>> pantheon of pages. >> the parthenon with all the other people, without question. she's going on to do great things. we look forward to seeing her accomp accomplishments. biogen, melms. >> "mad money" with jim cramer starts right now. thanks for watching "fast." "mad money" with jim cramer starts right now. my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it. "mad money" starts now. >> hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends, i'm just trying to make you a little money. my job is not just to entertain but to educate and to teach. so call me at 1-800-743-cnbc, tweet me @jimcramer. after a day where the market was pretty much on hold in anticipation of tomorrow's all-important non-farm payroll report dow gaining 79 points, s&p edging down .2%, nasdaq

climbing .09%. we need to talk about the difference between the haves and the have nots in this country. we've seen a series of earnings reports from a whole universe of retailers and they're truly disconcerting because while everyone's feeling the pinch of inflation the have nots are feeling it a heck of a lot more than thes have. this must be talked about because the incredible implications it has for your portfolio and what happens next in the stock market. like i've told you before, we can't just call out the consumer as so many people do, it's so lacking in rigor. you can't say the consumer's weak or the consumer's strong even if that's what a retail ceo might tell you. most retailers, they don't know about the consumer. they know about their own consumer, their own customer. which is why the people who run these different -- can have such wildly different views on the situation. i want to start with five below. that's the fun chain that's filled with totally cheap, totally discretionary goods. wall street talk for you don't need it. this company had been growing

like a very profitable weed but now it has indeed hit a wall. five below's been putting up stores like mad which i think is a mistake until they figure out what's gone wrong with their existing locations. last night five below report aid quarter that went over like a lead balloon. it was truly a terrible number. very weak same-store sales, outlook that forced analysts to slash their estimates. that's why the stock tumbled 10.6% today. what went wrong? i want you to listen to this from ceo joel anderson because it is quite sobering and he's quite smart. queet, this quarter solidified that consumers are feeling the impact of multiple years of inflation across many key categories such as food, fuel and rent and are therefore more discretionary are their dollars. the slowdown we experienced was across all geographies further suggesting there was a broader macro impact, end quote. i was def c'ested by that but he's not alone. yesterday we heard something similar from rick dreling. he is the ceo of dollar tree. 16,000 stores. he explained, quote, this was

the first discretionary comp decline we've seen in dollar tree since the first quarter of 2020 at the outset of the pandemic. dollar tree's quarter one comp came in below expectations because easter was especially challenging for us this year. easter? easter he said? yes, easter's a major driver of discretionary demand during this period. apparently, it's ten times more important to dollar tree than it is to other retailers. how bad was it this time? in his words, research showed easter gatherings were down 20% this year and that 6 million fewer american households purchased easter products in 2024. that's not good at all. there's just one other problem with this analysis. there's a whole other cohort of consumers in this country that probably didn't realize easter was tough for a huge part of our country. that cohort includes the 74.5 million households with a costco membership. only 60 bucks for the basic card. because these people can save a huge amount on groceries and discretionary goods.

costco carries a small amount of products in bulk which allows them to drive a hard bargain with their suppliers. this company just beats them up. just clobbers them if they don't play ball. hey, they can always leave. or, yes, costco can set up a premium brand called the kirkland signature which goes directly against their product. i almost exclusively buy kirkland myself because in my opinion it's almost always better albeit less expensive and i like the big sizes it comes in. but now let's think about who costco is, right? what is their consumer? well, their consumer first needs a card to go to most of these stores. the card's not out of reach for millions of people during the pandemic. second you've got to have the 60 bucks up front to be a member which for many people is a meaningful up-front expense. third, you need a house or an apartment big enough to fit all of costco's bulk merchandise. this stuff is so huge if you don't have anywhere -- look, if you don't have a big enough place you can't go to costco. in short, it's not just the wealthier consumers that have more money. they also have more

