Mad Money w/ Jim Cramer 9/3/25

Summary

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Mad Money w/ Jim Cramer — September 3, 2025

Episode Overview

Jim Cramer's Mad Money (9/3/25) dives into the current market debate over stock concentration in big tech, dispels investor fears with historic perspective, and features insightful interviews with Macy’s CEO Tony Spring, Martin Marietta CEO Ward Nye, and Salesforce CEO Mark Benioff. The episode also includes Cramer’s signature Lightning Round and a nuanced discussion of the “K economy” metaphor for American consumer behavior.

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Key Discussion Points and Insights

1. The "Danger" of Market Concentration: Big Tech Rally (02:14–09:33)

• Cramer opens by challenging the prevailing market fears over concentration in a handful of mega-cap stocks:

  • "It's starting up again... the market's too concentrated, a house of cards. So sell, sell, sell." (02:20)
  • Cramer references his creation of the FANG acronym (Facebook, Amazon, Netflix, Google—later adding Apple and Microsoft) and notes that concentration has been lucrative, not fatal.

• Alphabet (Google) and Apple: Case in Point

  • Alphabet faced antitrust scrutiny and Cramer sold it from the Charitable Trust, only to see the court reverse a harsh monopoly ruling, enabling competitors and removing the “death sentence.” He regrets listening to pundits and "scaremongers."
  • Regarding Apple, fears about losing lucrative Google payments for default search proved false. The outcome: "All these bot companies will now probably have to compete to pay Apple access to those more than $2 billion users." (08:22)

  Notable Quote:

  "The concentration argument... was a total canard moronic Jeremiah, ginned up by people who never owned a stock... part of the know nothing party."
  — Jim Cramer (07:25)

• Bottom Line: Alphabet stock rallied 9% and Apple jumped almost 4% on the news—“When it wasn’t dangerous at all, it was just lucrative.” (09:24)

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2. Lightning Round Highlights (43:59–45:57)

A rapid-fire Q&A where Cramer gives buy/sell/hold advice:

• Sell Syn (buy Affirm instead)
• For PJT Partners: prefers Goldman Sachs as more transparent
• Positive on Eaton Corporation: "I think it is just a terrific stock."

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3. Interview: Tony Spring, CEO, Macy’s (13:49–21:36)

Macy’s Turnaround & Growth (13:49–17:02)

• Macy’s, Bloomingdale's, Bluemercury all reported growth.
• Inventory is under control; best same-store sales in 12 quarters.
• "We did well digitally and physically... as a multichannel retailer that also works." (14:21)
• Store closures: Strategic, not hasty—will monetize at the right time, opening new Bloomies and Bluemercury locations where it makes sense.

Loyalty & Customer Experience (17:02–18:11)

• Bloomingdale’s “Loyalist” and Macy’s “Star Rewards” drive cross-category shopping, rewarding loyalty with gifts and points.
• Macy’s has increased staff in stores for better customer service and experience.

Inventory, Holiday Outlook, and Credit (19:08–21:35)

• Inventory positioned for the holidays—no risk of overstock.

• Marketplace and consignment models help mitigate inventory risk.

• Credit card programs now attract Gen Z and Millennials with rewards—not just credit-building.

  Notable Quotes:

  "We're raising our game... making sure we had enough people in fitting rooms, visual talent... people can't purchase themselves, they need help."
  — Tony Spring (18:11)

  "I like the fact that we go off-price to luxury. We capture 40 million active customers."
  — Tony Spring (18:48)

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4. Interview: Ward Nye, CEO, Martin Marietta Materials (24:10–30:02)

Federal Spending and Business Strength (24:12–25:48)

• 40% of federal infrastructure funds yet to be spent; Martin Marietta is well-positioned geographically to benefit.
• Non-residential projects (like data centers, power generation) are highly aggregates-intensive, fueling growth.

Diversification & Long-Term Outlook (25:48–29:45)

• The business is resilient; earnings not dependent on housing market.
• Growth in markets like North Georgia (Atlanta region) showcase strategic expansion.
• Company owns extensive land, providing future flexibility for different developments (water, gigafactory, etc.).

Data Centers & Power Needs (28:19–29:45)

• Data centers are "seven to ten times more aggregates-intensive" than legacy projects.

• Power generation projects in Texas expected to increase demand through 2030.

  Notable Quotes:

  "We're building communities... and being good stewards."
  — Ward Nye (27:36)

  "Years ago, big-box stores were big; data centers are 7-10x more aggregates-intensive."
  — Ward Nye (28:34)

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5. Interview: Mark Benioff, CEO, Salesforce (30:45–43:53)

Salesforce’s Growth and AI Transformation (30:45–34:18)

• Salesforce reported $10.25B Q2 revenues (+10% YoY) and $15B cash flow.

• Benioff stresses the company isn't "pigeonholed" by single-digit growth—those are huge absolute numbers at enterprise scale.

• AI “agentic enterprise” transformation: Software is becoming a platform of apps and agents, automating both support and sales.

  Notable Quotes:

  "Ten and a quarter billion dollars in revenue for the quarter, up 10% YoY. $15 billion of cash flow for the year. It's incredible."
  — Mark Benioff (31:13)

  "Humans and agents working together... our pipelines have never been richer and fuller because of that."
  — Mark Benioff (33:20)

Guidance & Market Perception (33:34–37:32)

• Cramer and Benioff debate whether the market is "nitpicking" over guidance rather than seeing multi-billion-dollar AI opportunity.

• Benioff: AI business is fastest growing; already over $1B in sales.

  "The business is already over $1 billion. It's our fastest growing business ever."
  — Mark Benioff (34:56)

  "Stop looking at the stock, start thinking about the business."
  — Jim Cramer (43:42)

Government Contracts & Competitive Positioning (40:54–42:46)

• Salesforce landed a significant US Army contract, beating Palantir on both product and price.
• Government is their biggest customer; Salesforce is focused on value and cost competitiveness.

