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.

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])

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]

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.

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.

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.