Mad Money w/ Jim Cramer 9/29/25 – Episode Summary

Podcast: Mad Money w/ Jim Cramer
Date: September 29, 2025
Host: Jim Cramer (CNBC)

Episode Overview

This episode of Mad Money sees Jim Cramer navigate the current landscape of Wall Street, focusing on skepticism surrounding the massive AI data center buildout by tech giants, the government's looming shutdown and its market impact, a deep dive into the underwhelming StubHub IPO, and an interview with the incoming and outgoing leadership of Yum Brands. As always, Cramer delivers stock takes in his trademark Lightning Round.

Key Discussion Points & Insights

1. Are We in an AI Bubble Like 2000? Cramer’s Rebuttal

Timestamp: 01:54–09:05

• AI Data Center Skepticism:
  Many critics argue that hyperscalers (Amazon, Microsoft, Google, Meta, Tesla, Alphabet) are overspending on data centers, likening today’s investments to the dot com bubble’s collapse.

• Cramer’s Counter:
  Cramer draws clear distinctions between the 2000 dot com bubble and the current AI-driven expansion:

  • The current investments are largely funded by robust cash flows, not debt.
  • Past failures (vendor financing, mass bankruptcies) are less likely, given the financial health of today's tech companies.
  • AI use cases, like OpenAI’s new partnerships (Etsy, Shopify), continue to multiply and are not just hype.

• AI Differentiation:
  Each tech giant is carving a specific reputation within AI (e.g., Microsoft's enterprise focus, Meta’s work on glasses/humanoids, Tesla's work on autonomy, Amazon's infrastructure/Prime/Alexa, and Apple's potential chatbot for over a billion users).

• Skepticism as a Safety Valve:
  Cramer welcomes skepticism, believing it prevents runaway euphoria.
  Quote: “The skepticism keeps things in check. If there weren’t such a negative bench to the story right now, everyone would be in this pool and we’d all drown.” (08:25)

• Bottom Line:
  The worst-case now is that giants absorb losses and move on, not systemic collapse.

  “When the dot coms made bad investments, nearly all of them went under. But worst case scenario, if Google and Amazon and Meta make bad investments and take big losses, that’s just another day at the office.” (08:49)

2. Lightning Round – Rapid Fire Stock Opinions

Timestamp: 09:05–12:22

Cramer answers viewer calls:

• Signet Jewelers (SIG): Not a great short candidate, “numbers are good.” (09:31)
• Palantir (PLTR): Let run if fundamentals remain strong after pulling original cost basis. (10:11)
• Six Flags (SIX): Too risky, prefers Disney at a reasonable valuation. (11:05)

3. Government Shutdown Threat – What Does It Mean for Investors?

Timestamp: 14:39–20:15

• Outlook:
  With a shutdown looming, Cramer analyzes historical data on stock market reactions:
  • “Four out of six times stocks actually went up from one week before the shutdown to one week after.” (15:29)
  • The shutdowns typically don’t meaningfully hurt the S&P 500; negatives are mostly short-term and tied to furloughs (800,000–900,000 federal workers).
  • GDP impact exists if the shutdown is prolonged (10–20 basis points per week), but tends to reverse after.
  • Possible disruption: Government economic data delays could complicate Federal Reserve interest rate decisions.

    “If the biggest fear from a government shutdown is delayed data collection, well, that’s not a reason to be concerned.” (19:55)

• Takeaway:
  Don't panic. Historically, markets weather shutdowns well.

4. StubHub IPO Postmortem

Timestamp: 21:24–27:47

• IPO Performance:
  StubHub’s offering was the worst week for a sizable IPO since 2007. Shares tanked from their debut.
• Problems Identified:
  1. Timing:
     Multiple IPO delays meant going public with deteriorating fundamentals (slowing growth, shrinking profitability).
  2. Regulatory Pressure:
     New FTC rules on price transparency could reduce revenue by ~10%.
  3. Consumer Weakness:
     Markets are jittery about discretionary spending; ticket sales are seen as a “luxury” in a softening economy.

“In a year full of red hot IPOs, stub up was a flop, largely because they delayed the deal twice. Over the course of that time, the business got much, much worse.” (26:56)

• Investment Stance:
  StubHub could get too cheap to ignore eventually, but for now Cramer calls it “too risky to go near.” (27:41)

5. More Lightning Round Q&A

Timestamp: 27:47–30:46

Advice on:

• Hinge Health: Great long-term potential; buy more on dips if you believe in the company. (28:16)
• Voyager Technologies: Too speculative, losing too much money, not recommended until financials improve. (29:19)

6. Interview – Yum Brands Leadership Transition

Timestamp: 30:46–39:07

Guests:

• David Gibbs (Outgoing CEO, Yum Brands)
• Chris Turner (Incoming CEO, Yum Brands)

Key Topics:

• Leadership Succession:
  David Gibbs steps down after 36 years, citing achievement of goals and readiness of next-generation leadership.
• Growth Focus:
  Chris Turner commits to continued growth, highlighting three priorities:
  1. Staying relevant to the next generation of consumers
  2. Supporting franchisee unit economics globally
  3. Scaling Yum’s proprietary tech/digital platform (“Byte”)

“There’ll be three areas where I’ll be spending incremental energy. First is around the consumer… Second is our franchisees… Third is our digital and technology story.” – Chris Turner (32:47)

• Taco Bell as Digital/Social Standout:
  Discussion on leveraging Taco Bell’s marketing and digital innovation across all brands.