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6. Macro View: The "K Economy" & U.S. Consumer (45:57–48:48)

• Cramer addresses the “K economy” metaphor—rich getting richer, others lagging—but disputes that things are so dire.

  • "We're constantly told this is happening... Who the heck knows what total holiday spending will look like right now?" (46:38)

• Uses PwC data—predicted 5% drop in holiday spending, with Gen Z possibly down 23%—but notes consumer habits are nuanced post-pandemic.

  • Top earners spend on luxury, travel; others seek experiences and bargains, turning to Macy’s and value retailers.

• Cramer suggests the economy is less “K-shaped” and more “E-shaped”—each segment staying put; big change requires jobs growth or a macro catalyst.

  "I like to say there's always a bull market somewhere. I promise you to find it. Just be right here."
  — Jim Cramer (48:40)

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Notable Quotes & Memorable Moments (with Timestamps)

• "Ladies and gentlemen, we've now had more than 12 years of concentration. A dozen years. All along, it's been the same stocks... It's not fatal. It's lucrative." — Jim Cramer (03:30)
• "Concentration is not a death sentence for investors—it's been a money maker." — Jim Cramer (04:22)
• "Inventory's not a problem... your inventories and balance sheet have set you up for a good holiday." — Jim Cramer to Tony Spring (19:08)
• "We're building communities... being good stewards." — Ward Nye (27:36)
• "Ten and a quarter billion in revenue for the quarter... $15 billion cash flow for the year. It's incredible." — Mark Benioff (31:13)
• "Stop looking at the stock, start thinking about the business." — Jim Cramer to audience (43:42)

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Timestamps for Key Segments

• 02:14 – Market concentration and FANG stocks
• 08:10 – Alphabet/Apple antitrust discussion
• 13:49 – Macy’s Tony Spring interview begins
• 17:02 – Macy’s loyalty program discussion
• 19:08 – Macy’s inventory/holiday outlook
• 24:10 – Martin Marietta interview begins
• 27:32 – Industry/geographical growth strategy
• 30:45 – Salesforce Mark Benioff interview begins
• 34:56 – Salesforce fastest-growing AI segment
• 40:54 – Salesforce’s contract win over Palantir
• 43:59 – Lightning Round
• 45:57 – Discussion of “K economy” and American consumers

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Conclusion

On this episode, Jim Cramer uses real-time market events and CEO interviews to argue that fears over market concentration are overblown, and that transformative changes in retail (Macy’s), infrastructure (Martin Marietta), and technology (Salesforce) are creating investment opportunities. He urges listeners to focus on business fundamentals and long-term value, not short-term headlines or “nitpicking” Wall Street reactions.

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For more details or specific expert commentary, always refer directly to the official transcript or CNBC resources.

Transcript

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer America. Other people make friends. I'm just trying to help you make some money. My job is not just entertain but do some serious explaining here. So call me 1-800-743, CNBC or or tweet me at Jim Cramer. It's starting up again. You know the Whitney. The market's too concentrated, gain just in a handful of stocks. The whole thing's a house of a card. So sell, sell, sell. That was the story yesterday and we heard it again this very morning. Even as the averages open lower. And then rallied through the day, dow ultimately slipping 25 points SB advanced.51%, but the NASDAQ ended up gaining 1.02%. Every time the experts start ringing their hands about concentration, the market's lack of breath. Lack of breath. People sell the best stocks. Look, I don't mean to cast aspersions on anyone who's trying to be prudent. There truly is a tremendous concentration of capital tied up in a handful of companies. But there's so much fear mongering about this phenomenon that it's almost guaranteed to lead you in the wrong direction. Twelve years ago, I helped coin the term called Fang. Facebook, Amazon, Netflix, Google. Because these companies were changing the world. Their spectacular growth prospects made them incredible investments. Later on, I added Apple to make it fine. Pretty soon we had to throw in a video. Microsoft. You had to hold on to these for dear life. Their impact on our lives was palpable. And of course, they're worth far more now than they were selling for 12 years ago. There was a concentration then, there's a concentration now. It's not fatal. It's lucrative. At the time though, I took a lot of heat about my selection. People don't remember that the Fang stocks were already up so much. Every single Jamal and his brother knows these. I have a keen eye for the obvious. I didn't get my back slapped for coming up with something special. I was lambasted for pushing something pedestrian and potentially dangerous because they were all so expensive and concentrated. Ladies and gentlemen, we've now had more than 12 years of concentration. A dozen years. All along, it's been the same stocks. Netflix, Blossom, one of the most respected, profitable entertainment companies of all time. Maybe the most. Facebook became Meta. Why? Because of Instagram? Because of WhatsApp? Because of Reels. Because of its dominance in advertising. Amazon is the largest retailer in the world. Web division is doing amazing. Phenomenal margins. Amazing source of ad revenue too. Now, though, let us talk about what really matters. What happened today? Google and Apple, that's what happened. Because they are today's example of the dreaded dangerous concentration. They are today's precipice. The two proverbial canaries singing their last in that darn coal mine. I get it. Believe me, I get it. I listened to the sirens and saw one of the canaries fighting for its life. Last year, the canary was cool. Now, Alphabet, after owning this stock for years, in 2024, I decided that its version of artificial intelligence Gemini was cannibalizing its regular search, the daughter party. And more important, I was worried about the antitrust regulators going after them. Remember, Big Tech is one group that's hated by both Democrats and Republicans, both Biden and Trump. Sure enough, the Justice Department, in a suit brought during the Trump administration, succeeded in convincing a federal court judge, Amit Mehta. That's the first Trump that last year, last year, to make it so that they ruled that Alphabet violated Section 2 of the Sherman Antitrust Act. Alphabet meta, the judge said, was a monopolist. You can't be a monopolist. It's illegal. I thought for a moment that this could be good news, that Alphabet could be broken in different pieces and that would amount to more than the sum of its parts kind of thing. You know, figured, wow, waymo this and YouTube that. But the analysts and prosecutors told me that Alphabet would have to divest this thing called Chrome for nothing. Maybe even have to pay to make Chrome independent. No breakup like Standard Oil, which violated the Sherman Antitrust act and then ended up with 34 separate oil companies. That made you a killing. If you bought the children of Standard Oil. It ended up being one of the greatest wealth creators of all time. But we were told this wouldn't happen here, that Alphabet was in, for some reason, punishment that you get hurt. I had a huge gain in alpha for the travel trust. Now it was in jeopardy. It was supposed to be a death sentence for Alphabet, and I wasn't going to electric chair this one. We sold it for the trust. In retrospect, I was a fool. The concentration argument, as I've said, was a total canard moronic Jeremiah, ginned up by people who never owned a stock or aren't allowed to own a stock or think they know something, but they're a part of the know nothing party. And the government, with its Kathy Bates goal of hobbling Alphabet, played by James Caan, did the sledgehammer cut it off at its ankles? No. You know what happened? The court yesterday basically took back last year's harsh ruling. It was a do over. There's no monopoly here at all. Instead, there's anthropic deep sea, there's meta, there's Microsoft, there's open, there's AI, there's perplexity, there's donor, there's Blitzen. Competitors that have become so powerful that since the case was heard that there's no harm here. In the end, I listened to the sirens of negativity and I left the stock. But nothing really happened. I want my money back. But the scaremongers aren't going to give it to me. The ones who worried about concentration. I left 50 points on the table. Was I a moron? A chowder head? A mouthpiece perhaps, deserving endless opprobrium for what I did here? No, you see, fortunately I didn't worry completely about concentration. I had a credo about Apple. The other A added to make our acronym sound like a torture sheep. Fine. Own it, don't trade it. I said I needed it. Because in the trial we learned that Google paid more than 20 billion to exclusively preload its search engines into Apple devices. The sages who met out fear at every turn. They told you that Judge Mehta would end that payment. That's right. He'd violated that big beautiful payment. President didn't trademark that. I'm okay. Apple's numbers would be cut the moment we got the ruling. We were told more catastrophe for the gang that couldn't shoot AI straight. It turns out though, it was just the opposite. Google still has to pay Apple for that deal. Otherwise the ruling would just be a handout to an aspiring monopolist. Judge actually said that. You know what that means? I want you to listen to this. It means that Apple no longer needs to pay one of these hyperscalers money or buy a bot like a perplexity for billions of dollars. Instead, all these bot companies will now probably have to compete to pay Apple access to Those more than $2 billion. Two billion users. That's right. There isn't a clear winner right now in the chat bot space, but if you can pay Apple a fortune to make yours the default, someone's going to write that check. One of these companies is going to secure their Google like status in AI, leaving behind a bunch of being spent billion who spending billions for naught. Yesterday Apple had no cards. Today of all cards, turns out Apple always had an AI strategy. Pay to play. You pay them. Not that pay you. So who's it going to be? I think it's probably Gemini. Here's the bottom line. Alphabet stock rallied 9% today and hit a new high. Apple stock jumped almost 4%. I caught the ladder for the trust, but I missed the 9% Alphabet gain. Why did I miss it? Because of the dangerous concentration that all these really smart people told me was going to be dangerous. When it wasn't dangerous at all, it was just lucrative. Go to Jay in Connecticut. Jay, hey. Hi Jim, this is Jay. I'm a long, long time listener and I've never called you yet. Thank you. Thank you, Jay. Thanks for calling. Let's go to work. What do we got? You got a great sense of humor. You know what you're doing okay.

