Mad Money w/ Jim Cramer 9/18/25

Summary

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

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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.

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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.”

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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)

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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)

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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.

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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)

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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.

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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)

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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

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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.

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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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This summary skips advertisements and non-content portions as requested.

Transcript

[Fidelity Representative]

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[Jim Cramer]

Introducing the new Dell AI PC Powered by the Intel Core Ultra processor, it helps you do your busy work for you so you can fast forward through editing images, designing presentations, generating code, debugging code, summarizing meeting notes, finding files, managing your schedule, responding to Jim's long emails, leaving all the time in the world for the things you actually want to do. No offense Jim. Get A new Dell AI PC at Dell.com AI PC how those ahead Stay ahead. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Cray America. Other people make friends. I'm just trying to make a little money. My job is not just entertain, but to educate, do some teaching. So call me at 1-800-743-CNBC tweet me at Jim Cramer. Well, there's the quarter point rate cut and then there's Nvidia. There's Jay Powell, and then there's Jensen. There's endless hand wringing about inflation and job growth. And then there's a company with an outrageously high 73% gross margin and hundreds of billions of dollars in opportunity. I'm talking about the extreme dichotomy being focusing on a body of wisened economists who are being pushed around by a president who wants to run the central bank and focusing on the free willing capitalism of the semiconductor business with some bizarre federal intrusions in the age of artificial intelligence. That dichotomy plays out every day around here, including this one with Dow advance 124 points SB gain.48% NASDAQ jumped 0.94%.

[Caller]

You know why?

[Jim Cramer]

It's because 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. When interest rates go up, the indices tend to go down. Makes sense. Higher long term interest rates are typically bad for business. When rates go down, the index funds tend tend to go up for the same reason. Because almost everybody benefits from lower borrowing costs. So the linkage, it's ironclad. Sure, periodically the stock market can break free from the shackles of rates, but not very often. Yet that's the only investment. Most people say you're capable of voting, but when we're talking individual stocks, which I think you're capable of owning, there are plenty that are independent of anything the Fed might do. There's so much money parked in index funds that sometimes we forget that those indices are made up of individual stocks. The industry certainly weren't created for the stock of Nvidia though. A company with a $4 trillion market cap that's not at all hostage to interest rates. In fact, it's not even hostage to its own industry as we saw today. Which is why Nvidia could make a $5 billion investment in a one time semiconductor kingpin today, intel, and see its own stock rally 3.5% or $150 billion. In response. You spend 5 billion and you tackle on 150 billion doll. Now that's a miracle. This is the kind of gain everybody wants. And it's much easier to get when you don't spend all of your time worrying about the Fed and quarter points and dot plots or putting the hate on the individual stocks as almost every professional does, because they think that you can't handle. First let me tell you these incredibly wild circumstances that explain why intel even needed the cash so that a video could make the profit. At what time, intel was by far the most important semiconductor company in the world. It owned the PC and server market, but it didn't go into fast chips. The kind that Nvidia makes, the kind that originally for gaming but ultimately generate artificial intelligence. Not only that, for years intel ran circles around Advanced Micro Devices. But when Lisa Su took over at AMD and set her sights on taking Intel's business, she succeeded beyond her wildest dreams. Intel Roughly 85% of the PC market when sue took over 11 years ago, AMD at about 15 now AMD holds about 40%. In the huge server market, AMD had only 1 to 2%. Now it has more than 25% in both cases. AMD still gaining share, while intel feels lost at sea, dazed and confused. A few years ago, intel picked a new CEO, Pat Gelsinger, who vowed to stop losing share in PCs and servers while taking on Nvidia and Accelerated Computing, Artificial intelligence. Oh man. He spent fortunes far more than intel could afford. Although he caught a break when the federal government gave intel some big handouts from President Biden's Chips Act. But it wasn't enough. No. The huge foundry build out failed to attract enough customers and Kelsey was already fired. In came Lip Bhutan, possibly the greatest semiconductor venture capitalist in history. He left Intel's board of directors under the Gelski regime because he wasn't a fan. Once he came in, he had to end the runaway manufacturing train and raise cash in a hurry. And he's quite adept at that. First he got $2 billion from SoftBank, $23 a share. Then he got 8.9 billion from the Trump administration. 433 million shares struck at $20.47. Then last night he got that 5 billion from Nvidia, $23.28 per share. It was instant goal for Nvidia as Intel stock immediately zoomed from just under $25 to 30.57 tonight. That's right, $30.57 now that was a remarkable move. In return for the money, intel got a new partner in his PC and server business where more than 50 billion is up for grabs and it really wasn't playing that sector at all. That makes it a huge win for Nvidia and Jensen Huang because they got intel for less than it's worth and they'll never turn out more. Personal computer. They need the personal computer exposure, let's put it that way. Meanwhile, intel says stays in business and can thrive if it executes. And I think it can under Lip Bhutan and okay, new competitor. But Lisa Sushi used to do it. That's why the stock, her stock was initially down a lot, but bounced back. You can never count out Sushi too good. More important for our purposes in Video, which had seen its stock in the doldrums of late because of its China problems, broke out of that sphere of influence for the moment. I think today's news, where in video can spend a couple of hours worth of profits to make a huge successful investment is a terrific minor. There's a lot more to video than China and there's still a lot of money to be made in individual stocks, including the biggest one in the world, Nvidia sure, the broader market may be hostage to the Fed, but you can't game the Fed. Even the president can't game the Fed, and he's sure trying to. But can you game in video? Okay, here's what you can do. Stop the gaming. You can invest in Jensen Huang and his amazing team. Invest. You can let Nvidia vertical index of chip companies make you the kind of money index funds can't ever keep up with. You can own Nvidia and not have to trade it. I wouldn't be so focused on video today if it weren't for the fact that it's one of a handful of companies that seems very much in charge of its own destiny. When you look at the market, there really aren't that many stocks where you can say, hey, they're not hostage to a quarter point rate cut. That goes against the conventional wisdom. But when you have a company like Nvidia that's rolling in cash, why would you care about borrowing costs? Now, if it were just Nvidia that could control its own destiny and not worry about borrowing costs, then it would be different. But it's not just Nvidia. We have a company like Meta introducing a new way to take information using eyeglasses augmented by hand gestures, even if the rollout wasn't ideal. We have a company like Apple which introduces new phones with so many functions we couldn't have imagined a few years ago. We have a company like Alphabet that's introducing self driving cars all over the place today. Microsoft, Amazon, Tesla were silent. That'll probably change tomorrow. 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. These experts don't even want to admit that the Magnificent Seven exists. They think it's too risky to chase gains in the individual companies. They hated me for coming up with fang. That was 12 years ago. I don't care. I got to deal with reality because my job is to help you try to make money, not pontificate and decide that you can't or shouldn't. The bottom line, if you want to make money in the market, you have to recognize that mega cap stocks are their own animals and don't have to be linked to the federal funds rate. If you want to ignore them and focus solely on some index funds that marches to the tune. The Fed be my guess, but I sure wouldn't recommend it. You can do both. That's right. It's easier than walking and chewing gum at the same time. I want to go to Tom in Florida. Tom.

