Mad Money w/ Jim Cramer 10/30/26

Microsoft

Across the shows: 34 speakers in other episodes, 33 bullish and 4 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Microsoft's strong quarter and disciplined capex make it a stock Cramer's trust likes.

  Microsoft had the best report of the three mega-cap tech companies that reported, beating revenue and earnings expectations while Google and Amazon missed. Azure grew 48% and quarterly free cash flow was a positive $18.6 billion. Microsoft lowered its calendar 2026 capex forecast to $170 billion from $175 billion, largely because third-party neocloud capacity (Nscale, IREN, Nebius) is arriving late. Cramer calls it more a delay than a cut, since spending is expected to accelerate in the first half of calendar 2027. The stock had one of the best reactions among the mega caps, and the trust likes the stock.

  “Microsoft had the best report of the three mega cap tech companies reported this week, beating revenue and earnings expectations, while Google and Amazon missed on both.”at 14:26

• Jim Cramer · CNBCBullish

  Microsoft had one of the best quarters and has gotten religion on data spend.

  Cramer calls Microsoft's quarter one of the best and says the company has gotten religion on data spend, a mechanism he credits for its strong results. He later contrasts Microsoft's more measured pace of data center investment favorably with Amazon's more aggressive borrowing. He gives little numerical detail, so the case is brief.

  “Microsoft had one of the best quarters. They've seen that they've gotten religion when it comes to data spend.”at 37:34

Amazon.com

Across the shows: 29 speakers in other episodes, 36 bullish and 6 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Market wrongly sold Amazon; AWS growth and strong demand for capacity justify heavy AI spending.

  AWS grew 39%, and management expects growth above 40% in both 2027 and 2028. Customers consume new capacity almost as fast as Amazon installs it, which Cramer reads as evidence of good returns on compute spending. Amazon reaffirmed its 2026 capex outlook of about $220 billion and expects to spend meaningfully more in 2027. Against that, it posted its first double miss on sales and earnings in four years and negative free cash flow of $33.5 billion, its third straight negative quarter. The stock fell less than 2% on a day the Nasdaq dropped far more, and Cramer thinks the market overreacted.

  “...but I can tell you that I think the market got it wrong by selling the stock.”at 18:04

• Jim Cramer · CNBCBullish

  Amazon should be bought now; its operating income beat and AWS growth outlook are strong.

  Cramer argues that operating income is the right metric for Amazon, not net income or EPS, which include unrelated investment gains and losses. Operating income of $28.1B beat the company's $22.5-26.5B guidance and the $26.2B Street estimate, and revenue hit the high end of guidance. He calls AWS's numbers extraordinary and says CEO Andy Jassy's forecast that AWS can grow north of 40% in 2027 and 2028 is the best intermediate-term outlook he has seen from him. He cautions that Amazon is borrowing to fund data center growth a little too aggressively and prefers Microsoft's more measured pace, but still thinks Amazon is one of the best companies in the world and should be bought before people realize it.

  “I think that Amazon should be bought right here. Because before people realize that it remains one of the best companies in the entire world.”at 46:37

Marvell Technology

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

• Jim Cramer · CNBCBullish

  Marvell likely to announce a Lumentum acquisition, a major deal he sees as strategically sound.

  Cramer expects Marvell to announce on Monday a deal to acquire Lumentum, one of the largest tech deals ever. Marvell's stock has run since CEO Matt Murphy's October 6 analyst meeting, where he laid out plans to dominate data center fiber. Cramer argues copper inside data centers will eventually be replaced by fiber optics, which transmit data faster and run cooler, so the industrial logic is 'fabulous.' He rejects the JDS Uniphase/SDL analogy (a $41 billion deal on about $300 million of sales in 2000), arguing the combination locks up intellectual property that data centers will need for years.

