CPI, NVIDIA, Anthropic IPO, T-Mobile & Block

Anthropic

Across the shows: 111 speakers in other episodes, 150 bullish and 90 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Anthropic's IPO looks ready and could be the largest ever, bullish for tech and AI.

  Cramer says the updated S-1 shows a price range of $70 to $78. At the top of the range, about $64 billion will be sold to the public, plus $26 billion in a private placement to strategic partners including Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. That brings total proceeds above $90 billion, which could exceed SpaceX's IPO. With about 18 billion diluted shares, the valuation would be $1.3 to $1.4 trillion. The offering is reportedly already covered by institutional demand, and about 20% is expected to go to retail. Cramer sees the deal as almost certainly happening and bullish for tech and the AI trade. He also cites Goldman Sachs estimating $685 billion in revenue by 2030 and says that estimate is conservative.

  “But my main takeaway from the new details today is that this deal looks like it's good to go. It's almost certainly happening.”at 16:37

• Jim Cramer · CNBCBullish

  Anthropic's revenue growth is extraordinary, though sequential growth has slowed from its peak.

  Cramer cites revenue of $41 million in 2023, $386 million in 2024 and $4.59 billion in 2025. Revenue for the first nine months of 2026 was $33.2 billion, up 1206%. Growth has come mostly from enterprise customers, driven by Claude Code, and the customers are very sticky. Net revenue retention is about 900%. The count of customers spending over $100,000 rose to 11,900. Sequential growth peaked at 144% in Q2 and fell to 47% in Q3, which he partly attributes to competition from OpenAI, a crackdown on Chinese copies, and customers cutting bills. He says it is worth monitoring, but calls the growth extraordinary. If $10 billion a month of annualized revenue continues to be added, the run rate could reach $100 billion by year end.

  “Before we get to the specifics, I'm gonna tell you that the growth numbers here, they are extraordinary.”at 17:01

Space Exploration Technologies

Across the shows: 53 speakers in other episodes, 68 bullish and 24 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  SpaceX's Starlink is a well-funded wireless entrant that could seriously threaten the big three carriers.

  Cramer describes SpaceX as a well-funded new entrant that is potentially threatening the incumbent triumvirate of T-Mobile, AT&T and Verizon. He compares Starlink to a nuke entering the market, and says the company may seem to have nothing to lose. He calls it a serious competitor, not a joke.

  “Now the incumbent triumvirate of T Mobile, ATT, and Verizon is potentially under threat from a well funded new entrant to the space in SpaceX.”at 23:55

• Srini Gopalan · T-Mobile USBearish

  Satellite-only wireless won't work for SpaceX; it will need a terrestrial network.

  Gopalan says he predicted six months earlier that satellite alone would not work for SpaceX as a wireless business. He argues SpaceX will need some form of terrestrial network, and says SpaceX now seems to agree. He says SpaceX keeps changing its wireless plans, so T-Mobile focuses on customers instead of speculating about what SpaceX will do.

  “I will just note to you that we were right because six months ago when you and I talked, I said to you satellite alone ain't going to work. They are going to need some form of terrestrial network.”at 29:28

NVIDIA

Across the shows: 100 speakers in other episodes, 80 bullish and 54 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Nvidia can survive the CEO crisis; Ian Buck should be interim CEO and buybacks should expand.

  Cramer says Nvidia's PR response has been poor, but he argues the company can survive and thrive even in the worst case. He proposes a plan. Nvidia should put Ian Buck, the Nvidia veteran who created CUDA and runs its hyperscaler relationships, in front of the public, and then name him interim CEO while Wachtell Lipton reviews the situation. Earnings on November 17 should be blockbuster, and Nvidia should announce a buyback of about $500 billion. He argues that a company with more than one leader is a sign of strength, and that the scenario in which Nvidia recovers is plausible if inflation falls.

