>> when i say around the horn, we are literally going around now. >> yeah. >> the horn. >> did you figure that out? >> around the horn, it's 's ca horn. when you go -- >> that's why i asked. >> you think i make this up? >> >> my mission is simple, to make you money. i am here to level the playing field. there is always something somewhere and i promise to help you to find it. mad money starts now. hey, welcome to mad money. my job is not just to entertain but to educate and teach you. call or tweet me. the bears, they just don't get it. they see the world as it is and

they are realistically upset because there is so much going on everyday. they see the fed not letting up in the fight against inflation. they marvel how weak things really are and how recession is just a hair stroke away. and then we get a huge and highly successful ipo. is righ the middle of the tech world. suddenly all is right with the world. the dow jones finishing 331 points, is it really that simple? yes, for one reason. there is always so much sign my money at all times waiting for a signal that things might be better. after 18 months the multibillion-dollar arms still was exactly what they needed.

suddenly all of the ipo money is pouring by him. if the money wasn't something they saw coming and make some impossible to control the narrative. it blocks out the negative and accentuates the positive. the next thing you know the whole market has a change of heart. now, doesn't make sense for the market to work like this? of course not. it is absurd. arm doesn't change anything, but psychologically it damages the bears case in several important ways, the market runs on psychology and not analysis. let me take you through the bullish screen. wall street doesn't make much news these days. the ipo is news. because it was price with real thought it didn't pop up and then go down.

he continued to rally, closing out nearly 25%. even if you bought it at the opening you still make money, a lot of money. that is very important. it reminds people there are more ways to make money in this market. we will evaluate the arm deal later in the show including how much it is worth. right now want to talk about the mistake the bears may. they never imagined an seemingly meaningless event could change things, at least for now. during these months there have been really almost no ipos of real significance. without any everybody in the investment bank industry was missing out on a major line of business, underwriting. there was no point in calling up executives and suggesting. nobody wants to try to come public in a frozen ipo market

like we have. today those bankers suddenly have a reason and you have to believe they are calling. the market is by. that if a powerful phone call to make. i expect to see j.p. morgan, and goldman sachs marching higher from here. it's going to happen just like how do i know? first of all i worked there did these things. i tapped them to bring up company public during a period when it was bad and then good. we've had horrendous performances. arm suddenly didn't tell her things were getting better in those key markets although we always hear both hands. we know that the artificial intelligence piece, the third positive is alive and well. which means is not reselling anything right now. the way that i see an arm could

rally almost 25% because it's partners with nvidia on their latest chips they designed the super chip platform. that is why nvidia wanted to purchase arm a few years ago. speaking of ai, what are the most viable parts of being a bear right now is you have a major investment and it has become let's just say it's hard to shoot down. people thought the ai boom peaked when nvidia stock went down after an amazing quarter. that made them think maybe it is speaking? well, no. the bull market would have been a great score, but after today i don't think so. the bulls can say that as good as arm is, the cpu, what they make, if much smaller than the graphics processor, which is nvidia. i think an easy call tomorrow if the come out and say it's

time to get back into nvidia. there are plenty other of ai placed well off their highs including some of the nvidia key partners that will be called on tomorrow to move higher by analysts. how about oracle, it is on the eve of an oracle cloud world next week. how about the biggest gaping hole in broad calm, down 50 points. those are both inexpensive thought and they are intertwined. how about adobe? although the stock didn't get much the -- aftermarket trade. idiot run up 50 points. oracle ran up and so did broad calm. of course the positive power of an ipo cannot wipe out the risk, let's just say it's not going to be positive. united parcel gave a big payday

to its workers and that crush their stock. a strike will also crush the earnings. the positive power of arm cannot hide a price index number like yesterday. these inflation numbers are just too high. they suggest more work to do. there is no denying oil is the problem. it seems to have no cap. our own domestic bureaus are pumping more again and crew to be headed to $100 per barrel. sure, we can ask for funeral costs, a one gets embedded into the price of everything inflation will become more visible & tolerated by the fed, by you and me. interest rates with a high of the market that we expected. the rays have control the story. it is why the bears have already always seem to have the upper hand. to the billionaires who are never happy with their stock, but you only need to get rich once. bottom line, the bears don't

