Mad Money w/ Jim Cramer 9/24/25

Summary

Mad Money w/ Jim Cramer – September 24, 2025

Host: Jim Cramer
Main Theme: A critical reassessment of today's overheated speculative stock market, with a sharp focus on risk, rational investment versus froth, and deep dives into hot sectors and picks like Micron, gold, Bitcoin, and interview with SiTime’s CEO.

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Overview

In this episode, Jim Cramer confronts the rampant speculation in today’s market, citing worrying signals from both macro authorities (notably Fed Chair Jay Powell) and his own audience’s appetite for risk. He examines sectors that have gone parabolic, offers hard-won lessons from the Lightning Round, analyzes gold and bitcoin's technical outlooks, interviews SiTime’s CEO on innovation in timing chips, and closes with commentary about the “Data Center Blob” dominating markets and capital spending.

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Key Discussion Points & Insights

1. Market Froth and Speculative Excess (01:54–10:35)

• Cramer flags mounting excess speculation: Recent persistent rallies in profitless, speculative stocks have even him worried amid market weakness (Dow -172 pts, S&P -0.28%, Nasdaq -0.33%).
• Fed Chair Jay Powell’s Caution:

  “By many measures...equity prices are fairly highly valued.” (Fed Chair Jay Powell, cited at 02:36)

• Cramer's own risk tolerance is reaching its limit:
  • Historically tolerated one speculative stock per five-stock portfolio, but now finds himself uncomfortable with the volume and valuation of profitless plays.
  • Memorable quote:

    “We ran a screen today...55 names. Get this, only six were profitable. That’s ridiculous. More importantly, it is worrisome.” (B, 07:45)

• Examples of Speculative Frenzy:
  • Uranium stocks (Energy Fuels, Oklo): Rallying despite lack of imminent catalysts or profits.
  • Satellites (AST SpaceMobile): Soaring with no revenues.
  • Crypto derivatives, quantum computing, “flying cars,” clinical-stage biotechs: All singled out as bubbles with the potential to devastate portfolios if the music stops.
  • Personal struggle:

    “I told Ben [Research Director] I couldn’t live with myself if I kept pushing these specs at these elevated prices and he agreed; we both decided time to rein it in.” (B, 08:36)

• Advice Shift:
  Cramer vows to be more discerning:

  “The bottom line: I can no longer be so sanguine about these super speculative stocks ... I will be more circumspect in the future.” (B, 09:50)

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2. Lightning Round & Listener Q&A: Discipline amid Volatility (10:35–14:14; 41:01–44:06)

• Cramer fields classic “Lightning Round” questions, but with more caution:
  • Lululemon (10:35): Possible bounce, but “prices are too expensive.”
  • Generac (12:53): Solid long-term, grid vulnerability theme, strong CEO track record.
  • Honeywell (42:22): Hold, potentially buy more if it drops further.
  • Western Digital (42:53): Doing well, but Micron’s recent pullback suggests waiting for a better price.
  • Watts Water Technologies (43:51): “Don’t trade it, own it. It’s just a great American manufacturer. Stay on long.”
• Risk management is the new headline:

  “From now on we’re going to be more circumspect. We’ve won. We’re not going to try to win twice.” (B, 13:40)

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3. Micron Deep Dive: AI Memory Boom amid Profit-Taking (15:44–22:59)

• Despite a stellar quarter (Revenue up 46% YoY, gross margin up 900+ bps, huge EPS beat), Micron stock sells off due to lofty expectations and prior run-up.
• Cramer’s key insights:
  • Micron has successfully transitioned out of the pure-commodity chipmaker narrative thanks to data center/AI demand, innovation, and production efficiency:

    “They are much less of a commodity chip maker than they used to be.” (B, 17:29)

  • Still, momentum stocks can’t go up forever – even best-in-class results face profit-taking after euphoric rallies.
  • Long-term bullish:

    “After this titanic quarter, I think Micron can keep running. I just hope we get more pullbacks like this so that you can buy it on weakness.” (B, 22:42)

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4. Off the Charts: Gold and Bitcoin at Technical Crossroads (24:19–34:18)

• Legendary technician Larry Williams’ caution:
  Both gold and bitcoin at risk for declines for the remainder of 2025.
  • Gold is up 42% YTD, but technicals show negative “commercial hedger” positioning.

    “When commercials have no interest...that’s very, very worrisome.” (B, 25:40)

  • Seasonality and 8-year cycle add to bearish outlook.
  • Bitcoin shows similar warning signals—recent overvaluation vs. the dollar, cycles point to lower prices through early next year.
• Cramer:

  “The charts interpreted by Larry Williams suggest that both gold and bitcoin could be headed lower for the rest of the year...Given his track record, I certainly wouldn’t bet against Larry Williams.” (B, 30:54)

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5. Exclusive Interview: SiTime CEO Rajesh Vashist (34:35–40:43)

• SiTime’s growth: Went public at $13/share in 2019, now ~$300 (a ~23x run).
• Innovation focus: SiTime invented precision timing chips, replacing legacy quartz-based solutions across 400+ applications (data centers, consumer, autos, military, IoT, hearing aids, etc.).
• Key product: The Resonator:

  “We invented the category ... When you create a category, you get to win.” (C, 36:18)

  • Miniaturization (1/4 size of quartz), reliability, low power as differentiators.
• Market leadership with no comparable competition:

  “Nobody in the world is doing what we are doing...fundamentally, nobody’s doing timing. SiTime: silicon time. That’s what we do.” (C, 40:03)

• Financial prudence: Cash strong, no debt.
• Advice to investors:

  “It is volatile. But that doesn’t mean it should be avoided. It’s been a remarkable performer.” (B, 35:07) “Stop trading, own [it].” (B, 40:42)

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6. The “Data Center Blob”: Is the Data Boom Sustainable? (44:17–47:28)

• Inspired by a satirical ‘horror movie’ poster from JP Morgan’s Michael Cembalest, Cramer cautions that data center capital spending—cloud, AI, big tech—now accounts for three-quarters of S&P 500 returns and 80–90% of earnings/capex growth since 2022.