opportunities to benefit from companies that are willing to fight against inflation like costco. i'm not just talking about the legendary $1.50 hot dog. i'm talking about aisle after aisle of savings. now, it's possible that the have nots can go to walmart which is a good bargain now that they've rolled back 7,000 items year over year. but it doesn't take prices back to 2019. about the only places that offer those kinds of deals are the off price chains, tjx, ollie's. they get their merchandise from cash-strapped merchandisers that need to unload inventory. i love my ollie's. i bought a ton of books for under a buck each because of water damage. so what? they were no less readable. we're seeing this divide play out in all sorts of venues. we don't talk about it we don't want to see it maybe. big mac coke fries combo too expensive let them make it at home. pasta bowl from olive garden too expensive go to chili's. the smash burger for under 11 bucks that is for real and by the way includes fries and soda

unlimited soda. unlimited chips and salsa too. could be cheaper than mnlz. there's a considerable number of people in this country who are somewhat struggling and then there are others who've been able to cash in on the stock market which we know's been bountiful, get a huge amount of interest on their savings which cushions the hit from inflation because the rates are so high. they can afford the real estate, gigantic percentage buy homes with cash for heaven's sake. they can keep rent up because they have enough to pay up. car's not a problem. yet shelter and cars are the major, major parts of the inflation issue that faces the fed. i think the billionaires that come on our air, there was one yesterday, wring their hands about the problems with commercial real estate are truly insensitive to what's going on with regular people who'll never be able to get a job on one of their properties. every day we hear for strategists who call for several rate cuts because they want stocks higher. want higher stock prices too but if we get multiple rate cuts and inflation comes roaring back it's the have nots that will get hurt the ones that had to skip out on easter this year. that's why the stakes are so high for tomorrow, that's why the stakes are so high for the fed. it can't afshd to cut rates

until there are more people out of work but at the same time it doesn't want to cause mass layoffs. difficult position. fortunately the fed cares about the people who can't take advantage of costco, the ones struggling to keep their cars so they can go to work. these people have already moved back to their patients' homes. the gulf is wide. but let me tell you, the wealthy investor who doesn't know enough about the gulf, that person will be disappointed tomorrow if the employment report's too strong because it means no rate cuts. but it also means that people can still find jobs, they just need to be protected from inflation. let me give you the bottom line of a very complex story that directly hurts your portfolio if it goes wrong. wall street may be rooting for a weaker job market so the fed can start cutting rates, but keep in mind what you're betting against when you throw up your hands in anger tomorrow at a sub-4% unemployment rate. jay powell isn't worried about those of us with big portfolios. he's worried about the tens of millions of people with almost nothing in the bank. sorry, you come second. and all i ask is you be ready to take that back seat if the employment number is high. because slaying inflation, not

promoting jobs, remains powell's most important mission and at this point his most important legacy. let's go to james in new york. james. >> reporter: ba-ba-ba-boo-yah, jimmy chill! what's going on? >> i'm feeling a little chill right now. definitely. what's going on with you? >> caller: i'm trying to give a shout out to my beautiful fiance debra. >> debra -- i love debra. love debra. not that close. >> caller: also i want to honor and remember the greatest generation, who stormed normandy beach 80 years ago today. they protected our freedom. i love them. >> absolutely. and i'm glad you bring that up. thank you so much. thank you. >> caller: i've been following you for 20 years. excuse me. my voice is gone. >> no problem. >> caller: and your wisdom and teaching has been amazing. the best advice i ever got from you was don't sell your winners, sell your losers. >> yes! is it so hard? is it so hard to hold on to apple and nvidia? no, i want to hold on to bausch

health. come on. >> caller: it saved me so much money over the years. >> thank you for saying it. this guy's filled with good stuff. what's that, denise was the one with the shout out? the first -- >> caller: i'm sorry? >> the initial shout out. i'm joining the shout out. >> debra. >> what's going on? debra. i'm shouting out debra. >> caller: debra. my fiance. she's beautiful. she's gorgeous. >> hey. it's on the inside, partner. >> caller: chillmaster, i've got a company that's a market cap 193 billion. >> okay. >> caller: net cash balance sheet 367 billion. forward p/e 9 1/2. price to sales 1 1/2. price to book 1.3. analyst community 47 buys zero sells. >> all right. >> caller: okay. you know what it is. >> better let me in on this. no, i don't know what it is. there's a lot of companies that -- >> caller: they just did a convertible, convertible price of 106. chillmaster. chillmaster, alibaba. >> alibaba's the only chinese

