>> shout out to mary duffy and her team and our entire floor staff. they've done an amazing job. casey sullivan is here. thanks everybody for joining us. let us see. we'll get you done everybody. >> bit of that. thank you all for watching a very special edition of fast money live. mad money starts right now. >> my mission. >> is simple. to make you money. >> i'm here to. >> level the playing. >> field for. >> all investors. there's always a bull market somewhere and i. >> promise to help. >> you find it. mad money starts now. hey i'm cramer. >> welcome to mad money. >> welcome to cramerica. other people my friends. i'm just trying to save you a little money. my job is not just to entertain, but to put everything in context. and i got a lot of work to do today. so call me at one 873 cnbc or tweet me jimcramer. president trump is out there fighting inflation every day. except not the way we want him to do it. he's fighting

inflation not the mall not the supermarket. >> but in the. >> stock market. he's trying to give us every day lower prices. he's rolling back stock prices point by point. and if he keeps it up he will indeed get us back to pre-covid levels. consider today's giveaway prices. with the dow dipping 194 points to be tumbling 1.59%, nasdaq plunging 2.78%. bargains galore. these prices, they're positively insane. look, in the end, somebody has to pay for trump's tariffs. might as well be the shareholders of the quantum computing plays, or the companies with ai in their name, or nuclear power, or anybody that has anything imported from china. all this pace, we got to get some free samples, don't you think? i mean, it's like costco here. trump's giving us a buy one, get one sales and still no one is buying. it's a tech filled costco without customers. now, one thing i know is retail. i'm always on the lookout for

goods that can hold their value. i can do it in stocks, too. so on a day when nvidia is on sale, despite reporting the best possible quarter, i'm going to give you a list of the protected stocks, the ones i think can hold value because they have nothing to do with the biggest reason our stocks are rolling over. and that is tariffs. so i'm going to tell you what stocks that could be somewhat insulated from trump's tariff team. these are the stocks that can hold their value no matter what country's next on the tariff docket. let's go from australia from australia to zimbabwe. let's do it by process of elimination starting with tech first. nothing that can be sold to china has a chance to get out of this thing unscathed. nothing that has parts made in taiwan can hold its value. nothing that's crafted in china can stay up. if we can't be sure where the next tariff is going to land, we can't own these stocks until they go lower and then we can. if there's nothing to ameliorate the pain a tech company might face by making huge investments in creating thousands of jobs in this country. and i'm thinking about the $500 billion that's apple spending. then i got to stick

with stocks that are the least likely to get hit. max heaven. apple and amazon have too many products from selling overseas these days. alphabet ad model based on commerce. no thank you nvidia. oh, please. not today satan. microsoft still reeling from copilot insinuations from our own marc benioff. i say our own just because he did it here. but this company is too international. meta diffuse. sad story. less than competition and not so bad calling. how about this tesla? musk, the second most powerful man in government, might buy you immunity from tariffs on your goods, but somehow you still end up with a lower stock price anyway. do you know what that leaves in tech? the cyber security plays. of course, before you buy crowdstrike, after reading their threat assessment paper today, the one the one that says north koreans are infiltrating our workforce. we work from home programs this column style. you need to know that this cohort's been rolling over for the last couple of weeks. still, at least the software companies with no tariff exposure. and that's going to be very valuable for the next four years. i say buy them. healthcare is tough. lots of tariff immunity, but not a lot of immunity for rfk jr, the

health and human services secretary. oh, and let's not forget doge, which is cutting its teeth. that's all it's doing on usaid and the consumer financial protection bureau. roll back. sorry. we know that medicare and medicaid could be next. they could potentially crush the stock. so pretty much everything in the group i don't know. let's how about intuitive surgical. we'll put that one on the buy list. retail. are you kidding me? we stopped making things in this country years ago as part of the bargain we have with mexico and china, where americans get cheap goods much cheaper than we could possibly make here in return for wiping out almost 100% of our manufacturing capacity. oh, it was a great deal endorsed by both republicans and democrats. it was kind of like a reverse poltergeist situation. we moved the jobs, but we didn't move the gravestones. it's a tough one to swallow. but we know this. those seamstress jobs, along with those who make the looms, those people who know whenever one end of a hammer from another, they're not going to get their old jobs back. because these days we have no expertise in it whatsoever. and even if we did, we'd be a high cost producer that can't compete. retail has it's got to import insane amounts of merchandise, which is why retail is a wasteland. how about consumer packaged goods?

the makers of these products. long ago, they decided the real money was overseas. they couldn't make enough money here. we'd have to find one that didn't diversify internationally, perhaps because it didn't know how to do it. maybe that makes it immune. now that's clorox if it's the all american profile, might make for good investment food. okay, i got one. mccormick international arm might be okay because they're not going to put tariffs on spices are they. and it's not going to be hurt by gop. spice don't mean the gop, nor does it seem to be a candidate for any sort of presidential edict. you might want to buy some coca-cola, but it does come in a can. sometimes it could be tariff transports. are you kidding me? these trade on commerce and tariffs means commerce is going to be taxed globally. so business will slow no matter what. when you raise the price of something, you won't sell enough. how about autos? oh sorry. tough one. nafta, the forerunner of trump's trade deal in his first term, was meant to have autos go back and forth across the border to make them manufactured better. they were the essence of free trade. if you want ford and gm stock to be lower, just put a

