in front of the fed next week, this thing might have topped out here >> yeah. watch "trading places. i've only seen it once thank you for watching "fast money. go watch the money "mad money" with jim cramer starts right now 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, 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 a little money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc. tweet me @jimcramer. every day some analyst comes up with something positive about how artificial intelligence is going to change the word every day it moves up a stock, maybe two.

these stocks then produce pin action that spreads throughout the market then some other analysts will come out and say ai will boost our gdp growth by a percentage point or maybe two points. but we also have more skeptical analysts warning you to look out because it's all hype. and that includes days like today. dow gained 169 points. s&p advanced .62%. nasdaq jumped 1.2% you know why because the ai bull story triumphed over the ai bear story. tonight i want to explain why the ai bulls could actually be right. i want to talk about why the bears are likely wrong today's a good example of this pin action phenomenon. this morning we got a strong push on adobe. one of my long-time favorites. because of how its software can be used with super computers that are at the heart of generative ai to develop new things with greater ease than we thought. keep that in mind. it's a terrific concept. but for many of you it's just

too ethereal to understand some would say it's too 30,000 feet high for most people not in technology or in software stocks to truly understand it i keep running up against that all the time when i bump into you on the street. now, see, i'm actually blessed to have someone who is currently using a relative, and i'm going to tell you what it really means because she tells it in plain english. my relative is a dress maker she makes floral dresses before adobe firefly the new adobe product that utilizes artificial intelligence, if she wanted to make a dress -- say a fruit-related pattern. it was hard to figure out how it would look see, if you placed the drawing, say, of a lemon near the shoulder, that lemon would literally knock everything else off kilter might take two weeks of redesign to get everything back on track. keep in mind this person is not some amateur hob yift. this is a professional dressmaker trying to figure out how to put a lemon here rather than here without destroying everything. rusing adobe firefly powered by

artificial intelligence, the same exact change, which is moving the lemon from here to here, it can be done in minutes. she says two minutes and it's always better than the old version. it never makes mistakes. that doesn't mean firefly's going to destroy dozens of jobs, does it? it doesn't mean you're going to make a fortune from it but a designer who only has so many hours in her day to work, she just got an extra two days' worth of time. hey, what's that worth again, hard to determine but it's worth a great deal to the designer maybe that's what matters. so you can see how entighting the software might be to all sorts of creative professionals. and that's probably the chief reason why adobe's stock soared nearly 5% today. i'm going to, at the dress issue could be iterated thousands of times, maybe hundreds of thousands of times over many different professions which offers a lot more creativity, a lot more productivity. what does that mean for

america's gross domestic product? your guess is as good as mine. but that's the very definition of productivity, isn't it? and that's what the revolution's about. if you want to see how many different examples of improved productivity there are, i've got one for you to do it all you need to do is do this. go to nvidia's ceo jensen hwang's speech i pushed the speech probably to 50 people in the last two weeks. i only know one person who watched it and figures he's one of the great industrial v industrialists of our time and has a thirst to learn. you should adopt his techniques. for the uninformed let me go over what he's saying and then you can decide whether jensen's going with the hype or reality the most important productive t. improvement jensen sees coming from ai is in the biggest industry in the world, and that's the multitrillion-dollar factory manufacturing business the making of factories.

it's a lot like the dress example i gave you every single time you build a factory the biggest most complicated issue is what's known as the change order. the new lemmon on the dress. a change order precipitates many other change orders which are the real cost to manufacturing things imagine if you could make let's say a twin of that factory using a supercomputer and artificial intelligence every time you wanted to make a change you just made it on the digital twin first see how it works see what it moves. right now bmw's about to build a factory that was first imagined with a digital twin. we don't know how much money's being saved. the plant is being built right now. but we know it's going to produce 150,000 autos in hungary in 2025 and we can't say how much it's going to mean to the bottom line, hasn't even pushed a car through yet. but that said, the digital twin could end up saving billions of dollars in construction costs and in time. again, put that in the equation. it's a pedestrian use for certain, but it reduces waste.

