Mad Money w/ Jim Cramer 11/11/26

Teva Pharmaceutical Industries

• Jim Cramer · CNBCBullish

  Teva's R&D pivot is succeeding in migraine and schizophrenia; the stock has risen from $9 to $43.

  Cramer says he was critical in January of Teva's plans to build branded drugs, but the company has succeeded on migraine and tardive dyskinesia and is doing incredible things in schizophrenia. Its R&D Day laid out how innovative medicines could bring in $6 to $7 billion a year by 2030. He notes the stock was $9 when CEO Richard Francis took over in early 2023 and is now above $43, and that Teva has shifted money from generics into its own branded drugs.

  “You are breaking ground in some things that when I saw you in January, I actually was critical of because I didn't think you could do it. And you have succeeded on migraine, on tardive dyskinesia.”at 32:44

• Jim Cramer · CNBCBullish

  Current Teva is a buy, unlike the old Teva he would not own, after the CEO's pipeline pitch.

  Cramer contrasts the old Teva, which he would not own, with the current company, which he says he would buy. He bases this on the CEO's account of a steady stream of launches and on Ajovy-related growth in the most recent quarter. He gives little independent analysis, so the view rests mostly on the company's own pitch.

  “The old Teva wouldn't, I wouldn't put on. This Teva, I take.”at 38:10

CoreWeave

Across the shows: 95 speakers in other episodes, 31 bullish and 104 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  CoreWeave's compute demand outstrips supply and GPU economics are strong, so its debt concern is off the table.

  After a CEO interview, Cramer says CoreWeave's compute demand is far above supply, with demand already about 10 times oversubscribed for 2027 and demand for 2028 also multiples of what it can provide. That lets it keep raising prices, which expands gross margins. Its chips bought four years ago are being recontracted at a 20% to 50% premium, and once the financing rolls off CoreWeave will own them outright, so rental revenue becomes pure profit. He acknowledges the company's bonds yield about 15%, usually a sign of trouble, but says the company now funds GPU purchases with customer prepayments and he can take the red flag off the table.

  “They already said 10 times oversubscribed for 2027, and the added demand for 2028 is also multiples of what he can provide. What a bullish story.”at 4:50

NVIDIA

Across the shows: 113 speakers in other episodes, 98 bullish and 68 bearish calls, past 30 days

• Jim Cramer · CNBCUncertain

  Chips are worthwhile, but Nvidia's leadership turmoil keeps the stock hard to own; trust keeps its stake.

  Cramer's trust owns Nvidia and he is keeping the position despite the CEO scandal, which he calls sobering. He thinks the chips are obviously worthwhile, citing CoreWeave's four-year-old chips being recontracted at a premium, but says that alone won't be enough for the stock. He says the only thing that would stop him from buying more tech would be a bad Nvidia quarter, which he doesn't expect, though a Jensen Huang exit would shock people.

  “Look, I think the chips are obviously gonna be worthwhile, but as an NVIDIA shareholder, and that's my trust that owns it, it's definitely not gonna be enough.”at 8:29

Jersey Mike's Subs

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

• Jim Cramer · CNBCBullish

  Jersey Mike's looks inexpensive; new CEO should drive growth despite weak first numbers.

  Cramer says the stock is inexpensive relative to what he thinks the former Wingstop CEO can do at Jersey Mike's. He was unhappy with the first results, which were not what he wanted, but expects them to improve because of the CEO's track record, including the US expansion and the London launch.

  “I think it's an inexpensive stock. ... Very relative to what I think Charlie's gonna be able to do. ... but I think they can [get] better because Charlie's that good.”at 11:58

OpenAI

Across the shows: 42 speakers in other episodes, 22 bullish and 32 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  OpenAI remains deeply unprofitable, with a negative 109% adjusted operating margin, far behind Anthropic.

  Citing Wall Street Journal reporting on OpenAI's third-quarter results, Cramer says revenue growth accelerated, but the company is still deeply unprofitable with an adjusted operating margin of negative 109%. He uses that gap to argue Anthropic is doing much better on profitability and will be the first of the two leading AI labs to reach the market.

  “OpenAI's revenue growth accelerated in the third quarter. ... that's positive, but it is still deeply unprofitable with an adjusted operating margin of negative 109%.”at 16:17

Anthropic

Across the shows: 117 speakers in other episodes, 159 bullish and 93 bearish calls, past 30 days

• Jim Cramer · CNBCUncertain

  Anthropic's adjusted profits depend on excluded costs, and its huge compute commitments require rapid growth to stay profitable.