[Caller]

Thanks for taking my question, Tom.

[Jim Cramer]

My pleasure.

[Caller]

I'm wondering if MongoDB is a good AI play.

[Jim Cramer]

There are others that are much better. You know what? And I don't like to fool around the plays. We got the best company in the world, which is Nvidia. And I know it's moved a lot. But you know what? It's the best and I like to buy the best. How about we go to Mark in Missouri? Mark.

[Caller]

Hey, Jim. Longtime club member, first time caller.

[Jim Cramer]

I hope you like today's conference call, which is still available. It's available online, you can get that. I think it was a good call. How can I help?

[Caller]

My stock is Starbucks. I started a position in the low 90s. It's drifted to the low 80s. And my question is, do I buy more here or do I sit tight? Thanks.

[Jim Cramer]

I think you buy more. I think that what's happened here frankly is that it did get a little ahead of itself. The turn's taking a little bit longer. But you know what? It doesn't matter. We want to own this thing. It's like, remember when I sold Oracle because I got impatient? I never going to forget that, ever. And I think those who are impatient, Starbucks, are making a very big mistake. My faith is in with Brian Nicoll. I'd like to go to Kathy in Ohio.

[Caller]

Kathy, hey. Hey, Jim. Admire your show insights and work ethics. Got a question for you on Kroger's. Kroger's 52 week low, 54 bucks, 52 week high, 74. It's at 65, 99 right now. I've made some money in two years, about 43%. Five years, 98%. My question to you, should I be buying some more?

[Jim Cramer]

I like, I like Kroger right here. I like Kroger. I think the numbers have been better than expected traditionally. I can't believe it has drifted down here. People worry about food inflation. I totally get that. They'd rather own Walmart. I totally get that. I like Kroger. I do like Costco even more. But Kroger's less expensive. How about we go to Mark in California? Mark.

[Caller]

Jim.

[Jim Cramer]

Mark.

[Caller]

How you doing, man?

[Jim Cramer]

I'm doing well, how about you?

[Caller]

I'm doing great, man, thank you. Booyah, Booyah. Hey, so I was just wondering, what are your thoughts on Soundhound?

[Jim Cramer]

AI Soundhound, It's a meme stock. You know, I don't, I just am not into the meme. I mean, I'm willing to talk about the meme stocks forever. Research the meme stocks forever, but own the meme stocks forever.

[Caller]

No.