  “He is an accomplished person, incredible resume, and a logical CEO candidate for anyone else in any Silicon Valley company. I see a path here that I have not seen anyone else articulate.”at 5:58

T-Mobile US

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

• Jim Cramer · CNBCBullish

  T-Mobile remains his favorite wireless stock, with excellent Q3 results despite SpaceX competition.

  Cramer calls T-Mobile the company that has been his favorite wireless stock for ages. He says the business still has great numbers and that its third-quarter report two weeks earlier was excellent. He notes the launch of the TMIX plan, which includes a $1,200 discount on the iPhone Duo. He acknowledges that the incumbents are facing a new entrant, SpaceX, and that he doesn't know whether T-Mobile can keep winning the wireless wars.

  “T Mobile still has great numbers. Its third quarter report with two weeks ago was excellent.”at 24:03

Block

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

• Jim Cramer · CNBCBullish

  Block's 2027 profit outlook marks the start of a major comeback after tough years for shareholders.

  Cramer highlights Block's guidance of about $4.6 billion in adjusted operating income for 2027. A year earlier, that was the company's target for 2028, which he sees as a major acceleration. He calls it the start of a comeback after a couple of tough years for shareholders, following a strong Q3 that lifted the stock 15%.

  “Block now expects about $4,600,000,000 in adjusted operating income next year. A year ago, that was the target for 2028. After a couple tough years for shareholders, it's just the start of a major comeback for Block.”at 34:01

Vicor

Across the shows: 1 speaker in other episodes, past 30 days

• Jim Cramer · CNBCBearish

  Vicor's chart is broken like other data-center stocks; wouldn't buy until about a further 25% decline.

  Cramer overlays Vicor's chart onto about 100 data-center-centric stocks and finds the same broken pattern. Those stocks usually trade at multiples between 25 and 50 times. He therefore cannot recommend Vicor and says he would only buy after a further decline of roughly 25.

  “you're gonna see the same chart. It's a chart that is broken down, and that's because usually the multiples either between twenty five and fifty. Therefore, I cannot recommend the stock”at 41:29

SharkNinja

• Jim Cramer · CNBCBullish

  SharkNinja is a juggernaut; buy some now and add more as it climbs toward $200.

  Cramer says SharkNinja was liked at $100 but fell after tariffs, dropping to around $226 [as transcribed as $2.26]. He calls it a juggernaut doing many things right and a fantastic company. He advises buying some now and then buying more at around $200.

  “I think SharkNinja actually have to pull the trigger here to buy some. It is such a juggernaut. It's doing so many things right. I think it's a fantastic company.”at 41:57

Costco Wholesale

Across the shows: 4 speakers in other episodes, 3 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Costco is a buy; its $30 special dividend shows the stock was not overvalued.

  Cramer says his trust just received a $30 special dividend on a stock it bought. Those who thought Costco was overvalued were wrong. He says the trust stuck with the position and that Costco is a buy.

  “We just got a $30 special dividend in a stock we purchased... shame on us... It's a buy.”at 42:31

McDonald's

Across the shows: 11 speakers in other episodes, 16 bullish and 14 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  McDonald's value push will force rivals to cut prices and lower food-away-from-home inflation.

  Cramer says McDonald's management is more focused on value than at any point he can recall, and it is restoring $5 and $6 meals and extra value meals after soft quarters. He expects this to drive traffic. Because McDonald's is so big, competitors will be forced to match, which he thinks will bring down the food-away-from-home line of the CPI.

  “We are getting some swift reactions from restaurants, including McDonald's, where management is more focused on offering customers value options than at any other point I can recall.”at 45:03

US inflation

• Jim Cramer · CNBC

  October CPI was hot, driven by food; oil-driven price drops and retailer price cuts could bring CPI down.