  Anthropic is profitable on an adjusted operating basis but not on GAAP, and the adjusted net income swing depends on a roughly $94 billion non-cash charge for convertible notes and SAFEs issued to partners such as Google and Amazon. Cramer sees that charge as a rough proxy for cash compute costs. The company has committed about $900 billion to compute and infrastructure, about half of it by 2030, and its roadshow framework has compute at 45% to 50% of revenue for a roughly 35% long-run adjusted operating margin. That only works if revenue grows to hundreds of billions per year. He says he is intrigued because the company is fast-growing, but the IPO is a bet on that growth.

  “yes, the company has achieved profitability, but only if you strip out some key costs... But the more salient point is that Anthropic is due to spend an enormous amount in the future. So it needs to continue growing rapidly to outrun those costs and remain profitable.”at 22:24

Darden Restaurants

• Jim Cramer · CNBCBullish

  Darden offers great value at Olive Garden; keep buying despite the spike, which could go higher.

  Responding to a caller, Cramer calls Darden absolutely terrific and says Olive Garden offers great value. He tells listeners to keep buying even though the stock has spiked, because he thinks it goes higher.

  “I think Darden is absolutely terrific. They offer great value at Olive Garden. I think you should continue to buy the stock.”at 31:14

Alibaba Group Holding

Across the shows: 6 speakers in other episodes, 5 bullish and 1 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Alibaba is the only Chinese stock Cramer would buy, though China's weak consumer keeps it off his favorites.

  Cramer says Alibaba is the only Chinese stock he would possibly buy. It is not his favorite right now because China's consumer is so weak. He still treats it as the one Chinese name he would buy, so the view is relative and cautious.

  “Think Alibaba is the only Chinese stock that I would possibly buy. It's not my favorite right now because the consumer is so weak in China but it is the only one that I would buy.”at 38:58

Origin Bancorp

• Jim Cramer · CNBCBullish

  Origin Bank is an inexpensive regional bank that benefits from Louisiana consolidation; Cramer would buy it.

  Cramer says he has made a lot of money on Louisiana banks over several years because of consolidation in the state. He calls Origin Bank an inexpensive bank stock. He concedes its yield is not especially high, but says he likes it and would encourage the caller to buy.

  “there's a lot of consolidation that this is an inexpensive bank stock, not that good a yield, but I like it. I think you got a good one and I actually would encourage you to buy it.”at 40:44

Palantir Technologies

Across the shows: 15 speakers in other episodes, 17 bullish and 2 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Palantir stock is worth $200 a share, with an excellent quarter and a strong CEO.

  Cramer says Palantir stock is worth $200 and that its latest quarter was excellent. He credits CEO Alex Karp with doing a terrific job. He gives little detail beyond that, so the price target rests mainly on the quarter and management.

  “I think that Palantir stock is worth $200, and Pfizer isn't there yet. They did have an excellent quarter. Alex Karp is doing a terrific job.”at 41:14

Netskope

• Jim Cramer · CNBCBearish

  Netskope is just one more cloud security platform; Cramer prefers CrowdStrike and Palo Alto Networks.

  Cramer dismisses Netskope as one more cloud security platform in a crowded field. He says he already likes CrowdStrike and Palo Alto Networks and does not need any more names in that space. He gives no company-specific financial evidence.

  “Netskope, You know, it's just one more cloud security platform. You know, we like Crowd Strike and we like Palo Alto Networks and we don't need any more.”at 42:33

AI infrastructure & data centers

• Jim Cramer · CNBC

  Keeps an overweight in AI data-center exposure despite selloffs, believing the AI theme has much more room to run.

  Cramer's charitable trust took some data center and related stocks off the table after a sharp run, but kept an overweight across the group: semis, software, networking, builders, turbines and cooling equipment. He says the AI theme has much more room to run. He acknowledges that holding the group takes nerves of tungsten, given the Nvidia leadership turmoil, the political backlash against data centers in the midterm ballot initiatives, and hedge-fund blowups.

  “Still, we've left plenty of exposure to the group, includes semis, software, networking, builders, turbines, and cooling equipment, because we think the AI theme has much more room to run.”at 2:47

US consumer

• Jim Cramer · CNBC

  Consumer spending held up after gas and rate spikes, with food services carrying August and September sales growth.

  Investors fled consumer discretionary stocks after gas prices and interest rates spiked in late summer, expecting squeezed budgets to weaken spending. Cramer says that was wrong: retail and food services sales grew sequentially in both August and September, and food services did most of the heavy lifting.

  “But that is something that turned out to be wrong. We had sequentially positive retail and food services sales growth in both August and September.”at 25:05

Copper & industrial metals

• Jim Cramer · CNBC

  Copper stays in demand because data centers still use it, so speculative copper stocks can work.

  Cramer calls the caller's stock a speculative copper stock. He argues that copper is still used in data centers because they have not converted to fiber. On that basis he thinks an investor can catch a good one among speculative copper names.

  “Speculative copper stock, speculative copper stock, a lot of copper stock, still the copper still being used in the data center because they haven't converted to fiber yet.”at 39:23