tim? >> a lot of power in that mets lineup. a lot of power in enbridge. >> karen? >> yes, i find myself agreeing with dan on the google valuation, below market multiple. we know there's headwinds there. i think it's keeping it low, but i'm long, i like it. >> dan? >> while you're waiting for a nike turn around, you can probably play lulu to the upside. >> guy? >> nancy's son evan, who never misses a show, happy birthday, 6 years old today. huge "fast money" fan, e.t. go to mcdonald's for your birthday tonight. stock's doing well. >> thank you for watching "fast money." see you back here tomorrow at 5:00. "mad money". 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. my job is to explain so call me. we're back. that's right. whatever you want to call them. these big tech plays are demonstrating their staying power no matter what happens. they have that kind of poultergeist two magic. this is the first of the earnings season and these quarterly reports matter a great deal to you, to the stock market, to our portfolios. we know this moment is fraught with concerns. you can see the tension with the average, it looks like they'll roll over, step back, roll over. the dow only finished up 200 points. a nice move for the dow. you might be wondering, how is it possible that the magnificent 7 can somehow reassert their

hold over the market? how can they keep coming back over and over and over again? so at the risk of them suddenly rolling over tomorrow morning, making me look, let's say, ill advised. i want to explain what's going on here as we begin the third year of the current bull market. of course, we're talking about alphabet amazon, apple, meta, microsoft, netflix, and tesla. i know netflix doesn't belong but it was part of the orange fang. and i'm pretty sure i created that on partial netflix. it reports on thursday and so it is front and center. i don't want to minimize all the other groups that are rallying, not when wells fargo, which we opened with a terrific quarter on 48 and still going hard. this rally is not a zero sum equation where the rest of the market does nothing. other groups can work, too, in this market. there's a lot of money going

around and we know that there's a lot of money coming into the market. the fed is cutting rates and friendly cash won't be worth as much as it was. but the staying power of the magnificent 7, truly unbelievable. why don't we start with the two stocks of my own on my list? apple and nvidia. why you need to buy apple. maybe people have gotten too bearish on the stock ahead of the earnings. it is bizarre that so many people are so eager to hate the stock of one of the greatest companies in history. especially when the stock has been such a great long-term performer. quizzical, isn't it? it feels like almost every day we come in and some analyst lowers their estimates because of work that showed the iphone 16 was not as much in demand.

they were going to take the other side of the trade, the positive side. plus, many of the objections to apple may not hold as much water as even a couple weeks ago. we know a lot of people were worried about chinese demand. the the chinese government does that, don't you think it is a concern? more money for consumers in china mean more money for the iphone. the analysts try to scare you out of apple based on incomplete data and from a long-material perspective, think about it, they're always wrong. you missed a tremendous run over the past week and then you did it before that. you missed another run. then another and another. no wonder they call this stock the teflon don. nvidia, what can i say? the company had its biggest miss ever in the last quarterly report. initially, it got clubbed with the whole market.

then it came right back with the temporary problem. then it got smacked down after the quarter although it didn't take it from the previous sell-off. it's been working its way back ever since. we learned that the demand is insane, a technical term by the way. next thing you know, the stock is coming all the way back. back with very few people had a sold the stock before this, right? they're long gone and gone at much lower levels. they traded it. they sold it. take this as a reminder, if you trade nvidia, you probably won't be able to sell it high and get back in low. the ship would have left without you. it's just too hard. those are the two i've sworn to hold in my trade. i don't feel the same way candidly about alphabet. the governor has made it much harder to own it with this anti-trust lawsuit. i'm also concerned about

alphabet's ability to keep putting up strong earnings. it has become more of a mead business and has a very competitive space. i do like the sunday ticket. wasn't that great? i used the box and i hit whichever game and i kept coming back to that cowboy game. the cowboy game. the cowboy game. anyway. so the stocks come back. i'm so glad we owned some. i hope you'll be there on wednesday to talk about it. amazon got hammered the last quarter but it's back above 187 now. it is it has too many levers. but i think to its $200 high. meta is off to the races. why not? ray bands, it's awfully hard to bet against this. very easy to bet against it. the stock is absurdly cheap. it's kind of strange how cheap