  “It means...there really is a new industrial revolution...But...there isn’t all that much growth in the economy away from AI...Maybe the Fed needs to understand there are two economies. One that’s data center, doing well—the other, the rest.” (B, 45:00)

  • Warns about risk if expansion moves beyond self-funded projects (cites concerns about debt-funded OpenAI expansion).
  • Final reflection:

    “While I still believe AI represents a new industrial revolution, I do fear the data center blob...Maybe it’s a documentary.” (B, 47:05)

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Notable Quotes & Memorable Moments

• On giving up overly-permissive speculation:

  “I can't do it anymore, people. ... I can't live with myself if I kept pushing these specs at these elevated prices.” (B, 08:36)

• On speculative stocks’ risk:

  “Unless you’re prepared to lose your entire investment, well, that’s what you may do because from these elevated levels a big decline will crush you and you won’t be able to come back from it.” (B, 10:03)

• On gold’s ominous technicals:

  “You should be very concerned when you see the commercials have no interest. ... That’s very, very worrisome.” (B, 25:40)

• Micron’s turnaround:

  “Micron is not just riding the datacenter wave...They’re actively innovating and getting products that are ideally suited for the data center to market faster than the competition.” (B, 19:53)

• On the “data center blob”:

  “AI-related stocks have accounted for 75% of the S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November of 2022. ... That’s incredible.” (B, 44:40)

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Timestamps for Important Segments

• [01:54] – Cramer opens discussion on market froth, signals shift in approach
• [10:35] – Lightning Round, notable stock-specific insight
• [15:44] – Deep dive: Micron’s earnings and semis in the AI wave
• [24:19] – Off the Charts: Gold, Bitcoin, & the Larry Williams technical analysis
• [34:35] – Interview: SiTime CEO Rajesh Vashist on innovation and leadership
• [41:01] – Lightning Round: Tactical advice on TSMC, Honeywell, Western Digital
• [44:17] – “Data Center Blob” macro reflection
• [47:28] – Closing thoughts

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Conclusion (Cramer's Bottom Line)

• Risk discipline is paramount:
  Cramer no longer gives blanket blessings to red-hot, profitless speculative stocks. Own only a modest proportion, with eyes wide open to risk.
• Innovation and real profits matter most:
  Winners like Micron and SiTime are differentiated by sustained profitability and unique technology, not just narratives.
• Be wary of crowded trades (Gold/Bitcoin):
  Listen to the technicals and seasoned market historians; don’t fight facts for emotion.
• AI/data remains a durable growth driver—but beware excess:
  Stay alert to the capital cycle. If debt or unsustainable expansion take over, “The Blob” could turn from revolutionary to risky.

“There’s always a bull market somewhere. I promise to find it just for you right here.” (Cramer’s signature sign-off)