stock i like. but remember, you're in the crosshairs of the government there. we have to engage the government. i'm not saying against that. but alibaba is incredibly cheap. my friend dave tepper, i'm actually proud to call him my friend, who owns the panthers. he and i both think this is the cheapest stock in the universe. but if the government doesn't want it to appreciate, well, then it just won't let it. and thank you, debra. thank you to all the nice things you said. the jim master thanks you. and your voice. maybe you work on that during your day job. listen to me, the street might be root forget a weaker job market so the fed can start cutting rates. but keep in mind what you're betting against if unemployment stays below 4%. "mad money" tonight, after its first ever investor day what does the company have planned to help it cruise into the future? i'm sitting down with the man in the driver's seat after today's event. campbell's earnings crossed the tape yesterday. i've got the ceo to get a better read on what the numbers are really saying. and later i'm checking in on chubb after investor legend warren buffett announced he bought 6% of this company. do not miss my exclusive with

chubb. stay with cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on x. have a question? tweet cramer. hashtag madmentions. send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. [thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently.

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there's nothing like a great turnaround story, is there? a little over a year ago lyft then the struggling rideshare company, that's how i identified it, brought in david risher as its new ceo and he's made enormous strides in improving the platform and bolstering profitability. that said, a lot of this was low hanging fruit and many investors still wonder if there was a

reason to own lyft for the long run rather than sticking with uber. today, though, lyft held its first ever investor day here in new york city and they tell a pretty darn bullish story with some imprefts long-term financial targets. bookings rise at 15% compound annual growth rate through the next 3 1/2 years. by the way, throw in margin improvement there could be some juicy profits down the road. lyft shares initially jumped in response to these target and were up more than 11% their highs of the day then they gave up most of these gienz ending up the day at less than 1%. that sounds like an opportunity to me. let's check in with david risher he has a better read on the comeback story. welcome back to "mad money." >> so good to be here, jim. >> 15 months and what a change. a series of changes. everything from faster er etas lower primetime conversion. >> we're driving them in the right direction. it's not just happening. we wake up every morning and say how can we do better for our riders and drivers? and that's the magic. if you do well by them the company does well. >> my first question was how do you divide the time?

because if you get happy drivers, there's a very virtuous circle and it almost starts with the drivers before you get to the customers. >> you know what? it really goes like this. for example, we have more drivers now on the platform than we've had in the company's history. driver hours at an all-time high. so that's interesting, right? because also low unemployment rate, that says they're liking what they're seeing, they've got a lot of options. and you're absolutely right. when that happens, pickup times get faster, prices get good, and then rides beget rides. that drives more drivers onto the platform. as long as we can keep doing this and i think we can do it for a long time, we've got a great business. >> you also have things -- you come up with things. like this commuter lock-in. i thought it was brilliant. >> thank you. >> last time it was the woman driver. this makes a lot of sense. >> the first thing you've got to do is get the foundational stuff right. once you get that right you can start to innovate on top of that. you mentioned women plus connect. we love it. so do the women drivers and

riders. 70% earnings guarantee for drivers. they love it, that's fantastic as well. and the newest thing which we're just in the early days of rolling out is a price lock that allows you for the same trip every single -- you know the daily commute sort of thing but you don't like the price, move it around. this allows you to pay a simple fee, probably about three bucks. we're still testing it out. $2.99. and the price will be locked in for a month for the segment and it will make you t. easier for you to commute. >> fantastic. >> thank you. >> i get off a plane two months ago with my wife and i said look, we're going to be right there. she says no, we can't do that, let's use uber. i said no, let's -- it doesn't happen. in truth not only does it happen but how many times have you missed the on time? >> very rarely. i actually took it the other day. i know all the stats. we get millions of rides. i think we're down to 1 1/2 -- so what you're talking about just to be clear for everyone who doesn't follow us like you do, which i appreciate, is that if we are more than ten minutes late for an -- for a scheduled ride to the airport we'll literally pay you 100 bucks. to be clear we don't want to pay you 100 bucks. we want to pick you up on time