by the way, general jensen's driven by waste more than anything else when i talked to him. and it's more efficient and cheaper. what's it worth again? however, it f. you remove the largest amount of friction from the biggest industry in the world you could see the gdp impact of course calculating what ai will mean is so much of it is business to business, not business to you. mean, it's totally invisible to the consumer unless you use it at work. for example, foxconn, they outsource computers and other gadgets, they use ai to find manufacturing defects. nvidia says they can save $6 trillion in quality control. 6 trillion highly personalized ads generated for you by ai could revolutionize the. automatic speech recognition could replace the poor customer service representative who gets asked the same question over and over again jack in the box is using it right now in the drive-thru.

its ceo darren harris told us that not only does the bot save him the cost of an employee it actually does a better job with fewer mistakes, better promise for upsells makes you buy a bigger milkshake he's tried to fool it many times never has been able to the quick serve industry is not going to be the same once people figure out what jack in the box has done equipment cha that needs to be towed or moved around using big forklifts will be able to placed on robots and programmed where to go, something that can save who knows what jensen calculated the robots will save 70% of the time it takes humans to dot same work. right to the bottom line but very pedestrian, very prosaic. nvidia's teamed up with google cloud, meta and microsoft to explore the possibilities. oracle's going to be partner too. and nvidia itself can be hired directly these companies are salivating because the giant gpu that nvidia recently unveiled, which is all nvidia, by the way, can process, and this is -- see, this is what really gets me down because i don't understand any of these numbers but some of the younger people

might. people given to math this process is one quintillion floating points per second you know what a quintillion is it's a billion billion or written out it's 1 followed by 18 zeros. that level of computing power doesn't mean anything to me, it's incomprehensible. but to some people they know it changes everything because these speeds are a quantum leap versus what we had before nvidia got orders for $4 billion more equipment than it thought it would just three months ago it's the speed now, i know none of this is even remotely exciting. it's not exciting that id kaence one of their partners makes the cases that marvell and broadcom make the connecting pipes or its service has teamed up with nvidia to make your office more efficient. i know it means so little to you. it's just all of this business to business productivity that cuts waste, lowers costs and frees up people to be more efficient. that's why i mentioned the lemon dress, okay? not as boring. but you can see the value. honestly i wish there were more to it. that there was something -- i was thinking the other day, how

about if ai could put a man on mars in two days how about if ai could win the war for ukraine? how about if it could solve world hunger it can't do any of that stuff. and maybe that's why it leaves so many of you cold or in the dark but here's the bottom line when you consider the scale of the business to business opportunity, you can see why ai might be worth far more than most people realize, even if it's too early to calculate the exact numbers. i know there's a lot of hype here and in some individual cases it is overblown. but anyone who tells you that ai's pure hype, that person is only fooling herself >> they know nothing >> let's go to annie in rhode island, please annie. >> caller: hi, jim it's an honor. thank you. >> oh, thank you, annie. how can i help >> caller: i want to thank you for being such a great teacher all these years. >> that thank you. that's what i want to do thank you. i'm living ambitiously i'm teaching everything. >> caller: great so this stock i've had for about

a year and a half in october it took a big tumble. i just can't believe that there's not endless demand for what they do and the price of real estate keeps going up so why the big drop in share prices and should i hang on to american tower >> american tower's been a very bad stock to own crown castle's been even worse these stocks tend to be very linked to -- far more linked than we thought to the bond market and as rates went up these went down but at 190 i do not bless selling it i bless holding it let's go to tommy in california. tommy. >> caller: hi, jim the company i'm calling about makes popular shoes. they've recently been expanding their offering and it looks like they're even moving into action -- activewear can you give me the scoop on skechers >> okay. they've been in activewear for a long time. skechers is a sink or swim stock. i've recommended this at times,