it is. the co-pilot, the co-pilot being the ai assistant. i have no idea if there is a real weakness but there is chatter and that's enough to send it down. that said, i think the bears need a lot more than chatter to keep it down. when netflix reports on thursday, you have to remember that they haven't even begun to advertise yet. finally, tesla. i know. tesla. up 7. disappointing self-driving car this week. at the end of the day, do you really want to bet against elon musk? i don't. i think the odds are good he'll figure this out. even if you don't want to own it, you're taking your life in your hands if you try to short it. here's the bottom line. even if you miss these rebounds, the magnificent 7 plus netflix, don't sweat the program. we know these stocks will be hit by endless worries giving you more opportunities before they snap right back and start

climbing all over again. >> caller: jim, how are you doing, buddy? i would like to think it is at least worth double than where it is trading right now. i don't know. >> i don't know about double. the quarter wasn't strong that time. i love dave. i think he's doing a terrific job. i think it could go to 16, 17. that's a little too aggressive for me. thank you to the call. >> caller: hello. i'm in ontario. >> wow, holy cow. let me get the map out. do you have map quest over there? if i walk how quickly? do you ever hit the walk button? it's always days. yeah. >> caller: the air is cooler, the leaves are changing and it

is beautiful in the finger lakes region right now. >> how about a field trip? what's happening? how can i help? >> caller: my kids have been back in school for over a month now. i asked them about the shoes that they and their friends are wearing. always the same. crocs. the u.s. consumer is doing well. the company has a new model for their brand. they just introduced a version of their shoe that is hilarious but the stock isn't moving up. what i am a missing? >> i wear my eagle crocs everywhere. this is a heavily shorted spot. people are always leaning on it. they wear you down. and it is just what happens. i have to tell you, i think people always feel there's always, they're always one croc away from getting crushed and that's the problem. if you have the fortitude, you can own it. the magnificent 7 showed their staying power today. if you missed the moves on any of them, don't worry. you'll get another chance to buy them on the endless worries.

the stock continued to climb higher. tell investors missed the move. earnings season kicked off on 48 with the big banks i'm running through the reports and give me my take. and adobe is hosting its conference. i'm hearing all about the latest with the company's top brass. stay with cramer. >> announcer: don't miss a second of cramer. have a question? tweet calor. #madmentions. send him an email or give us a call at 1-800-743-cnbc. miss something, head to madmoney.cnbc.com. at least, not the way it could work.

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five weeks ago, if you're watching it get hammered most of the summer, i said you had to start buying these newly cheap chip stocks. a heavy hitter in memory and storage including high band storage products that are essential for ai. this stock is up more than 25% in the past weeks. it was nearly 15% after strong results. the question is, can it keep going? we have to do more work. fortunately, they were in town to ring the opening bell this morning, celebrating the 15th anniversary of the companies listed on the new york stock exchange. let's check in with the president and ceo of micron. thank you for being here. we have a lot to talk about.

first, a company with seven years, you have done some remarkable things. how about the journey? it's an important one. >> the journey has been fascinating. over the last few years micron has transformed itself. we have become a cher technology leader. we have multiple generations of sustained leadership. what is even more exciting, jim, we have really the most competitive product positioning in the history of the company. we have products like high band width memory. products for smartphones and pc's and automotive ought the various market segments. we are well positioned and 48,000 team members worldwide continue to drive, and value proposition of memory is absolutely continuing to increase with the advent of ai. so it has been exciting.

that's why when you look at our new logo, i think this logo absolutely deflects the innovation at micron. >> i want with the new logo, and real effort on this, ban the word commoditity when it comes to micron. there's nothing commoditized that you do now. >> you look at products like high band width memory. they are generative ai. it is not just about band width. data center ssd's, our high capacity modules, low-power ram. ai is all about applications and experiences. you need more memory to drive that experience. and that's what is drying the tremendous growth. and i think don't be mistaken if one only thinks memory is needed for ai and data center. certainly smartphone and pc's