so you can get to the airport on time. last i checked i think we were down to 1.5% remediation rate. this is all about what we call operational excellence. just doing it so well that as soon as you finish that ride you're like of course. your wife is finally going to take lyft by default. >> that's what's going to happen. now, the new things you're talking about since i've seen you, growth partnerships make a ton of sense. lyft media platform with the tablet, makes a ton of sense. profitable? tell me how it's going. >> sure. a couple of different things you just mentioned. i think the lyft media business is really interesting and one a lot of people don't know about because we're still early in the process. look, every single day brands want to talk to their customers in new ways. >> brands. >> big brands. chase is a brand. huge company. nbc universal. we've been working with. delta. delta has millions of sky mile -- passionate sky mile users. they can earn points on the platform. little by little what we're trying to do is create integrated partnerships that allow these third parties to talk in new ways to their

customers to create a bigger experience. >> okay. now, is it time to start thinking international beyond canada? >> let's talk about canada for ail second because even six months ago we were barely focused on canada. over the last six months we've really started to focus on it, be bring that customer obsession, bring that operational excellence. our share in the toronto area, for example, just to start, has doubled. literally doubled over the last six months. what does that tell you? it tells you this same customer-obsessed approach, maybe is it can work outside the u.s. certainly in canada. maybe someday. it's not a near-term focus. we didn't bake it into our plan but it gives us a lot of confidence. >> codo you have any surveys th tell you who was using, say, 90% uber who's gdown to 60% versus lyft? what's the trend line? >> because -- what we can tell you is because we've grown quarter after quarter this is now the fifth straight quarter in a row, you know, we're clearly doing something right. and that's my whole thing. i understand you bring up the

other guys. i forget what their name is, you just said it, i don't remember -- >> i have short-term memory loss. >> he m too. >> i don't worry about competing against them. i worry about the 160 billion rides people are taking in their own cars every year. or here's another big thing. we want to compete against your couch someday. i don't want you staying home. i want you out and about. that's where all the magic happens, that's the real competition. >> how about magic -- just being able to use these as these machines? as i know jensen huang wants to call them, machines. >> they are machines, mechanical drivers. they are going to come onto the platform someday. right now if you're in san francisco you see them around. it's still pretty niche. we do 2 million rides a day. that's a pretty big number compared to what they're doing. but at the same time over time we think we're going to be able to welcome them onto our platform and it's going to expand for everybody. drivers say i'm not worried about that, by the time they get

to be big i'm going to be long gone, doing something else and it's going to be a hybrid model. but i think we're talking years. >> finally, for this analyst day, how's everybody feeling? when you came in there were a lot of people who doubted you. >> there were. including some people at the company who had gone through a rough, rough time. this is so great. i'm a new ceo, so what do i really know? but i can tell you that bringing the team together, having them work through this thing together, having us figuring out our long-term targets, how we're going to work together to get up on stage and pass the mic back and forth, silly things to big things, so clarifying and it unleashes so many energy from your team. if i were giving advice i'd say schedule one for six months from now just to get your team focused. >> i think that's absolutely right. you've done a remarkable job. we'll talk next time about what it's like to teach a whole continent to read -- >> there you go. >> just a very exciting analyst day. lots of pages but not a lot of words. "mad money's" back after the break. >> thank you, man.

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recessionproof packaged food stocks now there are more signs of a slowdown. sometimes it seems wall street doesn't know what to do.

campbell's soup, goldfish, pepperidge farms, prego and many others. yesterday morning this company reported a modest top and bottom line beat but they also cut their four-year organic sales forecast and lowered their full-year adjusted outlook quoting a concerned consumer. same time management had positive commentary about the integration of newly acquired sovos brands which gave them that rao's pasta sauce among other brands. it wasn't a typical guidance cut. let's dig deeper with mark clouse, the president and ceo of campbell's to learn more about the quarter and what comes next. welcome to "mad money." >> great to be back with you, jim. >> first we want to get one thing really straight, mark. wall street is so interested in just having cut forecasts, raise forecasts, beat forecasts. it was actually a far more nuanced story you told. i thought you basically said things are good, got to be sure that snacking keeps up, if not maybe we don't do as well and it