[Jim Cramer]

Anyway, look, if you want to ignore the mega cap tech stocks and just focus on Knicks funds, be my guest. They're hostage to the Fed. I like to be hostage to great business people who make me a lot of money. I think there's much more money to be made that way on Mad Money tonight. Well, from flying cars to quantum computing, speculative stocks are all roaring about how much speculation is too much? I'm going to surprise you tonight, then you stump me on a quest of therapeutics. Is this small capital big ambition? Just what the doctor Order give you my take and forget your average cup of Joe. Wall Street's buzzing about BlackRock Coffee's recent IPO and I'm pouring all over all the action. Stan Kra.

[Show Announcer]

Don'T miss a second of Mad Money. Follow imKramer on X. Have a question? Tweet Kramer MadMentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743- CNBC. Miss something? Head to madmoney.cnbc.com.

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[Jim Cramer]

How many speculative stocks can you own? This year we've seen fortunes made in speculative stocks, and by speculative, I mean companies that don't turn a profit. Or maybe they have some earnings, but you're paying a ridiculous multiple for them. I've wrestled mightily with this particular question for my Chapel Trust. I spoke a bit about it in today's Investing Club meeting. The answer might surprise you. I am actually all in favor of speculation, but it's got to be done wisely. In fact, if you're younger, I actually insist that you speculate, something that I made real abundantly clear and how to make money in any market. This thing comes out in a dozen days. In it, I offer a program for savings that involves a combination of index funds and individual stocks. We invest in five ideas and try to put every spare dollar into them regularly every month so your investments can compound over time. Own don't trade as trades, often a losers game for individual investors. So at a minimum, if you're going to own individual stocks, you need five to make a diversified portfolio. And I think one of those ideas should be speculative. Maybe two if you're younger. It's killed me that the book is out right now, because my wholehearted embrace of speculation we paid off in spades today. Again, though, you need to speculate wisely. That means when you get a big win in one of these companies, you need to scale out of it gradually until you're playing with the house's money and then you can rest and let. Then I don't mind letting the Rest ride. What examples of what speculation means. Let me give you some categories. First, there are the richly valued stocks with real earnings, like Palantir. Here's a company that clients swear by because it aggregates data, uses artificial intelligence to find patterns that can turbocharge sales and earnings. People love this company. It's also got a cybersecurity aspect. Palantir is profitable, but the stock now sells for 277 times this year's projected earnings. That's why it's speculative. Second kind of speculation. Thesis stocks. Case in point, America's short power. We need every kind of energy. We have to tap into hydrogen fuel cells, that's Bloom energy. We need nuclear, that's oklo. There are many others that fit the pattern and they're all rocket ships. Oh, then there are the literal rocket ship companies. Rocket lab R KLB's most visible. Don't forget flying cars. Ones that have vertical takeoff. Joby Aviation. Quantum computing's been on fire. IO and Q just signed a memorandum of understanding. We with the Department of Energy and MOU with the DOE to develop quantum technologies in space. When you see deals like this, they ignite D wave. We had them on D wave.

[Caller]

Quantum.

[Jim Cramer]

Pretty interesting. Brigadi computing. Huge money losers. But their companies, their stocks can really rally on any positive quantum news. And there's plenty of news because theoretically, quantum computing is the fastest kind of computing. It's specifically endorsed by Jensen Huang, the CEO of Nvidia. Less than a year ago he was very skeptical. Now he's a blue believer. So is IBM. Hardly a day goes by without some biotech announcing news about some new clinical trial. Unlike the others I just mentioned, these tend to be one and done. You'll hear from others later in the show. Now understand that this market in particular has been supercharged by speculation. That doesn't necessarily make it dangerous, but part of it is dangerous. If you buy the high risk stocks I just mentioned, you need to understand that they've already had remarkable runs. But you could have said the same thing six months ago and you would have missed a great rally. I know that most people in the business look down on these kinds of stocks and by extension look down on me. But my job is to help you try to make as much money as possible. Legally, 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. But if you speculate wisely, my exhaustive research shows that the good ones should more than make up for the losses their money's back after the.

[Show Announcer]

Coming up, Kramer's on a quest to better understand this little known biotech stock. Don't miss his take on Equestive Therapeutics.

[Jim Cramer]

Next.

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[Jim Cramer]