it's made people a fortune, and at times it's cut me off at the knees. that's why right now i like on on at these prices on on is actually a better buy than skechers all the way up. okay we're in the early innings of the ai revolution and i'm trying to explain it to you in simple ways but it's not a simple concept. i know there are a lot of people who think it's hyped out there but anyone who thinks that is really missing the main point. on "mad money" tonight the ipo class of 2021 had some enterprise software stinkers [ boos ] but there are two names that stood out this earnings season from a group that i think should be paying attention if not paying then with recession fears still working should investors turn to precious metals, a streaming company like wheaten you know i like the precious metals i'm checking in with the company's ceo. and we're not seeing the large layoffs that you probably expected at this point in the cycle. so what does that mean for our economy? i'll break down the situation. so stay with cramer.

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as we reach the end of the off cycle earnings season where we hear from tons of enterprise software companies, it's become clear that the market's finally behaving like a meritocracy again. that's where the good ones rally and the bad ones plummet it hasn't been the case for a long time around here as the cloud software stocks have more

or less traded as a block, first on the way up, then last year on the way down didn't matter how good they were doing. before rebounding as a group once again in early 2023 but now we've got a varied group of winners and losers making this much more of a stock market for people like me who pick stocks and for people like you who want to get winners. and that's why tonight i want to focus on i apair of software stocks from the ill-fated ipo class of 2021 that have nevertheless found themselves in the winner's column this year. i'm talking about confluent and that's cflt. and samsera. internet of things for you home gamers the latter has more than doubled. what is going on with these companies and what should we do with these stocks? confluent's a data play. i call it a data analytics play like so many others but management adamantly describes itself as a data infrastructure company.

they claim to have quote pioneered a new category of data around a real-time central nervous system basically they make a new kind of data infrastructure software that replaces the old data base model and this new kind of infrastructure's become essential to the digitally savvy clients. these days everybody wants to handle their treasure troefz of data but you need the right kind of setup to do that as efficiently as possible. that's where confluent comes in. at the same time there are whole thing is building something called a patchy kafka. that's an open source software platfos used by 80% of the companies on the fortune 100, meaning it's easy for them to adopt confluent's technology. within the data food chain confluent falls somewhere between data warehousing and analytics plays. and that's like frank saluteman's company. or the in-house like google and of course the classic data base companies like oracle or the red

hot mongo db as of the end of the first quarter they had just under 4700 customers including some notable names aa cross a host of industries, citigroup, marchingn stanley, netflix, walmart, dick's sporting goods, humana. so this is a very legitimate software company what about the financials? like most software names that became public in 2021 confluent was originally a pure growth story. they had 64% revenue growth in 2021 and that only slowed to 51% last year. the flip side of that is is that he this zero profitability in either year. they didn't even have positive earnings before int taxes depreciation and amortization, let alone positive free cash flow for most of the year the market turned on pure growth stories like that which is why the stock was untouchable at least until the bottom last fall money losers with fast growth had gone out of style in the wall street fashion show

but earlier this year confluent finally got religion on the need for profitability. like so many enterprise software outfits. when they reported in late january management also announced a big restructuring effort that included layoffs of 8% of their workforce and a goal of reaching break even operating margins by the end of the year confluent actually slightly lowered its revenue growth forecast the at the same time. although it's still at 30% but wall street lapped it up because the pivot to profitability is what investors wanted, which i've said over and over again, the big pivot. growth at all costs had gone out of style more than a year before now the market's much more interested in profitable growth. while confluent isn't there yet, they've got a plausible road map to be there. now, fast forward to the next earnings report on may 3rd and confluent did pretty darn well they delivered better than expected sales, a smaller than expected loss, and an over 130% dollar-based net retention rate. that last one is huge. the net retention rate tells you if existing customers are expanding their business with a company or scaling it back anything over 100% means they're giving confluent more money.