and those new models have started coming out, 2025. increasing momentum as we go through the year. they require more content of memory. we discuss that had in the past. so from data center to the edge, memory is becoming a key enabler of ai experiences. >> so if i wanted to get something for high band width memory for you, i wanted to order and i wanted it quickly, when would it beavailable? >> we have been shipping high band width memory. >> absolutely sold out. we have been shipping it in our fiscalier, 2024 which ended in august. we realized several hundred millions of dollars of revenue with that product and in fiscal year 25, we have multiple products. we have the best product. this is the high band width memory. thislatest example where 12 of

memory are stacked inside. this is 32 gigabyte of high band bit memory, absolutely critical for training, for your high-end, as w . i want to show you this. this is 30 terabyte of product. >> how many transitionors are on that? >> this is 30 terabyte means 30 trillion bytes of data in this. of course, these are trillions of transistor that goes in these. when you look at this, you need this high band width memory. you need storage like this 30 terabyte ssd. this is where high performance super computers, they need their data. they need this high band width

memory and low as well. >> i think it is important to point out. we don't make the semiconductors. they're made in taiwan. it's true that many are. but tell people where you make yours. >> we make our products worldwide. some of our products, particularly for the technologies here in manassas, virginia. we make our memory, of course, in taiwan as well as in japan. we make our flash memory in singapore. we are excited with the chips act, now we are bringing leading edge manufacturing here to meet the growing demands, the chips act, we have begun in idaho, boise, idaho, to be located next to the r&d. for leading technologies and then we will follow it up in new york with another one.

idaho first. new york later. >> you haven't invited us to new york yet. when is our ground breaking? >> we're in the process of approving approvals right now. come to boise and we'll definitely invite to you new york as well once we get through the environmental permitting process. it is important that green field capacity is needed to supply the growing demand that we are talking wabout with ai. >> it is and possible people might be buying a pc in the next 18 months that might have some of this incredible technology. >> incredible solutions going to pc's. then we look at ai enabled pc's. some of the models have been introduced. mid range to high range. 32 to 64 gig bite. low end enabled has like 16 gig bite.

just compare that. that compares with the average of 12 gigabyte. so tremendous growth fortunately in pc's as we go with ai-enabled pc's, picking up momentum in the second half of the year next year. the same thing for smartphones. ai-enabled smartphones. last year, they had eight gigabyte of memory in them. now 12 gigabyte and 16. >> you've done a remarkable job. you've been a great steward of this company which has become one of the biggest and the best. i'm so glad you're here. congratulations on your ringing of the bell. 15 years, and to your amazing reign. you've done such a great job. >> an exiting time. we have said 2025 will be a rorkd year for the company as well. >> of course, i want people to go read the conference call if

you missed it. it is a remarkable story in the conference call of all the great thing they're doing. president and ceo of makeron. i think it is cheap. it is micron. coming up, can big banks give you a boost? the financials reported. cramer break it down. next.

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when earnings season kicked off on friday with the big banks, something pretty incredible happened. wall street always seems to struggle with bank earnings which is why both stocks sold off in premarket trading and it looked ugly. the actual results were truly great which is why they rebounded. they both finished big. jp finished 4.4%. it still is within spitting distance of its all-time high that was set at the end of the august. wells fargo just gained 5.6%. and rallied more today. it's not far from its all-time high of $66 set way back in 2018. i have to tell you. this is the best start to earnings season that i've seen in a long time. only a month ago, daniel pinto spoke at an industry conference.

he said the net interest income looked too high and the expense estimates looked too low. boy, that sent the stock down 5% in a single day. and it only recovered partially. what we finally got the numbers, they were excellent. net interest was up 3%. at the same time the costs were much lower which is how jpmorgan earned $4.37 a share. jpmorgan doesn't give much in the way of guidance, it does raise its income forecast. it cut its expense guide suggesting the fourth quarter is looking good. higher net income is what we wanted to see. what is driving this train? for starters, it is up 31% year over year. sale and trading up 8%.

i found it astounding. second, the credit card business is doing great. it is up 11%. no credit card issues? finally, the growing capital and balance sheet continue to improve. they purchased $6 billion of the shares in one quarter. once they get more clarity for new banking recommendations, they can do much more on that front. do you want to know what was my favorite? remember the comments from daniel pinto about next year's net income? they were hounding them for more detail about what he meant. finally, the ceo had had enough and shut down the whole line of questioning by explaining how ridiculous it was to be so fixated on this one forecast. one number. the truth is, jp morgan doesn't know what their net interest will look like next year.