[Tony Spring]

This real fast is what happened on April 7.

[Jim Cramer]

I got scared because the White House was talking about all the tariffs. I had 50 shares of Netflix, so I sold it.

[Tony Spring]

I made a very big profit.

[Jim Cramer]

I had a long time. But people got into the habit. No matter what's happening in the economy, they love Netflix, you know?

[Tony Spring]

So I'm wondering his question, should I buy the.

[Jim Cramer]

Okay, here's the issue. You did. You did the right thing. Netflix went up a huge amount and you took a profit. And we should never feel bad about profits. We should only feel bad about losses. But the question is, do I like Netflix the stock? You bet I do. All right. There will always be stories that will sway you out of stocks, including things like, ooh, the beans are so concentrated, winners are so small, but you end up selling the best because of that moronic stuff. And we gotta stop it. Maybe we can stop it together. Oh, man, Money tonight. Was it a miracle on 34th street or some disciplined management that helped Macy's report a blowout quarter? It wasn't the first Fed. I'm checking with the retailer. Then I'm checking in with Martin Marietta's top brass following the company's capital markets day. It wasn't the Fed. And investors are looking for clarity on what to do with salesforce. And man, so am I. Stay with Crame. Don't miss a second of Mad Money. Follow imKramer on X. Have a question? Tweet Kramer, Matt, Mad mentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com on Fox 1. Now you can stream your favorite live sports so you can be there live.

[Mark Benioff]

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[Jim Cramer]

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[Tony Spring]

Streaming now.

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[Jim Cramer]

Ahead Foreign Here's a great story. Look at this incredible move in the stock of Macy's up over 20% today in wake up a tremendous quarter despite a tough environment for retail. This company which also owns Bloomingdale's Bloomberg 3 a stellar set of numbers this morning Macy's posted a stunning 22 cent earnings beat off a 19 cent basis higher than expected revenue and the best same store sales numbers in 12 quarters in better management raised their full year forecast for sales and earnings. I've been saying there is a turnaround brewing here and boy do we get proof of today. Don't take it from me though. Let's go to Tony Springs, the Chairman CEO of Macy's. Get a better reading the situation. Welcome back to Man Money.

[Tony Spring]

Jim. Great to be with you.

[Jim Cramer]

All right, so Tony, we all knew, we all knew it had to happen. Their stores look too great, you're working too hard. It's obvious that you've come to the conclusion that you know what, we're going to have only great stores and they're going to be exciting people. What really made this all come together.