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Transcript

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[B]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer Archive. My friends, I'm just trying to save a little money. My job is not just entertain you, but to educate, to teach you. So call me at 107.3 CMC tweet Mitchum Kramer all right, it's time. We need to start worrying about the froth. I've been willing to look the other way on this shoot because I figured speculative stocks would keep roaring because the public wants them badly enough to pay almost any price. But after a day where the Dow dip 172 points, the S&P declined.2.8%. Nasdaq shed.33%. I think it's time to figure out how many of these red hot stocks have overshot what they might be worth not just today, but at any point in the future. Why the change of heart? Two reasons. The first, it comes from a person I revere greatly, Fed Chairman Jay Powell. Yesterday, the speech in Providence, Rhode Island. Powell was asked about how he Fed feels about higher stock prices. He talked about how they look at overall financial conditions. And he went on to say that quote by Many measures. For example, equity prices are fairly highly valued, end quote. Now, I have no doubt that there's a whole cohort of stocks that are fair, let's say far more than fairly highly valued. That's the cohort of speculative stocks. Now I know that many of the stocks connected to the growth of data center, that's where everyone talks about these days in video metas. Alpha are regarded as expensive by many of you. But when it comes to actual earnings per share, what we care about in America, believe it or not, they're honestly not all that out of whack. Yeah, that's right. Speaking of the entire market, SB 500 is trading at roughly 25 times this year, 22 times next year's earnings. That's on the higher side, but it's not that expensive. And a lot of these stocks I just mentioned, they're within that cohort. I can live with the S and p trading at 25 times this year's earnings, knowing that the earnings are going up and the market will look cheaper next year and, and that's particularly the case with stocks like in video. But I don't know if I can keep living with the rally in the speculative stocks. The ones that don't make any money or make barely amount my they've lost money for years. Which brings me to my second catalyst, the lightning round. Now I got to tell you, I've been very permissive about speculative names on this show saying that I condone owning one super risky stock in a five stock portfolio, part of the savings program. I suggest in how to make money in any market. And this comes out next week, people. I'm signing books next Tuesday at noon in Manhattan at the Barnes and Noble on 555-5- Avenue. If you want to say hi, I'd love to see you now in the book, I Even endorse owning 2 specs if you're 5 in a 5 stock portfolio if you're younger because then you got your whole life ahead of you to earn back any potential losses. I make a point of saying how important speculation is for you to do, but you got to do it wisely. And I tell you what wisely means. And most people don't speculate wisely. But man, if the lightning rounds indicative of what people are buying, we got a real problem. Monday's lightning round felt like all the recent lightning rounds that I've been going through. We keep getting a slew of specular stocks. That's fine, you call. I want to help you that test the bounds though of My risk tolerance and they should test the balance of your risk tolerance to a Monday. I was asked about a host of companies that I think are risky as all get out to two examples. Energy fuels. You, you, you, you. That is a uranium company is great at both losing Money hitting the 52 week highlights. Now I'm a big believer in nuclear power. I'm not a big believer that nuclear power is going to experience a near term renaissance. It could take a decade to build a new nuclear plant in this country. So I question if this stock should be up over 215% for the year. I do not question that this stock is in the words of Fed chief Fed Powell fairly. I. Why the heck then did I say you you was okay? You, you, you, you was okay? Well that was because of the spectacular rally in oclo. Oklo, another nuclear stock that I've been recommending. It's up 518% for the year. When OCLO was in the 30s. I said that one good, one good headline could propel the stock to the stratosphere. Now it's in the 130. Sure enough, we got those whole slew of headlines about a $1.68 billion facility in Tennessee where Aqua will be recycling nuclear waste and fuel for its advanced reactors. Stock went to a high of 144 today before reversing hard finishing at 131. I think alcohol is a great concept and I say concept because it has no revenues. But I think with oclo. Here we go. Okay, am I clear? We got good news today. And the stock couldn't maintain its momentum. That's a bad sign. The intraday reversal. Sell, sell. Suboptimal. Then I got a question about ASC Space Mobile. That's a satellite broadband network for smartphones with a Stock that's up 158% for the year. This is a company's been losing money hand over this. Almost no revenue whatsoever. Maybe they have something but it surely isn't self evident. I finished the show Monday and went to see my research director Ben Stoddard who celebrated his birthday today. I told him I was part sick. I told him that I'm now giving so much license to these stocks that it's just going to end up hurting people. I know that so far it hasn't been a problem. Look, I've been right to recommend them. Dead right. If you've been speculating these stocks, you've won big. But I can't do it anymore, people. I told Ben I couldn't Live with myself if I kept pushing these specs at these elevated prices and he agreed, we both decided time to rein it in. What else needs to be reigned in? Okay, listen this. We ran a screen today of U.S. listed stocks worth more than $500 million that have rallied at least 50% in of September. We came up with 55 names. Get this, only six were profitable. That's ridiculous. More importantly, it is worrisome what sectors counter speculative here. Okay, that can be pretty easily group. Thankfully there are the the nuclear stocks like energy fuels. That means oclo, Nano Nuclear and BW technologies. I'd include Boom Bloom Energy. I saw them on TV today which is hydrogen fuel cells. BW and Bloom make money, the rest don't. But they're all expensive. Then there's the crypto derivatives that want to emulate the success of the company formerly known as MicroStrategy Network Strategy. They only work if crypto can keep climbing. Something that we're going to discuss later on the show and it's not positive. Now if you want crypto, do not buy these, go buy crypto. The best way to play crypto is with crypto. All right, let's think about Quantum computing which is rife with money losers that could end up being terrific. But right now they don't have much going for them other than hope. That includes IO and Q which we had on the other day. Boy, I liked what I saw, I really did. But only if you think very very long term. Stocks up 77% for the year. I think that's aggressive. There's D Wave which impressed me when they were on to it. Hit a 52 week high today but it's up 230% for the year. But again it could be ages for the business starts to take off. I don't know if they disagree with it. Both Iowa Q and D Wave are losing fortunes. Same goes for Rigetti Computing and Quantum Computing although the latter's only have 29% bargain. What else? There are the companies that look like Core. Corey is a great company that keeps winning business almost daily and I've been supporting that one. But then there's a company like Nevius and Nebulous which has some good contacts and a relationship with Microsoft, but it lose a lot of money yet its stocks rallied more than 308% for the year. There are other companies like Iran IRM, which makes power centers for bitcoin mining and is looking to pivot to identity AI data centers. Hey listen, Corey took that strategy. Iran is actually profitable but Its stock is rally 380% too hot. Remember, if you want Core weave by Corey finally, there are companies that create flying cars and novel drones and rockets and of course the requisite clinical stage biotechs which have often, they often have stocks that soar higher as their losses grow exponentially. You see them sometimes in what's known as the crawl at the bottom. When you come in the morning, stocks are up by 20, 30, 40, 50. No, I'm done with that now. I've enjoyed blessing these speculative names and so far it's great. It's been incredibly right. But after that soul searching lightning round and the words from Jay Powell, I'm going to be adjusting my view. I won't go against the dictum of one speculative stock per portfolio and it's got to be invested in wisely as I described in how to Make Money in Any Market. But the bottom line, I can no longer be so sanguine about these super speculative stocks that keep roaring around here. I can no longer just say it's going higher. I will be more circumspect in the future. And I will say if I think something's too risky to speculate on unless you're prepared to lose your entire investment, well, that's what you may do because from these elevated levels a big decline will crush you and you won't be able to come back from it. And like people in 2000, you will stop owning stocks altogether and you'll never get rich from the stock market.

[E]

Donnie, Kentucky Don Jim, first time caller, I appreciate you taking it about 334 at the beginning of June and course it's plummeted since then. So my question to you is would you back it up and try to climb back out of it or would you just get rid of it altogether?

[B]

Well, I think it has fallen too far. It's down 50%. I think that Calvin McDonald is a person of, of great wisdom and I do think that you can catch a bounce. I don't want to say more than that because I think the prices are too expensive and it's not differential enough and I felt that way when my favorite Costco came in hard against Lulu. Let's go to Robert New York, please.

[E]

Robert Jim, thank you so much for having me. And I want to say to the listeners we are so lucky to have you.

[B]

Robert, you're terrific when you call. I love it. You are always terrific. Give me a pick me up.