have the upper hand emotionally, at least not today. that belongs to arm. every now within the emotional hand can be as powerful as the intellectual. this is one of those times. let's go to don in florida. >> hey, jim. this is don from san augustine. a few months ago my wife was telling me she was using a new product with some nice quality and price, which was held and beauty. she said to look into it. i bought some and the stock is the very well. it started to waver a little bit in the last couple of weeks. i wound up selling half of my holdings. since then it has come down a bit. inside is felling and so forth. i was getting a little nervous with the consumer outlook.

>> but they also made an acquisition. i thought it was a good one. people get nervous and i think that is a mistake. i think elf has done incredibly well, but it is up a great deal. i don't think you are wrong in taking some profits, let the rest run, please. paul in south carolina. >> this is paul from south carolina. >> elijah called in, what's happening? >> i am a long time father, i've read all of your books, i'm a club member. >> thank you! >> the price of oil has been going up. pioneer seems to be responding but devon did not. >> devon did not deliver a good quarter. i think it is still very undervalued. you know pxd is the best and

show. the bears are plenty of reason to be negative about the actual economy, but that's not the stock market. an ipo like the one we got today didn't go a long way and changing thinking. the most highly coveted deal, i'm going to break it all down. and not only was i excited about the arm deal, so was wall street with the stock finishing the day higher. i'm going to share where i come out. yesterday i had the opportunity to cruise around san francisco in a driverless vehicle. i'm sharing part of one of my interviews from the back seat of an autonomous vehicle in a television first with the company's top brass. stay with cramer!

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>> today we witness the large of ipo in nearly 2 years. it is arm holder returning to the public market in a $4.87 billion deal. this company has a storied history and we can learn a great deal for wall street's voracious demand for its stock. i thought it a disproportionate portion happening on the right before the close of trading.

even after this move i think arm holding is still pretty enticing. i was hoping for a lower price. now it has become a more high risk story. before we get to the nitty- gritty we need to know what you are dealing with. that is why tonight we are running a two-parter, know your ipo. it is really that significant to the rest of the stock market. this company was initially founded in 1990 as a joint venture among apple and a couple defunct tech companies. if a public until 2060 the whole enterprise was taken over by softbank and made into a private company. this company is an inch for part of the semiconductor food chain. it designs low-cost energy efficient cpu products and related technologies.

truthfully they merely design semi conductors and license those designs to customers. they sell their designs to automakers, auto suppliers, all sorts of companies operating in the internet of things in space. typically these guys make their money in two ways. first, customers pay a licensing fee for the right to use intellectual property and design. once the customers actually produce chips of their own arm collect a royalty fee on every semiconductor mate using their technology. usually a fixed price. or a fixed percentage. although they offer discounts at higher volumes. they keep getting those royalties forever. laster 46% of the revenue came from technology designed more than a decade ago. because customers keep using the system. i've always loved this type of this model. it's why i also recommend the

old arm before was taken private. it only works because this company has incredible technology and great engineering. these things are literally everywhere and especially in the world of smart phones. ever since inception arm holding has always been focus on energy efficiency, essentially you're making devices like smart power. over time things get more complicated. the designs became increasingly crucial. it is kind of the point others don't even bother to try to compete. they do not compete dividing -- designing. it is much cheaper to life of them from arm. at this point they have an enormously competitive moat because of a software ecosystem crated around their design. they more or less have a monopoly on smart phones sensor processing units and cpus with more than 99% for heaven sake. because a license to other

firms regulators do not go after them for competitive practices. when you look at the market more broadly it is a duopoly with arm based designs competing against excel. arm control is almost the whole market while intel designs dominate pcs and to some extent servers. the problem with being a smart phone oriented semiconductor company if the market has been turned to a place that is no longer a great source of growth. that is why they need to expand beyond. last year the total revenue was placing them flat. in the most recent quarter they cited 2.5% decline. meanwhile, especially since we've had weaker smart phone markets for the past few quarters. going forward wall street seems confident arm can return to double-digit revenue water growth in the next couple of years as the industry grows.

