NVIDIA Without Jensen, Anthropic IPO Risks & Moderna’s Cancer Vaccine 11/12/26

Anthropic

Across the shows: 116 speakers in other episodes, 164 bullish and 92 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Anthropic's AI-written code and adjusted profitability show productivity gains that favor the company.

  Cramer cites $132 billion in cash and short-term investments, plus about $100 billion from the IPO, as a buffer against roughly $900 billion in compute commitments. He says about 90% of code contributions to Anthropic's codebase are now written by Claude, and code contributed per engineer rose 45 times from 2024 levels in the third quarter. He sees this as productivity: the product is improving itself, including using compute more efficiently. He links this to the company reaching adjusted profitability and to its ability to build new models and products faster.

  “Another thing I like is the fact that 90% of contributions to Anthropics code base are actually being written by Clawd at this point. Just in the third quarter, Anthropics saw a 45 times increase in code contributed per engineer from 2024 levels. That's called productivity.”at 24:38

• Jim Cramer · CNBCBullish

  Anthropic's price cuts look like they are paying off, since revenue growth stayed strong in October.

  Cramer acknowledges that some see Anthropic's recent price cuts across many models as bearish, a sign customers are chafing at Claude bills and turning to cheap open-weight models. He is encouraged that revenue growth stayed strong in October after many of the cuts took effect, so he thinks the company may have the trade-off right. He notes it may recover revenue elsewhere through speed surcharges, and that lower prices could encourage more overall use. He says he will watch the next few months closely.

  “I was encouraged to see that Anthropics revenue growth remained strong in October after many of these price cuts went through. So hey, they may have the swing right.”at 25:44

• Jim Cramer · CNBCBullish

  Claude Code still has plenty of growth ahead, though Anthropic needs more hit products.

  Cramer says Anthropic's recent extreme growth has come mainly from Claude Code, its coding agent gaining traction in the enterprise, and he still sees plenty of growth ahead for it. To reach the revenue levels needed, though, he wants to see more hit products. He points to Claude Cowork, which he says ramped much faster than Claude Code in revenue, and to new industry tools and products aimed at Microsoft Office. He also sees cybersecurity, life sciences and robotics as possible large markets, but says they must still prove out.

  “The company's coding agent gaining traction in the enterprise. And I still think Claude Coat has plenty of growth ahead.”at 26:20

• Jim Cramer · CNBCUncertain

  Anthropic faces growing regulatory and liability risk, though less than OpenAI.

  Cramer points to a new precedent this year in which leading AI labs must work with the government before releasing new frontier models. He wonders whether a Democratic Congress after last year's election could mean a less AI-friendly administration by 2028. He expects more regulatory constraints on infrastructure or on more powerful new models. He also flags liability if an Anthropic model is used in a major cyberattack, or if increasingly autonomous models do something harmful to customers. He thinks these risks are smaller for Anthropic than for OpenAI because of its safety-first culture.

  “For now, I just worry that there will be more regulatory constraints for the company, either at the infrastructure level or at its first more powerful new models.”at 28:22

• Jim Cramer · CNBCBearish

  Anthropic's staggered lockup releases will cause a hot IPO open, then pressure the stock.

  Cramer says next week's offering is about 6% of Anthropic's shares outstanding, similar to SpaceX's June float, and a tranche of non-founder employee shares will unlock on day one, lifting the float to about 7%. Most shares unlock gradually over the following year through 22 lockup releases, starting less than a month after the IPO. He expects a big initial pop as investors compete for few shares, followed by downward pressure every few weeks as more stock is released. He cites SpaceX, which spiked to a high of $225 and then fell back, and says he is wary of buying at the open because of a hot open.

  “The concern here is that we will see a big pop initially as excited investors are competing for a small number of shares. Then as more shares get unlocked every few weeks, that's gonna put downward pressure on Anthropic.”at 29:46

NVIDIA

Across the shows: 133 speakers in other episodes, 119 bullish and 86 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Nvidia's leadership scandal is not a financial one; fundamentals intact and next quarter should be huge.