130%, wow, terrific. these guys also had 89% growth rate for their cloud products. again, very impressive on top of that management gave you strong guidance for the current quarter and they raised their full year earnings forecast though they still expect a net loss but a much smaller one. put it all together, that was a terrific quarter, which is why the stock jumped 16% the next day. it really hasn't looked back since. in fact, confluent's now up nearly 75% just since it reported a little over a month ago. all of its year to date gains have come in the last few weeks. this thing is red hot. confluent's hardly alone there are plenty of data or data-adjacent stocks that have finally caught fire after spending time in the wi8derness. palantir up 132% snowflake up 29% tepid quarter but people still like it. and splunk up 15%. a good start there's a very good reason for this these companies are all secondary winners from yes, i know, the generative ai boom

the way generative ai systems like chatgpt work is by feeding them mounds of data. that's how the ai learns although i'm kind of using the term learns very broadly here. any software that can help pull organized store or access data is suddenly a lot more valuable than it was before chatgpt on the latest conference call chairman and ceo jake kreps got a question about ai. he called it an accelerator of his business listen to this quote, "already we have customers that are doing this for real including a large travel company that's building real-time context data and using that to power chat interfaces for their customers. i expect that to be a pattern that is more common," end quote. he also explained where confluent fits into the ai story. "our role in that architecture is helping customers assemble that real-time context data that would go into asking the right questions, powering the right queries, getting the right context in the interface that's where we fit into the architecture." so let's put it all together

i like confluent the company ame chasing them up 75%. especially under a little more than a month however, you can still make a valuation argument for this one because it trades at a sizable discount to both snowflake and mongo db on an enterprise value to sales basis, still one more important metric despite growing faster than mongo db and only a bit slower than snowflake that said given how much the stock's run it wouldn't kill you to wait for a pullback from here to the mid 30s, maybe high 20s to pull the trigger. confluent finally caught fire because it's a high xwault data infrastructure story that's riding the ai wave while it's probably too late to go all in up here you've got my permission to put in a small position and then wait for a chance to buy more as it comes down "mad money's" back after the break. >> announcer: coming up, remember the internet of things? cramer profiles a stock you won't want to miss next

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today we're highlighting a couple of enterprise software stocks that have exploded higher in recent weeks. two members of the dreaded ipo class of 2021 that have turned from losers to winners and they did it practically overnight. now, earlier i told you about confluent. but there's another one that's even believe it or not hotter and that's a company called samsara, s-a-m-s-a-r-a, which is now up 123% year to date including a 46% run since it reported only a week ago samsara's main offering is the connected operation cloud. it's a software system that lets companies gain actionable insights from the internet of things hence the. >> iot at the same time they do a small amount of hardware tells mostly

from selling the iot devices that monitor a customer's physical operations and feed data to their software platforms. this is a different kind of company. i really like this one haven't seen its model elsewhere. basically, samsara helps businesses digitize their physical operations and become more efficient in the process. their data platform collects video footage, motion detection data, gps location data, energy consumption data, asset uti utilization data and almost any reading you might get from a vehicle. the idea is to help their clients visualize their physical operations in real-time all on a single platform. novel. how does it work for example, a large municipal government reduces fleet down time for its cars and trucks by 28% using samsara's platform this is smart technology a large garbage company used it to achieve a 58% drop in speeding incidents now you get the idea, right? business is good in its last fiscal year samsara had 52% revenue growth, 42% recurring revenue growth, very

strong now, it's still unprofitable but its margins are moving in the right direction. when these guys reported in early march they delivered a magnificent full-year forecast although after an initial ru the stock stayed rangebound for the next three months. that is, until samsara reported again last week. the most recent numbers were nothing short of -- ♪ hallelujah ♪ spectacular. better than expected results, billing, sales, annual recurring revenue. all of the earnings. they're now very close to breaking even. free cash flow, key metric for me, looks like it's about to turn positive. at the same time samsara gave terrific guidance for the current quarter and management once again raised their full-year forecast they're now talking about 33% revenue growth i like that. but as good as the numbers were the story samsara told in the conference call was even better. first management explained that they could report such excellent numbers because they're winning a lot of new deals, especially large deals. how's that possible when so many other enterprise software plays hit the wall samsara says there are two sides