what the bank makes by paying you for your deposits and end this heading out that money at a higher rate. it's important but it's not the be all and end all. the fed cuts more slowly, that's good for them. trying to predict everything the fed will do over the next four months, that's a fool's errand. whether it was the feisty comments or the quarter, they broke definitively higher. it was solidly positive by the open on friday and never looked back. just a great company to report an excellent quarter and saw stocks roar exactly the way the market is supposed to work. >> house of pleasure! >> how about this? i spent a little less time on this. did you know we have wells fargo presence on tomorrow night? first interview since he took over almost five years ago? we'll get the full download on the quarter.

we did a daetailed run for it. you can read it. let me say this about wells fargo. it was even more impressive than jpmorgan. while the revenue was in line and it was down year over year, 12%, well ahead of expectations. the comes came down which allowed wells to post the earnings beat off the 1.28 basis. it actually walked down its four-year forecast. they reiterated that it will document this year before rebounding. they spent so much time hounding jpmorgan about next year's numbers. it is really couraging to see it. it tells you wells has found success in some obscure ventures. this is now much more of an investment bank than anyone imagined. i hope they keep winning and there's room to keep winning. overall, they had a lot of positive things to say about the

economy. they're lack for changes in consumer health but we have not seen meaningful changes in trends when looking at delinquency statistics across our consumer credit portfolios. given that banks so often trade on how investors feel about the economy, these were some very encouraging comments from wells fargo. that brings me to the last point i want to make. while these quarters were certainly good news, i think they're also good omens for earnings season in the market overall. this was an incredible reminder that a whole lot of stocks can work when the fed is our friend again. that's what i was thinking about when i heard jamie diamond focus on a single line. net interest first quarter and what might or mate not happen next year. it is better to focus on the positive overall picture. why stress about how quickly the

fed will cut rates? i'm sick of that. what matters is they're getting vast swaths of the economy. i doubt they'll stop any time soon. as we move to the rest of earnings season, let's 73 the other banks can possibly keep up. all i can say is if these two big banks are any guide, this will be a good earnings season thanks in large part to our new best friend. the federal reserve. let's go to bernie in arizona. bernie! >> caller: how are you doing? >> it's a good day. how are you? >> caller: i'm doing good. i kneed some help with sofi. i have a position in sofi. i kept it. i didn't pay too much attention to it for a while. it's down now. should i cut my losses or should i actually invest more now that it's lower? >> well, look, they were up 10% today. they did this really good deal. they got $2 billion to be able

to originate some personal loans. for tress is a firm that i think is tremendous. for them to be in there with these guys is extraordinary. we don't buy things up 10% in a single day. but wow! this is a brand new sofi as far as i'm concerned. >> caller: i love it. i was in a small studio apartment and now i live in a home with no mortgage. >> that's what i want to hear. >> caller: so just after my parents bought the house, i opened an account. i jumped into upstart last week and i'm up a clean 30% already. do i take the easy way or wait and retire early with this one? >> i want you to sell it and pay back your parents.

because i've heard everything. i thought for sure i was about to hear about nvidia and what it has done for you and amazon. no. it's your folks. i love that and i think it is great you gave them a shoutout. let's sell some of the upstart absolutely and let's just, i don't know. throw them a bone! all right. if jpmorgan and wells fargo are any guide, we're off to a good start. come on. when you heard that. were not you excited? adobe, i'm hearing about the future of ai looks like. the stuff they have is just breakout. everyone wants to buy the underdog. and of course, all your calls, rapid fire in tonight's edition of the lightning round. why did my parents never give me anything other than a lot of grief? i wanted to stay home and watch

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a month ago when adobe reported what i thought was a good quarter, the digital media, it saw itself get pulverized. it was enough for wall street to totally turn on this one. that's wrong. at the time i told you it was worth buying and that's pretty much what you've gotten until today when it kicked off its max conference in miami beach. it enters a barrage of new features. very exciting stuff including ai tools for marketing. the stock shot up nearly 3%. is adobe finally getting the credit it deserves? welcome back to "mad money."