  Cramer says Jensen Huang's exit over an improper relationship and possible China-chip-diversion concerns is a governance problem, not an Enron, WorldCom or Cendant-style accounting fraud. Nvidia has tens of billions of dollars in the bank and no accounting irregularities, so the scandal does not threaten the balance sheet. He notes the stock has already been falling for months and is not expensive. He expects a huge quarter when Nvidia reports the following Tuesday, and says Jensen's removal makes sanctions less likely. He is still a holder through a charitable trust, though he says he has too much of the position.

  “The company reports next week, and I believe it be a huge quarter. Remember, this isn't Sendent or Enron or WorldCom.”at 3:52

• Jim Cramer · CNBCBullish

  Interim CEO Colette Kress will steady Nvidia and calm concerns about a financial scandal.

  Cramer argues that interim CEO Colette Kress, the current CFO, is the right person to hold things together. He says he has dealt with her for years, that she runs the conference calls and explains how the company works, and that she is the keeper of the numbers. Because of that, he believes the fear of a financial scandal that forces investors to sell will fade. He expects her to be on full display when Nvidia reports.

  “She will hold things together well in the interim. And with [Kress] at the helm, the idea that there is a financial scandal, the kind that makes you have to sell the stock, just goes away because she is the keeper of the numbers.”at 5:17

• Jim Cramer · CNBCBearish

  Nvidia stock could still fall on export curtailments and investigations; he is trimming the position.

  Cramer warns that the investigations into the chip shipments could lead to international export curtailments, which would hurt the business and cut earnings estimates. Because of that, he says, no matter how low the price-to-earnings multiple gets, the stock could still go lower. He also notes that several analysts have cut the stock from buy to hold and expects more downgrades. Given this, he says the charitable trust has too much exposure at about $166 and plans to sell some shares once it is allowed to.

  “We know that the investigations might lead to international export curtailments, which would hurt the business and lead to number cuts. That means that no matter how low the price journeys multiple gets, the stock could still go lower.”at 7:10

• Jim Cramer · CNBCBullish

  Selling older Nvidia chips to China to lock in its ecosystem is the right strategy, and Cramer still backs it.

  Cramer defended Jensen Huang's push to sell previous-generation Nvidia chips to Chinese customers. He believed Huang was sincere that it served the country's interest to hook Chinese customers on Nvidia's ecosystem rather than let them build their own alternatives, and he still holds that view. He admits he never considered other motives and now hopes none exist. Cramer says he bought the stock from his charitable trust, which is the basis for treating him as an investor.

  “And I defended everything, including his push to sell previous generation chips to Chinese customers. Because I thought he was earnest when he said it was in the best interest of our country to hook Chinese customers on the NVIDIA ecosystem, rather than have them build their own. I still do.”at 46:26

Lam Research

Across the shows: 4 speakers in other episodes, 4 bullish and 2 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Lam Research has come down enough to be a good entry point; it is his favorite semiconductor name.

  Cramer says Lam Research has fallen enough to be a good entry point and calls CEO Tim Archer's work terrific. He calls Lam his favorite name in the group. His reasoning is that the intellectual property in semiconductors largely sits with the semiconductor capital equipment makers, and that Lam has the best of it.

  “I think it's come down enough. I think Tim Archer does a terrific job. It is absolutely my favorite. Remember, all the intellectual property when it comes to semiconductors really is from the semiconductor capital equipment, and Lam's got the best.”at 31:17

US consumer

• Steve Cahillane · Kraft Heinz

  The US consumer has stopped getting worse, though it is not in a great spot.

  Cahillane says the consumer can buy both high-end and mid-range products, and that the consumer has stopped getting worse. He concedes the consumer is not in a great spot but not in a terrible one. He cites a strong job market as support, while noting inflation and gas prices are still a challenge. He says Kraft Heinz's brands hold up because they are staples in many cases and treats in others.

  “the consumer right now, it stopped getting worse. Right? The consumer is not in a great spot, but they're not in a terrible spot. The job market's strong.”at 16:44