Mad Money w/ Jim Cramer 10/26/26

Anthropic

Across the shows: 60 speakers in other episodes, 47 bullish and 41 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Anthropic could become the next Amazon if it raises its planned funding at a $1.5–2T valuation.

  Cramer reacts to Anthropic's S-1 filing. He cites amazing growth and adjusted profitability in the first half of the year, and says both Anthropic and SpaceX could make fortunes if everything goes right. He says Anthropic could be the next Amazon if it raises the roughly $75–100B it needs at a $1.5–2T valuation, but he hedges that this is conditional on the raise. He also worries that Amazon has already raised nearly $100B in bonds this year to fund AI, so the capital pressure is a concern.

  “They could be the next Amazon. If Anthropic raises the money it needs as [$75 billion] or a $100,000,000,000 in a deal that would value the company at one point five to two trillion dollars, maybe they will be.”at 4:15

Moderna

Across the shows: 2 speakers in other episodes, 0 bullish and 1 bearish calls, past 30 days

• Jim Cramer · CNBCNeutral

  Moderna is a terrific company, but after its parabolic rally Cramer would wait for the stock to pull back.

  Cramer says he likes Moderna and calls it a terrific company, but says the stock has risen so much that it is starting to come back down. He cites a J&J drug win that barely moved that stock, and says he wants to see how the stock trades before buying. He adds that Moderna had a parabolic move and that he does not buy parabolic moves. The view is a wait-and-see stance on timing, not a rejection of the company.

  “I like Moderna. I think it's a terrific company. But the stocks are up so much that I really have to feel that... it's starting to come back down... It had a parabolic move. We don't buy parabolic moves.”at 8:18

Applied Materials

• Jim Cramer · CNBCBullish

  Applied Materials is an incredible company whose drop is multiple contraction; Cramer would buy in stages.

  Cramer says Applied Materials is an incredible company and that the 40%-plus drop is multiple contraction driven by rising rates. He argues that rate increases are compressing the multiple even though the business remains strong. He would buy 25 of 100 shares at about $387 and wait for a head-and-shoulders pattern to finish before buying 25 more. He would add the final 50 shares if the stock reached the $200s, which is a conditional plan and not a price target.

  “Yeah. Look, AMAT is an incredible company. What we're dealing with now is what I call multiple contraction. And that's because rates go up.”at 9:07

Thermo Fisher Scientific

Across the shows: 2 speakers in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Thermo Fisher's beat-and-raise quarter means the post-report pullback is a good buying opportunity.

  Cramer points to Thermo Fisher's beat-and-raise report, with accelerating organic growth and stronger demand from pharma and biotech customers. Shares rallied at first but have given back some of those gains. He calls the pullback a great opportunity and asks whether the stock has more room to run.

  “Last week, Thermo Fisher delivered a beat and raise earnings report with accelerating organic growth... Shares initially rallied the results, so they've given us back some of those gains, but this is a great opportunity, I think.”at 13:02

BlackBerry

• Jim Cramer · CNBCBullish

  BlackBerry's turnaround is remarkable and the stock is back to a level where investors should own it.

  Cramer calls BlackBerry's technology terrific and says the company is growing. He sees the start of a strong robotics business and cites its QNX backlog and NVIDIA ties. He says the stock rose too far during a period of market craziness but is now back to a level where investors should own it. He credits the CEO with a remarkable turnaround.

  “The stock went up way too far during that period of real kind of craziness. But now it's back to where people should wanna own it. I think you've done a remarkable job and a terrific turn.”at 28:31

Quantum Materials Technologies

• Jim Cramer · CNBCBearish

  QMT is a no-earnings company that may have been too new to go public; caller should not average down.

  Cramer says QMT has no earnings and may never have needed to list publicly, since it was too young for the market. He argues that averaging down only makes sense at a meaningful level, such as around 30, and he advises a pause. His case rests on the lack of earnings and the company's immaturity at listing.

  “This is a company without any earnings and maybe it shouldn't even become public yet. It was too new and young to hit the market.”at 39:02

USA Rare Earth

• Jim Cramer · CNBCBearish

  USA Rare Earth's chart climbs parabolically and then collapses at the top; advises staying away.

  Cramer says the chart climbs steeply and then goes nowhere once it reaches the top. He draws a comparison to the Rockies, meaning a sharp rise followed by a fall. He advises the caller not to touch the stock. The argument rests only on the chart shape, with no fundamental data.

  “I don't want you to touch that thing. That thing is just in it. The chart really does look like some of the Rockies right at the end. You know, it climbs like, oh my god. Whenever you get to the top, it's nowhere.”at 39:37

Glacier Bancorp

• Jim Cramer · CNBCBullish

  Glacier Bancorp is a good buy: solid growth, decent yield, growing region, though it could pull back to 45.

  Cramer likes the bank after the stock's recent big move, which he says could retrace to 45 without trouble. He cites good growth, a decent yield, and a location in Kalispell, Montana, which he calls one of the hottest growth areas in the country. He ties these together as the regional growth profile he wants.

  “Now the stock just had a very big move. It's a 49. That stock could retrace to 45 without a problem. But it does have good growth. It has a decent yield. And most importantly, it's in a growth area of the country, which is exactly what you need. I like it.”at 40:25

Cybersecurity

• Jim Cramer · CNBC

  AI-driven exploitation of the PHP flaw looks far worse than expected and is not encouraging.