got reflected as you think your forecast is going lower. that was not the case, was it? >> not really. i would tell you, jim, there's a lot to like in the third quarter for campbell's. there were three very important proof points investors have been looking for we were able to deliver in the quarter. the first is we want to continue to see sequential improvement in the business and having it fueled by volume. as pricing comes down as a tool we want to see those volumes coming back. and in this particular quarter we saw sequential improvement from q2, actually stable volumes overall and an improvement in our meals and beverages business, which was really a question i think a lot of investors had. i think the second thing we needed to do in the quarter was show real progress on the margin side and show the earnings growth that we had projected for the back half of the year. and we saw that in q3, double-digit growth on profit, double-digit growth on eps, both very much in line and to some degree even ahead of

expectations. and then finally, and arguably perhaps the most important in the quarter was how is the integration of sovos growing? i've done quite a few acquisitions over the years and i have to say that really across the board this integration is going fantastic. the business grew 27% in the quarter. we were neutral on eps. how many times have you seen a big scale integration that had no dilution in the first quarter of the business? and when you put it together with campbell's on a pro forma basis, the total company would have grown collectively 2% and our meals and beverage division would have been up 5%. >> well, that's the story. over some very -- >> and that is the top -- >> i wish you -- >> it's huge. >> one line, you said the snack business is now facing some short-term pressure especially among the lower and middle income consumers. maybe it's your military background.

i don't know. you tell it so as it is that i got sidetracked. i was focused on this billion-dollar sauce category, which to me makes i aton of sense because sauce is easy, and suddenly i say well, wait a second, maybe it's lance. i'm a little worried here. you got us more worried than we should have. >> here's the reality. so snacking, first of all, let's set a little bit of context. throughout this whole journey that has been filled with really almost unprecedented levels of inflation, the snacks businesses level of resemblance has been astounding. on a three-year basis we have grown that business at an 8% clip. well above historical levels for food but even above historical levels for snacking. and in particular at this quarter we were lapping a 12% growth from a year ago. in fairness business was off 2% on top line for the quarter. that was a bit more than we had

expected as we saw the recovery curve a little bit more -- moving in a little bit faster way. but when i think about the role of snacking and i think about what we have now built in this transformed portfolio, right? 50% of the business is snacks. i see no structural problem. i expect this to be outsized growth. and now we've added the best growth story in all of food with sovos. and that changes the trajectory of our meals and beverage business. where even though i remain extremely bullish on soup, but even if you're not it's less than a quarter of the business as we added this very high growth sovos -- >> i asked some people whether they like noosa, your yogurt. everybody loves it. in the quarter it's doing very well. somehow that becomes non-core and has to go. i can see other businesses you have that are less core than that one.

and why do you decide that something so good has to go? >> yeah, so it's a great business. and don't get me wrong at all. noosa as a brand and the unique and differentiation of the product is extraordinary. yogurt and the temperature class of yogurt, the route to market, all of that is non-core to campbell's. and look, if you look at the history of our coming, i think one thing that we've learned a tough lebs on is making sure we understand where our real strengths are. and as much as i love that brand, relative to what our core is and what we're really good at, you know, noosa is a great brand. not like we're going to give it away. we're going to make sure this is a really good option if we choose to go that route. but in the end yogurt is part of the campbell's business. it's just not core to where our strengths -- >> that makes sense because i know delivery matters and putting it on the truck matters -- >> it does. >> in my hands i have a jason kelce number 62 chunky and i have rao's. which is more popular in philadelphia?

the kelce or the rao's? >> oh, man. i don't think you could beat jason kelce in philadelphia right now. he's been a terrific, terrific partner of ours, as has travis as well this year. and look, chunky soup continues to be this brand that defies logic when you think about the world we're in today and just how popular that brand has been, how well it's done with younger consumers. and again, as we look forward, i continue to see soup playing an extremely important role. i know one of the areas you've talked a lot about is glp-1 drugs and how will that change how consumers eat? and certain companies have announced products that are more specific to it. here's what i can tell you we've learned. we don't see it in our numbers as a big factor today but what we have learned is how did consumers eat as they're taking these drugs. and one of the main elements of it is this combination of easy

to diengt v digest, nutritionally dense, great tasting. there could not be a better category than soup as it relates to how consumers do evolve some of their eating habits when they're on this drug. >> we finally have some food guy who's willing to say what it may impact. thank you very much for all your direction. congratulations on rao's. don't be so hard on yourself. that's mark clouse. he's president and ceo of campbell's. by the way, 3 1/2% yield, not shabby. this is what you buy in a slowdown. "mad money's" back after the break. >> announcer: coming up, the latest jewel in warren buffett's crown. can this stock ensure a bull market for your portfolio? stay tuned.

