Mad Money w/ Jim Cramer 11/3/26

Nebius Group

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

• Jim Cramer · CNBCBearish

  Neocloud stocks like Nebius don't yet reflect the risk from states banning data centers.

  Neocloud stocks such as Nebius are down more than 50% in some cases, but Cramer does not think their prices reflect the scramble coming as states ban data centers. Neoclouds have no other business to fall back on if their projects in those states are stopped, unlike Amazon. He still sees downside.

  “I still don't think that the stocks of Neoclass like I rent or Nebius reflect that yet.”at 3:49

Amazon.com

Across the shows: 36 speakers in other episodes, 44 bullish and 8 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Amazon is insulated from state data center bans because it can buy its way into new towns.

  Cramer argues that if states ban data centers, Amazon will not be hurt, because it can buy its way into new towns without a problem. Smaller neocloud builders without that capacity will have to scramble. He sees Amazon as a relative winner in the local opposition fight.

  “Now, that won't hurt Amazon because Amazon can buy its way into new towns without a problem.”at 4:54

Oracle

Across the shows: 29 speakers in other episodes, 6 bullish and 26 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Oracle's block sale and stock rally show investors trust its pledge of no more fundraising soon.

  Oracle sold about two-thirds of a $10 billion block of shares to 10 large holders at $116, despite having promised this was its last fundraise for three and a half years. The stock rose 6% to $126 as fund managers believed the company. Cramer reads this as a sign that investors may now come back to buy tech at a level with less risk. He still notes that tech companies issuing huge amounts of debt or equity are a concern.

  “Oracle, which had promised that this is the last fundraise for three and a half years, sold nearly two thirds of the shares to 10 large shareholders,”at 6:26

Agilent Technologies

• Jim Cramer · CNBCBullish

  Agilent is a life sciences tools winner, with acceleration in 2026 growth and strong momentum.

  Agilent's shares are up 50% over six months and up 29% since Cramer's late-May interview with its CEO. The CEO cited reshoring of drug manufacturing to the US and strength in biotech and pharma. Agilent helps produce and test GLP-1 drugs and also tests semiconductors for the AI build-out. Cramer says it is on track for 8% revenue growth and 11% EPS growth in 2026, an acceleration from 2025, and expects strong numbers when it reports later this month.

  “They're on track to deliver 8% revenue growth, 11% earnings per share growth in 2026, both of which represent an acceleration from their 2025 results.”at 15:01

Thermo Fisher Scientific

Across the shows: 3 speakers in other episodes, 2 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Thermo Fisher is the strongest life sciences arms dealer after a beat-and-raise quarter.

  Thermo Fisher is the largest life sciences supplier, with a market cap above $250 billion, and offers equipment and consumables used in advanced medicines. Its acquisition of PPD gives it an in-house clinical research organization. Shares are up about 49% over six months, and the company delivered a beat-and-raise third quarter with accelerating organic growth. Cramer says the business is strong, citing his interview with the CEO.

  “Alright, TMO shares are up roughly 49% for the past six months. Remember all the tech money's going to these. And we know the business is strong because we just spoke with CEO Mark Casper last week”at 15:55

Waters

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

• Jim Cramer · CNBCBullish

  Waters' merger is working well; strong Q3 and guidance for 7-9% organic growth.

  Waters combined with Becton Dickinson's biosciences and diagnostics business in a reverse Morris Trust deal last year, and Cramer says that deal is working out phenomenally well. Shares are up nearly 50% over six months and rose almost 5% after a very strong third-quarter report. Guidance for the fourth quarter includes 7% to 9% organic growth, which is better than expected.

  “That deal's working out phenomenally well for Waters, whose shares are up nearly 50% over the past six months, including a nearly 5% gain today after a very strong third quarter report”at 17:33

Revvity

• Jim Cramer · CNBCBullish

  Revvity's post-breakup rerating continues; stock up about 69% year to date after a beat-and-raise.

  Revvity, formerly PerkinElmer, split off its applied sciences, food and enterprise services business to a private equity buyer about three years ago. Investors took a few years to warm to the diagnostics and life science business, but they now have. The stock is up roughly 69% year to date and rose 8% today after a beat-and-raise result.