[E]

Because Jim, the bottom line is any you could do anything in this country. Look what you've done. I think about how hard it is to work in life. But you were living out of the back of your car and you became the number one guy on Wall Street.

[B]

There's a lot of number ones. But I did live in my car.

[E]

You're the guy on Wall Street. You really are.

[B]

Thank you. It is dangerous. Don't. I mean, look, no one ever sets out to live in their car. But if you have to, let me tell you, you know, your best friends are the police. The police help me. Over and over and over again. They always told me to go to the right place to sleep. I am not kidding. They were fantastic. You think they roused me? No, they just said, listen, better to go be with the truckers. I'll never forget that over and over again. The police help me. How can I help you?

[E]

Okay, Jim, this next company is the leading manufacturer of backup and prime power generation systems for residential and solar battery storage, advanced power grid software platforms, battery power tools, everything. Okay. Six analysts revised their earning estimates upwards in the last 60 days on this stock and they're expected to report cash flow growth of 21% this year. Now Jim. Now Jim, this is very important for your listeners. Did you know that fewer than 6% of American homes have a whole house standby generator. The outage and the outages are all over the place. Okay. This company, the guy running it is a very smart guy and they've only had three CEOs since 19.

[B]

Okay, and Robert, which stock, which stock is this? Oh, okay, listen, Robert, is Robert spout on. By the way, I do have a genre because I can't have the refrigerator. I have too many medicines in the refrigerator. It would just break me. So I just. It's a good investment. I think others who realize that the grid is so fraught would be thinking about Generac2. I think you're dead right. I think the great. That stock is a great long term own and thank you for the kind words. All right, look, I got to start. I don't know what to say. Do I want to worry about froth? I have to. I can no longer just say to a speculative stock that you tell me that's good, you got to own that one. Headline is going higher. From now on we're going to be more circumstant. We've won. We're not going to try to win twice. On my money tonight, Micron sold off today despite a blow up, blowout earnings report. So it gives me a buying opportunity. Let's go deep into that then. Gold Gold and Bitcoin have been on a tear this year to react. They've been reaching new all time highs. So let's go off the charts to see if that can continue. Or maybe there's another place that we have to Ka Ching Ka Ching. And is now the right time to start a position in a non speculative data center stock that's doing well called side time. I've got the company's top branch after its 37% rally this year but it's down very big this year. Maybe it's an opportunity. So stay down today. Wow. So stay with Kramer.

[A]

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[B]

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PC how those ahead, Stay Ahead When a stock runs like crazy in earnings, even great numbers might not be enough to prevent it from selling off. Sell, sell, sell. Just look at Micron Simple Mu. It's a key maker of memory and storage chips that you know, I have championed for years now. Going to last night's close, this Stock was up 170% from its April lows, including a staggering 40% gain just since the end of August. Oh, it's been a terrific move as Micron, widely dismissed as a commodity Chip maker. That's the old days. It's finally getting some credit for all the business that they'll see from the data center boom everybody talks about in video. And so many of the data center infrastructure plays at. They deserve it. But these are big warehouses full of servers. And those servers need storage. They need memory, especially high bandwidth memory. Remember that term hbm? To keep everything running smoothly. And that means they need Micron. Which is why the stock has been nothing short of unstoppable. That is until today. See, last night, Micron reported. When you report it for such a huge rally, you're dealing with great expectations. Yeah, like Dickens. So great that it was impossible for the stock to keep climbing. Even the numbers were good. It did climb. After the close. We went up to 172. But that was after hours trading today. Not so hot. But the numbers were good. People ignore the trading. No, the numbers were like stellar. Micron's revenue was up 46% year over year, almost 22% for the previous quarter, coming in much better than expected. Their gross margin came in at just under 46% which was up over 900 basis points from the year before. That's almost impossible to do. Their operating margin was 1250 basis points. These are insane figures. If you're in the business, you'd be just saying, no wonder the company could earn $3.03 per share when Wall street was only looking for $2.55 per share in the previous quarter. Micron $91. So this was a spectacular pick up from just three months ago. Now with a company like Micron, which is known to have big swings in both directions, swings that investors are always eager to get ahead of. It's not enough to just have good results. You also need to have strong guidance showing Wall street that the future remains as bright as the past. Micro only gives guidance for one quarter a ton. That's been their tradition. But their outlook for the current quarter was excellent. They're talking substantially higher than expected sales. Think 40 to 47% revenue growth. Management said to expect their gross margins to come in somewhere between 50.5 and 52.5. This was used to be a commodity player. Wall street was only looking for a little more than 45%. Put it all together. Micron guided for $3.65 to $3.85 per share in earnings this quarter. You know the analyst. Only looking for $3.10. This is quite a beat. On the conference call, Micron's staid CEO Sanjay Mirodra was about as effusive as he gets talking about how his business is positioned. He's just such not a hype artist. I love that about him. He said the company's leadership in advanced technologies including the high bandwidth memory products for the data center has enabled a quote, differentiated product portfolio that offers a strong return on investment for a customer. Differentiate means not commodity. Basically they are much less of a commodity chip maker than they used to be. Now Sanjay said that AI driven demand is accelerating and importantly industry DRAM supply remains tight. These DRAM chips DRAM are old fashioned memory. It's the most commoditized part of the business and is low. Long as inventory remains tight then the business will be fine. He then dug into the company's various end markets and to no surprise, it's Micron's products for the data center that are driving these incredible numbers. Brochure noted that the combined revenue from just three types of products that are popular in the data center high bandwidth memory, high capacity DRAM products and low power DRAM products, ones that don't burn so bad, reached $10 billion in their fiscal 2025 year. In their 2025 fiscal year which just ended in August, this was a fivefold increase versus the year before. On top of that merger said quote, in addition to being a demand driver, AI is also a powerful productivity driver for Micron. Yes, Micron itself explaining that the company is using AI throughout its entire production process from design to technology development to manufacturing. This is why they've been so good at profiting from the data center because they're speeding up the design and production process to get the hyperscalers the hardware that they need. By the way, you also talked about gigantic use cases developing with AI like code writing like Agentix. That's the process of AI driven agents helping you instead of people. People are more expensive than the Agentix Merocher talked about One Gamma DRAM products which Micron began shipping earlier this year. As was the ramping production of One Gamma DRAM products, the company's manufacturing process became efficient and dependable in record time, 50% faster 5o than the previous generation. In short, Micro is not just riding the datacenter wave like everybody else. They're actively innovating and getting products that are ideally suited for the data center to market faster than the competition. And by the way, just you know, these guys used to be behind a lot of the companies like in Japan. They're now ahead of them and look as strong as the data center strongest data center business. It's not just the data center. Micron's other top end markets are also looking pretty good at this point, even if they're not putting up the insane numbers like anything connected AI. For example, the company took up its expectations for PC unit shipments. They were previously expecting a low single digit percentage increase, but now they're talking about mid single digit growth for the 2025 calendar year. A lot of that is Microns, a lot of that. Micron's benefit is that Windows 10 is being phased out. In other words, so Microsoft change is driving more business for PCs in smartphones. Management said that quote, an increasing mix of AI ready smart smartphones continue to be a key catalyst for DRAM content growth in mobile devices, end quote. Apparently one third of flagship smartphones shipped in the second quarter contained 12 gigabytes of more DRAM content, which is a lot. Listen to this quote. Given recent product launches from Apple, Samsung and other smartphone OEMs, we expect this mix to increase over the coming quarters, end quote. In short, the smarter your phone gets, the more of these memory chips it needs. And so Sanjay kind of innovated to me when I asked about this morning that, well, these companies are doing very, very well, including Apple, much better than I think people thought they were going to be doing. Even in the automotive and industrial market, which has been one of the Micron's weakest areas, management said, quote, demand strengthened throughout the quarter, end quote, exceeding our forecast. Now Micron is also seeing better profitability in auto and industrial thanks to better pricing and more demand for higher tech products. Still, after the stock jumped higher and after hours trading last night, Micron ultimately pulled back almost 3% today. Sell, sell, sell again. This should not have been a surprise given that the Stock was up 40% in the three and a half weeks before the quarter. But the bottom line coming into Micron's earnings, I was wondering if the company could report anything that could justify the stock's incredible run. You know what? That's exactly what they did after this titanic quarter. I think Micron can keep running. I just hope we get more pullbacks like this so that you, you can buy it on weakness. Yes, the Micron quarter really was that good. Memoney's back after the break.

