same thing we saw a year ago. Yes, almost exactly a year ago. Date short rates go lower, that's the ones that the Fed controls. But long rates, the long term interest rates, the one set by the bond market, soar higher. The rate cuts ended up being totally counterproductive and self defeated. Let's go through what happened last year because it's the Nightmare scenario for 2025. Almost exactly one year ago, the Fed blessed us with a generous double rate cut, then followed up with 2 more regular rate cuts in November December. But almost exactly when the rate hikes began, long term interest rates started climbing. It was a bond market rebellion. Look at this chart of the 10 year treasury yield dating back to the beginning of 2024 for last year's has started to become clear that the first rate cuts were coming. The yield in the 10 year tumbled from north of 4.7% in April to a low of just under 3.6% in mid September. Crucially, that low was set the day before the Fed announced its first rate cut. And then almost immediately after that cut, the yield on the ten year started screaming higher. By the end of October it was at nearly 4.3%. By the end of December it was just under 4%.6% and it kept going until mid January when it finally peaked at just over 4.8%. After that the 10 year yield was pretty volatile, falling quickly as the market sold off earlier this year and briefly falling below 4% during the post Liberation Day washout in April before quickly bouncing back, Then stabilizing the 4.2 to 4.4 range where it was for most of the summer. It's only this month that the 10 year yield fell below that level level once again in anticipation of another rate cut cycle from the Fed starting again. We saw the same thing with the 30 year, except the 30 year didn't actually peak until May and it hasn't pulled back as much from the highs. By the way, the 30 year just that's what the mortgages are really priced off of. So again, my biggest concern is that the same thing happens this time around, that we kick off a new rate cutting cycle tomorrow with a 0.25 basis point cut. And then the Fed loses control of long term interest rates rates. Why am I so worried about this? Because pretty much all the stocks that are hostage to interest rates have been rallying nicely of late. And if long rates start rising again, I think they're all going to roll over. Yeah, think about the homebuilders with the iShares US Home Construction ETF up almost 20% since the end of June, the 30 year treasury yield screams higher again. Those gains will disappear. Same goes for the automakers, the material stocks and the non data center industrials. From my perspective that could be a disaster for this high flying market. But how likely is it that we'll get that repeat of last year? Thankfully there are some similarities but some differences. One of the main reason I'm worried about this is the simple fact we haven't really defeated inflation. Long rate spiked last year because when the Fed started cutting, inflation heated up again. The Consumer Price Index grew by just 2.4% last September but by January was going at a 3% clip again. And look, the CPI came in at 2.9% in August, the highest level since January. This remains a real problem. That's why when Jay Powell spoke at Jackson Hill last month he talked about the balance of risk. The Fed has no good choices this week. Inflation's too high, but the labor market's also deteriorating too rapidly for Powell to do nothing. Problem is the bond market doesn't like it when the Fed cuts rates during a period of heightened inflation. On top of that, we still don't quite know what the tariffs are going to do to prices. There's a sense that some companies have been holding the line on prices for a few months in part because of front loaded imports and in part by sacrificing margin for the time being. But at some point those companies might have to give in and raise prices as well. Third, the bond guys worry about the budget deficit and that certainly hasn't improved versus last year. Many would argue that it's gotten worse if the President's one big beautiful bill act. When longer term treasury yields spiked last year, we started hearing about weaker demand for U.S. treasuries for the first time in ages. That hasn't been much of an issue lately. But if the bond market starts carrying out the budget deficit again, oh man, that's a real problem. That's why I am worried. Then again though, this year might really be different. For starters, the labor market seems to be materially weaker this time around. The headline unemployment rate may not be all that different. It was 4.3% in August of this year from 4.1% last September. But over the last four months we've added just 27,000 jobs per month on average. A year ago is 1,000. It was 110,000 per month in the four months leading up to the first rate cut, what a monumental difference. The weakness in the labor market seems real and it reflects some hidden weaknesses in the economy that then we won't likely get a repeat of last year. While I wouldn't call that a good outcome, it's an outcome that will prevent the all important bond market from going insane. Secondly, things are different. Well, President Trump wants to bring interest rates down by any means necessary. I'm not sure how we can apply pressure to the bond market, but you know what, I wouldn't put it past him. Plus the action, the bond market a year ago didn't really affect stocks until the Fed stopped cutting rates in December. That was the peak. Now that Trump's getting more of his own guys, the Federal Reserve, I think they're less likely to stop cutting once they start. There are also other measures that we could see from the administration to try to push longer term rates lower. The Treasury Department could start selling fewer long term bonds, utilizing more short term bonds to fund the government. That's actually something that treasury is already doing under Besson and they've indicated that they'll keep up the strategy for at least the next several quarters. Maybe that makes a difference. But here's the bottom line. Tomorrow the Fed's likely to start a new rate cutting cycle. And while that should be good for stocks, you've got to keep in mind the possibility that the rate cuts just won't work. That's what happened last year. It could happen again. I don't know if it will, but it's something you need to keep an eye on. As long as you're prepared, you'll have a much easier time handling any twist the bond market market might throw at us. After we get the Fed's verdict. Let's take some calls. Let's start with Jose in Florida. Jose.