[Tony Spring]

This was an across the board beat this quarter. So we had growth on a comparative basis at Macy's, we had growth at Bloomingdale's, we had growth at bluemercury. Our inventories were under control. We delivered above our expectations on the top line and the bottom line. We saw growth in different categories depending on the families of business. So tailored clothing and mattresses and women's contemporary storage. So there was a broad based category of interest. We did well digitally and physically. So as a multichannel retailer that also works. This was a really good quarter.

[Jim Cramer]

All right, so Tony, I think that there are people who are going to say how much of it is that the economy is not as bad as we thought. How much of it is that the tariffs didn't hurt that much. How Much of it is just real hard. Roll your sleeves up, work to make it so the stores all look great. Because, you know, where I am, I'm on the ladder. But I have to let these people. Don't shop it where you shop, where we shop. Give them. We got to give them some macro nonsense. So hit me with that stuff.

[Tony Spring]

There's certainly a resilient consumer out there. Yes, you're absolutely right, Jim. We have to work hard and we have to stay focused on delivering for the customer every single day. Don't take anything for granted. We have to earn their wallet. We have to earn their interest in our brands. But I think when you look at it, the consumer is saying, I want newness, I want fashion, I want value. And I think where we had newness, where we had fashion, where we had good value, we had good business. And I think that's a good recipe. As we move through the remainder of the year, the consumer is going to be choiceful. The reality of tariffs are there. That's the headwinds. That's what's happening around us. But we get to control our marketing, our merchandising, the variety we offer, the how we take care of the customer. That's all up to us.

[Jim Cramer]

All right, so, Tony, where are we in terms of finally being done the closings? Because, you know, I think you can grow and put these numbers up. And we're going to be talking about Macy's for a very long time as one of the most exciting turnarounds in retail history.

[Tony Spring]

I love the spirit. We closed 64 stores last year at Macy's, we closed a Bloomingdale store. We will have more closures again this year. You know, when we launched the bold new chapter about 18 months ago, we talked about closing approximately 150 million Macy's stores. You know, I love stores, Jim. I started in stores. They have to be the right stores. They can't be in malls that are past their prime. They can't be where the customer has moved to another shopping center. So we had to re reshape the Macy's portfolio that is underway. We're in the middle of that process, but also with a healthy balance sheet. I am not going to fire sale stores. So as long as we're making money, as long as we have a positive cash flow, we're going to continue to operate those stores. When there's good opportunity to monetize those stores, that's what we'll do. Conversely, we're going to continue to open more Bloomies, Bloomies outlets and Blue Mercury stores because there is opportunity for us to grow both of those businesses as well.

[Jim Cramer]

People are buzzing about this point system at Bloomies where sometimes you get so many points you come in and you just get a free dress. What is going on? This is something I want to know more about.

[Tony Spring]

They have a great loyalty program. The Loyalist program at Bloomingdale's, like the Star Rewards program at Macy's is designed to get you like the airline programs to devote yourself to one multi category retailer. So you buy more and more from that retailer and then you earn free product. And you're absolutely right. If you buy a wonderful bracelet at Bloomingdale's, you may be able to get the earrings for free. That opportunity is a part of how we've devised the program so that you don't buy your jewelry from one store and you buy your cosmetics from another store and you buy your furniture from another store. We want to lean on the fact that we can be your one stop shop experience. Not because we have each of the categories, but we have what you're looking for in each of the categories and we take care of you properly in each of those areas.

[Jim Cramer]

Let's do the talk to take care of you. Did you hire more people at your Blooming store? I just find a customer service at the stores I go to. No, I'm not kidding. There's different customer service versus the other department stores where I can't find anybody.

[Tony Spring]

We're raising our game. And you know, as a part of the Macy's Reimagine125, we absolutely added staffing into the stores. We added people into the fitting rooms, we added visual talent. We made sure that we had enough people in the contemporary area, in the men's tailored clothing area, in the jewelry area. So people can't purchase themselves. They need help in many of these areas. And I think this is an important part of making sure that we don't try to out be convenience, the stores that are great at convenience or be better than the people that are great at value. We have to be great at what we do, which is variety, value and experience. And I think if we do those things well, we're going to earn the business from the customer. I like the fact that we go off price to luxury. We capture 40 million active customers across the three brands. It's a good representation of the American consumer. And I think back to the research we've done. When we take care of the customer, we get the business.

[Jim Cramer]

Now let's play. When I read the release, the first thing I said was, oh my God, inventory is not a problem. I'm not going to hear promotional Christmas. I am not going to hear vicious competition. Your inventories and your balance sheet have set you up for a good holiday. I think no matter what.

[Tony Spring]

I agree, I'm a biggie on like you, fiscal discipline on the inventory. But it's also composition, not just quantity. And I feel really good about the composition of our inventory. We have more newness, we have more wear now product. We don't have a lag or a jag of inventory that we're carrying into the fall season. So that's really good work on the part of our merchants and our planning team. I also think it's leveraging the fact that we have marketplace where we don't carry the inventory or we have lease and consignment businesses where we're not carrying the inventory. Those are other ways that we can be more in stock and offer the variety without putting all the risk on our balance sheet. And you're right, the balance sheet is in very good shape. We, we extended our debt maturities to 2030. We have Runway where we're buying back stock where appropriate. We're investing in the business. So these are opportunities for Macy's, Bloomingdale's and bluemercury to shine.

[Jim Cramer]

Are we ever going to get to this is of course more anecdotal than I like to do. But when we get. When you got out of college, your goal was to get a Macy's credit card because that's how you establish credit. Is there any way that Gen Z guys, people will understand that this is the way it used to be? They could do it again.

[Tony Spring]

I think we're seeing multigenerational credit card openers right now. We're talking to our partners on American Express and they see the Millennial and Gen Z interested in credit cards. To your point on point programs. The opportunity to gamify, to add value through other ways is what is now attractive to a loyalty program or credit card program, not just the ability to have credit. So I think it's up to us to make sure that we're adding enough value into our program that could be the free delivery. A better return policy could be added points could be free gifts. That's the way you get someone excited about participating in your credit program. And by the way, we had a good credit card performance in the second quarter quarter and forecasting nice improvement for the year as well.