  Cramer cites Cloudflare's Matthew Prince on attacks against the PHP vulnerability. Exploit attempts rose from thousands in the ten hours before public disclosure to tens of thousands in 45 minutes after, to hundreds of thousands within two hours, and to millions by the time Cramer spoke. He says frontier AI models are a new, unprecedented cyber risk because they can find vulnerabilities that were previously almost impossible for hackers to identify. He says this moment is not encouraging.

  “He says in the ten hours before it was publicly announced... we saw thousands of attempts to exploit it. That jumped to tens of thousands in the forty five minutes post announcement... millions now... George, that's not encouraging.”at 30:19

• George Kurtz · CrowdStrike

  Leading banks are well defended and vigilant; smaller financial firms are the vulnerable ones.

  Kurtz says CrowdStrike protects 16 of the top 20 banks in the world, and that these banks take security very seriously. They have great teams, can address vulnerabilities and patch them, and are spending heavily on security. He says the have-nots are smaller companies that lack expertise and money to find all their vulnerable systems. Those are the systems he would worry about, but he is very confident in the financial services industry.

  “we protect, I think, 16 of the top 20 banks in the world, They take security very seriously. They've got great teams. They're very thoughtful about it.”at 31:59

• George Kurtz · CrowdStrike

  Patch fatigue and unupgradeable legacy systems will sustain a long tail of attacks after the PHP vulnerabilities.

  Kurtz says the current wave is the result of AI tools for finding and weaponizing vulnerabilities, which started months ago with Mythos. The speed and scale of attacks make it a bad case. Over 10 critical vulnerabilities landed this month. Industry can now find flaws and create patches quickly, but companies lack the time and operational resources to deploy them, which he calls patch fatigue and says worries him. Home routers and firewalls will never be upgraded, so a long tail of attacks will hit enterprises, SMBs and consumers.

  “there's more than 10 critical vulnerabilities that sort of just landed. And it's this patch fatigue, which has me worried... The problem is they just don't have enough time or operational resources to get them rolled out.”at 34:49

• George Kurtz · CrowdStrike

  Attacks exploiting PHP vulnerabilities will hit enterprises, SMBs and consumers in a long tail; threat is worse than expected.

  Kurtz argues that adversaries are exploiting PHP vulnerabilities, and he expects a long tail of attacks spanning enterprise, SMB and consumer targets. He says the situation is much worse than he had thought. He gives no quantified data, and his tie to CrowdStrike is not stated in this exchange.

  “So there's going to be a long tail of attacks across both enterprise as well as SMB and consumers where the adversary is taking advantage of these PHP vulnerabilities.”at 36:35

AI & jobs

• Jim Cramer · CNBC

  AI is already cutting white-collar headcount at firms like Microsoft and Wells Fargo.

  Cramer cites Microsoft's buyout offer to 60,000 people as evidence that AI is working and displacing staff. He also points to Wells Fargo cutting hiring to a minimum and steadily trimming staff each year. He says writers and artists feel threatened, and that AI will increasingly hit the mediocre work.

  “You don't offer buyouts to 60,000 people at Microsoft... Cut hiring to a minimum and steadily trim employees each year like they're doing at Wells Fargo”at 2:00

AI infrastructure & data centers

• Jim Cramer · CNBC

  Data center funding needs exceed available capital; smaller neoclouds face consolidation and likely failures.

  Cramer cites NVIDIA's CEO, who he says put each gigawatt of data center cost at about $50B, and Elon Musk's plan to add 10 gigawatts next year. He concludes that both debt and equity markets are running out of money. He says many neocloud companies may not be able to raise enough money, and he quotes Musk's view that the 200-plus neoclouds face consolidation, with only some surviving. Cramer says this is what he fears most.

  “I think both the debt and the equity markets are running out of money. I think they're sated. There are plenty of other companies like the neo clouds that may not be able to get enough money.”at 5:26

IPOs, M&A & deal activity

• Jim Cramer · CNBC

  Heavy IPO and equity supply could drain the market and push stocks lower, as in 2000 and 2022.

  Cramer argues the stock market is being flooded with new supply. Renaissance Capital counts over $148B of IPO proceeds so far this year, plus large follow-on and secondary offerings from Meta, Alphabet, Oracle, Intel and SK Hynix, and hundreds of billions in bond deals. He compares this with 2022, which followed a year of about $142B in IPO proceeds, and with 2000, when too much supply overwhelmed demand. He notes there are few buybacks and a queue of new deals. He cites investors using margin to buy a handful of semiconductor stocks as a sign of excess debt. He says he is not calling a top but does not like what he sees, and that the market needs more stock retired through takeovers or buybacks.

  “I've always contended that the stock market driven by supply and demand goes higher when there's not much supply and there's stocks being taken out, and it goes lower when there's an endless amount of new supply.”at 6:43

US Treasuries & yields

• Jim Cramer · CNBC

  With the 10-year near 5%, bonds may beat stocks for many investors, and rate hikes could choke the rally.

  Cramer says the 10-year Treasury yield is almost 5%, which could make bonds better than stocks for many people. He worries that if the Fed keeps raising rates, money becomes more expensive and pushes more companies to raise equity. He says higher rates can choke the rally, and that a rate hike is among the risks he expects.

  “But with that darn ten year almost at 5%, it... That could be better than stocks for a lot of people, for certain.”at 7:00

Pharma & biotech

• Jim Cramer · CNBC

  Biotechs are being taken over aggressively, making biotech stocks attractive speculative positions.

  Cramer says biotech companies are being bought out 'like mad' and that this makes biotech a good place to speculate. He points to ImmunityBio as a speculative pick, though he gives little company-specific evidence. The core argument is the takeover wave across the sector.

  “That is a situation that's a very good step... The biotechs are being taken over like mad you wanna be in one.”at 40:50