  “But sure enough, when we come in on Monday, it would not surprise me if Marvell Technologies, MRVL, announces a deal to acquire Lumentum, which would be one of the largest tech deals ever.”at 3:35

Apple

Across the shows: 17 speakers in other episodes, 6 bullish and 14 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Apple's new products and Gemini-powered Siri justify its record highs despite a near-40x earnings multiple.

  Apple hit all-time highs in late October on new products, including a foldable iPhone that Cramer calls revolutionary and that is hard to buy. It also gets the benefit of Google's Gemini AI models powering Siri, without the costly data center build-out that weighs on other tech names. Cramer acknowledges Apple trades near 40 times earnings, the highest multiple he can remember, but says he has ridden through every vulnerable moment since the stock was around $5. He says traders can sell it, but he is an owner.

  “You can, look, you can trade it, alright? I'm not gonna say that's wrong, but I'm an owner.”at 5:43

Palantir Technologies

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

• Jim Cramer · CNBCBullish

  Palantir should deliver good results; customer testimonials show it creates large value for clients.

  Palantir reports this week, and Cramer expects nothing but good news because every testimonial he hears behind the scenes is effusive about how much value its software creates once customers adopt it. He has criticized CEO Alex Karp's fiery style in the past, but says the skills of Karp and his team make that irrelevant to results. The transcript spells the company 'PoundTier'; this refers to Palantir.

  “[Palantir] also reports, and I expect nothing but good news as every testimonial that I hear behind the scenes is effusive about how much value they create when you bring them in.”at 5:48

Advanced Micro Devices

Across the shows: 5 speakers in other episodes, 4 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  AMD should do much better than Intel given its data center GPU business and share gains.

  AMD has PC exposure and has consistently taken share from Intel. It also has a large data center business, including GPUs that are direct rivals to Nvidia, so Cramer thinks it will do much better than Intel. The risk is that PC demand could be destroyed by high memory prices, which he says investors should watch as demand falls for products whose prices rose too high.

  “But it has data center galore, including GPUs, direct rivals to NVIDIA. And I think that it will do much better than Intel.”at 6:35

McDonald's

Across the shows: 3 speakers in other episodes, 2 bullish and 1 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  Despite a credible remodel plan, franchisee complaints make him worried about McDonald's stock.

  Cramer thought management offered a credible plan of store remodels and a renewed focus on value. But he has read many negative comments from franchisees, who are key to the business, and he wonders whether investors are only hearing one side of the story. He says McDonald's needs the program to work.

  “I'm worried about the stock of McDonald's. I thought management offered a credible plan of store remodels and a renewed focus on value. But we have all read the negative comments of its key constituents who are their franchisees.”at 7:04

CVS Health

• Jim Cramer · CNBCBearish

  CVS's Caremark pharmacy benefit business weighs on the stock; he'd buy if it exited.

  CVS reports this week, and Cramer is fascinated by it as the last man standing in pharmacy. He worries about the pharmacy benefit management business, Caremark, which some critics say raises drug prices. He wishes CVS could disengage from it, and says if it could, the stock would go higher and he would like to be on board.

  “Caremark, which some critics say raises the price of drugs. I wish you could disengage from that business. If it could, I'd know the stock would go higher and I would like to be on board.”at 7:04

Corning

• Jim Cramer · CNBCBullish

  Starlink threat to Corning's long-haul fiber business is overblown; he likes the stock here.

  Corning has a lot of long-haul business with Verizon and AT&T, and investors fear Starlink will crush it. Cramer says that is a small part of the business and the market is overreacting, as one small concern can send the stock down in this environment. He likes Corning here and would go back in if the portfolio were not already so heavy in tech, since the stock is lower now. He also praises CEO Wendell Weeks for doing a good job.

  “Even though we know it's a small part of the business, you know how this market is right now. One little shake is enough to send the stock down. I like Corning here.”at 10:17

Alphabet

Across the shows: 44 speakers in other episodes, 33 bullish and 24 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  Search slowdown revives AI-disruption fears for Google's ad business; Cramer sees no solution.