[Caller or Guest (various callers)]

Jim, thank you for taking my call. First time call. I've been watching your show for the past 20 years.

[Jim Cramer]

Oh, fantastic. How can I help you, boss?

[Caller or Guest (various callers)]

I've been working for Costco since 2002. The last time Costco stocks was 2001 and I've done pretty well. Been buying the stock since it was $27 a year. Now they are now just a share. But on behalf of the little guy Costco employees that I knew that cannot afford it.

[Jim Cramer]

I think that Costco is a great long term hold. There's never been a moment where it's cheap. And that is something that the late Charlie Munger talked about. He was on board of Berkshire Hathaway. Never. So my belief is that you Buy this slowly. You want to buy 50 shares, buy 10 here, wait for it to come down. I think it's a great stock. Don't buy it all at once. The Fed's new rate cutting cycle should be good for stocks, but you have to keep in mind that rate cuts don't always work as intended. They sure did not. It didn't work last year. How about that? Now there's much more made money ahead, including my exclusive with CrowdStrike. From an acquisition to partnerships with Nvidia and Salesforce, I'm breaking down all the exciting headlines for the company. Customer conference with the CEO himself. And Bloom Energy has emerged as a powerhouse in the data center build out. And after soaring over 600% in the last year. Did investors miss the boat or could there be more legs to the story? I'm going to give you my take. And of course, oil calls rapid fire in tonight's edition of the Lightning Round. So stay with Kramer. This week, CrowdStrike's holding its annual Falcon Conference out in Las Vegas, which is a large customer event that tends to give you some terrific insights in the cybersecurity business. So far, we've heard about a lot of expanded partnerships, new products, and even an acquisition. What does it all mean for the stock? Let's take a closer look with George Kurtz. He's the founder CEO of Strike. Mr. Kurtz, welcome back to Mad Money.

[Podcast Guest or Actor]

Great to be here, Jim.

[Jim Cramer]

All right, so George, just fill us in. First of all, what this conference is like right now, given the fact that the elevation of threats is obvious.

[Podcast Guest or Actor]

Well, Jim, this is our biggest Falcon yet. We're in Las Vegas. We have to keep moving up hotels. We've got 8,000 people here, over 3,000 different organizations, and they're here to talk about CrowdStrike, how we're solving big problems. And of course, we're in our Expo, which our ecosystem and our partners are a big part of our success. So lots of energy, lots of buzz and it's fantastic to be out here talking with you.

[Jim Cramer]

Now, I found that when I looked through some of the, some of the documents, things that you're talking about, I find this theme over and over again, which is agentic security is on your mind. I hope it's on everybody else's mind because it sure does sound like our whole system is in danger and we're leaping into a new world and maybe we haven't thought about the security of the new world.

[Podcast Guest or Actor]

Well, absolutely, Jim. And let me tell you about the opportunity in front of us when you look at the company. We're celebrating our 14th anniversary from when I started big. Part of our success has been protecting humans, protecting the data they interact with, protecting their workflows, protecting what they do. And when we look forward and we think about AI agents, they're just super humans. They have access to data and compute and workflows and other parts of the network. So protecting what those AI agents are doing is critical. And this is what we announced today, and the opportunity in front of us, if we think the opportunity is big to protect computers, it's 100x to protect all the AI agents going forward. And we're in the perfect spot to be able to do that. And one of the big announcements was the acquisition of Pangea, which is a startup company focused on protecting those AI agents. So with Pangea, with CrowdStrike, we think we're in a catbird sea to protect this massive opportunity that's in front of us. As AI agents proliferate throughout the enterprise into organizations.

[Jim Cramer]

I was looking at an anthropic threat report, and the bad actors are using AI to imitate in an astonishing way, George. They're able to create resumes. People are hiring the agents, hiring these, these criminal agents, and they're boring in. And I don't know how you will stop them.