still, the recent bout of soft numbers underscores the need to diversify away from phones. i'm optimistic that they can do so and there are two particular areas i am feeling very good, modern automobiles, especially electric vehicles and data centers, in particular the most advanced data centers. they will be powering new ai technologies. for the same reason these designs won the entire smart phone market, energy efficiency will let them win all these others. nobody else comes close. cars and data centers need to be energy-efficient. modern automobiles are incredibly complex containing 1000 more chips on average and double the number for electric vehicles. electrics are running on battery power. they really need chips that don't burn through electricity just like a smart phone. their market share has grown from 33% at the end of 2000 22/40% by the end of last year, a very good sign. as for the data center nai there is a bit of a different

challenge. data centers do not need to run on battery power. as they become more complex and powerful the key limiting factor is heat. these servers tend to run really high. he does not go for computers. company spent a fortune on air conditioners to keep them running at optimal levels, bad for the environment. that is where arm comes in. when amazon wanted to start making their own chips for amazon web services data centers they use arm architecture for cpus to keep down the heat without compromising performance. arm is also a key partner with nvidia. i tell you almost every night is the biggest winner in the ai era so far. they love arm to the point where they tried to purchase the entire company if you years ago. the arm ceo is actually inworld and the passage gpu, they

combine them. here is the bottom line. there is a reason everyone is so excited about arm holdings. it is totally justifiable the stock was up nearly 25% on its first day of trading. it is still worth buying? stick around and i will tell you whether the price is right. mad money is back after the break. >> coming up, while today's hot stock cost an arm and mary? know your ipo continues next.

>> before the break i told you why everybody is so excited about this ipo. if one of the most important semiconductor companies in the world. i have some issues like an

overlying in the smartphone market. they are working to correct that, but it's going to take some time. as much as i like that in theory the stock have plenty of problems. it is much harder to make money with the stock all the way up here. first off they have a very confusing situation going on in china. like most companies arm operates in china. it effectively resells technology. last year they sold their interest to a different subsidiary of solvang. that is the investment holding company taking arm public. that deal allows arm holding to treat arm china like a regular customer. the downside is i don't really control the chinese business. when you take a closer look it is clear that they never had much control in the first place. in the end the chip designs are so essential they will be able to do a lot of business no matter what.

the china situation is certainly a complication. secondly, even after coming public today softbank was still under almost 90% of arm holding, containing complete control of the company. if softbank is eager to ring the register and is going to hurt the stock. they do have a 100 a lockup before they can sell any additional shares, which means the stock to get an artificial lift as the bulk of the share count will be available. i am pretty sure softbank is happy to maintain a long position. what worries me if i don't like situations where private equity firm control the publicly traded company. it often leaves the public investors getting the short end of the stick. finally there is the question of valuation. it's very hard to justify the $54.5 billion evaluation this company had at its ipo price.

now the stock is up nearly 25%. this is a company that had $524 million in net income last year. it is valued at 100 times earnings. arms earnings were down the first quarter of the fiscal year, that's right. it is a stretch to assume they will have an up year. how do we come up with a reasonable valuation? we know stop pay $32 billion to take arm holdings private in 2016. nvidia tried to purchase the entire company in 2020. separately, last month softbank had an internal transaction for one of their funds sold a quarter of arm holdings to the parent company for $16.1 billion. one of the data point, research

initiated coverage, something they can do because they are not participating in the ipo. their price target is with the nine dollars. it is expensive, almost all of these. what is interesting is they think the best way to value is with the royalty revenue base. this is how wall street judged arm toward the end of its as acquired it traded roughly 41 times. when softbank took them private they pay 29 times revenue. that works out to an $82 billion evaluation based on 2026 numbers. they have to discount that because we're still in 2023.