[A]

Coming up, is all that's traded truly golden? Kramer's going off the charts and looking at the price action of both gold and Bitcoin next.

[F]

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[B]

I'm always telling you to own some gold. Maybe the actual metal, maybe the gold. Maybe a miner because it's great hedge against both inflation, economic chaos. But gold's had an incredible run this year, up 42% for 2025. Spectacular move if you are owning the precious metals, a kind of insurance policy like I've been recommending. Well, your insurance is paid out. Given how much gold is rallied though, does it make sense to keep sticking with it? Or could this be the right time to ring the register? This is a question that's 20 torturing me now. It's a tricky moment for the economy, so I have a hard time predicting whether the macro situation will start favoring precious metals in, say, six to nine months. But there's another way to approach us. And that's why tonight we're going off the charts. With the help of Larry Williams, the legendary technician and market historian who's been the best in business. As I was a teenager, Larry's written over a dozen books and created a ton of proprietary technical indicators I use all the time. Maybe you do too, if you're a technician. He's also made some incredible quality calls in the last few years on this show. His track record unassailable. So when he tells us that gold is headed lower, well, you better believe we got to take him seriously. What makes him bearish on the precious metal? Well, he's got some charts to show us what you'll be shaking when you're finished with this one. First, let's do a historical exercise. Take a look at this weekly chart of the gold futures from a few years ago with something called total open interest down at the bottom. That index, the black line in the following chart shows how many Futures contracts are open. It reflects the total number of positions outstanding in the gold futures market at any given time. At the same time each week, we also get to see the total number, that net number of open positions, helped by what are known as commercial hedges. These are companies that either produce or use gold. The actual traders. Right, the real guys. Larry's a big believer in tracking the behavior of the commercials because they understand the commodity better than anybody else. They have to buy or sell gold as part of their day to day business. They're not just speculators and that gives them a unique insight. So we really want to focus on the commercials. All right? Now, if total open interest in gold futures is rising, but the futures contracts held by commercial hedges are falling, that means people buying gold are speculators, either individuals or professional money managers. As Larry sees it, that's a bad sign because the commercial interests are the ones who were best informed. They know the most and they seem to have more. No interest in gold. That's very, very worrisome. You should be very concerned when you see the commercials have no interest. We saw this pattern in the start of 2022 when the total open interest had a dramatic rise while the commercials were selling gold futures aggressively. Larry says this is a typical pattern you see when you get a market peak. The smaller blue ellipses, they illustrate the same pattern. When there's an increase in open interest not driven by the red line of informed money from the commercials, the price of gold tends to decline. Why is this so important? Well, take a look at the weekly chart of gold this year with the same total open interest data we saw in the last one. When you look at the current activity in the gold futures, we're seeing much higher open interest. More people trading the futures. But the commercials, what are they doing? They're selling, they're not buying. It's the same pattern we saw back in 2022 that marked the peak in gold prices. Larry points out that we saw the opposite of this at the beginning of the year. This is really cool right here, right? The black line. The black line was, was declining. All right, but look at this thing. Meaning less futures activity overall, but the red line roared. Okay, so then you see, we start, I'm sorry, we start going up. And then what happened is you get this black line down, red line up. And that's when the big rally started. That preceded a magnificent rally in the shining stuff. You want to catch this one right now, that pattern has flipped and Larry believes that we're going to have a Potentially ugly decline because of the commercials. That's not all. Take a look at this chart of gold prices with the average seasonal pattern down in blue at the bottom. Larry's always looking for these cycles that repeat themselves over and over, including how commodities tend to trade at any given point in the year. And hey, when you look at the seasonal pattern, gold, this time of the year is about when we would expect the yellow metal naturally have a pullback. You can see about where would be going. That's the seasonal and where it is right now. So you would think it would track that. That's what he's saying. What else? When Larry digs into longer term historical cycles for gold, he says the strongest one is the eight year cycle. That's the blue line on this next chart. As you can see, gold tends to follow this eight year pattern pretty darn closely. And right now that cycle says that the gold prices will likely head lower through early next year. Okay, these cycle forecasts are not exact science, but they tend to be a solid roadmap for the direction where prices are likely headed. It's not good news for gold, especially after