  Alphabet missed both earnings and revenue expectations for the first time since late 2022. Search, about half of revenue, missed and its growth slowed to 12% from 17%. Cramer says this revives concerns that AI will eat into Google's core advertising business, concerns he thought had gone away. He worries there is no solution to the problem and that management did not even seem to notice it. Google Cloud was the one bright spot, but capex guidance of $195–205 billion and negative free cash flow of $9.1 billion pushed the stock down 12.6% in its worst day ever. The Investing Club decided to hold the stock to see where it bottoms on earnings.

  “That brings back concerns from years ago about AI eating into its core advertising business. I thought those concerns had gone away. That's not true. I worry that there is no solution for this problem.”at 15:59

Meta Platforms

Across the shows: 62 speakers in other episodes, 49 bullish and 34 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  Meta's planned $60B equity offering will drag its stock; he wants it done quickly.

  Meta's Q3 revenue was a clear beat and a record, but free cash flow was negative $2.1 billion. The company plans $97.5 billion of equity financing, including a proposed $60 billion at-the-market offering starting next year, and the stock did not react well to it. Cramer says these kinds of at-the-market offerings drag stocks down, so the company should get it done as fast as possible. He also notes its 2026 capex outlook was narrowed to $135–145 billion, up slightly from the prior range.

  “These kinds of at the money offerings drag your stock down. Just try to get it done as fast as possible.”at 18:37

Space Exploration Technologies

Across the shows: 36 speakers in other episodes, 33 bullish and 17 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  SpaceX's first profit and AI-driven growth make it the most intriguing of the data center spenders.

  SpaceX beat estimates by 32 cents a share on adjusted EPS of 45 cents and posted its first profit of $4.4 billion, a step toward S&P 500 inclusion. All three segments, space connectivity and super intelligence, were profitable on an adjusted EBITDA basis. The super intelligence segment now makes up more than half of revenue, up from 17% in 2025, mostly from cloud infrastructure plus Grok and Cursor. Capex was $19.6 billion and is guided to $35–40 billion in the fourth quarter, nearly double Wall Street's estimate, and it has a $40 billion GPU equipment financing deal with Apollo. Cramer says he has come to like Grok.

  “Its first profit of 4,400,000,000 was a huge step forward on the road to joining the SP five hundred. All three segments, space connectivity and super intelligence, were profitable on an adjusted EBITDA basis.”at 19:14

Chevron

Across the shows: 3 speakers in other episodes, 3 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Chevron is the energy pick to own after energy led October; Middle East turmoil may return.

  Energy was the best of the 11 major sectors in October, up nearly 14%. Cramer thinks the Middle East turmoil may pick up again after next week's midterms, which would support oil and energy shares, and he names Chevron as the pick in the group. He says Chevron is the better energy name, with Valero second.

  “energy sector had the best month, up nearly 14%. Stick with Chevron.”at 23:57

The Procter & Gamble Company

Across the shows: 3 speakers in other episodes, 1 bullish and 1 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  P&G's strong quarter and new CEO make it a quality staples name worth owning again.

  P&G had one of its best quarters in years, beating on top and bottom lines with 4% organic growth against roughly 2.5% expected. The stock rose more than 11% as investors returned to safe staples names. Cramer says it has an iconic brand portfolio (Tide, Pampers, Gillette, Crest) and a quality operator in new CEO Shailesh Jejurikar. The trust struggled with P&G during the period of elevated inflation and sold most of its position in 2024 before fully exiting this year. He says he still likes the company, though he prefers Kimberly-Clark now for valuation and yield.

  “Last week, P and G had one of its best quarters in ages, top and bottom line beating 4% organic growth. Wall Street was only looking for 2.5.”at 27:09

Kimberly-Clark

• Jim Cramer · CNBCBullish

  Kimberly-Clark is cheap under 15x earnings with a 4.7% yield, and the Kenvue deal adds upside.