in general i think it makes sense to trade in the middle to high 50s. there are plenty of reasons to be optimistic about their ability to expand instead of smart phones. management still needs to prove they can pull it off. i was pretty pleased to see them opening right in the middle of that range. unfortunately rallied a bit from there. there is not much upside left based on their trend numbers. i think you can put on a small position in the low 60s because there are some tactical factors. the stock is going to have a small float not just because softbank owns 90% cannot train, but also because a group of major tech companies banded together his cornerstone investors and purchase 15% of

the shares. they are certainly not selling anytime soon. i have to believe the rollout in about a month will be positive once the book runners are free to talk about it. i wish arm stock has stayed in the low to middle 50s. it would be so easy for me to tell you to buy it. even a 63 willing to justify a small position here. if you're looking for a higher level from today's ipo i was say this deal went about as well as it could go. at which point companies value at a ridiculous $150 billion and barely finished 150 cars. the thought came crashing down

losing 80% of its value over the next 18 months. today's action was much healthier. here is the bottom line. i think they feel was pretty close to a goldilocks outcome and a sign of the things to come going forward. arm went up enough to get people excited, but not so much that the whole thing became a mockery or a sham. let's hope they keep set up when it comes public as soon as next week. let's go to jim in pennsylvania. >> hello, how are you? >> i am good. how about you? >> great. thanks for taking my call. i have a question about amd, do you think i should hold or sell? >> i think you should hold. what happened if people are selling amd to purchase arm. that is what happens. you have to wait for it to

settle. i think they will do very well going forward. they just are not as in the conversation as much is nvidia right now. how about joseph in florida . >> go eagles! >> go birds! i will be there! >> hey, buddy, how are you? i'm doing fantastic. i wanted to say hello to my wife and my son. i wanted to actually quick question. is amazon's recent surge going to be a big boost for the stock long-term? >> so interesting you mentioned it that way. this morning morgan stanley had a piece out talking about how much money they are going to make in retail. i thought they were going to lose. i say this stock, which hit a new high today could shoot toward all-time high. today arm was as close to perfect as you get for the ipo market. let's hope it can stay that way. tens of thousands of automobile

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>> we are now back home in new york after three laureate days

covering the salesforce annual conference. we are not quite done. while we were out there with found time to check back in on one of the earlier ai stories that we've covered in cruise. that is the autonomous right hailing business backed by gm. driverless technology marches on and this time we had a chance to speak with the cofounder, president, cto of cruise. we did it in the back of one of his vehicles, cruising the streets of san francisco as we talk. the first time he has ever done an interview from the back of a movie list -- driverless video. we had to split the interview in two parts. take a look. >> while this is comfortable. >> you have to buckle up and press that start button and we are on our way.

it tells me exactly where i am and knows your name. that's from your phone, right? what i have to imagine is this is second nature already? >> for a lot of people they commute to work. >> do they really? >> i saw some numbers, up 18% year-to-year. the direction is clearly going your way. >> we are off. no one behind the wheel. >> did you tell her we want to go? >> when i opened the app i typed in the address. >> let's just get right to it. i want to talk about an incredible double standard given the empirical data you have between the dangerous ride and the safe ride. you've got third-party data not

from gm or cruise but universities that have no skin in the game. michigan and virginia tech are able to say here is the data. it is much more favorable to what you do. >> their contribution was to answer this difficult question of how good our human drivers? when we look at the federal insurance and it turns out the majority of collisions are not reported. we established that. now we know how good humans are and surprisingly they get into a lot more accident. >> 91% of the real bottom line, and the number of miles, more than 5 million and the percentage of accidents is so stark. if you have kids or a teenage son or daughter, i think you want them in this and not upfront. >> that is our view. at this point it is about a 75%