Last Thursday we had a tough lightning round because I got stumped by not one, but two different biotech names. Horribly embarrassing. And whenever I get stumped, I try to make it right by doing some homework and circling back once I can give you a real answer. So let's tackle the first one that I didn't know. Andrew in California, he asked me about a company called aquestive Therapeutics. A Q S T. Write that down. Aqst with a pitch posed as a question, he says they want to make the EpiPen, the EpiPen obsolete by replacing it with a drug, get this that dissolves in your mouth. I said I was intrigued. So is this thing for real? Okay, the thing about equestib is that it's been around for more than two decades, and for most of that time it wasn't about an EpiPen replacement drug. It was about the delivery mechanism. The drug uses a kind of film that dissolves in your mouth, something that works faster than a pill and is easier than an injection. In 2010, the company got two drugs approved, including an under the tongue version of Suboxone, which is a treatment for opioid addiction. At that point, these guys were making money from delivery mechanisms, so they started to develop their own drugs. Eventually, A Quest became public in the summer of 2018, but the stock hasn't exactly been a great performer. However, over the years, the company had some real operational successes. In 2018, they got an FDA approval for a seizure drug aimed at people with a rare type of epilepsy. In 2019, they got approval for their treatment for ALS. Then they developed a couple of drugs via their partners, one for Parkinson's and one for adhd, but the stock never got much of a boost. The truth is, while Quest has been making money by licensing its drug delivery mechanism, it's not a lot of money at the Same time, the drug that develops tend to be for pretty small end markets. From 2018 through 2024, this company's never done more than $70 million in annual revenue. And their single highest year for sales was 2018. The quest has never turned a profit either. It's some wonder the stock drifted down from $15 where it came public, to the single digits by the end of 2018, and the low single digits not long after. Eventually this thing bottomed at less than a dollar in mid-2022, where it had a $30 million market capitalization. But for the past few years, this stock has found new life, climbing back to the mid single digits. Mostly thanks to the growing excitement about their EpiPen replacement that can be taken to my mouth for emergency allergy treatments. The idea here is that with this drug, Anafilm, you can carry around a tiny little film in your wallet instead of a bulky EpiPen that needs to be stabbed into the body. You don't even have to swallow film. It melts in your mouth. Even better, Anafilm reaches peak absorption in just 12 minutes. In other words, how quickly it can get to work versus 20 minutes for an EpiPen. Eight minutes can be a lifetime on this. So I think people are right to be excited. If this drug can be approved, I think it could be huge. That's right, huge. We got some positive late stage trial data from anafilm in early 2024. Ever since then, the results seem to be very encouraging. A quest to submitted its new drug application with the FDA in the first quarter of this year. The regulators are planning to make a decision by the end of January. In fact, earlier this month we learned that the FDA will not require an advisory committee meeting to discuss Anafilm, which is usually a very good sign. That's why the stock's more than doubled over the past four months or so. However, after quest of big run this summer, the company did a secondary offering selling 21.25 million shares to raise $85 million. That's not great for existing shareholders, but they needed the money to launch the drug and I'm glad it's already been raised. It's not going to be raised again. The real question here is whether it still makes sense to buy the stock at end the these levels. You need to understand that this is a totally binary situation. If an film gets FDA approval in the next few months, the quest of stock will soar. Probably have to do another secondary then. If the drug is rejected by the fda, an agency that's had some major changes on the second Trump administration don't know. If you notice that changes that make it unpredictable, then the stock's going to plummet. If you can't stomach that range of outcomes, please don't get involved. But man, I am inclined to bet on this story. I think A Quest works as a speculative biotech pick because I believe the FDA will give this EpiPen replacement its blessing. And if that happens, you need to understand that you definitely haven't missed the move here. A Quest is currently valued just under $60,600,000,000, but Magent believes that their EpiPen replacement could do over a billion in annual revenue if it's approved. I'm not quite sure how aggressive that projection is as the current F and F market is just or $800 million the United States, but a question believes it can grow to $2 billion by 2031 simply because of the increasing prevalence of allergies. You feel that, you know that. Plus they can probably get away with charging more for the dissolvable strip than a needle. Management also is assuming they can get to 50% market share right away, which seems optimistic. Then again, Anafilm seems superior in every single way. Easier to carry, no stabbing, faster acting. There are some other legs of the story to be because the outcome for the Anafilm decision is so binary, I don't think anything else is that important. But it's worth mentioning. Last year a Questive got approval for an acute repetitive seizure treatment, although the drug won't be widely available until 2027. Still, once it is, Equestriv expects more than $100 million in annual revenue from that drug alone. Copy also has an early stage gel treatment for alopecia in its pipeline that it says could do more than $500 million in annual revenue. But that's a long way from hitting the market. The bottom line, a Quest of therapeutics is the kind of speculation that I can really get behind. As long as you understand the risks that come with binary situations where the stock's fate is totally in the hands of the fda. So thank you Andrew in California for putting this one on my radar screen and forcing me to learn the quest of story. I think it's worth taking a chance on, but only with money that you can afford to lose. I want to talk to Steve in New York. Steve.

[Caller]

Hey Jim. Love the show, man.

[Jim Cramer]

Thank you, buddy.

[Caller]

Thanks for taking the call.

[Jim Cramer]

Well, thank you.

[Caller]

I'm a long term holder. I'm an investor. I'm not a real big trader. I've held it for years Merck, they've.

[Jim Cramer]

Got some good stuff in the pipe. They've made a couple good acquisitions. The dividend seems safe. I think Rob Davis is turning the stock around. I think you continue to hold it. I don't want to buy more because I don't feel confident enough in the FDA because they can throw you a curve. But I like your, your long term thinking about Merck. How about we go to Jay in Illinois, please? Jay.