  Kimberly-Clark is acquiring Kenvue, the former J&J consumer health business that owns Tylenol, Listerine, Neutrogena and Band-Aid. The two should have 10 brands with over $1 billion in annual sales each, and the combined scale should yield efficiency gains that few consumer companies can match. Cramer thinks Kimberly-Clark got a good deal and that the stock is cheap at under 15 times earnings with a 4.7% yield, with a lower P/E and higher yield than P&G. The trust started buying in September and already has a nice gain. He calls it an investment, not a trade, and says the Kenvue deal could close sooner than most people think.

  “I think the stock can go much higher. I've been telling people you can buy it right here still.”at 27:26

Constellation Brands

• Jim Cramer · CNBCBullish

  Constellation's worst is behind it; beer and spirits recovery and an 11x P/E make it cheap.

  Constellation gave its best quarterly update in some time. Its core beer business is taking share, led by Modelo, the top-selling beer in America by dollar sales, plus faster-growing Pacifico and Victoria. Its wine and spirits business, still small, saw 15% shipment growth on brands like Mi Campo tequila and Kim Crawford wine. The acquisition of the spiked sports drink company Spiked Aid could be big. Shares rose nearly 20% in October, but the stock still trades at 11 times earnings with a 3%-plus yield, and new CEO Nick Fink seems to be hitting the ground running.

  “It increasingly looks like the worst is behind Constellation Brands and the stock still jerk cheap at 11 times earnings, 3% plus yield.”at 28:43

The Coca-Cola Company

Across the shows: 3 speakers in other episodes, 1 bullish and 1 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Coca-Cola is his favorite soft drink pick; volume-led beat and innovation favor a long-term hold.

  Coca-Cola had a great beat and raise in its third-quarter report, driven by strong volumes rather than price hikes, which Cramer calls important. It lacks the snacks baggage that PepsiCo carries, and it keeps innovating, with zero-calorie options for GLP-1 users and protein-heavy Fairlife milk that is 'crushing it,' with a banana flavor coming. The stock gained 9% in October, so the move has been big, but it is still not too late. Cramer also says he recently dined with the old and new CEOs and thinks the company is in the best shape he has seen.

  “It had a great beat and raise, third quarter report on Tuesday morning, driven by strong volumes, not price hikes. That's important.”at 29:08

Costco Wholesale

Across the shows: 4 speakers in other episodes, 4 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Costco's price-earnings is high, but its changes and stock action suggest it is in a good place.

  Cramer does not like Costco's price-earnings multiple of 44, but he likes the changes the company is making. He also sees both Costco and Walmart stock acting well, which he reads as a sign they are fighting inflation, something consumers want. He says he has repeatedly thought Costco was done and been wrong, and that investors should bet with it, not against it.

  “but I do like the changes that they're making, and I like the fact that both Costco and Walmart stock are acting well. That means they are fighting inflation.”at 31:01

The Home Depot

Across the shows: 3 speakers in other episodes, 3 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Home Depot is the most rate-sensitive retailer; falling Treasury yields should lift mortgage rates and it.

  Cramer owns Home Depot for the travel trust because he finds it the most interest-rate sensitive retailer. Ten-year Treasury yields fell that day, which should push mortgage rates lower and help housing-linked demand. He argues that is a reason to own Home Depot.

  “Home Depot, something I own for the travel trust. Why? Because I find it's the most lending sensitive. [10-year Treasury] rates are down today, and that is making it so that mortgage rates may be going down, which means you might wanna own some Home Depot.”at 34:43

ServiceNow

Across the shows: 9 speakers in other episodes, 7 bullish and 3 bearish calls, past 30 days

• Jim Cramer · CNBCUncertain

  ServiceNow's 2-cent EPS miss was overblown, but the stock's selloff is unclear to him.

  Cramer says something went wrong at ServiceNow, but argues the quarter's 2-cent EPS miss wasn't as bad as people think. He says someone is dumping the stock for reasons he doesn't know and that he has to do more work on it. The view is tentative and mostly reflects the market's reaction rather than a clear thesis.