this run people, I mean, look at this. It's not unusual to expect this and you're going to get it. Larry says, okay, what about digital gold? I know you love this. What about bitcoin? Bitcoin? Regular viewers know that I've been a huge fan of crypto for years. But Larry points out the gold bugs and bitcoin bugs have a lot in common. Both distrust the dog, both want privacy, and both tend to doubt the Federal Reserve. But there are no commercial uses for bitcoin and you can't melt it down, sell it to a pawn shop. That's why Larry is not totally sold the idea that bitcoin is a digital replacement for gold. It's much more that it appeals to the same constituency as gold. In reality though, it's a market driven largely by emotion. Still, Larry found a value relationship between grayscale Bitcoin trust. That's that GBTC that those who trade this know know very well where they have the most historical data on bitcoin prices and the dollar index, which measures the greenback against a basket of foreign currencies. Take a look at the weekly chart of GBTC with Larry's valuation model relative to the dollar index down at the bottom. Well, not eight. Not exactly a timing tool. He says it's been a good way to understand when to expect major moves in Bitcoin. Recently, GBTC was overvalued relative to the dollar. Okay. Which suggests a decline might be coming. So how can we time the move? Well, take a look at this chart of GPDC with Larry cycle forecast in red and blue. The red line is the shorter term cycle. It seems to repeat itself. While the blue line represents a longer term cycle. Right now they both point to lower prices for bitcoin. Wow. Like gold. Larry thinks it's possible this week this could last through the first couple of months of next year. So you see that this were 26 is it does go back up. But this is what we're focused on. Right. We don't want to get hit by this. Here's the bottom line. The charts interpreted by Larry Williams suggest that both gold and bitcoin could be headed lower for the rest of the year. Remember, we didn't really get a Good look at 2026. Rest of the year is what I'm concerned about. Given his track record, I certainly wouldn't bet against Larry Williams. There are so many other things that are working in this market. No need to stick your neck out for something that Larry has warned you away from. It's always fraught when you go against this man. Let's go to Jeremy in North Carolina.

[E]

Jeremy, big hump day. Booyah to you, Jimbo.

[B]

Man, I'm liking the way you came in fired up. You're coming in hot. Let's go to work.

[E]

Yeah, thanks for all you do. I'm down about 15% on this park acronym name. Since you so cleverly came up with it. Jim, is Coinbase going to get out of reverse and then to drive with the rest of its park?

[B]

I want to take a longer term view on Coinbase because I think that they in the end were the first. I know there's bullish, but Coinbase stuck its neck out and went out and all the other firms avoided them or almost isolated down the typical brokerages. Well now they last. The these guys laugh last. I think you just own Coinbase, don't trade it. Not for a long time. But right now, Rich in California. Rich.

[E]

Hey, Jim, this is Rich and Cindy with a double booyah. Make that a quadruple booyah. Because of your perseverance and fortitude, you've encouraged us on. We rode the roller coaster through several equities. But right now, well, we'd like to know what your feelings are on Hershey.

[B]

Okay. I think Hershey is in unassailable position in that commodity prices. I think Coco's peak. What matters is that no one's ever come in to beat These guys, a lot of people want to be in it for takeover. Forget the takeover. It's more of an earnings place. One of the few food stocks that are doing well. I think that can continue. Let's go to Leslie in California, please.

[E]

Leslie, Jim club member. Here's a piece of cake for you, Jim. GE Verona. Buy, sell or hold?

[B]

Man, you know I like GE Vernova. Gernova is a company that makes the natural gas turbines that are needed for so much including the data center. That's why it's been red hot. It is one of the names I have and Owen from my chabotrust which of course you can follow along by joining the CNBC investing club. Now this is really important for you gold bugs out there like me and for your crypto guys like me. The charts according to Larry Williams suggest that gold and bitcoin are just going lower the rest of the year. I don't want to agree with him, but I think it's hard to bet against Larry. Okay. Much more including my sit down with a real niche player that's doing so well for sidetime. This under the radar player is involved in end markets spanning from data centers to smartphones. I got the CEO for the update on how businesses faring. Then has the fending spree surrounding the data center gotten out of hand? Well, I'm sharing where I come down about as the build out reaches new levels and order calls rapid fire. Tonight's news of the lightning round. So stay with Kramer. Right. What do you make of this volatile action cycle? That's the maker of timing chips using everything from smartphones, data centers to planes and automobiles. Here's a stock that's up nearly 40% year to date. 155% since we spoke to them in 2023. Anything connected? The data center has been on fire lately, including these increasingly essential timing chips. But today the stock pulled back more than 7%. I think it's profit taking. Okay, it neutralizes. It just had with new all time high. But what do we do? Let's check in with Bridges Fishes and Bridges is the chairman CEO of side time dealer. Welcome back to man Money.