[Caller]

Hey, Jim. Jay, thank you for taking my call and all the advice you provide everyone. Truly appreciate it.

[Jim Cramer]

Thank you. I'm teaching here. I'm teaching. I've been grilled by journalists because I got this new book coming out and they asked me what I am. I say I'm a teacher. But you can teach on tv. It's not just like for terrible, I don't know, linear, whatever. So let's go to work.

[Caller]

Yeah, let's go to work. I have a sizable position in a healthcare company bought during the pandemic at around 70 to $75 a share. The stock hasn't been doing well for a very long time. My question is, should I keep holding or selling or something else with Baxter International?

[Jim Cramer]

Oh my God. You know, Baxter, go buy Abbott Labs. I mean, I got to tell you, Baxter has been such an incredible disappointment. It's painful. I don't know why they continue to disappoint. They are the king of disappointment. And, and that's saying something. You know, the knight of disappointment or the bishop. They're the king. All right, let's go to Nathan in New York. Nathan.

[Caller]

Hey Jim. How are you?

[Jim Cramer]

I am having a good day. How about you, Nathan?

[Caller]

I'm doing well. I was wondering if UNH is still a buy.

[Jim Cramer]

Okay. CU&H. When I read that they are throwing their weight around in Washington and spend a lot of time with the executive order offices and really spending really making a point of touching bases with all the people who might be able to rub up against some of the people who are trying to hurt them, like maybe prosecutors. It makes me feel that UNH is bottom and I did think that they would be. They could have the death sentence of being investigated for Medicare fraud. It does seem like that that might be off the table. I don't do I want to go buy it here? If I bought it, I would buy it with Kohl's. I would not buy it. Common stock. Alright, look. Equestrian is the type of speculation I actually can support. Just know that this is a binary situation with the stocks fake completely in the hands of the fda. Up or down. Much more mad money ahead. There's a new name brewing on Wall street. I'm eyeing BlackRock Coffee after its IPO. See if you can maybe give your portfolio a caffeine kick then. Could an investment in Lens Therapeutics help your portfolio? See clearly, I've got my eye on this small biotech chasing a massive global market and I don't like the one we just went over. And of course Euler calls rapid fire in tonight's edition of the Lighting Ramp. So stay with Kramer. Last we got this big bunch of IPOs, some more exciting than others. And you got to be careful with these. Take Black Rock Coffee Bar BRCB, which came public last Friday at 20 bucks, well above the proposed price range for opening at 2650 and then closing at 27.53 on its first day. Hey, that's up a quick 37.7% from the deal price. That's how you make money. The stock then shot to a high of $30.40 on Monday, but it's now pulled back to $27 change. Still nicely black. BlackRock. Hey now, as you might imagine, BlackRock Coffee Bar is a coffee chain. It's got no relationship glory FL thinks BlackRock, which we own for the Channel Trust, by the way, just a coffee chain founded in Oregon back in 2008 where they, yeah, they got their start as a drive thru only store. You know the deal. Now BlackRock Coffee Bar has grown to more than 158 locations in seven states. Roughly 60% of the locations are in Arizona and Texas. Management plans to grow their store count by 20% per year. The ultimate goal of 1000 stores by 2035. In other words, they're trying to become a regional national grocery and we love those around here. Mad money. Hey, this wouldn't be the first time that a coffee chain from the Pacific Northwest takes over the world. They've got a lot of hyper caffeinate beverages on the menu. There's the jackhammer. How about the blackout? I got to tell you, when I hear about these drive thru and I read these names, it feels an awful lot like Dutch burgers with Kramer Faye the Annihilator. I mean, that's all stiff. Then again, having followed Dutch Burst for years, I know this stuff is incredibly popular. Especially the turbocharged energy drinks that account for 22% of sales here. Some people feel these aren't even coffee shops. They're energy drink places with coffee with some coffee thrown in for those that aren't in the mood for caffeine. The company also offers a wide range of teas, lemonade, even hot chocolate. Not to mention a bunch of food offerings. So far BlackRock Coffee has been able to build up an incredibly loyal fan base. They have 1.8 million rewards members. These people make up 63% of their transactions. That's very good. So even though I'm a little suspicious that this is a kind of a knockoff Dutch Bros. I think it's worth looking at the numbers because they're excellent. Last year BlackRock Coffee put up 21% revenue growth which accelerated to 24% in the first half of this year. In the latest quarter they put up 10% 3.9% same store sales growth which is terrific. And that's up 3.9% in the same quarter last year. Nice growth. As for income from operations, after a toward 195% growth rate in 2020 for the first half of this year saw that slow to 84%. Still less nothing to sneeze at. At the same time store level margins, level margins, they've expanded very nicely. Also unusual unfortunately blackrock Coffee still reporting a net loss. But that loss has shrunk from 6.5% of total