Mad Money w/ Jim Cramer – September 17, 2025

Episode Overview

In this episode, Jim Cramer analyzes the Federal Reserve’s latest rate decision, breaks down the shifting market narratives, and guides listeners through current opportunities and pitfalls in stocks. The episode features interviews with major company CEOs – notably Workday and Ferguson – examines recent IPO performance, unpacks the rally in Ralph Lauren, and tackles listener stock questions in the popular Lightning Round.

Main Themes

• Federal Reserve’s Rate Cut and Market Impact
• Big Tech and AI Stocks: Nvidia, Micron, Salesforce
• Financial Sector Outlook: Bank stocks, Capital One
• Travel, Housing, and Cyclicals
• Deep Dives & CEO Interviews: Workday and Ferguson
• IPO Market: Froth and Cautions
• Lightning Round: Rapid-fire stock opinions

Key Discussion Points & Insights

1. Fed Rate Cut & Market Reaction

• Fed Chair Jay Powell cut rates by 0.25%, as expected.

  • Market's reaction: Dow up 260 points, S&P 500 mixed, Nasdaq down (03:00)
  • Cramer: “If people were expecting the Federal Reserve to give us fireworks, they were sorely disappointed. Fed chief Jay Powell is not giving hyperbole. He's trying to balance price stability with job growth and right now the risk tilt[s] against the latter.” (03:10)
  • Key Insight: The market had hoped for more dovishness or a bigger cut—some even looking for 0.50%—which Cramer dismisses as wishful thinking.
  • Cramer urges listeners not to trade based on Fed statements and reaffirms sticking with strong fundamentals, especially in technology and AI sectors.

• On inflation and job market:

  • Cramer: “The Fed's caught between a rock and a hard place. We really haven't gotten inflation under control. At the same time, the job market is deteriorating rapidly.” (07:47)
  • On tariffs: Powell can’t fix inflation driven by tariffs – a key reason multiple more rate cuts aren’t likely.

2. Tech & AI Stock Guidance

• Nvidia:

  • Confusion about China’s stance on Nvidia chips is overblown.
  • “The Chinese narrative has become the defining story with Nvidia. And I think that that is dead wrong… Nvidia has no China numbers. They're not in the numbers. So don't expect number cuts. That's why I don't think there was a reason to sell here.” (05:10)
  • “Own Nvidia, don't trade it. And if you can get some in at the 160 level, oh boy, I'd be a buyer.” (05:30)

• Micron (caller question):

  • Raised guidance, but CEO Sanjay Mehrotra is “fabulous [and] prudent.”
  • Cramer’s advice: “I think you wait and see at this point… the stock up 80% year to date. I think that he will be prudent.” (09:00)

• Salesforce:

  • Down 27% YTD; Cramer views it as an improving buy: “The buy case is just much better than the sell case. … They've got a terrific business. They're everywhere. I think Salesforce is okay to buy if you don’t own any. I’ll pound the table if it goes even lower.” (10:49)

3. Financial Stock Opportunities

• Banks (e.g., Wells Fargo, Capital One):
  • Rate environment “still looking good as short rates go down” (06:30).
  • Cramer: “When a long rates drop and long rates rise, the banks ... that's when you buy the bank stocks.” (06:37)
  • “If you don’t own it, you can buy Wells Fargo… you can get even more buying of Capital One … Credit card bank which will make a fortune now that it’s merged with Discover.” (06:48)

4. Travel, Housing, and Cyclicals

• Travel & Leisure: Cramer continues to stress COVID changed the space. “Marriott was crushed today, which makes no sense at all, especially when American Express was up 3% to hit an all time high.” (07:22)
• Housing & Cyclicals: Needs bigger cuts for stimulus – so not a buy here, per Cramer. He’s neutral/slightly negative on Home Depot and other interest-rate sensitive names unless tied to datacenter or aerospace growth (07:36).

5. In-Depth Interviews

Workday (14:56–21:34)

• Carl Eschenbach, CEO of Workday, speaks with Cramer live from Workday Rising.
• Workday’s AI Vision:
  • Eschenbach: “This week we laid out a really strong, powerful vision … we are going to be the enterprise AI platform that manages your people, your money and your agents.” (15:39)
  • Major announcements: new platform agents, expanded partnerships (e.g. with Microsoft, Salesforce, Snowflake).
  • New acquisition: Sana, to improve UI/UX for 75M users.
• AI Not Threat, but Tailwind:
  • “There's a narrative out there that AI is eating the software world, and specifically the SaaS world. ... For Workday, it's a tailwind. ... We have one of the most highly curated sets of data in the industry.” (17:33)
• Underappreciated Stock:
  • “I personally believe Workday is way underappreciated and we're way undervalued.” (18:20)
• Leaning in to Activist Investors:
  • After Elliott Management’s $2B+ stake: “You can lean into them and treat as a true partnership … we lean into these relationships, including what we did with Jesse Cohen and the Elliott team.” (19:05)
  • $5B buyback announced to reflect confidence.