of the same coin businesses have gotten more discerning when they buy technology and samsara's been able to convince prospective customers to go with them because their products have a proven track record of helping customers control costs and delivering a solid return on investment they've got all this technology in every machine, every device, every vehicle. samsara can help them do something useful with all this data and that saves money that's what it tends to do don't take it from me. after the quarter our favorite software analyst, a fellow by the name of sterling auty. he works at svb moffett nathanson. he put it perfectly. quote, samsara is a company that is offering solutions that can be deployed quickly and save companies money. these are the types of projects that get the green light in tough economic times also it helps that samsara's price is per device not per employee and this comes out of the operating budgets not the i.t. budgets." interesting. interesting differences there. so in an environment where other

software customers have trouble closing deals in so-called elongation before they close these guys have no problem winning tons of new business they added a record 138 large customers in the first quarter including one of the biggest names out there, united rentals, uri. of course any good tech story needs an ai angle even if management practically makes it up out of whole cloth. samsara's actually got a convincing argument for its ai specifically their technology created 6 trillion, that's right, with a t, data points last year. the whole idea here is they help customers gain insights from this constant influx of internet of things data then they're able to use the data they've accumulated from customers in specific industries and then create ai tools that are particularly useful for that space. on the conference call the ceo talked about how one of their clients is using samsara's vehicle telematic system and expanding from that into an ai-powered video-based safety application. something that can improve the

safety of its vehicles and more important from a corporate perspective lower their insurance premiums very hard to do. based on the savings here, samsara says this customer can probably earn their money back in about four months so yes, we've got a real value-based idea here. now, samsara's stock has finally risen above its original ipo price thanks to its big value over the past week at this point it's gotten pricey enterprise value to sales multiple 14. remember, that's how we value these unprofitable software names. in a perfect world i'd wait for a pullback to a cheaper level, just like you told you to do with confluent this one's so good i don't think you're going to get it i really don't you actually probably have to add a small position in here and wait for it to come down like i do with the investment club where i've just got to put some on and then you can buy more as it goes lower. i'm afraid there is as much up side here. that's how good the story is last thing before i move on from these new enterprise software companies.

both confluent and samsara have -- and this is very interesting. they have investor meetings coming up. confluent's investor day is next tuesday june 13th while samsara has an investor day the following week, june 22nd. i'm not sure what it will mean for these stocks but these events are often positive catalysts. but given how much they've already run, maybe they can tell incredible stories and they might not get that much lift from here. the bottom line, if you like the sound of confluent or samsara after what you heard tonight, and i think you should, i'm begging you, see what you can learn from these upcoming investor events in order to get the full investment case from the horse's mouth. i like them both right here. of course i like them better on weakness chris in virginia. chris. >> caller: hey, jim. my name is chris pastorelli. i'm 28 i own my own firm in northern virginia and i've been into stocks since i was a kid >> congratulations on your success. >> caller: thank you, jim. i appreciate that. it's no mongo db or -- twilio.

they just partnered on their large language models to be able to assist in understanding that data that's running through their segment platform they've been pegged at a really good growth rate of 40%. since their ipo down a bit i see them growing at 25% for three years -- >> i'm with you. i had my doubts about jeff lawson's company for a long time loved it for a while all the way up then it's come all the way down i did not catch it at the bottom it did trade 20 points lower than here. but i think everything you said, chris-s true i think they're making a comeback and i think it's time to say buy half twilio now and half if it comes in. let's go to nick in virginia, please nick >> caller: hey, jim. >> nick, what's up >> caller: this stock has been sold off in the last year and you may have heard we have an election coming up next year there could be some good political advertising money coming this company's way. and they also have no