  Cramer calls the October CPI reading hideous, with many tracked items running too hot and food soaring, and says it was much worse than he expected. He argues oil is behind many of the hottest prices, including food, recreation and motor vehicle insurance. He says that if oil falls toward $40, as Valero's chart suggests, and Walmart and Costco are pushed into price cuts, CPI will come down hard. He adds that most US inflation is self-inflicted by tariff policy.

  “We had an October CPI reading this point, it really was hideous, with many tracked items running way too hot. Especially food, which is soaring in price.”at 2:34

• Jim Cramer · CNBC

  Inflation can be beaten; falling gasoline and transport costs should pull food and other prices down.

  Cramer argues that transport costs are a key driver of grocery prices and that gasoline is a hidden tax on food. He expects oil to be peaking, a Gulf deal to cut shipping rates and gasoline, and a possible Ukraine peace to add to the decline. Grocers and restaurants should pass the savings through, and food-away-from-home prices should fall as McDonald's pushes value. He concludes inflation does not have to be this high, but consumers must resist higher prices or the Fed will have to tame demand.

  “Inflation can be beaten. It doesn't have to be this high.”at 43:58

Oil & fuels

• Jim Cramer · CNBC

  If the Iran war winds down, oil will plummet toward $40, pulling inflation lower.

  Cramer says the Iran war looks like it is winding down, and if so oil will plummet. He notes oil is behind many of the hottest prices, including food, recreation and motor vehicle insurance. He cites the chart of refiner Valero, which he says points to $40 oil. He treats a drop in oil as a key route to lower inflation and a no-rate-hike scenario.

  “Because it looks like the war might be winding down in Iran. If that's the case, then the price of oil will plummet. Oil is behind many of the hottest prices, including food, recreation, even motor vehicle insurance.”at 3:35

• Jim Cramer · CNBC

  Oil may be peaking; Gulf deal and Ukraine peace could flood the market and drop gasoline toward $3.

  Cramer says the first day of Ukraine-Russia talks may make peace more likely than expected, and a deal in the Gulf could cut shipping rates and gasoline prices. If both conflicts end and sanctions on Iran and Ukraine are lifted, he expects the world to be flooded with oil, with an even bigger decline in gasoline. He says sub-$3 gasoline could happen but does not commit to it.

  “But judging by the way that oil could be peaking, I am excited about the prospect of gasoline coming down.”at 43:58

Tariffs & trade policy

• Jim Cramer · CNBC

  Repealing tariffs would bring down household furnishing prices and lower inflation.

  Cramer argues that most US inflation is self-inflicted by a president who prioritized punishing people over sound policy. He says household furnishing prices could fall if Congress reasserts its role and repeals the tariffs. He presents this as a route to lower CPI, alongside oil and retailer price cuts.

  “But household furnishings could come down if the Democratic Congress asserts itself [and] repeals the tariffs that are really its province to begin with.”at 3:46

• Jim Cramer · CNBC

  Tariffs, including on household furnishings, pushed prices up; the administration does not prioritise inflation.

  Cramer argues the administration does not put inflation high on its list because it imposed tariffs, including on household furnishings. Household furnishing prices would probably have fallen given the weak housing market, but they rose because of tariffs.

  “Let's just say that inflation is not high on this administration's priority list, or it wouldn't have put two tariffs to begin with, including on household furnishings, which probably would have gone down given the state of the housing market, but went up instead because of tariffs.”at 46:14

US rates & the Fed

• Jim Cramer · CNBC

  Two rate hikes are not needed if oil falls and inflation peaks; the worst case is avoidable.

  Cramer notes that Dallas Fed President Lori Logan has suggested two quick rate hikes and Governor Christopher Waller has mentioned a possible double hike in December. He wants the worst case of Fed fighting inflation defined so it can be accepted. He says anything less than the worst case builds a bullish scenario. He argues that if oil drops and inflation peaks, rate hikes are unnecessary.

  “We could have oil going down, inflation peaking, no need for rate hikes, a path to get Nvidia back on its feet.”at 9:02

• Jim Cramer · CNBC

  If consumers do not resist higher prices, the Fed will tame inflation by making things too expensive.