Ferguson (32:10–38:49)

• Kevin Murphy, CEO of Ferguson, discusses the construction supply distributor’s growth.
• Secular Growth via Data Center Construction and Reshoring:
  • Murphy: “On nonresidential, we're a big part of the construction of data center activity in the US. ... So we're really proud of the impact that we can make.” (32:37)
  • Associated with big secular trends like biotechnologies, onshoring, and infrastructure.
• Trade Shortage & Advocacy:
  • Murphy emphasizes workforce issues: “The pressure point… really is the trade professional. Right. We're seeing more retirements than ... new people coming into the trades.” (35:05)
  • Supports more focus on vocational training (discusses Harvard).
• Residential Market:
  • Cramer/ Murphy note housing underbuilt by “4 million units in this country” (36:47)
• Data Center Buildouts:
  • Ferguson is poised to benefit from massive expansions (e.g., Oracle’s data center ambitions).
• Cramer’s view: “When you want infrastructure, stop overthinking it. Just do Ferguson.” (38:49)

6. Ralph Lauren: Apparel Outperformer

• Despite macro challenges, Ralph Lauren is up 33% YTD, beating the S&P 500 (23:14).
• Boosted by pop culture — “ever since Travis Kelsey and Taylor Swift announced the news of their engagement while wearing Ralph Lauren, the stock has roared.” (23:45)
• Investors initially disappointed by muted, but steady, three-year growth guidance.
  • Cramer: “If you're selling a winner because they promised 150 basis points of margin expansion over three years instead of 200 basis points, I can't do anything for you. … RL is leaving the competition behind and will continue to do so.” (28:57)
  • Focus on digital expansion, metro/urban growth, and Asia strategy.

7. Lightning Round Highlights (39:10+)

• Seagate (STX): Storage co. is AI-essential, but after a big run, valuation is rich. “Be careful not to buy at this high point.” (40:03)
• WilDan Group: “Just another outsourced company… I am not that intrigued by it.” (40:38)
• Rubrik: Solid quarter. “I think you’re okay.” (41:05)
• Eagle Materials (EXP): “No, we don't want Eagle Material. Rather see you own Gap or Home Depot.” (41:32)
• Cleveland Cliffs: “Had a nice little run here… we want to be in Nucor.” (41:51)
• SAP: “I would buy SAP right here. That was a good quarter.” (42:32)
• Dupont: Stuck in “split-off hell,” but not selling; CEO is excellent. (43:01)

8. IPO Market Analysis

• Recent IPOs (StubHub, Figma, Bullish, Circle Internet):
  • Cramer warns of froth: “If this action were to continue, I would have no choice but to say that we are indeed in a bubble and it is going to end horribly.” (44:22)
  • Glad to see cooling enthusiasm after early hype reversals: “We might be able to avoid the IPO apocalypse if people bought these stocks at the highs, they no doubt feel chastened.” (46:20)
• Figma example: “Launched at 33, quickly went to an intraday high of 142. I was sick to my stomach. … The people paying 142 for Figma had no idea what they were buying… Even now, Figma’s stock has come down to 54 bucks and change. You're still talking about a price-earnings multiple — 178. That is just plain nuts.” (44:55)

Memorable Quotes & Notable Moments

• On expectations after Fed decision:
  • “Those people are delusional… In the end, everybody with half a brain knew we’d get a quarter point cut.” – Jim Cramer (04:15)
• On Nvidia/China:
  • “The Chinese narrative has become the defining story with Nvidia. And I think that is dead wrong.” – Jim Cramer (05:10)
• Workday on AI:
  • “There’s a narrative out there that AI is eating the software world… For Workday, it’s a tailwind.” – Carl Eschenbach (17:33)
• Ralph Lauren’s steady outperform:
  • “Nothing’s changed for me. I bet the stock can keep working its way higher from here. RL is leaving the competition behind and will continue to do so.” – Jim Cramer (28:57)
• On IPO excess:
  • “If this action were to continue, I would have no choice but to say that we are indeed in a bubble and it is going to end horribly.” – Jim Cramer (44:42)

Timestamps for Key Segments

• Fed/Markets Recap: 01:16 – 08:43
• AI & Tech Stock Deep Dive: 05:00 – 10:49
• Bank Stock Commentary: 06:30 – 07:15
• Lightning Round: 39:10 – 43:27
• Workday Interview: 14:56 – 21:34
• Ferguson Interview: 32:10 – 38:49
• Ralph Lauren Analysis: 23:14 – 29:45
• IPO Market Analysis: 43:42 – 48:03

Conclusion

Jim Cramer remains upbeat but cautious: Don’t bet market fortunes solely on Fed moves, focus on structural/tech winners, and beware IPO mania. His conversations with top executives highlight the emerging AI and data center themes as winning trends. Steady growth, real profitability, and thoughtful management trump hype in Cramer’s playbook—reaffirmed across tech, financials, consumer, and industrials in this comprehensive market check-in.