significant debt maturities in the next three years but they do have some coming up in 2026. are those debt maturities things to be concerned about now? the stock is gtn gray television. >> yeah, you have to worry about it the stock is trading so low it tells me the company is going to need money i don't like anything that's involved with local tv or local radio. and boy, that has kept people out of a lot of bad stocks that's my take, nick thank you for the call if you like the case we just laid out for samsara and confluent, and boy, that samsara, i really like that right here, then pay attention to their upcoming investor meetings and get ready to buy them on weakness although i am blessing a samsara acquisition, small right now. much more "mad money." including my discussion with the ceo of wheaton precious met alds would a streaming ticker be the way to go? i'm talking to the ceo a very interesting story why does the unemployment situation seems more people are being hired than being fired i found the reason i'm going to share it with you and how it impacts the role of

infl inflation. and of course all your calls rapid-fire in tonight's edition of the "lightning round. plus don't miss nbc's "inspiring america. that airs this saturday and sunday as we head to break, let me give you a sneak peek of "today" show's craig melvin talking to reba mcentire about her efforts to save her hometown from economic ruin. >> folks who are watching this have heard about how reba mcentire has helped save her tiny town. what do you want them to take away from this story >> well, i want them to take away that reba was a small part of a great story, a successful story, one that's still growing, one that's still thriving, and one that's talked about all over the state of oklahoma.

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now that inflation's cooling and the debt ceiling crisis is in the rearview mirror for heaven's sake, thank -- wow, is that good. but then you've got to ask what do we do with precious metals? i'm talking about gold and silver while they pulled back a bit since the debt ceiling, they're still up big off their lows last fall so what if you want to have a safer way to play gold and silver i want to introduce you to wheaton precious metals, which is what's known as a streaming company. they don't mine for gold and silver instead they front the money for a mining operation in exchange for the right to buy the resulting metals at a discount not equity actual when you buy something like wheaton precious metals you're betting on gold and silver or cobalt without the operational risks that come from owning an actual miner i think it's an intriguing story. let's check in with randy smallwood, president and ceo of

wheaton precious metals. mr. smallwood, welcome to "mad money. >> always a pleasure, jim. good to sighee you >> randy, you know i dislike precious metals, always have since beginning the show i think this is a guy g. way for people to have exposure. i want everyone to have at least 10% of their assets in precious metals tell me why this is the best way to be involved >> well, the advantage of the streaming model is that we take out so much of the cost risk of a traditional mining investment but we still deliver all the benefits, you will at the rewards, all the organic growth, all the expansion potential, and obviously the price exposure and the commodity price exposure's even levered because we do have that base production cost as the gold and silver gets delivered to us. so it's a great low-risk, high-quality way to invest into precious metals. >> and how have people done since they started with your company? >> we've got a lot of happy shareholders and with our growth profile we're going to have even more happy shareholders over the next

few years. >> now, you put in a huge amount of money since you started how have you done with that amount of money? >> well, it's actually interesting. earlier this year we reached i guess what you'd call the payback level where we've invested about $10 billion into the mining industries, a number of different projects. we've got over 20 projects delivering metal to us and a whole bunch of development projects but earlier this year we surpassed $10 billion received back so we've reached that sort of payback stage. and considering we've got 30 years of reserves be, another 10 years of mni resources and 20 after that, altogether 60 years of production still waiting to come out over the next while, we're in great shape >> what kind of growth are you predicting, say, between now and 2027 >> 50% growth. this year we'll do 630,000 gold equivalent ounces. we should be close to a million gold equivalent ounces by 2027

as i said earlier on during our first quarter results this year this is the first of many quarters where every quarter is going to be better and better than the previous one. good strong growth both from existing brown fields assets and a bunch of new projects that will be delivering metal to us it's really exciting times >> for years when people told me that they wanted silver exposure i always said wheaton. now, that is basically kind of the roots of the company but you right now are chair of the world gold council and yet i understand that you share some of our viewers' like for silver. >> yeah. it's interesting as the chair of the world goals council my favorite metal is silver we started this company focused on the silver space. the silver space, and that's one of the reasons why i like silver, is there's just not a lot of it out there. it's really tough to find. very few silver mines in the world. most silver is produced as a biproduct and most of it comes from lead zinc mines and there's just not a lot of new lead zinc