  “The quarter itself, the 2¢ missing wasn't really as bad as people think. Somebody is blowing out of that stock, I don't know.”at 37:47

JFrog

• Jim Cramer · CNBCBearish

  JFrog is a good company, but its high P/E makes the stock too expensive for this market.

  Cramer calls JFrog a very good company, but says its stock trades at a high price-to-earnings multiple. Even though interest rates fell this week, he worries about the valuation. He would rather take profits than buy, and says the stock might be too high for the current market.

  “JFrog is a very good company, but it's a high priced earnings multiple stock right now. Even though interest rates were down this week, I worry.”at 39:34

Archer Aviation

• Jim Cramer · CNBCBullish

  Archer is a pure speculation, but at $4 it's not a bad buy.

  Cramer calls Archer a pure speculative stock and says he doesn't personally believe in the company. He still argues that investors can own speculative stocks and that the stock is not a bad buy at around $4. His support is price-based, not fundamental, and his conviction is low.

  “Archer is a pure spec. It's a pure spec. ... I don't believe in it, but that doesn't mean that you shouldn't believe in it. And I have to tell you that right now, here at $4, it's not a bad buy.”at 40:15

Forgent Power Solutions

• Jim Cramer · CNBCBullish

  Forging Power Solutions is a really good company that has fallen a great deal, trading at 17 times earnings.

  Cramer says the stock fell 25% last week after the CFO departure was announced and management raised Q1 earnings guidance to the top end of its range. He calls it a really good company that has come down a great deal and says he did some work on it. At about 17 times earnings he thinks it is a good idea and blesses it.

  “I think it's a really, really good company and it's come down a great deal. ... 17 times earnings. I think you've got a good one.”at 40:59

Oracle

Across the shows: 25 speakers in other episodes, 5 bullish and 22 bearish calls, past 30 days

• Jim Cramer · CNBCUncertain

  Oracle is a good company but its stock is held back by heavy debt despite a low P/E.

  Cramer notes Oracle's price-to-earnings multiple is low at 16, but says it carries a huge amount of debt, and he has become increasingly negative on indebted companies. A strong report this week made him more confident in the company. He still says he feels good about Oracle as a company but not as a stock, so the stock view stays unresolved.

  “Even though the price earnings multiple is low at 16, it has a huge amount of debt. ... I feel very good about it as a company, not as a stock.”at 41:28

Tractor Supply Company

• Jim Cramer · CNBCNeutral

  Tractor Supply's 17x multiple is pacing; it is still a very good concept.

  Cramer says Tractor Supply has come down to about 17 times earnings and that the stock appears to be pacing, moving sideways while time works on it. He calls it a very good concept. He offers no specific numbers beyond the multiple and gives a neutral, wait-and-see view.

  “I think it's pacing and it's still a very good concept.”at 42:01

Intel

Across the shows: 12 speakers in other episodes, 4 bullish and 10 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  Intel is a broken company after guiding to a very weak 2027; he refuses to buy it.

  Cramer says he got Intel wrong. He believed the data center CPU opportunity, including ramps for robotics-related chips, and ignored the PC business, which still matters. He says management guided to a very weak 2027 and gave no caution on PCs, despite a press release that emphasized strong past results, including the strongest data center revenue growth in 15 years. He concludes Intel is not just a broken stock but a broken company with no hope on the horizon. He still owns a slug of it and won't stand by it until it is much lower.

  “Now the problem is that Intel isn't just a broken stock, something I would buy, it's a broken company because the company guided for a very weak 2027.”at 44:29

AI infrastructure & data centers

• Jim Cramer · CNBC

  Democratic wins could bring anti-data-center politicians who halt projects, hurting neocloud builders most.