  “Candidly, it took the investors a few years to pull back in love with Revity, but they sure seem to have done so. The stock is now up roughly 69% year to date”at 18:08

CrowdStrike Holdings

Across the shows: 4 speakers in other episodes, 5 bullish and 1 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  CrowdStrike's kill switch is what investors were waiting for; companies would be crazy not to hire it.

  Cramer had earlier been told that agents cannot be shut down, and he now finds CrowdStrike's kill switch and AI gateway credible. He notes that CrowdStrike was right on this point when Anthropic and others insisted it wasn't needed, and that the stock was cut in half during that dispute. He sees the kill switch as a major step that customers will demand, so he thinks companies would be crazy not to hire CrowdStrike.

  “I have to tell you, I think it's what we've all been waiting for. ... I am saying people would be crazy not to hire you.”at 31:29

Columbia Sportswear Company

• Jim Cramer · CNBCBullish

  Columbia could reach $100 if US sales pick up a couple percent after strong overseas results.

  Cramer says overseas results in China and Europe are very strong, but US sales were still down slightly year over year. The stock has already had a nice move. If US sales improve by a couple percent, he thinks the stock can go to $100. He sees a lot of greenfield opportunity in US products, including fashion-forward updates and the Don't Panic room marketing.

  “China, Europe, really good. How do we get US going? ... And if you get US going a couple percent, I think the stock can go to a 100.”at 33:04

FedEx Freight Holding Company

• Jim Cramer · CNBCBullish

  FedEx Freight is a buy for the club; FedEx's overhang of shares to sell will clear and lift it.

  Cramer says the stock has moved nicely off its bottom and that he likes it for his charitable Investing Club. He says the spin-off from FedEx did not hold up well because FedEx still owns a large block of shares it has to sell. Once that block reaches the market, he expects it to act as a clearing event that removes the overhang, and he thinks the stock could go up to $1.50 (as stated in the transcript). He also says he wants investors to own it because the freight business should be strong in a good quarter.

  “the stock did not hold well because there's a big block of stock out there that's for sale that's owned by FedEx. They just have to bring it to the market. If they did, then it'd be a clearing event, and I think the stock could go right up to $1.50.”at 41:50

Celestica

• Jim Cramer · CNBCBullish

  Celestica is no longer expensive after a 45% drop; strong growth and no debt should let it bounce first.

  Cramer points out that Celestica is 45% below its June high and trades at about 12 times next year's earnings. Management guided to 90% revenue growth for 2027, which puts the PEG ratio at about 0.16. He calls it a fantastic quarter with no problems and says he was surprised the stock was treated so negatively. He argues that a solid company that does not need to borrow or issue equity should bounce first, while companies issuing debt and equity are being left behind.

  “Yes. This is the kind of stock that I was talking about at the top of the show. Has it come down enough? It is no longer expensive. It had a fantastic quarter. There was no hair on the quarter.”at 42:28

Apple

Across the shows: 38 speakers in other episodes, 36 bullish and 30 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Apple's guidance shows a dip in margins and services growth, but he stays bullish on the foldable iPhone and memory relief.

  Cramer says the market overreacted to Apple's earnings. Gross margins slipped (ex-tariff refunds) because memory costs rose, and services growth may slow from 10% to 8-9%, with no quick fix. He argues the overall revenue outlook was better than expected, and that the stock's big run-up before the report left little room to rise. He expects the new foldable iPhone Duo to be extraordinary and to pull millions of people into the Apple ecosystem, which should drive services revenue. He also argues that if memory prices are peaking (as memory stocks' weakness implies), Apple's cost pressure may be overstated. Short term the stock could stall or fall, but over the longer term he says investors should own it rather than trade it.

  “Short term, this doesn't matter. The stock could mark time, maybe turn lower. Longer term, say the duo and peaking DRAM prices should make you want to own Apple, not trade it. My stance remains positive.”at 47:14

Pharma & biotech

• Jim Cramer · CNBC

  FDA's push to speed approvals rebuts last year's thesis and means more drug development.

  Thermo Fisher's CEO said the FDA wants to learn about faster ways to develop medicines and adapt to current technologies while keeping safety intact. Cramer says this directly rebuts last year's thesis that the FDA opposes innovative drug development. He sees it as hopeful for more drug development, and therefore more business for life sciences tool suppliers. He also notes the administration seems very pro new drugs.