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right now we have a raging bull market in insurance. you don't hear much about it because talking about insurers sometimes it puts people to sleep. but between strong pricing power and high interest rates insurance companies get a better return when they invest your premiums. the whole group is on fire. take chubb limited the diversified insurance provider that's best known for its big-time property and casualty insurance franchise but there are many others. up over 38% over the past year yet even after this move it still sells for 12 times this year's earnings estimate. that's mystifying. last month chubb got a major vote of confidence when we learned this is stock is the mystery position warren buffett's berkshire hathaway has been teasing about the last couple quarters. should you join buffett with a position in chubb? let's take a closer look with evan greenberg the chairman and ceo of chubb and for my money one of the smartest executives in the insurance industry and of course also my insurer. mr. greenberg, welcome back to "mad money." >> jim, it's good to be with you. >> you hit it out of the park

again and again but there's nothing like warren buffett giving you the endorsement. and of course he has geico which isn't as big as your company but is still huge. what was it like to know that the mystery buyer's buying you? >> you know, first of all, i know warren and i have an amazing regard for his capabilities. he may be the world's greatest investor of his time. and what a builder. what he has accomplished speaks for itself. and that he would -- and he knows insurance. over 40% of his business is insurance. and that he would choose to invest in chubb and become a significant long-term shareholder is so gratifying and such a vote of confidence, we're honored. >> now, i would also have to believe like occidental he can continue to buy-e doesn't have to till, he's allowed to buy all he wants.

>> well, that's exactly right. and it would be better if he isn't telling me because that's a discloseable event. >> absolutely. now, i want to talk about your business. this is a halcyon time to be in your business. that doesn't mean everybody makes a lot of money. and what i want -- i want potential investors to know, you know how to underwrite. you know how to do it profitably. it's very clear from all your materials not everybody does. what's the difference between someone who knows how to write, who knows how to price, and the people who are just out of their league? >> we're in the risk business. and in the risk business it's about how you structure risk. first how you conceptualize and understand it. then can you structure it and price it properly? and if you can do that then you can assume it. the art and science of that is what they call underwriting. that is the soul of who we are.

every company that is successful, the wellhead of success is first of all to know who are you and what is the purpose for which you exist? ours is to underwrite and to assume risk. and by the way, you assume it when you can be paid properly on a risk-adjusted basis for taking the risk. and if you can't, you shrink. you walk away. very few -- everyone will say oh, yes, i walk away when it isn't priced or structured right. but very few are willing to pay that price and shrink. we've proven that over 20 years. in any business where we fundamentally ly can't achieve right return we will walk away. >> there's a perception in this country that i think now is true, when i was growing up my father said maybe one day you'll be wealthy enough to be insured by chubb. this is a 70-year continuum where people still say that. how did it happen that chubb is the one that we always say pays,

they pay, versus the others where you say i hope you get paid. >> chubb. let's just start with who -- what is the company. we're a global insurer where 60% of our business is in the u.s. 40% is outside the united states. our two biggest regions are north america and asia. to me the two regions of the world with the greatest potential for growth over the next 15 or 20 years. all industries, economically speaking, in a broad sense. in the united states we're the largest commercial insurer of businesses of all sizes. we're the largest insurer of agriculture. we're the largest insurer, and this is what you know us for, of affluent people. and we dominate in that business. it is the wellhead of our brand. and it's known for the quality

of the product, the richness of the coverage, and the service we provide. the halo that business has provided has really been a halo across our businesses. and it speaks to our ethos and our culture. it's not about simply the letter of the policy. it's about the spirit of the coverage we sell. and to provide the spirit of that i claim time and add engineering time to our customers. >> that's why i am perfectly willing to pay because i know it's premium. the same reason i'd want a premium broker for my capital. but what i don't understand -- right now cpi, they keep saying insurance is something that is intractable, it goes up. well, look, if you're well off you should pay. your stuff has increased in value, you better pay. but why do you think insurance in general has gone up so much? >> lost costs. yes, we've come off a period of 20 years, just think of it

generally, of low inflation. and negative rates. negative real rates. we've been in a period of general inflation, and then there's inflation that's particular to insurance. general inflation would be wages, supplies, parts and labor, everybody else. but what's particular to insurance, climate change on one hand. climate change has created tremendous volatility. and it continues to evolve. and the concentrations of values in areas where the climate -- the impact of the climate is greatest continues to increase. number two, litigation costs. litigation in the united states is now 2 1/2% of gdp. the litigation industry is just that, a moneymaking industry. i.e. the trial part. and they're very well organized.