mines getting built. so there's going to be a supply -- well, there already is a bit of a supply shortage on the silver side and we're seeing that add some strength to the silver price we just haven't seen the move that we expect so far. >> well, i think there will be a great move i agree with you now, one thing that's very interesting is that single source mines, mines that actually are pretty attractive if i could have a portfolio of them, happen to be drawn to you and you get great deals for your shareholders not just your stakeholders but for your shareholders. >> that's exactly right. right now the public markets, if you sit and look at how mining companies are trading their shares, especially the earlier stage single asset development companies, they're having a tough time getting support from shareholders no doubt a little bit higher risk when you're only building one mine going forward and you don't have access to operating cash flow. well, streamers, we're the long-term investors of today we're the ones that step in and support these knz on a go

forward basis. and our cost to capital to these companies is so much more attractive than issuing shares and diluting the existing shareholder base so we have a long list of opportunities we're working on right now. we just announced another one a couple of weeks ago and we're expecting to close a few more acquisitions so we're going to add even more to this already very strong growth profile this is a great time to be in the streaming business >> all right one last question, randy i'm involved and have watched the crypto market. it's very opaque it's difficult to tell what goes on i think wheaton precious metals is probably the least opaque metals company i've come across. i can't ask you to speculate on a binance or any of those different outfits. but if you can just tell our viewers, if you want a hedge, which one might be a more let's say transparent hedge for people who don't like the fiat currencies >> there's no doubt going into the precious metals space.

that's what gold has been forever. is a store of value, a measure of value that lasts. it's apolitical. it's not subject to political influence. and i think that's even been reinforced over the last year here we see central banks buying at record levels as they're moving into goldbecause they realize that it doesn't have -- it's not subject to political influence and that's what gold has always provided that's what precious metals has always provided. you can't copy it. it's only one. there's only one gold. there's only one silver. and as a store of value it's lasted for thousands of years and it will last for thousands of years >> well, i'll leave it right there. and i'm glad you and i are very much simpatico on this issue randy smallwood, who is the president and ceo of wheaton precious metals, sir, thank you for coming on "mad money." >> always i apla pleasure thanks, jim. >> we'll be back after a break >> announcer: coming up, what's

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disappointments. you only get so many strikes in this game. let's go to nick in pennsylvania nick nick go ahead, nick, you're up. >> caller: hello >> yeah, nim, it's jim >> caller: no, this is jason >> sorry jason, what's up >> caller: i was wondering about nuscale power. >> a lot of hype not rigorous enough for me to recommend on this show william in arizona >> caller: boo-yah from sun city basell >> i like it i think you can own it for the long term. bruce in florida >> caller: released results of a trial to demonstrate a slight increase in overall survival and -- >> yeah. but not enough i was surprised it wasn't better after all the things they've done for brain cancer. i'm going to have to say stay away how about terry in washington?

terry. >> caller: i'm a club member >> yes >> caller: i've been following you since we both had hair hey, buddy -- >> since i was 7 >> caller: yeah. what is the best play for the industrial slash power grid? i'm looking at eaton what do you think? >> you're absolutely right, eaton. 52-week high if it ever comes in, buy buy buy. i've been talking with jeff marks one for the investing club that's how good it is. i think you have real horse sense. nick in florida. nick >> caller: baa baa-boo-yah, jimmy chill. it's rick, no more new york, finally fresh airflorida and i've been watching your show since the days of dan dorffman >> oh, my. mordor what's up? >> caller: i want to congratulate my dearest sweetest friend on her confirmation today and i want to thank you, jim, for what you do for all the viewers. my stock is a leader in its niche but it it's in a space that's undergone some recent pain that might not be over.