[Jim Cramer]

That's right. I saw that. I said, oh my God, it could be like the old days where it's just. It's kind of gravy. Well, look, Tony Spring, a remarkable job. Fantastic work. So glad to have you on the show.

[Tony Spring]

Thank you, Jim. Great to be with you.

[Jim Cramer]

Absolutely. Tony Spring of Macy's is not done Going up. It's hard for a stock to go up more than 20% in one day though without a takeover. Everybody's back after the break. Coming up, is this stock constructing a profit? Kramer's One on one with building material manufacturer Martin Marietta and seeing if now's the time to get bullish on the building sector. Next, how will you shape the future of industrials with confidence? Whether you need to define your strategy, optimize your supply chain, or keep pace with data driven manufacturing, EY professionals understand industrials and the sectors they supply, bringing the insights that deliver real outcomes with a full spectrum of services. EY helps strengthen your business from factory floor to product development and beyond. So when the global market shifts, your business is agile enough to adapt. EY Shape the future with confidence.

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[Jim Cramer]

Okay, what's going on with the stock of Martin Marietta Materials, which spikes building materials like aggregates cement Ready mix concrete asphalt? Over the past few years, this company's been a big beneficiary of federal infrastructure spending, and there's still a lot of money left in Biden's old infrastructure package? I had no idea until I read his deck the big analyst meeting today. The last quarter was solid too, with the stocks up a quick 38% from its April. Today, Martin Marriott hosted a Capital Markets Day in New York City to make their pitch for the the business going forward what did we learn? Let's take a close look with old friend of show, Ward nye, Chairman President CEO of Martin Mary Materials to learn more. Mr. Nye, welcome back to Mad Monarch.

[Ward Nye]

Jim, it's great to be here. Thank you.

[Jim Cramer]

It's very clear from your analyst day presentation that there are many, many levers that you have to do even better than you're doing now. And you are doing sensationally well.

[Ward Nye]

Thank you. The company has done really well and part of that's team because if you don't have the right team, that's the work. Geography is really important, important and we've nailed that, I believe. And we also have culture. But if you're looking at the end uses, infrastructure is strong. It's going to continue to be strong. As you said, IJA still has 40% of the dollars that have yet to go in. The states in which we're located have dot budgets that are up 2x normally what we see in the other 40 states across the country and now we're starting to see things happen in the private sector. Data center are really starting to roll out. Warehousing that was great two and three years ago is seeing some real green shoots today. All of these are incredibly aggregates intensive and we're in the right locations to help push that along.

[Jim Cramer]

Now I think that the first thing people think is like wait a second, no one's building houses. There's not a lot of public plan unit developments. But it turns out that you're so diversified that even though housing hasn't necessarily come roaring back, it doesn't seem to matter any more to the earnings per share.

[Ward Nye]

It really hasn't. And if you're looking at EPS over the over the relevant time frame, it's up notably. So again, what we're seeing is very good commercial activity in our space. We've seen value over volume, I think to your point. And what we're seeing is cash gross profit per ton grow in ways in our business that are very different than others in our sector and we expect that to perform persist.

[Jim Cramer]

Now I think people are going to say wait a second, how is it possible that that federal money hasn't been spent? But it's not that easy to spend that money that quickly, right?

[Ward Nye]

Well, it's not that easy to spend it. And you have to keep in mind this was more money over more time. The dots at the state level hadn't had a chance to add capacity in a long time. It's not that difficult if you're just repaving asphalt on Old asphalt. But in these southeastern southwestern states where populations have come in very dramatically, they need to add new lanes, they need to build new highways. That's what takes a bit longer. That's why we've seen this roll out a little bit more slowly than some might have expected.

[Jim Cramer]

But you did give a case study about North Georgia. I know we could do California. I just like the North Georgia because it's something I didn't know was doing well, where you guys are crushing it. I like that little rock joke there.

[Ward Nye]

But if you're right, if you go back and look, look in North Georgia a decade plus ago, we had two operations there. We have grown very purposefully, very systematically there because Atlanta continues to grow out, it continues to grow north. And if you look at the 285 perimeter that goes around Atlanta, that's really your growth corridor. And you have so many small, dynamic markets there that continue to grow and are showing no signs of slowing down. And being in a position that we can be one or two in a market like Atlanta has long driven our strategy. And that's an important place for us. It's a good place to look at and start.

[Jim Cramer]

Okay, so talk to me about the nature of the business and the reason I say that I'm writing this book at one of the things I discovered was the best performing stock over the last hundred years. Is Vulcan Materials, your competitor? I mean, is it just a great business to be in? I mean, I don't know how much better they are than you.

[Ward Nye]

It's a great business to be in. We just haven't been around for 100 years, Jim.

[Jim Cramer]

That's the difference.

[Ward Nye]

No, they're superb business. I think we're superb business as well. Two American iconic brands. But if you think about it, what we're doing at the end of the day, Jim, we're building communities and that's what's important for us. And we're being good stewards of what we're doing in communities. So if we're in a place that we can help Atlanta grow, but in the fullness of time, keep in mind we own 170,000 acres across the United States and big MSAs we're going to be there for. MSA says they're growing now, but in the fullness of time, we can provide water reservoirs, we can provide giga plants that are going into these locations, new sites for residential and non residential activity. These are very, very good businesses and people spend a lot of time trying to poke holes in them.

[Jim Cramer]

Now to find the one special I have to believe that when you build the kind of data center that people are talking about, that is just a gigantic job. I don't know if it's biggest an airport, I'm as big as an interstate. But the size of these things is just monstrous.

[Ward Nye]

They're enormous. I mean here's the way to think of it. Years ago when we were looking at non residential projects, say a big box commercial store, these are 7, 8, 9, 10 times more aggregates intensive than those would have have been. So if you're looking at warehousing that's intensive to these data, warehousing will be incredibly intensive and the power generation that's going to be required for them and the stone that will go into power is going to be the next shoe that you will see continue down this very same path.

[Jim Cramer]

I think people have to understand that that's not, that's nothing to do with the Fed. No, I mean people might be thinking I can't be in this because who know is the Fed going to cut or not? You're talking about end market markets that really aren't determined by Jay Powell that.