reduction in the more severe collisions that could cause injury. i get sometimes ev's do something awkward. >> i saw the videos of the two going together. one was stuck in summit. >> that's the thing we need to anchor on, safety. we forget that almost a 737 deal with people die in the us every day on our roads. >> i think if we were back with henry ford we would never have a human if we knew, we would create one of these if they had the technology. >> exactly. even with a right hail, with a human driver you don't know what they did before they got in the car. that was the best that we could do after this technology. >> i've been talking to someone who has been looking at

progressive, geico and liberty and looking at numbers trying to figure out what is safest. i have to believe the insurance companies, which at one time i thought were very against you are looking at the data inking for commercial vehicles they would insure this any better rates than a human. >> there should be a reduction in collisions. i don't know how exactly that will translate or how they will modify business models to adopt that. but these vehicles will still get into collisions, just far fewer. >> the more forward thinking rental car companies, i have to believe there are talks going on. >> there are a lot of interesting things that we need working, charging and maintenance for a large fleet in the future. >> in your most recent interview you do say the man is off the charts. that is commercial and not just

liable. >> there are tens of thousands of people in san francisco that use this. when the service is on my and we have cars available it is almost always busy. we expect that to continue. there is going to be a lot of demand versus the supply. >> i would imagine one of the users, like walmart, very tech savvy. i could imagine they would purchase everyone they could get their hands on. it saves them a lot if you get the dollar per mile. i think if walmart wants to drop off things it is a way for them to make what has been a very attractive problem less expensive. >> is huge for logistics. you see it when you order food or groceries from an app, all of the money that it cost to get it delivered, the tip and everything else we can do a lot

better with rubble taxis. we are actually already running a pilot with walmart and doing grocery deliveries. >> i think i would be really start thinking rather than having a franchise for buying a series of health clubs, what i would like to do is say you know what put the other group of people together and create a franchise in each city that owns these and makes a good roi. it must be pretty good soon or is it now? >> we are not selling these directly to consumers yet. >> i'm saying if i put together a team? >> i think down the road as we have a larger service area that is viable. you see these models exist today. there are people who own five or 10 cars on the uber network and then there are people, even large delivery companies like

amazon often use small mom-and- pop shops of 10-20 vehicles. that model does exist already. >> gnocchi just switch lanes. what happened? >> we are making a left turn. you can see that on the map. >> and left term for some people even when they are starting can be intimidating. this obviously cannot be intimidating because it has a 360 view? >> i remember when i was learning to drive green does not mean go, it means yield. i've had a couple of close calls myself. >> teenage death numbers are too high and have gotten much higher. the use case has stuck -- skyrocketed. instead of going down they have spiked. this is the right product just to get that number lower?

>> that statistic is very painful. cars are coming out with more safety features. we are still getting worse in terms of fatalities. i have to contribute that the people being distracted. we been unsuccessful as a society to do something about this. i think that is okay in some ways. we have to get to work, to school and our jobs. there has been no effective solution. this is the first time we have a technology solution that can have a use reduction in those injuries and fatalities. >> one of the most powerful lobbyist in the country if mothers against drunk driving. if you should be against drunk driving you should be pro-self driving? >> we talk to them and did some work together. some of the points of views are compelling. look, as much as we try some people are going to have a drink and you are going to find

them in a situation where they need a ride home. providing alternatives is a great solution to those problems. >> coming up kramer take sure calls and the sky is the limit. it is the lightning round next. doors lead us to places we've never been. your dedicated fidelity advisor can help you open those doors. they can help you create a retirement-income plan designed to balance growth and guaranteed income. and provide access to specialists who help with estate planning to look out for future generations so you're not just growing and protecting your wealth. you're sharing it. because doors were meant to be opened. great job, everybody!