>> thanks for having me. always great to be on the show. >> we were playing around with everything we saw today. we realized, it's great for people had a don't necessarily have the inclination about how to design. how much money can shareholders make if it pays off? >> it first starts with innovation. we are innovating unlike any other company. we infuse all of our products with ai. we have three layers of the ai stack. we introduced the models today. we have imaging and vector and design in the base with the ai assistant. we are embedding in photo shop or illustrator or adobe express. we've said we have over 13 billion generations and that's actually accelerating in terms the usage.

we monetize four different ways for both creative crowd as well as document cloud. it's embedded and we want people to use it. this is all about adoption for creative professionals. we have add-on offerings as well as what we are doing with video. video is more computer-intensive. we intend to monetize that differently. on the digital marketing side, we are the largest provider of marketing technology in the world and we have these tiers. tiers called the ultimate tiers and prime tiers which embed all of our ai stuff. we have these brand new services as well as what we are doing with firefly services where people can create custom models. just for yourself, retailers can do it, banks can do that. so across the spectrum, we're innovating as well as

monetizing. >> we were playing today. my daughter is a user. we all just feel like, you know what? we can design ad campaign that's we thought were 30, 40, $50 million that we can design them in an hour for just the cost of subscription. maybe we're dreamers. when we were playing with it, it does seem like it's possible. >> what i think we've done with gen studio or performance marketing to your point is truly revolutionary. we now have in one product is ability to stay what is my brief for the campaign? who am i trying to target in terms of the audience? who do i create hero assets which allow to you specify what he the campaign is doing? and then the system can take over. it can create thousands of variations using ai. it can automatically put those ads. we announced advertising networks lake meta and snap and

tiktok and google and microsoft. and then as that performance improves, it is a virtual cycle. we place more ads there and conversely, if an ad is not working, you can reduce it. so this is for the user to come online and say i would like to try and it create my campaign. we think this is just the beginning of bringing the creative and marketing campaigns together. and solo careers. people focused on business or commerce. now with adobe express, they can create a menu or a website or a mobile application and aarea customers. how cool is that? >> we thought it was really great. it is really the way for someone had a has one restaurant to have four restaurants. we don't know how to scale. we scale with you. other. another thing we were playing with was the gatorade bottle. we get to think and make stuff that is really cool. younger people, older people. tell us about this. i thought it was electric.

>> what is happening, jim, is that every single person wants to deliver a personalized experience. whether you're buying a shoe, whether you're buying a water bottle with gatorade, trying to create a new campaign. the new word that has taken off is personalization. what adobe found was the ability to know every one of your customers. now we're augments that with being able to create all of this personalized content. the gatorade bottle is your way to say, howcan i create it, cl change the colors, make it truly for myself. >> i wanted to ask but the notion of the designer. i always felt that a designer should go to adobe to get the best designs. how do you recognize that you can get people had a are designers. are you internally, is there a

division where you don't want your designer -- how do you break it down between the person who is becoming a designer and the designer who is worried about whether someone will take that job? >> every tectonic shift in technology is potentially disruptive. we are more excited honestly by our ability to democratize access to this to way more people. the number of people who have an idea in their heads and quickly want to, whether it is on a mobile device, a pc across every mead type, america that available is just massive. and a lot of them also don't want to do the automated tasks that everybody asks them to do. i think this is a win for designers. it also allows them to collaborate with their customers. this is about bringing it

together. there is more content that will be created. i think it is a win-win. human who use lairks potentially replace humans who don't use ai. this is about augmenting creativity. >> how fast is all this happening? since we first talked about firefly, now we're doing video. in the next few weeks, people will be doing video ads they never dreamed. how fast is this technology improving the speed of things? >> it is truly mind-boggling. the entire industry is, you know, focused on this. when you think about what companies in the chip space and nvidia is doing. i think the infrastructure has become dramatically better. then you think about the hyper

scalers and what they're doing about getting these services available and api. so i think the magic is taking all of that and making it controllable. it's in the work flows. in the applications that we use where the real magic is happening. but i've been through the internet revolution, the mobile revolution. this one seems way faster and it is hard to predict. i think at adobe we say how do you unleash all the magic that the creative models do? >> you're doing it. i wish i were down there with you. it's over exciting. adobe chair -- go take the gatorade thing. i'm not kidding. we are all designing our own bottles. great to have you. >> always great to be on your show. thank you.