sales in 2023 to 4.5% of sales in 2024. But that number falling to just 2% of sales in the first half of this year. I like that trajectory. That my toughest part. What do you pay for a small coffee chain with strong numbers and huge growth ambitions? It is always difficult to value a stock that hasn't yet turned a price profit and is in the early stages of expansion. So I'm going to use a price to sales multiple. We get to choose which ones we want to use price to pin down how much investors are paying for BlackRock Coffee and then compare it to its to its peers. The company has a market capitalization of roughly 1.4 billion right now and in the last 12 months we have data for they did 179 million in sales meaning the stock's trading at 7.8 times sales. That's not a small number. I mean from perspective, Starbucks trades at 2.6 times sales. Dutch Bros. Is a much closer comparison trades at 6.6 times sales. Despite being legitimately profitable. Again, much of BlackRock Coffee Bar's business is very similar to Dutch Bros. From the drive thrus to the energy drink alternatives to the branding. Given that Dutch Bros. Was the last Oregon based coffee chain to come public, it might be worth comparing BlackRock Coffee to what happened to Brose Bureau when it came public in 2021. You know, Dutch Bros. Was a movie more mature company at the time of its IPO. See, it already had four and 70 stores, 11 states, much larger presence in the Pacific Northwest. Just in terms of locations. That's about three times the size of BlackRock Coffee right now. Plus Dutch Bros. Was already doing over $1.7 million in average unit volume in the year it came public. Black BlackRock Coffee is only about 1.2 million or the picture. I don't like that. That's low. Now, same store sales for Dutch Bros. Only grew at a 2% clip in the year before the IPO. But that happened that year was 2020. So I mean anything positive was seen as well, positive. It also didn't hurt that the company owned comps. In the first half of 2021 came in at 9.6%. While Dutch Bros. Was also unprofitable very early on his public tenure. That quickly changed. Despite that, Bros. Was a volatile trader for years. I mean, the stock quickly ran from 23 bucks. Its IPO price mid-50s in the first few days, reaching $80 per share in the first few weeks. But it was clear that the market initially got ahead of itself and the stock came right back down, falling as low as $20 in 2022. Didn't see 80 again until earlier this year. Not great. While some might see Dutch Bros. As the more mature or even boring company compared to the new hot ipo in a lot of ways Dutch Bros. Still has some catching up. The BlackRock Coffee Bar. Even if they're ahead by a wide margin on locations. See, Dutch Bros. Is always. They got a strong rewards program. We've talked about that with Christine Brown. But they only just expanded mobile ordering to all their locations as of the end of last year. Mobile ordering now makes just 11.5% of their sales. Blackwell, 15% of their business is already digital. I like that. Plus Dutch Bros. That only just started expanding its food options. Something that BlackRock Coffee has been doing for a long time. Honestly, this makes me feel like Dutch Bros. Has more room to run them. Here's how I see it. Now, I don't dislike BlackRock Coffee Bar, but given that it's so similar to Dutch Bros. Which has been an incredibly successful stock and we mentioned to you forever, I think you got to ask yourself why the shiny new thing is better than what we already got. You could argue that BlackRock Coffee is in a much earlier stage of its growth trajectory, which could make for a better opportunity. But it also means there's A lot more risk. The bottom line, if you want an Oregon based coffee chain or at least one that started there with drive thrus and energy drinks that sound like they'll give you an immediate proverbial heart attack, I go to Dutch Bros. Nothing wrong with the Blackrock coffee bar. It's just that I think B R O S has a much better risk reward. And Mad Bunny will be back after the break.

[Show Announcer]

Coming up, Kramer takes your calls. And the sky's the limit. It's a fast fire lightning round.

[Jim Cramer]

Next.

[Show Announcer]

Tomorrow, kick off the trading day with Squawk on the street live from post nine at the nyse.

[Jim Cramer]

You're going to be the whatever device activates Prindle that we no longer need. Prindle. Activate the button. Pringle. Pringle, Pringle park reverse neutral drive. Oh my God. That's like a 50s reference. Old man, you are really in the Wayback Machine there.

[Show Announcer]

It all starts at 9am Eastern.

[Jim Cramer]

It is time. It's time for the White Mountain B. That's right. By Py T. And then the lightning round is over. Are you ready? Ski down light round craves. Oh, I want to start with Brian in Rhode Island. Brian.

[Caller]

Hey Jim.

[Jim Cramer]

Booyah. Booyah. Brian. What's up?

[Caller]

I want to know what your thoughts are on this fairly new AI company has partnerships with Google, Microsoft and Stablecoin Tether. It's called Resolve RV lv.

[Jim Cramer]

Yeah, this thing's a rocket ship. I got to do more. I can't cut this one. It's, it's, it's. Look, the thing is straight up and I never want to do that on a $7 stock. I've got to learn more. I am looking at our research director right now. We're not a $7 stock. We're not going to just opinion with nothing. Let's go to Georgie in Pennsylvania. Georgie.