[C]

Well, thank you so much for having me.

[B]

Okay, so first I want to establish and I don't mean to use you, it's not fair but people who traded your stock every time we have one of these traded mean they sold. How did they do versus if you just own the stock?

[C]

Well listen, we went public 2019 at 13 bucks a share. 313 13. And today we are about 300. I didn't see where we ended, but we are on 300. That's an amazing amount of growth for a stock for this company that just six, six years old in terms of.

[B]

Right. So I mean ideally what people have to recognize is it is volatile, but that doesn't mean that it should be avoided. It's been a remarkable performer. Yeah.

[C]

And particularly when you add to it that we are one of the most diversified companies. We have 400 different applications and we sell all across. As you said, we sell in AI, we sell in consumer, we, we sell in military, aerospace, automobiles, all of those places.

[B]

So basically what you. I mean I was talking to someone, we were talking about who yours, Your competition. Frankly, I don't know if there's at this point you've kind of exceeded all the other competitors. You seem to be, for instance, the data center, the only game in town.

[C]

Well, you know, I always have a lot of respect for competition. This industry has been serviced by non semiconductors, quartz. 100 years. 100 years we are displaced.

[B]

Like you see in a watch.

[C]

Exactly. And they've been very successful, very good at it. But along comes side time, which is not so much intent on replacing Quartz as finding new use cases. Wherever there's connectivity, connectivity wherever there's intelligence, sensors, mobility, all of that.

[B]

Well, you're talking about 40% growth. That's right. How's it possible?

[C]

Well, it's a large market, $11 billion. TAM and Saitime is a key player in this. We invented the category. We invented precision timing. So you know how it is. When you create a category, you get to win.

[B]

Now something, since we talked to each other last, the resonator is gigantic. So tell people what, when I say the resonator, what that means.

[C]

Well, the resonator is truly the vibrating element. You know, you and I are used to semiconductors that are circuits. Well, this is a moving part in silicon. And you said it right. You said gigantic. We made a play on it as well. We call it Titan because it's so tiny. So it's the opposite. It's 0.4 by 0.4 millimeter. Right over there, you can see how tiny it is. It's 1/4, 1/4 the size of quartz crystal.

[B]

Well, can that be in things like hearing aids?

[C]

It's in hearing aids, it's in wearables, it's in the Internet of things, it's in cars. You know, think in tire pressure monitoring Systems. It's ubiquitous. 40 billion of these are sold.

[B]

Wow. Now, before that things couldn't be Miniaturized, could they?

[C]

No, because you were with quartz crystal. And also you don't get the quality, the reliability, you don't get the supply chain, you don't get the low power semiconductors.

[B]

Right. So when I this data center theme, it was the. Boy, it was really the subject of a lot of, of of to and fro today where the people say, listen, there's not enough money to spend to be able to do it. My friend Rene Haas from ARM Holdings, I asked him, he said, look, the demand is just really incredible. So let's, let's. You have to kind of build it because they are coming. Do you see that too? I mean, do you see, for instance, you have a very large customer that is not necessarily in the data center, but has a lot of AI that the AI thesis is spot on.

[C]

That's right. And remember that in AI we have about 70 different kinds of customers with about 20 different applications. It's not about the GPU only, it's about the switches, the accelerator cards, the cables, the optical modules, all of that. That's where the site. I mean, as you said, we do see the demand and we see that the demand is pulling through. And to the best of our knowledge, it's true demand.

[B]

Okay, now this large customer. No, you're not mentioning the customer's name, but we spend a lot of time with, with companies that do great cell phone work and there just seems to be an acceleration in demand for cell phones. Now we've had a hard time believing that since analysts all over the world were telling us it's peaked. I think that when you add AI to, to it and add some of the brains that you put into it, it's exciting people again and people are buying like they haven't bought a long time.

[C]

Yeah, we see that. You know, these people who disassemble phones are showing us that in some of the more popular phones, as you said, the modem is, has the timing chip from side time.

[B]

Right.

[C]

That's a really, really clear place. Wherever the modem goes, hopefully that's where we'll go.

[B]

Now if they didn't have it, if they had an older version, if they had somebody else's, what would it not be able to do that yours can?

[C]

Well, you never quite know what exactly it enables, but in the long run, it enables size, it enables lower small size, lower power, greater functional power, lower power, lower latency.

[B]

Okay, right.

[C]

All the stuff. So like I said, connectivity speeds, intelligence sensing, that's what we do under real tough environmental conditions. Shock, vibration, we sustain 50 times better lower power supply chain.

[B]

All right so my last question is Sanjay Marotra is a friend who's on this morning scroll the street. I've been talking with him about competitors for a very long time and they've got really big competitors Japan and got Korea. You don't have. There's nobody in Japan doing what you're doing is.

[C]

Nobody in the world is doing what we are doing in technology but even more fundamentally Jim nobody's doing timing side I'm time side time silicon time. That's what we do.

[B]

Well I got to tell you it's good not to have those big competitors. It's good to own these markets and I know you're doing it because of sheer dental and by the way your balance she's great so it's not like they're borrowing money to do it but something I've been very concerned about a lot of companies.

[C]

That's right.

[B]

No debt right, no debt. That's for Jasper Schist. He's the chairman chairman CEO of Saiton been a big winner and he's going to stay a big winner. Don't worry about the volatility. Look at how the stock's done over the last since 2019. You're talking about being up so many points. Stop trading own net money's back after the break.

[C]

Thank you.