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joseph in washington. >> i'm not so happy with my abbott labs stop. i'm thinking of selling it. >> you know what, stick with abbott. it's being down right now my concerns there when i be a diabetes issue. that's wrong. i wish it wouldn't. let's go to walter in virginia. >> hey, jim. how are you buddy? >> i'm good. >> what would you pay for a product that increase blood flow massively and was targeted toward an athlete and was based on red gray cells and all you had to do was take a capsule at night? >> i would say is probably not

true. >> now you are talking, it's a decent stock. the other problem is they are not making money. if they start making money we will rethink. let's go to randy in pennsylvania.'s >> fly, eagles, fly. i want to know if you had a private jet ready to go to the super bull, are you ready? >> i actually fly commercial but i'm ready. >> you are awesome. i hope you like my gift. you are invited anytime to the horse center. >> how about a stock? that would really be nice. >> essential utilities. >> i like them. they are philadelphia-based and it's a good place to buy. let's go to ken in illinois. >> thanks for taking my call. first time caller from

illinois. >> what's up? >> i wanted to get your take on club power? >> we are done. we have other stocks to focus on. in bears. i picked at 152 running backs in my fantasy league. let's go to dustin in colorado. >> jim, the man, the legend. let's see, i want to see what you might have to say about roku? >> the last order was really great but the problem is they are not making money. we do not recommend stocks that are not making money. that has concluded our lightning round! >> coming up, three days in san francisco would leave any investor interested in a glitzy

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>> when i was out in california the only two words to her more than artificial intelligence were after cold it. it is incredible how much the pandemic is a part of the conversation. we are cautious of how much we say it because it's kind of in the ether. it is an investment thesis in itself. there was a 70% year-over-year increase in commutes over the first half of the year. and that is what we been waiting for. i realize this could be a really serious case for crews.

if we don't get more people on the road we don't get in middle use patterns. i don't want to see the bus so great for commutes coming soon not have a thesis. they will be testing really soon and if kennedy comes back this be another great use. with lifting a 17% increase i want to double down on another company because more community means empty offices start to develop. with a nearly 6% yield with the wind he hunted boston properties is the want to own. when people come back to the office they drop the apparel. if you look back at the last quarter for apparel companies i come back to ralph lauren. a good quarter and doing well. just amazingly overlooked.

it also looks like we're going to be getting back to the same pre-covid patterns of home renovation. i talked to the ceo of williams- sonoma and i was impressed by the amount of seasonal buying for the holidays except now it is on steroids with thanksgiving shopping already underway. it seems like people are spending like they used to before the pandemic or maybe even more so. of course there is another way of looking at this. the pandemic is over and now so is the post pandemic. we are back to normal but that is bad news for the post pandemic travel boom. the airlines keep on mouthing very weak numbers. i think it foreshadows even worse numbers in the reservation book. if you're getting out ahead of the negativity and often means things get worse and not better. before covid people shot in a

full array of stores. after stores i cannot believe how much is just three stores, walmart, castrol and amazon. each of these three were sampled or use heavily during covid. people saw what they like and they stuck around. i think amazon could run into a new high because retail is booming and they are seeing more profitability and becoming more efficient. during the pandemic they hire like matt and after they are rationalizing. now we are in an after-after colby. walmart lowered all prices. the federal reserve was embracing the economy meaning lots of people needed a cheaper place to shop. costco have the same boost and end its members as we moved into post covid. like amazon costco has no meaningful a problem because they do not let you win unless you are paid member.

in the end as we move from after covid to after-after we can finally tell the difference between temporary fats and the genuine item, but you have to know where to look. i am jim cramer. the genuine i. i like to say there's always a bull market somewhere. i'm jim cramer. last call starts now. right now on last call, is this the stock rally's seventh inning? why one is getting nervous. what gets hacked in vegas apparently doesn't stay in vegas. there are fast moving developments against two casino giants. could disney be looking to sell off one of its most valuable assets? tensions exploding between two of the most powerful organizations in energy and it could have implications for what yo