  Cramer fears that if Democrats take the House and Senate on Tuesday, a wave of anti-data-center politicians could stop projects that were already in the numbers. Neocloud companies have the most to lose because they have nothing to fall back on. He does not write off data centers entirely, since many states still welcome them, but he notes that busted deals would hurt the whole ecosystem because siting them takes a long time.

  “I'm greatly concerned that we could see a slew of anti data center politicians come in and stop projects that were in the numbers, so to speak.”at 2:24

• Jim Cramer · CNBC

  Hyperscalers are still raising AI capex, but a market rewarding restraint could force cuts later.

  Five companies (Alphabet, Amazon, Microsoft, Meta and SpaceX) account for most hyperscale data center spending. Most are maintaining or raising capex, and those giving 2027 color expect to spend more. Microsoft was the only one to signal a cut, which Cramer calls more a delay from late third-party capacity. The market is now rewarding smaller budgets and punishing bigger ones. If that continues, shareholder pressure could force hyperscalers to slow construction and cut plans, which would be very negative for the many companies that have thrived on AI spending. For now, he sees no sign of cold feet.

  “we're not there yet when it comes to spending on AI. ... The checks are still getting bigger.”at 21:07

Renewables & clean energy

• Jim Cramer · CNBC

  Democratic control could reverse recent anti-green rules and speed non-gas energy projects.

  Cramer lists the stakes of Tuesday's midterm elections for the stock market. A Democratic House and Senate would let Democrats kill recently enacted anti-green regulations, which would revive expedited work on energy sources other than natural gas.

  “The Dems will be able to kill recently enacted anti green regulations.”at 2:13

Middle East & Iran

• Jim Cramer · CNBC

  A renewed Iran war would push oil higher and entrench inflation, potentially rocking stocks.

  The president is expected to decide on Iran this Wednesday, and that decision could rock stocks. If the war is ratcheted back up, oil prices will rise further, which makes inflation more entrenched. Cramer frames the escalation risk as a market-moving event for the coming week.

  “This decision could rock stocks if the war is ratcheted back up. Oil will go even higher and inflation will get more ingrained.”at 2:54

US jobs & labor market

• Jim Cramer · CNBC

  Jobs report should show robust hiring with tame wage growth, keeping bonds calm.

  Cramer expects the non-farm payrolls report, the final big event of the week, to show robust hiring with very little increase in wages. He says this is one reason he thinks Treasury bonds are so tame, since strong jobs with limited wage pressure ease inflation worries.

  “That brings us to our final big event, the non farm labor report, which I think is going to show robust hiring with very little increase in wages. That's one of the reasons I think the bonds are so tame.”at 2:54

AI bubble & tech valuations

• Jim Cramer · CNBC

  Tech selloff isn't over; investors no longer give expensive tech the benefit of the doubt.

  The Nasdaq 100 fell more than 9% in October from its October 6 high, and many individual tech stocks fell much more. Cramer says Wall Street is no longer giving expensive tech stocks the benefit of the doubt, especially on data center spending. Next week brings the election, overseas uncertainty, the jobs report and remaining earnings landmines, so the tech selloff may not be over. Even great tech earnings may not lift stocks, except from lower levels. He advises buying high-quality companies being thrown away rather than trying to call the bottom.

  “Wall Street's no longer giving expensive tech stocks the benefit of the doubt, especially when it comes to all that data center spending. My advice, don't try to call the bottom in the Nasdaq just yet.”at 8:27

Consumer & retail

• Jim Cramer · CNBC

  Staples are a reasonable hedge while tech is shaky, but only the right names, given secular problems.

  Consumer staples were up nearly 11% in October, behind only energy, as investors rotated away from riskier tech. Staples had been out of favor because some subsectors face secular problems, such as drug stocks and junk food, not just cyclical ones. Cramer says that, at this uncertain moment, camping out in staples makes sense as long as investors pick the right names, and he lists Kimberly-Clark, P&G, Constellation and Coca-Cola.

  “Right now, at this uncertain moment, I don't hate the idea of camping out in some staples so long as you pick the right ones.”at 24:52