Mad Money w/ Jim Cramer – September 18, 2025

Host: Jim Cramer (CNBC)
Theme: How Mega-cap Tech and Smart Speculation Can Still Win in a Fed-Driven Market

Overview

This episode explores the current dichotomy in the stock market—between forces like interest rate policy and mega-cap tech's ability to chart their own course. Jim Cramer spotlights Nvidia’s recent $5B investment in Intel, why mega-cap tech is increasingly independent from macro factors like the Fed, and how investors can approach speculative stocks intelligently for outsized returns.
He covers his process for speculation, reviews small-cap biotech names (Aquestive Therapeutics, Lens Therapeutics), and responds to caller questions in the Lightning Round with his signature energy and candor.

Key Discussion Points & Insights

1. Stock Market Dynamics: Rates vs. Tech Giants

Timestamps: 01:01–09:34

• Interest Rates Drive Index Funds, but Not All Stocks Move Together:
  • “A huge percentage of the money that's invested in stocks sits in index funds which have a tight correlation not with the companies themselves, but with the bond market.” (Jim Cramer, 03:04)
  • Cramer explains how index funds are “hostage” to Fed rate moves, but individual stocks (especially mega-cap tech) can move on their own merits.
• Nvidia’s Independence & Recent Deal with Intel:
  • Nvidia, with its $4T market cap, is no longer “hostage to interest rates…not even hostage to its own industry,” especially after investing $5B in Intel and instantly adding $150B in market cap due to positive market perception.
  • “You spend 5 billion and you tackle on 150 billion doll. Now that's a miracle.” (05:22)
  • Intel’s CEO changes, cash struggles, and government support under the Chips Act set the context for Nvidia’s strategic move.
• Lesson for Investors:
  • Don't let broad market worries (Fed, inflation, etc.) distract from strong individual opportunities:
    • “So many people have tried to scare you away from investing in individual stocks for almost 25 years. And yet that's where all the money's being made and has been made.” (07:49)
  • Mega-caps like Nvidia, Meta, Apple, and Alphabet are “their own animals and don’t have to be linked to the federal funds rate.”

2. Lightning Round – Individual Stock Q&A

Timestamps: 09:34–12:49

Cramer delivers rapid-fire buy/hold/sell advice, emphasizing owning high-quality leaders:

• MongoDB (MDB):
  • “There are others that are much better. We got the best company in the world, which is Nvidia...I like to buy the best.” (09:43)
• Starbucks (SBUX):
  • “I think you buy more... I think those who are impatient, Starbucks, are making a very big mistake. My faith is in with Brian Nicoll.” (10:20)
• Kroger (KR):
  • “I like Kroger right here... I do like Costco even more. But Kroger’s less expensive.” (11:10)
• Soundhound (SOUN):
  • “It's a meme stock...but own the meme stocks forever? No.” (11:43)
• General Investing Principle:
  • “I like to be hostage to great business people who make me a lot of money.” (11:58)

3. Intelligent Speculation in Today’s Market

Timestamps: 15:39–19:09

• Cramer’s Balanced Approach:
  • He encourages speculation—wisely—for younger investors:
    • “If you’re younger, I actually insist that you speculate...” (15:54)
  • His “five good ideas” rule: diversify; one or two can be speculative.
  • “Own don’t trade” as trades are often losers for individuals.
• Types of Speculative Stocks:
  • Richly valued with real earnings: e.g., Palantir (PLTR) at 277x earnings.
  • Thesis-driven: Hydrogen (Bloom Energy), nuclear (Oklo), etc.
  • Early tech/risk: Rocket Lab, flying cars, quantum computing (quantum news = big moves).
• Speculation Should Be Disciplined:
  • Take profits, “play with the house’s money,” and “let the rest ride.”
  • “Owning a speculative name or two is perfectly fine as long as you understand that you can lose a great deal of money when you’re wrong.” (18:09)

4. Biotech Deep Dives: Aquestive Therapeutics (AQST) and Lens Therapeutics (LNS)

• Aquestive Therapeutics (AQST)

  Timestamps: 20:01–25:53

  • Background:
    • Delivers drugs via dissolving oral film; current focus: Anafilm, a dissolvable EpiPen alternative.
    • Fascinating advantage: “You can carry around a tiny little film...Instead of a bulky EpiPen...”; works faster (12 min vs. 20 min).
  • Outlook:
    • FDA decision expected by January; positive signal: no advisory committee needed.
    • “If this drug can be approved, I think it could be huge. That’s right, huge.” (22:36)
    • Binary outcome—stock soars if approved, plummets if not.
  • Caution:
    • “If you can’t stomach that range of outcomes, please don’t get involved.” (23:33)
    • Valued under $600M, with a $1B+ projected market if approved.
  • Bottom Line:
    • “A Questive Therapeutics is the kind of speculation that I can really get behind. As long as you understand the risks...” (24:55)