it's a reit but this might be the time to look back and say that we should have bought is it too early to pull the trigger on letter o, realty -- >> no, you want to buy that one. i think that's an absolutely great idea thank you for the kind words but boy, i think realty income is terrific. let's go to billy in north carolina billy. >> caller: jim, at your recommendation i'm in ow owens-corning at around 28 i've held it for years please tell me what to do with it now >> i want you to sell half of it take it off the table, then let the other half there was a previous ceo two ceos ago who used to come on and tell a great story i'm glad you did it. chris in alabama chris. >> caller: hey, jimmy chill. boo-yah. >> big chill speaking. what's up? >> caller: long time, second time thank you for everything you do. >> quite welcome >> caller: so ai seems like the next major secular trend i found an ai robotics company that specializes in supply chain management in warehouses and

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we spend way too much time trying to figure out why more people keep being hired and not enough time figuring out why more people aren't being fired right now we have this temporary lull in the cliched red hot job market where we actually are waiting for something negative to happen that will make the fed declare a victory in its fight against inflation. at this point in the rate hike cycle you'd expect a lot more job losses than we're seeing and those layoffs cause people to spend less money. which is what historically stops inflation. we're not seeing that now, though and i think i finally realized why. i think we lack creative destruction. ordinarily companies would merge and then fire a bunch of people with overlapping jobs. but lately mergers cope getting blocked, or at least delayed by the federal trade commission i know it sounds almost quaint to our younger audience but we had these things called doctrines where the government wants to preserve the right of the consumer to not be price gouged by powerful enterprise that have been put together by

rich money men, now factors of great wealth as teddy roosevelt called them back in 1907 back then businesses more or less called the shots because the government was much weaker than it is now too weak to stop companiesm stifling competition or colluding to keep prices high or outright monopolizing entire industries the ftc was created a century ago to stop this kind of behavior they tried to thread the needle between allowing enough mergers to create more efficient entities without allowing so many mergers you end up with little competition sometimes it's leaned more to one side than the other side but there are always plenty of mergers the ftc approved that all changed when joe biden named someone named nina kahn to the ftc chair. she more or less views all mergers at hurting the consumer solely to help the malefactors of great wealth. i wish i was exaggerating. she has made it clear she sees

all mergers as -- you could argue we have a system of checks and balances in the country. nina khan at the ftc doesn't have authority to block these deals. there's also the justice department division run by a reasonable guy, jonathan cantor, former corporate lawyer. the difference between these two is really stark. but because khan's dead set against most mergers most of the major executives i'm saying ar saying let's not merge at all, forget about it. maybe we wait and see if the republicans win next year because we do anything the ftc's just going to block it anyway. and you know what? they're right. can't blame them but that impact is creating a world where many industries have no rationalization at all or certainly no creative destruction. we're seeing a fraction of the -- half the companies that currently exist. we need far fewer and better drug companies we have so many oil producers it's nuts. same with restaurants, real estate investment trusts only airlines need more

competition that i can see but i'm pretty sure linda khan's ftc would try to block any deal in any of the industries i just mentioned. any. there's one other industry with too many people khan doesn't preside over that's the banks it might not even matter these days given all the fintech bank alternatives that have been created in recent years. but we have a doctrine against bank consolidation i like that. it's only been breached once and the regulators only let that happen to stop a bankruptcy. we'd be seeing huge layoffs as businesses sxhernlgd fired people maybe you think her views are possible it's certainly good for the people keeping their jobs. but it's bad for inflation because it means the price of labor stays zub-bornly high. khan's one of the greatest creators of wage inflation in our nation's history and from the stock market perspective that's a very bad thing. same for the fed hey, same for you when it comes to your costs. as long as khan's there we likely won't see the giant

layoffs that we'd normally get at this point in the cycle inflation killers for certain. whether you like it or hate it, at least now you know a big reason why inflation is far more sticky than it should be right now. i like to say there's always a bull market somewhere i promise to try to find i hi i'm brian sullivan is china making moves into america's backyard the white house on its heels over reports of a planned spy base icuba. from don't be evil to get your butt in the office. google has strong arm tactics to bring in workers will more companies follow why are silicones names going all in on rfk jr.'s run for president. carvana left for dead, roaring back to life