[Caller]

Hi Jim. In my retirement I've learned so much from you and through membership in the club. Thank you.

[Jim Cramer]

Enough. Thank you. Good. I want that. I mean, just trying to teach here. How can I help?

[Caller]

Well, my question is on Western Union where I've had a sizable holding from years back.

[Jim Cramer]

You know what? It's just, it's got no growth. It does have that big yield, but that's not what we want. We want growth. Growth and compounded income is how we make money here, not something like that. Let's go to Roger in South Carolina. Roger.

[Caller]

Howdy, Jim. How you faring?

[Jim Cramer]

I'm doing well. How about you, Rog?

[Caller]

Pretty fire, Jim. I want to say I Appreciate all the work that you and your staff does because you got the best financial show on tv.

[Jim Cramer]

Oh thank you. Thank you very much. If you saw where our staff live. We're like a bullpen in an away game. What's up?

[Caller]

I wanted to get you short and long term outlook on Johnson Controls.

[Jim Cramer]

Johnson Controls has done a very good job of moving into the data center. I do like vertiv more but Johnson Controls is a very good company and it didn't used to be. Let's go to Jay in Florida. Jay.

[Caller]

Hey Jim, thanks for taking my call.

[Jim Cramer]

Okay, what's up?

[Caller]

I'm a first time caller and a club member. I, I really appreciate all you for U.S. investors. Thank you.

[Jim Cramer]

Thank you for being a member of the club. How can I help?

[Caller]

Sure. I wanted to get your thoughts on Mount Inc. So this company had a nice quarter, you know, while the stock has dropped almost 35% since then. My question to you Jim is what is going on with Mountain?

[Jim Cramer]

And do you think okay, here's what happened with Mountain. I mean the stock took off like you know just, just like a giant colossus. And then it reported quarter and the quarter wasn't that great. Now we have to see another quarter because that was really a suboptimal situation. I'm not going to back it. That's got to. I mean honestly I thought it was going to be good quarter. I want it back. I love the business. I just need a good number. Let's go to Randy in California. Randy, boy chick.

[Caller]

Congratulations here the realization of the American dream. You've made me a small fortune.

[Jim Cramer]

But what about you?

[Caller]

Nordic American Tanker.

[Jim Cramer]

All right, how can I help?

[Caller]

Is Nordic American Tanker gonna move up.

[Jim Cramer]

North American Tanker, Nat? Oh no, no, I don't. I mean no, no, we're not gonna be. That thing's 232-323-2323. Let me go to Steve in Florida.

[Caller]

Steve, Jim Cramer. How you doing sir?

[Jim Cramer]

I'm doing fine, how about you?

[Caller]

Great sir, thank you. I'm calling about an AI data center hardware company that makes high speed connectivity Technology critical for AI servers. Revenues up 274% year over year with AWS and Microsoft as its biggest customers. This company is called CREDO Technology.

[Jim Cramer]

Well, there's so many new companies. I don't know CREDO either. I mean the homework is just piling up here. I mean I'm like. I don't know what. I don't. My grade is. I'm an incomplete. They're calling me letter I over here. Let's go to Drew in California, please. Drew.

[Caller]

Hey, Kramer. I just want to let you know, big time listener calling from California. Obviously. I used to follow you back when you were in GQ magazine.

[Jim Cramer]

Oh, 1993. Wow. Old time. Exactly. All right, well, hey, I need a.

[Caller]

Little help with oxy. I'm in it.

[Jim Cramer]

No, I'm gonna give you help with 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. Company. Not even a good one. Let's go to Jim in Iowa. Jim.

[Caller]

Jim, Tim here. I've been paying attention to what you say for a long time.

[Jim Cramer]

Thank you. Thank you.

[Caller]

Kinview has litigation risk down here, but it's close to a several year.

[Jim Cramer]

I don't think the litigation risk nearly as bad as people think. This Stock is at 4 and a half percent. It's got new leadership. I don't want to dump it right here. I just. But I don't expect a lot of upside here. That's the problem. And that. Ladies and gentlemen, Gudin of the Lightning Round.

[Show Announcer]

The Lightning Round is sponsored by Charles Schwab. Up next, Kramer's giving you a second dose of his biotech doubleheader. Don't miss his deep dive into another little known name with big potential.

[Jim Cramer]

Next.

[Caller]

Booyah. Jim, your integrity makes you the booyah saint of Wall Street. Booyah, Jimmy Chill.

[Jim Cramer]

Booyah. Jimmy Chillah.

[Caller]

Jim.