• Lens Therapeutics (LNS)

  Timestamps: 41:53–46:30

  • Background:
    • FDA-approved eyedrop “Viz” for age-related farsightedness (presbyopia); lets users avoid reading glasses for up to 10 hours.
    • Competes with an AbbVie product, but claims longer and greater efficacy.
  • Market:
    • 128M potential US patients; priced at $79/month.
    • “I’m inclined to believe that there’ll be enough patients eager to try the product.” (45:28)
  • Risks:
    • Early-stage, unprofitable biotech; biggest gains often made before such approvals.
    • “If you buy Lens here, you’re not early to the story...but many stocks are up big from the April lows.” (45:55)
  • Conclusion:
    • Promising, possible takeover target, but only for speculative funds.

5. More Lightning Round: Rapid Stock Opinions

Timestamps: 36:43–41:38

• Resolve (RVLV, AI): “Yeah, this thing’s a rocket ship. I got to do more...I never want to do that on a $7 stock.” (37:13)
• Western Union (WU): “It's got no growth. It does have that big yield, but that's not what we want. We want growth.” (37:53)
• Johnson Controls (JCI): “Very good job of moving into the data center. I do like Vertiv more but Johnson Controls is a very good company.” (38:35)
• Mountain Inc.: “Need another quarter. Not going to back it. I love the business. I just need a good number.” (39:12)
• Nordic American Tanker (NAT): “No, we're not gonna be. That thing's 232-323-2323.” (39:48)
• Credo Technology: “So many new companies. I don't know CREDO either. I mean the homework is just piling up here.” (40:25)
• Occidental (OXY): “You don’t want to be in it. There’s your help. That’s all you need to know. It’s an oil company. Not even a good one.” (40:59)

6. Recent IPO Analysis: Black Rock Coffee Bar (BRCB)

Timestamps: 27:53–35:58

• Strong Debut, Caution Advised:
  • Opened above range, up 37% Day 1, but comparison to Dutch Bros (BROS):
    • “It's just that I think BROS has a much better risk reward.” (34:57)
  • Favor Dutch Bros for maturity, same-store sales, rewards program; BRCB may be riskier despite earlier growth stage.

Memorable Quotes & Moments

• On the power of stock storytelling:
  • “You spend 5 billion and you tackle on 150 billion doll. Now that's a miracle.” (Jim Cramer, 05:22)
• On the value of individual stocks:
  • “My job is to help you try to make money, not pontificate and decide that you can't or shouldn't.” (08:14)
• On speculation:
  • “If you’re younger, I actually insist that you speculate...” (15:54)
  • “Owning a speculative name or two is perfectly fine as long as you understand that you can lose a great deal of money when you’re wrong.” (18:09)
• On frustration with “meme stocks”:
  • “It’s a meme stock...but own the meme stocks forever? No.” (11:43)
• When discussing Lens eyedrops:
  • “I’m inclined to believe that there’ll be enough patients eager to try the product...You don’t need to get that many in order to have a big hit here.” (45:23)

Segment Highlights (with Timestamps)

• Nvidia and Intel Mega-deal: 03:03–09:34
• Speculation Advice (“How much is too much?”): 15:39–19:09
• Aquestive Therapeutics review: 20:01–25:53
• Lens Therapeutics segment: 41:53–46:30
• Black Rock Coffee Bar IPO breakdown: 27:53–35:58
• Lightning Round – rapid Q&A: 09:34–12:49, 36:43–41:38

Cramer’s Bottom Lines

• Mega-cap tech is not bound by the Fed—invest in leaders like Nvidia, Apple, Meta, Alphabet, etc.
• Diversified portfolios should mix index funds with a few individual, even speculative, stock ideas.
• Speculative plays are fine, but require discipline, scaling out after wins, and only risking money you can afford to lose.
• For most recent IPOs and hot ideas, compare to established peers and beware of hype cycles.
• In biotech, binary FDA events offer huge reward but also huge risk—know the risk before diving in.

Overall Tone

True to form, Cramer is feisty, didactic, and enthusiastic about teaching smart investing strategies, championing both the safety of mega-cap stocks and the excitement of measured speculation. He encourages listeners to “own, don’t trade,” and hammers home that “there’s always a bull market somewhere.”

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