[Podcast Guest or Actor]

Well, that's part of what we do. In fact, that's what you're referring to as the North Korean. So AI is being used to create resumes, to create backgrounds, to create LinkedIn profiles to make it look like a North Korean operative is a real person. In many facts, many times, the employer never even sees this person. They get hired, they get a computer, and that computer automatically goes to what's known as a laptop farm. And then North Korean operatives access that once it's on the network, and then it's game over. So we found this leveraging some technology we built over two years ago called signal. And we work with our customers and we find this all the time, but this is what we're up against. And AI is democratizing destruction. It's making it easier and faster for the adversaries to be able to get in and look legitimate and, and create these sort of attacks, which is why you need AI to protect AI and that's what we're doing.

[Jim Cramer]

Well, it's good to see that you're working with Salesforce because Salesforce has, I think, the most authentic, so to speak, agentic banks. And the one thing that I'm most worried about is that if you infiltrate something like that, then really you could any banks, retailers, I mean, it could be devastating. But if you're working with them, then I feel much more confident.

[Podcast Guest or Actor]

Well, and this is what we're doing. They've been a fantastic partner for us. Just an amazing company, an amazing partner. And one of the things that we talked about today was Salesforce customers leveraging Falcon Shield. And Falcon Shield is our SaaS security posture management technology, which really looks at the identity of SAS applications and AI agents. And that's a key element of how people are getting in. In fact, Jim, just to give you an idea of, of agents and identity, why it's so important, we have customers now that are actually assigning employee IDs to AI agents. So not only do you have to keep track of them, they're getting their own IDs, and you've got to make sure that their identities are safe. And that's what we're doing. We're partnering with sales.

[Jim Cramer]

You're also getting right to the source. You're working with Nvidia. Nvidia makes it so that the agency seem very real life. What's that partnership going to be?

[Podcast Guest or Actor]

Well, as you know, that's the pioneer in genetic technologies. Right. So we were partnering with them early on. Big part of what we've done is build out our data science teams. And one of the things I talked about today in our keynote was really being the first company to build an autonomous SOC analyst. Now, if you think about an autonomous car, it really is an autonomous taxi driver, a chauffeur. If you think about an autonomous security operations center, it requires an autonomous security analyst. And I mapped out what happens in the car world. You have five levels of autonomy, and I map that into security, which is now, or CrowdStrike Autonomous Security Framework. We're helping organizations get to full autonomy, meaning that the agents will be able to deal with all these security issues, to be able to learn from all the various techniques in the past, and they'll be able to iterate and get smarter. And one of the things that I focused on. You heard a lot about AGI, right? AGI in terms of. Right.

[Jim Cramer]

Yeah.

[Podcast Guest or Actor]

I talked about Cloud STRIKE being the first company to get to security AGI. And this is our goal. Now, it'll be down the path, but this is what we're working on with all the big brains and our data science teams. And if you can have an autonomous car, you can have an autonomous soc with an autonomous security analyst. And that's what we're building and delivering to our customers.

[Jim Cramer]

Well, look, I got to tell you, I've been scared and I remain scared because the North Koreans, these, these guys are real pros, but you're real pro. And so they ought to go attack somebody else. I think they may be wasting their time. I want to thank George Curse CrowdStrike co founder, president, CEO. George, I love having you on the show. Thank you so much.

[Podcast Guest or Actor]

Thank you.

[Jim Cramer]

All right, talk to you soon. M. Money's back yet. It is time. It's time for the wide round. My step players, you plan yourself and then the Lightning round is over. Are you ready, ski daddy? Talking about the light round of Kramer's Impala, let's start with Carl in Washington. Carl.

[Caller or Guest (various callers)]

Jim, actually, from Virginia. The fun side of the Potomac.

[Jim Cramer]

I always thought so.

[Caller or Guest (various callers)]

I once mentioned this company to you while enjoying a sample of your excellent foscarot mezcal@tl.

[Jim Cramer]

Oh, thank you.

[Caller or Guest (various callers)]

Sherry Hill, New Jersey.

[Jim Cramer]

Well, I'm signing bottles this very weekend in Saturday in Delaware. The Total Wine and more. Hope you'll be there again. Let's go to work.

[Caller or Guest (various callers)]

Okay. Global Star is Apple's satellite connectivity partner and much more. Your thoughts, please.

[Jim Cramer]

I have to admit, I have waited for this to happen. And it's finally break, please. And it's finally breaking out. I have got to say and thank you for plus four. I'll see you on Saturday at Total Wine and more in Delaware. Joe. In Alabama. Joe. Joe.