[Jim Cramer]

Quadruple. That's a lot of booyah. Last Thursday I got stumped by two different biotech stocks during the Lightning Round. So I promised to do the homework on both of them, get back to you with a more considered opinion. I don't like to cuff things. Now this was a little unusual because both questions came in the form of what I call a pitch. We already covered equestives. So let's now turn to Joe in Illinois who asked about lens Lenz Therapeutics. Tell me how they've got this eye drop that can temporarily correct your vision. He said that it lets you read without reading glasses for 10 hours. I told Joe I look into it because doesn't it sound kind of interesting? But obviously we have to do our own research on the stuff. Lenz was founded 12 years ago, although it only came public in March of last year via a reverse merger with a little company called Graphite Bio. Now, ever since Len started trading and stock has done very well. And you know what? It's got a nice clean story. Even if I tend not to like reverse merger ideas. They're Too complicated. And they offer a side of a company not wanting to go through the traditional scrutiny of the IPO route. For years, these guys have been working on eye drops to treat Presby opia. Presbyopia, meaning age related farsightedness. Originally they had two drug candidates, but a little over a year ago they dropped one that seemed less effective because the other one put up some terrific phase three clinical trial data. The FDA approved the eyedrop. It's the end of July. It'll be sold under the brand name Viz Vizz, and the stock hasn't looked back since. Long story short, everything that Joe in Illinois said about the company does check out. Lens does indeed plan to start sending out samples of the product next month, and they expect it to be broadly available by the middle of the fourth quarter. So how big is the market opportunity? According to Lenz, there are 128 million people in the US who are dealing with presbyopia and thus need reading glasses. Management pegs the total U.S. market opportunity at 3. $3 billion. Now, according to the research, 60% of the 128 million people who suffer from farsightedness are interested in an eyedrop solution. And that includes contact lens wearers, post LASIK patients, and anybody else who hates reading glasses. In terms of efficacy, Lens says that 99% of the patients who take the drops achieved ideal pupil size to restore their close range vision. 93% got 20 more 2040 vision or better within an hour. All right, not perfect, but good enough to read within 10 hours after you 70% of these patients were still at 2040 vision or better. Now, Lens has a three pronged strategy for getting these drops out to people. First, they're hoping for doctors to recommend the product and they build a big direct sales force to make sure that happens. Second, they're planning a consumer marketing campaign starting next quarter. Third, they're trying to remove all friction from the sales process, getting lots of free samples out there to ensure people can actually get their hands on these drops, and then working with online and retail pharmacies to ensure speedy reorders are possible going forward. I don't know, it sounds pretty exciting, right? But in this big but abbv, the huge pharmaceutical company, came out with a similar product, an eyedrop treatment for farsightedness that launched a few years ago that was called VD. Their version came out in late 2021 and had a pretty successful launch. But at these eyedrops fizzled over time and Abby could put any amount of money behind it at an industry conference just last week, Len's Therapeutic CEO F. Schimmel Panick was asked about bewity and he said, well, he learned a lot from that drug's mixed performance, specifically pointed out the view he promised strong efficacy and a very strong response time, but then didn't live up to those promises. Viz. Though has a different mechanism and according to management it works faster and for longer. Basically, Schimmelpennick argued that Abbvie's eye drops just weren't good enough. His eye drops are better now. This will be a cash pay product that does hurt. By the way. Lenses as price visit $79 per month or a three month pack at $198. For me, the biggest biggest question is how many people are going to be so impressed with this efficacy and convenience that they're willing to pay that amount for eye drops instead of just using cheap reading glasses? Overall, I'm inclined to believe that there'll be enough patients eager to try the product. We're talking a total addressable market of 128 million people. You don't need to get that many in order to have a big hit here. Of course, if you buy Lens here, you're not early to the story. Stocks is up nearly 150% from its April lows, but many stocks are up big from the April lows. Still, I try to think of early stage, still unprofitable biotech companies like Lens in terms of market capitalization versus the total addressable market or TAM for the products. If you buy Lens here, you're betting that it's 1.19 billion market cap. $1.1 billion market cap doesn't reflect the true scale of the opportunity. And since I was asked, I'm not against taking a flyer on Lens at this point right before they really start pushing the eyedrops. It would have been better to spot this one before, but you have to pay a premium if you're coming into a biotech name after its key drug has already gotten approval. In the end, I think Lens Therapeutics has a promising story, and with the recent FDA approval of the company's lead asset, I'm optimistic that these eye drops can find their way to a critical mass of patience. I do again want to make it clear that with these smaller biotechs, the biggest money is often made during the run up to approval and not the gains made once the approval occurs. The bottom line? Maybe these eye drops for farsightedness fizzle like we saw with AbbVie's similar product a few years ago, but I'm betting lens can make this thing work. If the drug's a success, the stock's going higher, it might even be a, I don't know, maybe a takeover target. Especially when you consider a big company like AbbVie coveted the class and the category. I like to say there's always a bull market summer and I promise try to find it just for you. Right here on Mad Money. I'm Jim Cramer. See you tomorrow.

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