and now you have litigation fund ing that adds fuel on top of that. and they constantly come up with new theories of liability. and who pays for it? kormt america and in turn the consumer and the taxpayer. but litigation expense, insurers we don't have the printing press. we intermediate money. we don't produce money. so therefore reflecting lost cost when you think general inflation, when you think climate change, when you think litigation, that is driving the pricing of insurance. >> and for those who disagree with that you've got to read his shareholder letter and you'll understand why it's a tax on you. before you make a political judgment it's a tax on you. china. you have written passionately about the need to engage. it's also a tremendous opportunity for chubb. you're a leader in this country for business with our relations with china. give me the state of play and how you feel things can go right

or wrong and what we can do about it. >> you know, right now we have what i'll say is tactical stability. both countries need the stability in the relationship. the u.s.-china relationship and the rivalry and the competition between the two colors all geopolitical events today. it is the one constant around the world. and you said it. two great powers, the two largest economies in the world, both nuclear armed, each wants to pursue its own vision of greatness, its own prosperity, its own sense of greatness for its people. we have to find a way to co-exist. and it's only going to happen that co-existence where we can -- because think, if it isn't co-existence then it's the

opposite of co-existence. >> and that's why -- one of us doesn't exist. >> i want everyone to read. this moved my view about how we should approach china because it's rational. the most rational shareholder letter i have ever read and very convincing. i want to thank evan greenberg, chairman and ceo of chubb limited and chubb group. thank you so much. >> jim, thank you. thanks for having me. >> "mad money" will be right back. >> announcer: coming urngs hit us with your best shot. an electrifying fast-fire "lightning round" is next. (traffic noises) (♪♪) the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions,

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it is time! it's time for the "lightning round" on cramer's "mad money"! play until this sound -- and then the "lightning round" is over. are you ready, skee-daddy? time for the "lightning round" on cramer's "mad money." start with william in massachusetts. william. >> caller: ba-ba-boo-yah, jim cramer. >> excellent. how can i help you? >> caller: i'm a club member. last summer you discussed on the show about vertiv hold sxugz gave me the green light and i'm very happy. i want to get more. what do you think? >> here's the deal with vertiv as well as everybody else involved with data center. justice is going to crack down on nvidia and therefore this whole data center business is going to go job. that's a one-day reaction. it's wrong. buy more vertiv. i think the stock is terrific. let's go to dave in illinois. dave. >> caller: dr. cramer, my mad vegetable gardening friend. >> you betcha. >> caller: anything exciting in your 36th garden season? >> i will tell you the string beans came up yesterday and they

look real good. i'm not kidding. it's a very near-term report. let's go to work. >> caller: jim, i know it's thursday, but i want to talk to you about monday. this $11 billion software applications company specializes in work loan sales management. it has outperformed the s&p so far this year. jim, your thoughts on mndy. >> mndy is really good. i'll give dave a two-fer because dave deserves that. i will tell you that enterprise software had kind of a resurgence today. bear market. led by salesforce. but monday's a very good company. let's go to luanna in new mexico. >> caller: yes, cramer, thank you. with ai driving the market, i heard getting into the nuclear power sector is a smart buy. smr. new scale power corp. what are your thoughts? >> it's a very good company but we've got to be very aware that the nuclear power industry is

many, many years before we'll see anything coming from that company and it's going to lose money for a very long time. i need you to know that because a lot of people are very hopeful about nuke coming back and i think it's still too early. let's go to michael in new york. michael. >> caller: good evening, jim. this is michael from long island. >> hey, how are you doing, michael? >> caller: i'm good. thank you. i've been a club member for about three years. my wife and i watch your show every night. >> thank you. >> caller: i'm calling about a very successful cybersecurity stock that's had a great run. but it seems to have stalled over the past several months. >> all right. >> caller: it's had its one-year resistance level and in the middle of its relative strength index. >> okay. >> caller: i'm talking about palo alto networks. >> well, i'll tell you, it's been a tough time. see, because crowdstrike is doing better than palo alto. crowdstrike didn't miss and crowdstrike's never missed and palo alto's had three straight quarters now where i'm worried.