[Caller or Guest (various callers)]

Jim, I was just calling real quick.

[Podcast Guest or Actor]

About a penny stock I bought about.

[Jim Cramer]

A year ago at A$70 and now.

[Caller or Guest (various callers)]

It'S climbing up mid-60s or $6. Stock is new gold.

[Jim Cramer]

But look, I have to tell you, if it's gold, it's going higher. You know, I'm a believer. I've been saying it over and over and gold's a great place to be, but my favorite is Agnico week. Well, my second is new. And that, ladies and gentlemen, is the conclusion of the Lightning Round. The Lightning Round is sponsored by Charles Schwab. I got a call yesterday about Bloom Energy, a company that makes novel hydrogen fuel cell systems for on site power generation that can be used in the data center. You hire them and they're said to turn around the order in 90 days while your data center is up and ready. Now, I've always admired Bloom's technology, but frankly, I never thought much of its stock because the company's been a chronic money loser for years. The stock did nothing and eventually I stopped paying attention to it. That was wrong. And now we've got still one more reason why Oracle. If you want to Build as many data centers as Oracle is planning to. You need turnkey power because we know that electricity is the biggest gating factor for these behemoths. We hear it again and again. Data centers burn hot. The grid isn't prepared for them. We heard it from Wendell Weeks when we were at Cornings plant in Harrodsburg, Kentucky last week. And we heard it from Bob Pro Goddard from Jacob Solutions just yesterday on our show, which helps design and build data centers. It's the endless refrain traced all the way back to Jensen Huang, the CEO of Nvidia, who's on a mission to provide more computing power with less energy. Although right now that's a tall order. It's all come together for Bloom Energy over the past spring, the company, which has been around for 24 years, suddenly seems like an overnight sensation. You got your first clue that this move was for real late last year when the Straight shooters and American Legal Eagle American Electric Power announced strategic partnership with Bloom. This past June, the main power regulator in Ohio approved the first on site power generation projects in the state, quitting one where Bloom and AP will install on site fuel cells for Amazon Web Services. That's a huge data center company. It only gets better from there, as Oracle signed a partnership with Bloom in July to get power faster, cheaper, better for its data centers. In short, after being a severe disappointment for years, Bloom is now one of the great success stories of this remarkable era, thanks to the strength of the data center. All you can say is to the CEO KR Sridhar is congratulations on sticking with it. The company's everything you ever said it would be. This is mad money. How about the stock? Like so many other small cap that provide key parts and power to the data center, it's going ballistic. Not just parabolic, but ballistic. It's up roughly 230% year to date, going from 25 to $72 since the latter part of July when the latest deal with Oracle was announced. When I got the call about Bloom yesterday, I recognized that the company had four finally exploded on the scene. Like so many other big speculative winners, my conclusion was a simple one. I missed it. Therefore, it's not my cup of tea. All day. Though I've been wondering whether that's actually true. I mean, Bloom's a $17 billion company now with promising contracts and a pedigree of fantastic technology. Like so many of these data center adjacencies, they're remarkable with lifetime moves in a handful of days. At this point, I think all I can do is wait for a better entry point though, and console myself with the fact that I've been recommending the blue chip in the group Nova to club members. I know that for some of the data center builders there's still some skepticism about Bloom. I got that from my research and the caveats are necessary because the task is monumental. I don't know if Bloom is necessarily up to it might be so big in retrospect. Just as I blessed all nuclear when Aqua was in the 30s, it's now at $95 and change. I should have said the same thing about Bloom Energy as well as other novels fuel investments. But after this huge move, I worry about recommending Bloom because I don't want to hurt you. That said, Bloom could be very real. It just happened so fast that I didn't grasp it and now the easy money's obviously already made. So many doubters have surfaced of late about this theme. I was skeptical too. Still tired as it sounds, I think you have to wait for a pullback for Bloom like the one Nuclear is experiencing right now and admit darn it all. With AP's endorsement, I should have recommended Bloom Energy to you. I didn't. My bad. Let's get the next one. I like to say there's always bull market somewhere. I promise. Try to find it just for you right here on Mad Money. I'm Jim Cramer and I'll 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, NBC Universal, or their parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, Internet, or another medium. You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer.com Are you ready to get spicy?

[Jim Cramer]

These Doritos Golden Sriracha aren't that spicy. Maybe it's time to turn up the heat. Or turn it down. It's time for something that's not too spicy. Try Doritos Golden Sriracha. Spicy but not too spicy.