[Ward Nye]

That very much stand on their own and they see significant holes. If we're looking at Texas today, which is our largest state by revenue, they've looked at incredible power generation needs they're going to need between now and 2030 and that's the time frame that we just spoke to our groups today on capital markets day. What do we look like for soar 2030. And if we're looking at residential which we think is going to get some steam as rates come down, infrastructure which will be there very good throughout that period and you're seeing non residential, particularly in this heavy piece of it, performing well now with a lot of track ahead.

[Jim Cramer]

Well look, it's just been a great, great situation for so long and you and your team have done a remarkable job. It remains just a fantastic stock to own. Ward Nye is the chairman, president CEO of Martin Marietta Materials. Everything's in there, what we call a deck. It's all very self explanatory. Thank you. Word.

[Ward Nye]

Thank you.

[Jim Cramer]

They have money to back it. Coming up, fresh off its latest earnings report, Kramer's catching up with Salesforce and seeing how the company is evolving alongside the AI revolution. Next, what do we make of this quarter from Salesforce? The stock dropped after earnings thanks to some concerned over guidance. But are we nitpicking? At the close we got a chance to check in with Mark Benioff, the co founder, chairman, CEO of salesforce to attempt to figure out what's going on both with the stock and the company. Take a look. Mark, welcome back to Bad Buddy.

[Mark Benioff]

Jim, it's great to be with you. Thanks for having me. Always.

[Jim Cramer]

All right, so let's puzzle through here. I want to do a different kind of interview with Salesforce. I can sit here and say, you know what, you grew 11 on this and 10 on that. Where I can ask you, a year from now, are we going to see every company be doing what a Williams Sonoma is doing or Reddit is doing? Because if we're just going to pigeonhole you to this high single digit, low double digit that may be missing the forest through the trees.

[Mark Benioff]

Well, the absolute number, Jim, is some of the biggest in the software industry. Ten and a quarter billion dollars in revenue for the quarter, up 10% year over year. Jim, it's incredible. $15 billion of cash flow for the year. It's incredible. So before we start getting pigeonholed. Yes, let's get pigeonholed on that. 10 billion in revenue for the quarter and 15 billion for the cash flow.

[Jim Cramer]

People are going to tell you, right? We are going was supposed to be 935 million. It came in at 740 million.

[Mark Benioff]

Jim, we're raising our cash flow for the year. It's incredible what's happening for the company. And Jim, you are right though. At the macro level, we are seeing an incredible transformation of every enterprise into becoming an agentic enterprise. The idea that software is becoming apps and agents working together to make customers more successful is something that we're seeing in every business. But it's really started in our own business and we've been talking about that for about nine months now with you that you can see that on help.salesforce.com has now completed about 1.5 million conversations between our agents and our customers. And at the same time our customer support agents, you know, we have thousands of them. Well, they also completed about one and a half million customer service conversations and yet the CSAT scores were about the same. So now we can really see through, especially through this kind of orchestration, that it's humans and agents working together to solving these customers needs. And you know, Jim, we're about to move from doing that just on support, which has been awesome. And the second stage of the agentic enterprise is sales. So of course that's our namesake product. But now, Jim, we have our new sales agents and our sales agents are out there calling prospects, closing deals, generating appointments for us and our customers. And why that's exciting. Jim, is you just think about for Salesforce. In the last 26 years we've had more than 100 million customers while call it 20 to 100 million customers who have contacted us. We haven't able to call them back. We just haven't had the people. So now we can call all of those customers back through our sales agents. It's an incredible new capability for Salesforce, for technology. And our pipelines are never been richer and fuller because of that.

[Jim Cramer]

How's it going?

[Mark Benioff]

That's a very exciting idea that we're.

[Jim Cramer]

Now the shaded down that your estimates for growth. If that's the case. That's what I'm trying to get my hand handle on like Jim, we're not.

[Mark Benioff]

We've raised our. We've raised our guidance for the year, we've raised our margins for the year and we've raised our cash flow for the year in all cases.

[Jim Cramer]

Okay, okay. Against estimates that I'm talking about, not against you. But I mean for instance, the current. The current remaining performance obligation, $61. I was looking for $81 again. This is what I don't want to get trapped in. I think these things are the forest.

[Mark Benioff]

And CPO is up 11% year over year.

[Jim Cramer]

Nine. You beat your estimates dramatically and then you took the estimates back down again. I think that people have to get away from this. They need to be thinking what is doing or what is doing our Jim.

[Mark Benioff]

You can see our results are absolutely fantastic. And our guidance is also, you know, is always appropriately conservative of, you know that.

[Jim Cramer]

Yeah, well, what I'm. What I'm trying to get people to understand is that that your other businesses, which everyone told me weren't doing well, completely wrong. They're doing much better than people thought. And this business, the AI business is actually going to be doing $1 billion in sales and people have to get.

[Mark Benioff]

Oh, it's over that already.

[Jim Cramer]

Well, I'm just saying that.

[Mark Benioff]

Well, the business is already over $1 billion. It's our fastest growing business ever.

[Jim Cramer]

I know.

[Mark Benioff]

By the way, that's the hotel. That's the catalyst, Jim, for the agent of enterprise. The agent of enterprise is happening for every customer. You know, you saw it in Williams Sonoma, you see it in Reddit, you see it in every single one of our customers in the quarter. Thousands of transactions that we completed, even multimillion dollar transactions grew, you know, at rates that we haven't seen in a long time. Because every customer realizes that what Salesforce is doing, they can do for themselves. You know, I kind of showed you how we've dramatically reshaped our customer support. We've lowered our costs by like 17% this year because we'd able to bring in agents and now we're doing it with sales as well. Jim, here's another way to think about it. We do 11 million emails a year with our customers. 11 trillion emails a year with our customers. Trillion with a T. And each one of those has been a one way conversation. But now we're showing how there's going to be an agent at the end of every single one of those emails. So they're all two ways conversations or our field service product, which is one of our fastest growing products in the quarter. Field service is now fully Agentix. So when that Eaton sales rep comes and works on my, you know, power device that connects my Airstream trailer, you know, to my house, which is actually something that I have before they're just working on the system of record. Now they have the system of record and the Agentix system working together. This, that's what's so exciting about what's happening. Every single one of our products is getting fully identified, including Slack, which also is why it had such a great quarter. And you can see it in the, in the revenue, up 10% year over year on the revenue. Ten and a quarter billion subscription and support revenue, Jim was up 11% year over year. 9.7 billion. Jim, what software company are you covering that is up a 10% to 10 and a quarter billion this year?