• Pizza Hut’s Struggles:
  Efforts underway to restore category growth; not satisfied with recent performance.

• AI and Technology:
  Yum’s use of voice AI at Taco Bell drive-thrus reduces turnover and improves efficiency.

  “It worked incredibly well and it made that job so much easier. And that’s why in restaurants where we have voice AI deployed, we see lower turnover…” – Chris Turner (36:17)

• Expansion Potential:
  Turner sees runway to reach up to 150,000 global franchises from today’s 61,000.

7. Final Lightning Round

Timestamp: 39:24–43:16

Sample tickers and Cramer's take:

• American Superconductor (AMSC): Interesting speculative AI energy play. (40:03)
• Brinker International (EAT): Time to buy after commodity and gas prices come down. (40:36)
• US Antimony (UAMY): Speculative, but makes money—Cramer approves as a ‘spec’. (41:31)
• Amphenol (APH): Expensive but worth it—Cramer likes this “rocket ship.” (42:11)
• QXO: Strong leadership under Brad Jacobs; positive on the stock. (43:02)

8. Market Leadership & The Bank Stock Resurgence

Timestamp: 44:16–47:47

• Banks as Market Leaders:
  Cramer champions banks in the current environment, with big gains in JPMorgan, Goldman Sachs, Citi, Wells Fargo, and Bank of New York.
• Catalysts:
  Pickup in IPOs and M&A deals (highlighted by the $55B take-private deal for Electronic Arts by Silver Lake and the Saudi PIF) are driving banking sector growth and earnings.
• Valuations:
  Major banks remain cheap on a price/earnings basis amid stronger earnings outlooks and renewed merger appetite, especially under a Trump administration more friendly to bank M&A.
• Practical Investment Advice:
  Cramer believes bank stocks are only at the beginning of their run.

Notable Quotes & Memorable Moments

• Cramer on AI Skepticism:
  “Oddly, I don’t want [the dot com bomb scenario] to be taken off the table. See, the skepticism keeps things in check.” (08:25)

• On Tech Investing Risks vs. 2000:
  “Worst case scenario, if Google and Amazon and Meta make bad investments and take big losses, that's just another day at the office.” (08:49)

• StubHub’s CEO on FTC Price Rules:
  “...these rules could cause a one-time hit to revenue, about 10% and in fact said revenue could be down for the year. That’s not what you want to hear from a company just get public.” (24:53)

• Chris Turner (Yum Brands, on priorities):
  “...I want to make sure our teams are battling to be as relevant to the next generation of consumers as we are with our core.” (32:53)

• Cramer on Bank Stocks:
  “A market led by the banks is a market I want to buy, not sell.” (44:16) “What makes me think there’s still room to run? Because the big banks are still cheap on earnings.” (46:24)

Timestamps for Key Segments

• AI Data Center Buildout & Dot Com Bubble Debate: 01:54–09:05
• Lightning Round – Viewer Calls: 09:05–12:22
• Government Shutdown Analysis: 14:39–20:15
• StubHub IPO Deep Dive: 21:24–27:47
• Lightning Round Continued: 27:47–30:46
• Yum Brands Leadership Interview: 30:46–39:07
• Final Lightning Round: 39:24–43:16
• Banks as Market Leaders / M&A Surge: 44:16–47:47

Summary: Main Takeaways for Investors

• Today’s tech investments in AI differ fundamentally from the 2000 dot com buildup; skepticism is healthy and protective.
• Government shutdowns, though headline-grabbing, have not historically been damaging for investors; main risk is delayed data for the Fed.
• StubHub’s IPO fizzled due to deteriorating fundamentals and regulatory risk; not a bargain yet.
• Yum Brands is set for what it describes as a smooth, growth-focused leadership transition with a heavy tech/digital emphasis.
• Bank stocks are emerging as market leaders, supported by a resurgence in deals and very reasonable valuations.

The essential message from Cramer:
Stay wary of the hype, but don’t be scared by fears of repeats of the past. Know what is different, stay focused on fundamentals, and remember to do your homework. In this market, banks get the MVP award—at least for now.