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it's time! then the lightning round is over. are you ready? let's start with michael. michael? >> caller: hey, jim, a baltimore boo-ya to you. >> i like that team very much. how can i help? >> caller: with electricity demands driven by ai data centers, i would like your opinion on an energy stock that has really rallied. is there more room to run on

vft? >> okay. this is a very complicated situation. what i said the other day was, you have to let it come in. it went down for a couple days and then right back up. let's say this. put a half position on it. no more. then let it come down. it has had sufficient an amazing rally. let's to go william in maryland. >> hey, how are you doing? i bought this earlier in the year and it is taking a real roller coaster. i would like to you comment only. and a while ago, you said that, to watch when the patent ended, how far in advance should you be ready to trade on those? >> usually it's about four years before people really start thinking about that. now, i have to tell you. nordis doesn't hold a candle to

ely lily. we'll be talking about it on wednesday. a club meeting. a really important meeting. sign up for the club. it's an hour-long broadcast. i think you'll get a kick out of it. allen? >> caller: big thanks for your investors club. it has proven to be much more valuable than my mba studies. >> whoa, really? >> caller: listen to me. >> i'm totally focused. >> caller: nuclear energy has from a dirty word. big tech needs ai. the world's largest banks are on board to support the nuclear build-up. three-mile island, they're all resurging. they all need it. an smr nuclear deal. the demand is soaring while there's a supply deficit. insiders have been --

>> [ bell ringing ] >> yeah, it's a big deal. it's going higher. we need more uranium. like the books at the library in third grade. i think it is terrific. let's to go corey in north carolina. >> caller: hey, jim, man. about two months now, and i'm looked. you and your team are fantastic. >> the team is what makes it. >> it is a team. you guys do it very well. thank you! looking for some informing on halliburton. >> it could go up. they're not going up. i want to stay away from halliburton. that's too bad. it is a really great question. and that's the conclusion of the lightning round. coming up, everyone loves an

underdog. cramer sees two in the biotech space.

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people always want to buy underdogs. do you remember the summer when we heard it was time to buy the small caps? then it got so low they were ready to pick up for lost time. it worked but almost as soon as the group was anointed as the next big thing, the stocks stopped going higher. take boeing. i can't believe their analysts are still recommending this thing. 17,000-person layoff friday night. even though they need to raise the cash, a bunch of analysts say this is the time right now. i can't see how you justify this. if you want it, i think it is the banks. we haven't seen a true bank rally in ages and ages. the kind we used to see in the

'90s. wells fargo reported a good quarter last friday. i'm hoping this is the beginning of a bank stock renaissance. as i said earlier, we will on tomorrow night on our show could be the leader. you need to understand, even though they bounced back, during the great recession, the big banks became wards of the state. obviously the industry brought this on itself. since the financial crisis they've been regulated and fully repeated by the overlords. they've been repeatedly embarrassed. there's a supervisory cycle that includes public floggings. it is too high for most investors to get to. the bank will start being regulated. many just a year and a half ago. they put up the good nums and the stock went up. i think this might be kicking off the first great bull market

in the banks in 60 years. why? it got too cheap for the rest of the market. there are so many bank stocks, with good yields. that's enough to compensate for the heavy regulation. wells fargo, look at it. from six years ago, it includes a cap with a severe restriction. they had it coming. a pristine reputation. he's replaced most of the board along with the whole senior management team. didn't win him anything but lenience from the fed though. if you need cheap stock, look no further than the financials or some others. how about the drug stocks? the big ones. right now they're trying to challenge the leadership at pfizer. a good company. and will the prospects of a revolutionary approach to treating cancer. if it pays off, you have a very,

very big stock. in the meantime, pfizer is paying you to wait with that bountiful lead. i think that number is ending. when it does, good snap right back. the actual business is doing pretty good. america is doing a phenomenal job. okay. it goes off patent in 2028. there's so much that i think it is worth 11 times next year's earnings. in the end, we've had a terrific two-year end but there are many stocks out there that are inexpensive. you just need to know where to look for them. there's always a bull market somewhere. i'm jim cramer. see you tomorrow. investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪♪