but i think at 150, watch and hold this level, and by chevron. you don't need to do it tomorrow. >> dan? >> u.s. dollar. >> thank you exclusive with thek starts 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. i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica people make friends, i'm just trying to make you money my job is to teach and entertain. right now, the conventional wisdom says this market is long way from bottoming, even if you get the occasional good day like yesterday or a day like today, dow dipped 47 points

nasdaq shed.15%, but i hate these kinds of consensus predictions. because they're worthless when it comes to doing what you and i do, picking individual stocks. the truth is we're going to have rolling bottoms just like we had rolling tops as long as you know how to identify the signs you'll be able to spot them and figure out how aggressive you should be as for the broader averages, i'm one of only a handful of people who genuinely believes we could have an entire bull market within a bear market situation, but only if we get some specific sign posts let me tell you what i'm looking for. all right, first, we need to see oil prices stabilize at some level that's both good for the producers, which are american, by the way, and acceptable to the american public. right now, oil is all over the place. up big versus where it was trading six months ago, but down nearly $20 from its highs. i can't blame anyone for worrying about it. the president wants to give us a

gas tax holiday, that's nothing. but it's not nothing a little bit but not enough. biden studiously avoids doing the one thing that could bring down the price of crude. he needs to arm the ukrainians to the teeth so they can beat russia and put the war to bed. the white house has been reluctant to go all in because they're worried about triggering world werar iii it's not going well considering ukraine lacks the armaments it needs to win oil remains in play as the europeans are grabbing every bit of spare capacity to make up for the lack of russian imports and the president of the united states only sends ukraine the bare minimum we're sending them the equivalent of one seventh of what the north vietnamese used against our army in two weeks in the strevietnam war. when you put aside moral considerations in terms of raw political calculus, biden needs

to get gas prices down if he wants to get re-elected and the most straightforward way to do that is to make sure ukraine wins this war. that all comes down to ukraine, formally the bread basket of europe naturally, it's tough to farm in a war zone could we make ukraine safe for agriculture? sure, but we might have to set up a no-fly zone in the western part of the country, which biden doesn't want to do he doesn't want to create a no-fly zone. and it's a hop, skip, and jump from there to nuclear war. i understand that. by the way, i think there's a very good argument for that, a no no-fly zone, while extremely risky, it's the best way to get food inflation under control you know what else is risky? worldwide food riots, something that seems inevitable if the war doesn't end soon i'll have more to say about ukraine in the coming days it's important for our markets but there are endless lives being lost, but it's fallen off

the front page, just as the russians would like it to. this one is a bitter pill, but we might need to see the unemployment rate rise to 5% for a couple quarters. that would tamp down demand and give us breathing room in the fight against inflation. there's so many companies with terrific technology that will allow many jobs to be automated out of existence i'm also betting work from home will lead to a general thinning of the ranks as executives don't need as many people as they once thought to work at their companies, put the fed won't stop tightening until the unemployment rate is substantially tighter. these are all tough. i'm telling it like it is. speculation needs to be wiped out wherever it can be found before we can truly bottom we have made a ton of progress here the garbage ipos have stops coming the days when people bought a stock because they loved the product. you like sweet green, eat their salad, forget the stock. you live oat milk, terrific.

don't touch the stocks like weber or traeger, make it the grill, not the stock how about the spacs? there are people still proud of bringing spac deals, not to mention many executives who come on and argue the ipo process is too cumbersome so they're glad they took the spac merger route. that's nonsense. they're not glad that makes my skin crawl the ipo process is essential because it's how they sniff out phony claims it takes so long because they're thorough the vast bulk of the spac stocks cost people fortunes i hate people who take your money. sorry. sorry to be so visceral. i think the people who issue the spacs had utter contempt for you. they consider you easy marks for their money, their profits this airy must end the s.e.c. has to say they're freezing the spac deals to study them i want to see investment bankers, no more bragging about this stuff right in the trash can

as far as crypto goes, can we admit there are only two viable ones, ethereum and bitcoin we shouldn't mention the others. can we have crypto rules to be a security not a currency so investors have to put up more cabtle can we have stable coins show where their money is can exchanges live by the same rules as regular brokerages so we have a decent shot of preventing bank runs in the event of another crash we can't rely on sam bankman-fried. we need to see the advance decline continue to get better this is an all important gauge that measures the overall breadth of the market. when you see it going steadily higher, that's a solid precursor to a run finally, we need to see mergers between stronger established firms and the junk firms that have come public in the last few years. surely, with those newer stocks down 50, 60, 70, 80, 90%, there must be some interest, some takeovers. it looks like nobody is really

interested in buying any of this merchandise at any price i can't figure out whether that's because it's still too expensive or because the companies should never have come public to begin with here's the bottom line you get all these, you see the bears on the run and interest rates will plummet without them, the market remains a house of pain. gary in new jersey, gary >> caller: thanks for taking my call >> of course what's up? >> caller: intuitive surgical. i bought it post split at $335 bought it at $250 on the way down what do you think of it at $200. >> i heard it had a not so great april, not so great may and a good june. i would like to buy the stock at $200 you're in good shape >> you get all these, you see a run. i know these are ukraine, but let's put that back on the front page for us, because it's what matters. without these, the market is going to remain a hois of pain >> on "mad money" tonight, this is your world, and i appreciate you letting me into it

yep, i had a chance to go into the metaverse with mark zuckerberg himself sitting down with the visionary founder and ceo in an exclusive two-part interview >> then the crypto crunch continues. i'm going off the charts on bitcoin. and what really is a recession i'm giving you the answers that you're looking for so stay with cramer. don't miss a second of "mad money. follow@jimcramer on twitter. have a question? tweet cramer, #madtweets send jim an email to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com.

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a couple weeks ago when i went out to san francisco, practically every tech executive i spoke to told me that the whole cryptocurrency edifice is a con. i think that's a little too extreme. it's a lot easier to criticize something when the price has already collapsed. my take is little different. i see all these cryptocurrencies as textbook speculative assets there are a few who borrowed massive amounts of money it's only natural we get a crypto crash kind of cut and dried. it's been crushed along with every other spectulate sk asset. the crypt o evangelists love to claim these was a hedge, but in retrospect, the opposite seems to be the case when inflation was low, we had the mother of all crypto booms by the way, the same darn thing happened the last time jay powell cracked down on inflation with a steady series of rate

hikes in 2018. it's not like you're buying a part of a company when you pick up bitcoin or ethereum there are no sales, no earnings, no cash flow, nothing. which makes it hard to figure out when the pain might be over. you have nothing to fall back on, which means the declines can be truly horrific. that's why we like to fall back on the charts, because technical analysis is really the only thing with much predictive power when it comes to cryptocurrencies that's not a good thing from my perspective. i prefer to deal with real enterprises, but it's the best we got so tonight we're going off the charts with the help of tom demark, and his team at demark analytics whose work you can follow at symbolic.com that's symbolik.com. everyone knows him in the business he and his team have a tremendous track record when it comes to timing the market more importantly, they're experts at identifying both tops and bottoms in crypto. with that in mind, let's talk

about bitcoin. they point out the only thing you can work off with crypto are basic supply and demand figures and market sentiment, because as i said before, there's not much in the way of fundamentals for crypto that's why their models have been so useful in predicting key inflection points. in 2018 in the last crypto crash, demark got an internal request from a client to apply his timing models to bitcoin once he applied them, the results were stunning. look at the action in bitcoin from october of 2017 through june of 2020 demark has a 13-step buy and sell countdown that helps them identify potential highs and lows you get a certain number of sessions going in the same direction, sooner or later the buying or selling pressure exhausts itself. that's how these countdowns work although they're a bit more complicated than that in practice but the important point is that they have done a tremendous job of identifying tops and bottoms in bitcoin a lot of people like to claim that technical analysis is like

astrology, but if it was this reliable, i would check my horoscope every day. next chart, look at this you look at the more recent data from june of 2020, all right, through today, demark's 13 coundens have coincided with the last two peaks in bitcoin and the last bottom. more important, we have another 13 buy countdown right here. so is it time to bet on a bitcoin bounce, as it would seem if you look at these charts? let's zoom in on the more recent action with the daily chart of bitcoin from april of last year. through today. ever since the latest leg of this decline started in march, the breakdown from 48,000, demark's indicators have remained silent. there were zero signs of impending bottom on the way down in fact, from late march where you had a pouwerful sell signal their price was 18,414

an important fibonacci level where securities often find a floor of support however, bitcoin actually hit that 18,418 level over the weekend. where it seemed to find some temporary support. it also recorded a buy countdown 13 on saturday, which is demark's bottom signal the problem is we have never seen a bitcoin bottom on the weekend before, so it's harder for technicians to predict where it might be headed because there's really no good precedent here the other complication, since 2020, bitcoin's never had a down side retracement of more than 50% on a closing basis unfortunately, we burst through the 50% level months ago at its lows, saturday, the darn thing was down 64% from highs. more like 75% from its all-time peak according to demark, when you get a decline this ugly and this is the most important takeaway, it often does structural damage to the asset in question

what's that mean simple if you're thinking long term, they said it could take many years for bit kaine to come close to the old highs that means people giving up on the whole crypto daniel. structural damage is when nearly every executive says the cryptocurrencies are a travesty of a mockery of a sham many people have been burned here that they know it will be tough for even the most ardent crypto evangelists to lure in new money. that said, even if the old highs are out of the question anytime soon, that doesn't mean bitcoin can't bounce demark could easily see a recovery to the low 40,000s in the next few months. that's a nice move you have a chance to get out at higher prices in the not too distant future he's got short term concerns too. bitcoin had an unprecedented 12 straight down closes

unbelievable and often after such an extended sell-off, demark says you'll get a short term rally like we had this weekend, followed by a lower close. so far so good if it happens again, then today's roughly 4% decline could be the beginning of a longer short term move lower. in other words, down here. after today's hit, demark thinks bitcoin has gone to severely oversold territory he expects it to make a lower low than saturday, at which point it will have a chance for more sustained rebound we should go through that 17,000 level, very daunting if you own this the bottom line, though, the charts as interpreted suggest bitcoin could have a nice relief rally even if he doesn't see it reviszsiting its old highs if you still own some and you want out, i'm betting that from this after another dip down, you might get a better price to get out. stick with cramer. coming up, "mad money"

travels to the furthest frontiers of tomorrow's tech >> oh, my god, it's so breathtaking >> cramer sits down with mark zuckerberg next. minions let's do this thing. mini boss! mini boss! please stop calling me that. mini boss. mini boss. mini boss! uhh. mini boss! yoo-hoo, mini boss! (mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love.

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(dad allen) we've been customers for years. (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love. all right, what do we do with meta platforms formerly known as facebook now that the stock has come down 60% from its highs last year. meta, which is a huge position for my travel trust s a real company with real earnings so its stock gets cheemer as it goes lower, but it has some difficulties from apple's new privacy rules. competition from tiktok, to a general slowdown in advertising as the economy takes a hit that said, betting against this guys is a huge mistake, and the company has amazing opportunities like the metaverse. tonight, we're getting a rare chance to talk about all of this with mark zuckerberg, the genius founder and ceo of meta

platforms on air for the first time mr. zuckerberg, welcome to "mad money. >> hey, thanks for having me on. >> of course now, mark, when i first heard you were going to devote a great deal of time to metaverse, i have to be candid. it concerned me. i thought it may be an expensive distraction, call me a skeptic but after what i saw last night, putting on the oculous quest 2, i'm now wondering if this isn't your ultimate strong suit. it's about amazing connectivity, which produces wonderment and maybe multiple billions of dollars for shareholders crazy? >> well, look, there are two big trends that are going on in our business one isthis massive wave of a.i powering all of social media and advertising. i want to make sure we talk about that too, but the second one is certainly going to be the metaverse over time. the thing we see there is that the 18 years i have run this company, people always want the most expressive and rich way to

communicate. so it started off with text primarily, in 2004 then we got phones that had cameras and the main medium became photos. now as mobile networks get good, it becomes video we're seeing that with reels and things like that but that's not the end of the line there's going to be something after that which is even more immersive, that's why i'm so focused on this kind of immersive environment where you feel a sense of presence with other people or other places no matter where you actually are. so the metaverse, it's this broad thing. it's not just virtual and augmented reality, although those are going to be some of the new major computed platforms but it's also i think going to be the next most immersive and rich way that people want to express themselves across social media too, so it goes across everything we do and it's going to pebe a big theme for us. >> we took a meeting together in a zen garden but what was interesting was it

was life-like in a way that i have never felt, not artificial, but not real natural but also whimsical now, is that a.i. speaking, is that mark zuckerberg speaking? because it was extraordinary >> well, there's a lot of pretty deep technology that goes into this the defining characteristic of the metaverse, and these new platforms is the ability to feel the sense of presence. like you just described. that we were right there together, even though i'm out in california and you're in new york we can sit at a conference room table together and have it really feel like we were a couple feet apart. we could fist bump or give each other a high five, make eye contact, which is hard to do on video chat you have spatial audio, so if other people in the room were having a conversation, i could turn to you and whisper and we could have a side conversation there's all this technology that adds up to making it deliver this realistic sense of presence and that's a bunch of that is

a.i., a bunch of it is just pretty deep software systems engineering and good hardware engineering too. but in order to really deliver these experiences over the next several years, we kind of feel like we need to build the whole stack. go from the hardware all the way up to the software and then a bunch of experiences on top of that so we're going to do that. it's a big focus for us. we are at this point, a company that can afford to make some big long term research investments and this is a big focus, but at the same time, we're also really focused on driving the core social media work that we're doing forward, as well as the ads business >> that makes sense to me. for instance, you want to combine all those things, as you mentioned, the hardware, but i tell you, for some of the things i saw, i would buy, say, meta bucks. just to use a term like fortnite, and i would go to a store, i would go to entertainment. i have -- i would try on clothes for my avatar and buy clothes for my avatar. all a possibility?

>> yeah. i think this is where we're going. our north star is that by the end of the decade, we hope to basically get to around a billion people in the metaverse doing hundreds of dollars of commerce each, buying digital goods, digital content, different things to express themselves so whether that's clothing for their avatar or different digital goods for their virtual home or things to decorate their virtual conference room. utilities to be able to be more productive in virtual and augmented reality and across the metaverse overall. i think there's going to be a massive economy around this. it's going to create a lot of opportunity for creators that's why you hear me talking about the creator economy so much i'm just really excited about a world where you're going to have millions of more people who can do creative work that just makes them happy as their job instead of some of the things that they might be doing today because they just feel like they need to in order to make money i think that's going to be a massive opportunity, but certainly, i think it's a huge business opportunity for us too, for the reasons you say.

our playbook over time has been build services, try to serve as many people as possible, get our services to a billion, 2 billion, 3 billion people. and then we basically scale the monetization after that. we have done that with facebook and instagram. whatsapp is really the next chapter with business messaging and commerce being a big thing there. then, around the metaverse and all the commerce and digital goods around that, that's going to be a really big leg of our business, especially over the next several years as we get into the second half of this decade too >> i know you talked about how it's going to take a long time what i saw last night when i consider the creators who you are giving a break to until 2024, they do it on their own, i felt it would be faster, but it also concerned me because we have talked about this before. inequality, don't want a situation where there are people who are disadvantaged because i think the educational concerns, i think the industrial, i think that the music, i think entertainment, i don't want it to be lopsided and i'm sure you

don't either that's not been the things you do, mostly behind the scenes how do we be sure we have equality in the metaverse? >> yeah, let me hit both of those points so we're very focused on making sure that we get a wide base of creators building these experiences. this can be a diverse thing. it needs to appeal to everyone we want both for the equity reasons that you say and frankly because that will make it a bigger opportunity we want to make sure that this can serve as many people around the world. so that's really critical. so we're sitting down, doing these sessions and these series, culture around, with all different kinds of creators to make sure that they're trained up on the different tools to build these different experiences for the metaverse. so this is a big deal. we want to get it right from the bottom up. and kind of get a lot of different folks in early you know, when you said hey, why is this going to take so long? i think part of it is just the scale but the other things we do are at when you're talking about our

apps reaching billions of people, quest 2 has been a hit i have been really happy with how it's gone, it's exceeded my expectations but i still think it's going to take a while for it to get to the scale of several hundreds of millions or even billions of people in the metaverse. just because things take some time to get there. so that's the north star i think we will get there. but the other services that we run are at a somewhat larger scale already today. >> we're going to get to those in a second. i don't want anyone to go away we have more with mark zuckerberg after the break we're still out of the metaverse, but we were in it last night a lot of good clips right behind me in one moment we'll be back. >> coming up, "mad money" has entered the metaverse. >> we're going to get to a billion people in the metaverse. >> cramer's one-on-one with mark zuckerberg continues next

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when you get a billion people in the metaverse spending hundreds of dollar as your on commerce, this is going to be a huge business. i think as big as the current social media business that we have >> all right, when you get mark zuckerberg the founder and ceo of meta platforms, formerly facebook, you have to use the opportunity to drill odown on what's happening at this company. we are in the metaverse, i'm so confident there's billions of dollars to be had. at the same time, if we do have a recession, this would be the first as a public company. what are your plans and are you worried advertising has been a weak part in the recession >> well, over the course of running this company, we have gone through recessions, and we'll navigate that however we need to. but look, the way that i think about this is there are two

major underlying trends that are driving our business we talked about one, the metaverse as the longer term one, in the near term, a.i. is just this really massive wave that we're riding for all of our services so for social media, a.i. is helping us rank better content and be able to show people better content like reels, the new short form video service that we're building where already 20% of the time that people spend on instagram is in reels. and 50% of the time that people spend on facebook is in video of which a meaningful part of that is reels and growing so ranking that content is a big deal for the ad system, being able to put the most interesting and relevant ads in front of people is basically a big a.i. problem. and we're basically positioning our company to ride this wave of a.i. innovation, and it just makes all of these different services better. so we're making big investments in this. and we're going to keep doing that, you know, obviously, we'll

modulate a bit if there's a recession, but we're going to keep investing pretty heavily in this we just brought on line the a.i. cluster feature, which is going to be the fastest a.i. supercomputer so our researchers can build new and bigger models to both make the ranking and recommendations across our social media services and ads better so we're kind of we're going hard at this and i think that's the right thing to do because there's a lot of innovation to be had and a lot of improvements to all of these services. >> i think that as someone who is using commercially reels, it's gotten better now maybe that's a.i., and i think that people are just saying that tiktok is run over you $12 billion potential. the changes i have seen in the last even six weeks indicate that that may not be as much of an unfair fight and that reels is doing better than people think. >> yeah, reels is doing quite well, and i think it's going to

continue doing well. we're basically seeing a couple of big trends there. one is growth of video where we talked about before how people want to express themselves and consume content in the richest format. going from text to photos to videos is really the main thing right now, and i think eventually we'll get to immersive content. today we're primarily video. there's that big tailwind and the other one is we're basically shifting from having most of the content that you see in facebook and instagram come from your friend or follow graph to now over time having more and more of that content just come from a.i. recommendations as the a.i. recommendations get better, you have access to not just the content from the people you follow but the whole universe of content that's out there, our a.i. system can choose based on what it knows about you and what you personally are going to be interested in and want to learn about, what you want to see. as we get better at that, our engineers are shipping improvements to the models every week we check something in and relevance goes up by a few

percent and we repeat and do it the next week. this is a huge part of what i always focused on is getting the velocity to be quick so we can keep making fast improvements to this, and then eventually you reach tipping points about where reels is, already being 20% of the time in instagram is a pretty big deal, but there's a lot more to go there >> it also sounds like particularly with the metaverse that you'll have your own operating system, some people feel that you became dependent on others including apple. if you develop your own operating system, i think a lot of the so-called privacy concerns may no longer being something that's bringing the stock of meta down >> yeah, i think over the long term, we're going to need this level of integration between hardware and operating system and the services that we're building just in order to be able to deliver the experiences we want to build so i think that's a big part of the metaverse investment we're making ina.i. investments we're making will also go towards that.

but yeah, i think that those investments are really setting up our company to build a new pillar of the business and be a lot stronger for a decade or two to come. but the things that are driving the most results right now in terms of making the products better on a day-to-day basis and making the ads more relevant and driving the business results is really just these massive improvements in the a.i. work we're doing and the just quick velocity of being able to just have all these engineers empowered to try out building different models and just have that contribute to better relevance of what we're showing. that makes it so the service is better whether you're on instagram or facebook or if you're an advertiser or just across all of the different things we do >> that's excellent because that's what i'm seeing myself. now, i wanted to ask you, when i first met your team, i was grateful to be working with sheryl sandberg. s she was helping out small

business that's my passion. she was helping me create sites, and also companies owned by minorities this was incredibly important role, not just for obviously for facebook, but for the country. i thought again much bigger than the advertising job that she's often pegged with, can she be replaced given this was something i felt was heart and soul facebook? >> yeah, i mean, it is the end of an era for the company. sheryl is an amazing person. it's hard to give her enough credit for what she's done to build this company she didn't just build and architect the advertising business like you just said, but she really has created the management culture at the company, she trained me to be a manager and leader as well as most of the rest of our management team. she's amazing. and i'm glad that she's going to remain on our board so i can continue to tap her for advice and i'm sure she'll stay a close friend, but there's no doubt it's going to be a different world running this company without her. now, for where we are today, i

don't really think that it makes sense to replace her role directly for a couple reasons one is, she's somewhat of this ireplaceable person. she's a superstar and crafted the role in a specific way, but the other thing is for where we are today, i don't really think it makes sense anymore for us to have a product and engineering side and a business side of the company. i think it needs to be a lot more integrated. so what we're doing is basically taking the different business functions and operations functions and combining them in with the product functions to have a much more integrated and functional company so have yoare who has long run a lot of the company and has overseen a lot of our ads and engineering, we're basically going to have all of the sales folks led by mario, our chief business officer, come together in that group, and a lot of our community operations work is now going to come together under kris cox, who is our chief

product officer, a really key long time leader at the company leading the effort on things like reels and things that we have talked about. so all of the operations piece and the product development is going to come together there i actually think for where we are now, the silver lining probably is a good organizational structure because we're just not -- the way we run the company now, it's not like i write code on the side and sheryl builds the business it does need to be a deeply integrated thing >> this is a good opportunity, the press is filled with these stories. she wouldn't have stayed on the board, that there are issues, investigations with sheryl sandberg i have not been able to confirm any of that. i would like to put it to rest right now. >> well, look, what i can say is i don't think that any of the stuff that's been reported contributed to her leaving the company. you would have to ask her about that, but what i can say is i have nothing but gratitude for the amazing work that she has done at the company. she's going to stay on the board. she's a key person, a close

friend it really is, i can list off her accomplishments, but it's just, it's almost impossible to overstate how important she was to the development of the company and it's personally important to me. i have seen some of this reporting too. obviously when people allege things, it's important to look into it and understand what's going on, but from my perspective, no one should think our company has anything but gratitude and love for the value that sheryl created. that's how i feel and deeply how i see our management team feels too. >> i know there was more scrutiny of what you were up to because i think of some of the things that, you know, there were many things that didn't go exactly the way it was planned let me ask you, i have seen the parental controls you want for metaverse. i think they're strong the "wall street journal" agrees they are strong. were some of these things because of what you learned from

initially with facebook? and are you more willing to be able to say, you know what, we have to got to work with different constituencies to get this right nobody says i don't want to go back in the world because i'm in the metaverse, and it's just so much better than my real life. >> yeah, i mean, one of the lessons i have learned over the last several years is we have to build these kind of safety controls in from the beginning of these products. we should also work with different stakeholders and policymakers and different experts to figure out what the different controls should be and we had the opportunity to do that now with the metaverse from the ground up. one of the things we launched in our horizon social platform is the feature called personal boundary, where literally, you have a space around you that's a few feet where other people cannot come within that space. you can take it down if you want people to come closer, but it pak makes it so people can't kind of get in your space if it's going to make you uncomfortable. you can block people and have

them disappear if they're bothering you, which obviously i think is something a lot of people would like to do in the physical world, but it's not a feature of the physical world, so that will be something that i think will make the metaverse a lot more comfortable for people, and we're going to keep working on this. this is just the beginning, but we do have the opportunity to get this feeling of safety and comfort and control really built into these things from the beginning. and that's a thing that we're all committed to doing >> one last question because i'm a stock guy. you're a believer in the metaverse. how are you going to continue to buy back stock here, plow it back into metaverse, which i now think is maybe the right thing to do because it could be trillions. i'm not being too aggressive with that. you have articles which say it could be a $3, $4 trillion economy in the metaverse what's the right thing to do for shareholders of meta >> well, i think it's all of the things we talked about so i am going to keep making the long term investments in the metaverse because i believe that's the next platform and medium and i think that's the right

thing for shareholders and the company over the long term, and i think it's going to deliver some amazing products. also going to invest a lot in a.i. because i think that infrastructure is going to deliver a lot of the returns and make the experiences across facebook and instagram and our ads and all the other things that we do better over the next several years as well while we're waiting for the next set of platforms to kicken, so that's a big deal and a big set of investments but like you said, we're quite profitable, and i think we have enough capital from what we do to do the two things, make the a.i. investment, make the metaverse investment and also return more capital to shareholders so that's something that i don't unilaterally make those decisions. that's something that we discuss with the board and all that, so i don't have anything new to announce on that today, but i think we have a big enough platform as a company that i think we should be able to do all three of those, and i think it's the right thing for the company to do all three of those to push ahead in improving the position for the long term and returning capital.

>> i want to thank you thank you for introducing me to the metaverse. thank you for your time today. and it's always good to see you. thank you. >> yeah, you too thanks for having me on. >> mark zuckerberg, founder and ceo of meta platforms. yes, i am entranced with the metaverse. "mad money" is back after the break. >> coming up next -- >> let's make money together >> cramer's bringing the thunder. and answering your burning questions in today's edition of the lightning round. (mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love.

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(mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement. it is time for the lightning

round. and then it lightning round is over are you ready? michael in oklahoma, michael >> caller: hey, boo-yah, jim >> boo-yah >> caller: long time listener, first time caller. i own eog resources. >> eog is terrific i do prefer devin down here. it's cheaper chris in texas chris. >> caller: hey, jim. thank you for your dedication to the investment world and all that you do. >> you're terrific, thank you. >> caller: so over the years, you have spoke highly about dan gilbert and rocket company, my question is what are your thoughts on rocket in the short term and the long term >> let's be careful. once i said the fed was raising rates, you can't own anything in that area. the fed is still raising so you still can't. jim in florida, item >> caller: how are you doing >> doing well. how about you? >> caller: i'm doing great i'm calling to find out about marvell technology >> i was talking about that

today. we own it for the travel trust it's driving me bonkers that it could be doing so well and it's stuck right here, down so much, but we're sticking with it kate in georgia, kate. >> caller: hi, cramer. >> yo, kate. >> caller: so cramer, there's a pharmaceutical company that i'm finding really interesting they have a non-ope iatenon-opi nonaddictive pain medication that's in phase three trials and it looks promising i hope it meets the guidelines of the investment club how do you feel about vrtx >> i like the very much and i like it for cf-2 i have been trying to find out whether that drug is going to be passed and i don't know the answer oh, and that, ladies and gentlemen, is the conclusion of the lightning round. >> the lightning round is sponsored by td meritrade. coming up, why a recession in this climate might look different from all the others. cramer explains next

. what the heck is a recession anyway i got that question while my kids and i scelebrated father's day. we get two negative quarters of gdp growth

my eldest said what's the point of that definition does it mean a lot of people need to be thrown out of work ini gave them two answers. first, the traditional definition of reseg means nothing this time around and you can argue the fed wont be able to get inflation under control until we see a massive surge in unemployment i know that sounds heartless but the fed does have a dual mandate. we haven't had to worry about price stability in 40 years so many don't know what it's like to live under inflation. the federal reserve only has one tool to get inflation under control. they can raise interest rates. make it harder for businesses to borrow and ultimately leading to mass layoffs if there is no credit when people are out of work, they cut down on spending and prices stop spiraling higher however, jay powell says recession is not inevitable even if it is really a possibility. and i believe him. we have an incredibly strong job market even if a bunch of companies foeltd, the job market would still be robust by historical

standards. powell is not trying to kill inflation by raising interest rates aggressively, he's trying to contain the problem until the underlying causes work themselves out on their own. many shortages come down to china's covid lockdowns and russia's invasion of ukraine sooner or later, china has to fully reopen, just as important, powell's buying team to wait for a resolution in ukraine. you know i'm rooting for ukrainians i hope you're for that, too. from the fed's perspective, it doesn't matter who wins so long as the war ends. some people think it's going to end not the way we like it ukraine can grow and export crops again. russia can frey export its oil and gas to the west. it hasn't worked yet because demand is too robust homes cost too much money versus two years ago, autoprices have started to come down cars and trucks haven't come down at all because we can't make enough of them because of the semi-conductor shortage. if the fed can tamp down on demand for vehicles and homes,

sending them into glut mode, two major components of inflation will disappear, and oil has come down dramatically, including another 3% today it feels like it's on a whole different trajectory from an inflation perspective, the only real problem in our country is we have too wfew workers and too many jobs available. that's why powell is trying to cause layoffs. it's the most straightforward way to tamp down on inflation. we have a 3.6% unemployment rate i think the job losses will be temporary. we have to take the pain until the china lockdowns or the war in ukraine comes down. i bet all these recession calls will turn out to be long aided by higher interest rates, nascent product gluts in places like apparel and more supply from overseas. once china gets its house in

order. if you want a real kicker, imagine what happened if our government engineers win in their proxy war against the russians do we have the will as the russians do? that's the real question there's always a bull market somewhere, and i promise to try to find it right here for you. the news with shepard smith starts now might a summer tax freeze take the heat off inflation? i'm shepard smith. this is the news on cnbc i'm calling on congress to suspend the federal gas tax for the next 90 days >> would that ease the pain at the pump in 2008, candidate obama called a gas tax holiday -- >> a gimmick >> we'll drill down on what it could accomplish for american families >> reactions in texas from the stunning revelations about the police response to the uvalde school massacre. >> i don't even know who to believe right now. >> a