[A]

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

[B]

It is time. It's time for the white American round. Of course he's hit the songs of Baba Vital son didn't know of course over there my stepfathers are great for them lay us down and then the lightning round is over. Are you ready ski daddy Time with lighting round craziness. Let's start with Ashton and Maryland Ashton. How's it going Jim? Going well. How about you? Good.

[E]

I watch you in class all the.

[B]

Time shout out Mr. Marks yeah Mr. Martin does a great job love him he should be my tech hey how to make money any market should be his textbook God I'm calling about Taiwan.

[E]

Semiconductor manufacturing the ticker is tsm okay.

[B]

Now my problem with TSM it's going up much more of late than in just of late than Nvidia I'd rather be see be in video and Taiwan semi don't have that that what I call the foreign risk risk profile let's go to Ilham Ilham in Virginia.

[E]

Thank you very much Jim for taking the call and valuable advice as a club member receiving a good signal thank you.

[B]

Thank you very much.

[E]

My stock is one of your recommendations, which was 220 and now it's a little bit down. I have a few hundred and I want to know your advice. Should I hold it or should I buy more? It's now 2 or 9. I guess the stock name is Honeywell.

[B]

Okay. Honeywell's part of a whole cohort of industrials that just keeps going down. And I don't know what to say other than the fact that we're holding on. We probably, when I talked about this with Jeff Marks this morning, probably looking at 202, 204 to buy more, not before then. This group is so problematic. I'm going to let the pitch come to me. Let's go to Rami in Florida.

[E]

Rami, Jim, thanks for all you do. Of course, it's like Rodney Dangerfield. This stock has no respect. But like Dangerfield is going to make a lot of money.

[B]

Okay.

[E]

West End Digital.

[B]

Okay. So after what happened today with Micron where it reported an unbelievable quarter and still went down, we're going to have to wait for Western Digital. You're absolutely right. They are doing fabulously. That was very clear from the Micron conference world just last night. By now we got to wait because people are going to get a little skittish. They'll take the stock down. I bet you can buy that stock at 100 not that long from now. Let's go to Otis in Illinois. Otis, yeah.

[E]

Jim, grateful first timer here. Thanks for fielding.

[B]

Oh, fantastic. Thank you, thank you. How can I help? Yeah.

[E]

19 years ago, my dad and I turned tuned into a clairvoyant Jim Cramer, who spotted an American manufacturer of industrial equipment tied to water. And I started a position that's since been a stellar performer. And I'm just curious, Jim, two decades later, should I just forever hold on to my rarely mentioned stock of Watts Water Technologies?

[B]

The answer is yes. I think that this is a company that is exactly the kind of thing that you don't want to trade it, you want to own it. It's just a great American manufacturer. Stay on long. And that, ladies and gentlemen, conclusion of the Lightning Round.

[A]

The Lightning Round is sponsored by Charles Schwab.

[B]

Sometimes you see something from someone real smart. This business takes breath away. Often that someone is Michael Semless. He's the keeper of the brilliant Eye on the Market newsletter. Chairman of market News investment strategy for J.P. morgan Asset and Wealth Management. This time for the Eye, he made up a poster fake movie. The tagline indestructible Indescribable it cannot be stopped. The Data Center Blob and it tells us this horror movie promises to cover strained power grid, higher nighttime loads, higher power prices, and so much more. It starts Amazon Web Services, Microsoft Azure, Google Cloud, Meta and the amount of money being spent on the movie is insane. Now of course Michael's being facetious here, but he makes a point that chilled me. AI related stocks have accounted for 75% of the S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since Chat CBT launched in November of 2022. That's incredible. It means two things. One is that there really is a new industrial revolution as Nvidia CEO Jensen Wong suggested would happen when I first talked about it seven years ago. But two is that there isn't all that much growth in the economy away from AI. Housing, infrastructure, office construction is all being eclipsed by the datacenter spending and I think that will probably continue to be the case because I don't see the build out stopping anytime soon. Maybe the Fed needs to understand there are two economies. One that's a data center doing well. The other rest the economy needs more rate cuts. This morning on Squalk in the street, we interviewed Sanjay Merger from Micron with his breakout quarter I talked about earlier. But we also talked to Rene Haas, the CEO of ARM holdings, an integral part of all things digital from cell phones, personal computer to the servers that make up the data center. With Semless Data Center Blob movie in mind is Haas about where all the money could come from that's got to be spent. Maybe there'd be a winner take all, loser take none situation. Renee doesn't miss words. He thinks that demand is driving that data spending and the demand so strong that every penny justified. I know that as long as the data center spending is self funded, not related to debt, we got a solid chance to avoid a bubble. It wasn't until Oracle's announcement of nearly $500 billion in orders that I myself started to worry. We quickly learned this significant portion of those orders came from OpenAI and I don't know how open I can raise the money it needs without taking on huge amounts of debt. Although this week Nvidia committed investing.00 billion in their expansion over time, but not upfront. I heard critics say this deal is what's known as circular vendor finance, meaning a supplier giving a customer money to buy product. I look at it very differently. I think it is making a very smart investment in open air which could end up being worth $1 trillion when it comes public, maybe more could it could give in video a monster return. The deal makes sense for both sides, which is really what matters now. By the way, lots of stories flying around everywhere about investments like intel asking for money from Apple. I'll believe when I see it. While I still believe AI represents a new industrial revolution, I do fear the datacenter blob. I feel much better about all the spending. If we were done with existing cash flow from publicly traded companies once we jump that, and I feel we're in danger of doing that with Open Air even as it is doing incredibly well, then we are in a much higher risk situation. 1 It makes me fear that when I see the data center blob, I'll have to hide my eyes because maybe it's a documentary. I like to say there's always a bull market somewhere. I promise to find just for you right here. Money. I'm Kramer. See you tomorrow.

[G]

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 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 how will you.

[A]

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