[Jim Cramer]

It's not the number, it's. I thought the number was terrific. Markets, revenue.

[Mark Benioff]

Just talking about the.

[Jim Cramer]

8.59% year over year and 8% in Jim, you know.

[Mark Benioff]

I guided that for last quarter too, but you can see I beat it.

[Jim Cramer]

Well, okay. My capital trust owes it. I have to drive the darn thing down. I'm trying to explain why it's down where it is and what are we talking about?

[Mark Benioff]

Our results are our guidance.

[Jim Cramer]

It's maybe at 22 times earnings this.

[Mark Benioff]

Kind of talking about our results or our guidance. I don't know what we're talking about.

[Jim Cramer]

The results were terrific.

[Mark Benioff]

You're upset about the guidance.

[Jim Cramer]

Well, no, I'm not upset about anything. I think that this is the future.

[Mark Benioff]

Oh, good.

[Jim Cramer]

I think that when someone like Laura Albert from Williams Sonoma, whom I regard as a genius, or Steve Hoffman at Reddit, who I think is one of the smartest executives in the world, have turned over so much of their growth to you that that's what's going to happen in the future and that's what I care about.

[Mark Benioff]

Well, the most exciting thing, Jim, that I see is that here, Salesforce we're obviously going to deliver just a phenomenal year this year. You can see the top level numbers that we're guiding. But the idea is not just in the numbers. We've completely transformed our product line and you can see it in the way we're operating our business. We've completely reshaped our business as well. We've changed, you know, we've reduced the number of heads we have in service and support because we have supplemented that with agents. We're transforming how we're shaping sales. We've added more salespeople than ever before because our pipelines are bigger than ever before because we have agentic sales. And even in Salesforce internally we have dozens of agents. I think you've seen like how Slack now has these agents where I can renew, you know, in a deal or close a deal or even check on my employee benefits, you know, all through Slack. So that is what's so exciting. And so if you're going to fix this, only on our guidance point for next quarter on crpo, you know, which is number that we beat this, you know, in actuals for this quarter. Gee, I need to go back and like look at my guidance. Maybe I'm just being, you know, too conservative. But I think I am being appropriately conservative. But I've always been that way for 26 years.

[Jim Cramer]

I know you have. And I think it's right to be properly conservative. It's just that at a certain point there's a delta where it comes out that you can't even control how much business you're doing because this thing is such a better product than everybody else. I've been waiting for that and I'm patient because that has to happen. You're going to get a moment where, where people realize, wait a second, William Sonoma is crushing it. I want to crush it. And that's happening and I think it's happening and maybe it will be on display at, you know, at Dreamforce.

[Mark Benioff]

There's been so much disappointment with generative AI, but not at Salesforce customers. You know, we're not just delivering repackaged chat GPT, you know, @ some productivity level to our customers. We're delivering them very high quality artificial intelligence that's giving them the ability to fundamentally transform their business. That is what's truly incredible. And in every customer we have, we're mapping out how they can become an agentic enterprise. And we are the template. We're Customer zero. And we're showing it like this is really working. This is incredible what is happening. And it's showing up right here in the revenue, profit and cash flow numbers. Look, Jim, how many enterprise software companies, I hate to say it, are delivering 15 billion in positive cash flow this quarter? You know the numbers now, and that is what's really amazing. And when the. Whether it's the cash flow, the revenue, the profit and the customer success are all woven together. So if we're only zeroing in on. Well, you're saying your CRPO number for the next quarter is going to be this. What's that about? I think we're missing the forest from the trees.

[Jim Cramer]

Great. The reality is nitpick. Nitpickers lose. Nitpickers lose. I think what you're doing is remarkable. I think the fact that you were able to move 4,000 beyond. Listen to the webcast. You're doing a lot of.

[Mark Benioff]

Jim. Agent force and data cloud, which is the heart of our AI strategies, up 120% year over year.

[Jim Cramer]

Amen.

[Mark Benioff]

That is the transformational elephant for the whole fundamental business.

[Jim Cramer]

I think that it's.

[Mark Benioff]

And that is. What is it? That is what's really amazing. And then you see these huge deals that closed in the quarter, including the U.S. army, you know, where we built. Beat Palantir. It was incredible. Where we have this incredible new Mission Force initiative in our company. Well, let's go by the way.

[Jim Cramer]

I want to know what happened by the way. The army contract, you beat what you say you beat Palantir.

[Mark Benioff]

You need to remember something, Jim.

[Jim Cramer]

Okay.

[Mark Benioff]

Our government business, the US Government is our largest customer. Right. It's a multibillion dollar customer for Salesforce. And if we run though the Veterans Administrations and the GSA and all these great civilian agencies. But you know, Jim, that there's certain areas that we haven't exactly gone into. And we're not going to go into the details of that. That. You know, we've left that for others. And you know, but there are areas in the DOD that we are currently selling to. We want to sell to more of those. And one of them that we did in the US army, we had a tremendous success against Palantir because by the way, our prices are just so much lower. I mean, their prices are just so extraordinary. The cost of Palantir, I'm sure you've seen the price list. Yes, it's incredible. But look, we're offering a very competitive product, you know, at a much lower cost.

[Jim Cramer]

Well, look, let's do this. Let's just have people understand the future which you're not going to be doing 12, 13% next quarter quarter. But you beat, you said you were when you were on last time, everyone got down. You said you down like 8, 9 and then you do 11. I rejoice at 11. I'm not going to think, I don't care because if you did the same thing again, we are going to have the stock at an 18 multiple and it's going to be the fastest going 18 times earning stock I've ever seen list Jim.