  “That's huge. Not only does it directly rebut the prevailing thesis from last year that the FDA is supposed to be opposed to innovative drug development.”at 17:01

• Jim Cramer · CNBC

  Life sciences tools suppliers are the new tech trade, with room to run as investors leave tech.

  Investors are rotating out of tech, but they still want growth. The life sciences arms dealers (Agilent, Thermo Fisher, Waters and Revvity) supply drug developers and research labs with equipment and consumables. Cramer says they are replacing the data center as the market theme, and that gives them a lot more room to run. Many of them had a few lost years after COVID, which hurt IPO funding that biotechs use to buy their products.

  “They are the new techs, the ones that seem to be replacing the data center as the theme. If that's the case, then I know they have a lot more room to run.”at 18:27

AI infrastructure & data centers

• Jim Cramer · CNBC

  Local data center bans will shift projects to other states; buildout continues, though some projects get cancelled.

  Cramer thinks data centers are fungible. If a state or county does not want them, builders will go to another state or county that wants the jobs and tax base. Some towns really need the subsidies. Data center builders now use closed-loop water systems, subsidize electric bills and bring jobs. He expects some canceled projects, especially in states that move to ban them, but not a halt to the buildout. Political opposition is an issue, not a stopper.

  “I think and have thought that data centers are fungible. If you don't want them in your state or your county, they'll go to another state and another county”at 3:37

US elections & politics

• Jim Cramer · CNBC

  A politically gridlocked government is good for stocks; the election being over is positive.

  Cramer says having the election behind us is terrific news for a group that has been in a house of pain for months. Other than data centers, he thinks the election matters little to most companies. He expects the market to like the gridlock that comes from divided government, because a government that is tied up does not pass policies that hurt stocks. He believes the election outcome will be good for data center stocks regardless of who wins.

  “Whatever ties up the government is good for stocks.”at 5:07

Middle East & Iran

• Jim Cramer · CNBC

  Market is wrong to take the Iran war off the table; limited strikes keep recurring.

  The market reacted to a limited US strike on an Iranian island facility near the Strait of Hormuz as if the war could be taken off the table. Cramer notes this was one of many limited strikes recently, and that the market has repeatedly misjudged the war. He treats the market's reading of President Trump's comments about ending aid to Israel as a mixed signal at best.

  “The market is saying today that you can take the war off the table. That's been a wrong judgment for ages, hasn't it?”at 5:53

US stock market outlook

• Jim Cramer · CNBC

  Tech has not yet bottomed; he will wait for a capitulation 'crescendo' before buying more tech.

  The Nasdaq 100 entered correction territory and investors have rotated out of tech. Tech rallies have been one or two day wonders since the June peak. Cramer says the market has not had the capitulation pattern he and Mark Haines used to track: a down opening, a midday crush and a rally on big volume into the close. Strong AMD and Arista results could help non-mega-cap tech lead, but he wants a crescendo first. He notes that other areas are working and that funds can profit from a real bottom.

  “I would like to wait for the crescendo before I commit too much money back to tech because so many other areas are working”at 8:22

AI bubble & tech valuations

• Jim Cramer · CNBC

  Mega-cap techs need ever more capital to stay in the data center race, so he prefers others.

  Cramer argues that the big-cap tech names (Alphabet, Amazon, Nvidia, Meta, Microsoft) that led the market for years have become millstones for investors. They have peaked and keep raising more and more money just to stay in the data center race. He wants to leave them behind and rewards companies with strong balance sheets and earnings over companies bleeding red ink and spending more than they earn.

  “we can just leave behind those big cap techs that need to raise more and more money just to stay in the data center race.”at 8:22

AI chips & semiconductors

• Jim Cramer · CNBC

  Memory stocks' weakness suggests DRAM prices may have peaked, with excess supply coming, though he is unsure.

  Cramer says the consensus is that memory prices will keep rising sharply and hurt companies like Apple. He challenges that, asking why memory stocks are falling if prices are expected to keep climbing, and suggests the stocks are pricing in a peak. He notes that Micron has take-or-pay contracts but says excess supply is likely. He explicitly admits he does not know whether the forever-higher price view or the topped-out view is right, so this is a tentative read rather than a firm call.

  “If we are so sure that memory's gonna continue to go higher, then why are the memory stocks acting so awfully? They're screaming at the peak prices in. ... there will be excess supply.”at 46:38