  Cramer argues that discretionary prices will only come down when consumers refuse to pay. He says it is the consumer that has to go on strike, not the Fed. If consumers keep paying, the Fed will end inflation by making borrowing and goods too expensive, which he calls an awful but unavoidable way to do it.

  “It's the consumer that has to go on strike against higher prices, not the fed. Now if if she doesn't go on strike, the fed will do it for her by making things too expensive to buy.”at 47:02

US housing

• Jim Cramer · CNBC

  A US 10-year yield back near 5% is bad for housing.

  Cramer says the hot CPI sent the US 10-year yield back to around 5%. He says that is bad for housing again, implying higher mortgage rates will hurt housing demand.

  “They sure did with The US ten year yield climbing back to right around 5%. Bad for housing again.”at 2:50

AI infrastructure & data centers

• Jim Cramer · CNBC

  Data center costs are too high, so a spending slowdown is likely, as Oracle hinted.

  Cramer says data center construction costs have been insanely high and that headlong borrowing is a problem. He expects a slowdown in data center spending, which Oracle talked about that day. He sees that slowdown as a welcome check on overborrowing, and as a possible route to lower costs.

  “Hopefully, we will also have some let up in the cost of building data centers, which have been insanely expensive. ... We will likely see a potential slowdown in data center spending, something Oracle talked about today.”at 8:22

AI chips & semiconductors

• Jim Cramer · CNBC

  Memory chip price hikes are another inflation source that should slow as demand is destroyed.

  Cramer sees DRAM prices as another form of inflation that he doesn't like. He expects memory makers to slow their price hikes once demand destruction hits the heaviest users. He points to the PC market as evidence that demand destruction is already happening.

  “I also see another form of inflation out there, DRAMs. I don't like it.”at 8:45

Consumer & retail

• Jim Cramer · CNBC

  Apparel and footwear face severe promotional pressure regardless of brand strength, and this could be the trend.

  Cramer cites the Under Armour call and a conference call that morning to argue footwear and apparel are under severe pressure. Apparel prices rose only marginally in the CPI. He says he cannot believe how promotional these categories are becoming, and that this could be the trend across retail.

  “footwear and apparel are under severe pressure no matter how nice you make it, no matter how strong your brand is. I can't believe how promotional those categories are becoming.”at 45:26

Power demand & the grid

• Jim Cramer · CNBC

  Data centers are not behind higher electricity prices; New England's problem is missing gas pipelines and grid capacity.

  Cramer rejects the claim that data centers are driving up electricity prices, saying it does not hold water. He calls it a grid problem: New England cannot get natural gas there without pipelines, so it burns imported oil instead. He calls it a solvable problem.

  “I know people wanna blame the jump in electricity prices on data centers. That doesn't have any... That does not hold water at all. We have a grid problem.”at 45:50

Antitrust & tech regulation

• Jim Cramer · CNBC

  DOJ's settlement with Live Nation over Ticketmaster is no way to keep ticket prices down.

  Cramer says the [Justice] Department settled with Live Nation over its anti-competitive ownership of Ticketmaster rather than pursuing the case. He says to let them keep it and calls the settlement no way to keep prices down, which he links to the broader inflation debate.

  “The [Justice] department came away, after Live Nation for its anti competitive ownership of Ticketmaster, but it's settled. Let them keep it. That's certainly no way to keep prices down.”at 46:07

Agriculture & food commodities

• Jim Cramer · CNBC

  Beef prices stay high because herd size limits supply; rate hikes cannot create more calves.

  Cramer says beef prices are constrained by the size of the herd. Raising interest rates would not produce more calves, so the supply constraint cannot be fixed by monetary policy.

  “Beef is about the size of their herd. You could do 10 rate hikes and they wouldn't make more calves.”at 46:32