[Mark Benioff]

I've been a $4 million company, a 40 million dollar company, a $400 million company, a $4 billion company like a Palantir. But we're a $41 billion company 10 times larger than a Palantir and that's all of a sudden throw around these growth rates and say a $4 billion company should be growing it and the $40 billion company should be growing at the same rates. It's not, it's not the way to look at business that we're delivering Very high levels of customer success, very high levels of quality financials. The cash flow, the margin, the GAAP performance, the non GAAP performance that all of our investors want and that we want, I agree with you is the high quality outcome. And at the end of the day all of those customers are becoming agentic enterprises transforming themselves to deliver new levels of profitability, customer success.

[Jim Cramer]

You know, I think that's the right breeze.

[Mark Benioff]

That's what's really right.

[Jim Cramer]

Brief. Unfortunately we have to make it a brief but that's the right brief. Mark Benioff, co founder, chair and CEO of Salesforce. Guys, there is great growth here. Stop looking at the stock, start thinking about the business. Thank you, Mark.

[Mark Benioff]

Jim, going to see a dream for October 14th. That'd be amazing.

[Jim Cramer]

Thank you.

[Mark Benioff]

Looking forward to seeing you man.

[Jim Cramer]

Money's back in for the brain. It is time some of the white brokers going on and the light round is over. Are you ready ski daddy? Time for the light round. Chris Bun start with Mikey, Connecticut. Mike. Mike. Mike. Hey Jim. Hey. I just wanted to congratulate you and.

[Tony Spring]

Staff for what you do.

[Mark Benioff]

I think it's wonderful.

[Jim Cramer]

Oh, thank you buddy. Thank you. It's out of control right now but yeah, I appreciate it. Okay. Hey, that being said, I think I made a boob. What do I do with Chym? You sell that and buy a firm. There you go. Let's go to John in Florida, please. John. Booyah Jim. Booyah John.

[Mark Benioff]

Hey man, I was one of Your first callers and I remember watching you.

[Jim Cramer]

At 6 and 11 and I need your wisdom. Don't forget the nine. They took the nine from me. I need your wisdom on PJT partners. You know we don't really know what they own inside. You know, it's like some sort of crate. It's a service thing that I don't really understand. It's a. Just buy Goldman Sachs. Let's go to Greg in Tennessee, please. Greg.

[Ward Nye]

Good day Mr. Kramer.

[Jim Cramer]

It's a pleasure to talk to you. How are you doing? Very well, thanks. My question is about Eden Corporation. American inclined to add to my. I think you should now my Chabel Trust owns it. We talk about it a lot. We think it is just a terrific stock and club members know we like it. By the way, I just, I think Vertiv's a good company too. I just am not recommending that one right now. And that ladies and gentlemen, conclusion of Lightning round. The lightning round is sponsored by Charles Schwab. Heard it yesterday, you said today, kind of liked it. I told Carl on the morning show that we are in a K economy. That's where the top right prong is going higher, the bottom right prong is going lower. It's a metaphor for the US economy where the rich are rolling in it while everybody else is riding the shoot into oblivion. We're constantly told this is happening. Today we got a survey from PwC, big consulting company showing that holiday spending will be down 5% the biggest drop off since pandemic. Gen Z could reduce their holiday spending by 23%. The rich will be spending as usual. In fact, with the huge reduction in federal taxes coming, maybe it could be an amazing Christmas for the 1%. To which I say here we go again, doom. Saying from 40,000ft. Who the heck knows what total holiday spending will look like right now? And who the heck knows if we're actually really in a K economy. I do think something's going on with the consumer that has nothing to do with Special K has everything to do with the pandemic. Remember that. Specifically the comeback from the pandemic which changed so many spending patterns people's lives. The American people at the top of the K are long on money but short on time. They need to get away and see things before it's too late. That's why the hotel stocks, airline stocks keep running lower part of the K. Well, it's spending too, just not as much. Cruise lines, domestic travel, Yellowstone, Yosemite, Cascades, Crater Lake. Now the rich have enough money to do more than one thing. They can keep spending on expensive stuff, the boats. The second homes may be rehab, which is the real economy. Below rung, spending differently, trying to go fine dining. They ended up going to Chili's. That's owned by Brinker Darden's. Olive Garden. They like the bargains for tjx. Nice store. They shop at Macy's. They like what they see now believe me, Macy's couldn't put up such great numbers in a real economy. They aren't falling off the safety net net. They just aren't shopping where you can find them. And they're more value conscious than they should be. Hey, that's smart. Are the two prongs going to reverse? Will the lower one turn up? That depends on the job market. Hard to really head down if we have jobs. And that's why I think the key economy metaphor may be too darn negative. I'm thinking more like an E economy. Upper, middle and lower segments stand in place perhaps because so much consumer spending does seem frozen. People are sick of higher prices. They don't want another round of inflation. Top rung wants the best sneakers. The middle middle stickers and the bottom, the bottom sneakers. We're running in place economy until something happens. Lower rates, a court ruling in favor of the tariffs so we can stop talking about them anymore. Cessation of inflation, maybe a collapse in oil. Nothing's really going to change. So as quickly as I rallied around the economy, I want to retire. The bottom rung is still spending it just aren't profligate because that's a loser strategy. We've learned that. Is there a greater takeaway way? How about this? Companies are making fortunes, including most retailers and the economy is easier for them than you think. And it can change for them. It could change for the better at any moment. I think it will. I like to say there's always a bull market somewhere. I promise you to find it. Just be right here. Maybe. I'm Jim Craver. See you tomorrow.

[Fidelity Representative]

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 company or affiliates and 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. Kremer'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 Football season is back.

[Jim Cramer]

Sports business expert Mike Ozanian breaks down the latest numbers. The biggest and most profitable sports league in the world. Exclusive NFL team valuations, September 4th CNBC.