i think you're right and all i can tell you is i am concerned. let's leave it at that. and that, ladies and gentlemen, is the conclusion of the "lightning round"! >> announcer: the "lightning round" is sponsored by charles schwab. the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab.

as we watch nvidia go from 2 trillion market cap a few months ago to 3 trillion yesterday, i figured that it was only a matter of time before the biden administration's antitrust regulators went to work investigating the company for anti-competitive behavior. sure enough, we heard late last night federal regulators have reached a deal that allows them to proceed with antitrust investigations into the dominant roles that microsoft, open ai and nvidia play in the artificial intelligence industry. thank you, "new york times." terrific. great to hear that antitrust and the ftc are on the case. protect us from any company with massive market capitalization, even if it hasn't done anything

wrong. it's been a long time since i studied antitrust at harvard law under the greatest antitrust scholar of all time, phil arita and i took the class seriously. he with want the government to protect fair competition and prevent monopolies that can harm consumers, harm you, businesses. we want innovation, we want competition, we want what's a good deal for the people of the united states pf but that's not the doctrine of the biden administration. at least not that i see it. to me the doctrine is pretty clear. if it's big it's bad. whether it's apple with its app store dominance or google with its onlineadvertising dominance or amazon with its retail dominance, you know there's this overwhelming sense of punitive action simply because these companies have been seeing tremendous success. now nvidia joins that club of pairias because it may have too much control over ai. i say that's what happens when you invent the chips that make ayi possible. let me put my cards on the

table. for the longest time our country dominated just to industries, soft drinks and movies, and that was it. periodically we might develop a drug that other people might think oh, america did something. but for the most part when you grew up in my era, america felt like a pitiful helpless giant that the rest of the world was running circles around. but then apple and microsoft came along followed by amazon, alphabet, nvidia. all these tech companies are part of what i call the scrum, great businesses going at each other to see who's the best in the world. these days america leads in everything tech, not just in carbonated water and syrup and movies. plus in each case these mega cap tech companies have done their best to straddle the line between making their product superior and still getting a healthy return on capital. i traysed it like that because nvidia's charging a fortune for blackwell chips. i get that. that's the latest version they have. you about also spent billions designing and manufacturing them. they deserve some return on that. i know greatness doesn't figure into these lawyers' thinking but if we dig down and find amazing levels of customer satisfaction and even wonderment i don't want to be too simplistic but apple looks to be in trouble. why?

because it makes the best phone in the world with the best ecosystem. amazon's been targeted because of superior prices. and customer service. & nvidia's in the crosshairs because it spent fortunes developing a product that most people never even thought about as well as chatgpt. it's changing the world. google. dominating the online advertising according to justice. but look at with what they've done. i say enough with the jack bootes, enough with going after the biggest businesses simply because they're big. even when they're the best at what they do and they are the envy of the entire world. it's not like they're ripping off their customers. listen to nvidia's customers. they're all thrilled. it's simply that they have no competition because their products and services are superior. i don't think they should be punished for that. if anything they should be rewarded. if we let the rarkts punish nvidia for innovating our country won't be able to maintain its dominance for very long. in the end we need to go back to

a doctrine was there rapacious monopolistic behavior that skroid competition and hurt the consumer? if not let them keep helping us, keep prices down and make our country stronger than it could ever possibly be without them. i like to say there's always a bull market somewhere i promise to try to find it just for you right here on "mad money." i'm jim cramer. see you tomorrow. "last call" starts now. right now on "last call", cracks in the a.i. trade? some highflying name suddenly drenched in red. flocking to trump? a media fundraiser with tech billionaires about to begin in california. what is driving support? we will go there live. and roaring kitty finally speaking out. speculation running wild the head of a youtube live stream tomorrow and it could impact more than just game stop. all that and