30% tariff on mexico. that's what they get for believing in the government's processes and promises. oil and gas. tempting. i can make a strong case that you can own the pipeline. stocks good yield are going to see interest rates go lower because there's not as much work as there was. i like enterprise product partners. simple. good utilities work too. sempra after california lowered the boom on american on them electric power. it's well run soft to the endless love for nuclear. i'm going to give you entergy. oh, and let's throw in pretty much every bank. the number one is wells fargo. it's american. it's well run. it's been a poster boy for the regulators, which are now going to be gutted, spayed and neutered. and i've got another one later in the show, so you better stay tuned. restaurants work. not a lot of imports for these i like brinker got hit bailey today texas roadhouse latter may be the most american of any restaurant chain. texas and roadhouse. and now i want to give you the number one name in the entire s&p 500. and that one number one name is nucor, the best steel maker in the land, if not the world. it's the one that's been targeted the most by aggressively by china. but but the tariffs means that china's steel trans shipped from mexico. they're not going to get it

anymore unless china builds a giant tunnel under the pecos a belt and road initiative. who knows what those crafty people will do. i don't want to be too dire about this every day. lower price initiative by the president of united states. but because this is a stock show, i have to tell you something. at times i'm going to say it. i've been missing old president biden. sure, he seemed to dislike anything business whatsoever and all the business people in the world, but he didn't understand the stock market, so at least he was consistent. here's the bottom line wall street hates tariffs, but what it hates even more is inconsistency and unpredictability. i'm actually pro tariff. that's not the point i want. i think the market would be much better shape if president trump used what i would call rapidly escalating tariffs. you start him at 15%, you go up 5% every single week and you stop at 50%, because at least we then have some clarity and what's coming and more important, when it will occur. and you can buy nvidia gary in nevada gary. >> hello jim cramer how are you today gary. >> it's just a banner day i'm pro nuke and i'm pro quantum.

what a day. >> that's great. >> so i always like your special effects. your sound board. >> how many different. >> sounds do. >> you have on that. i have. >> 247 sounds in my head, but i only represent only represents about 22 right here. >> well that's good. >> that's good. yeah. >> so listen, i took. your advice. >> on boeing. i sold a couple of shares, but, you know, i took a limited order on a good till. cancel on a lower price. and i've been able to take advantage of that a couple of times. it's really paid off. >> well, look, it's actually in a real sell off. you're going to get a bad price. and i remember when we had the flash crash, everybody who had those things got just completely ripped off. so i want to be careful. you can do it for some, but please don't do it for more. you might get lucky, but then you might get unlucky. i've seen people buy a stock at 60 and the stock finishes the day at 45. that's

what worries me. you know what we need to do? we need to go to brian in virginia. brian. >> jimbo cramer. >> all right partner what's shaking. >> hey so. >> first off i just want to thank you for all you do. i mean i've been listening to you for the. last ten years. >> and thank you. >> and you're just you. >> do great for. >> all of us. >> oh thank you man. i'm out there. i'm certainly out there. i think we all have to admit that i am out there. >> that's okay. >> that's it. >> hey. >> so my. >> stock, it's one of your favorites. it seems to perform well when rates go down, but it's just been beaten up so badly recently. what do we think on toll brothers. >> here okay, so we thought when rates were going up that it would hit till it never did. and then suddenly just the tsunami comes along. it's selling at eight times earnings which means the estimates are way too high. we have to have estimates come down and then we'll relook at toll. but you're absolutely right i think they're great. and i think doug hurley is the bomb. do you think doug hurley has ever been called the bomb? okay

here we go. wall street hates tariffs, but we know that i like tariffs. i just like a little certainty in the way they're applied. you know, maybe just a little certainty and vidia just kidding. all right. all right. how is the first ever nyse traded company now working with ai. i'm learning more about bennie's tech transformation. top brass. then you called in about egg producer got eggs. they're ridiculous. right? well, we talked, we talked. i did a little piece here on vital farms and later there's the recent pullback in martin marietta. materials gives you a strong chance to build a position. i'm looking closer at the stock's foundation. and let me tell you as between rocks and quantum and tokens i'll take rocks. stay with cramer. >> don't miss a second of mad money follow jimcramer on x. have a question. tweet cramer hashtag mad mentions. send jim an email to madmoney.cnbc.com.

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xfinity internet customers, cut your mobile bill in half vs. t-mobile, verizon, and at&t for your first year. plus, ask how to get the new samsung galaxy s25+ on us. you can teach an old dog new tricks. the oldest bank in the united states, the oldest bank of new york mellon, which now goes by bmi, has transformed itself over the past couple of years into an innovative, tech led financial institution, and these changes have already started paying off big for shareholders. this bank, literally founded by alexander hamilton, has been one of the top custodial banks out there for most of my lifetime. but under the leadership of ceo robin vince, bny has tried to unite its disparate group of offerings into a platform while infusing technology, real technology into the business in order to improve efficiency. and hey, the stock's been an incredible performer. it's clearly working. don't take it

for me. let's check in with robin. vince. he's the president ceo of bmi. mr. vince welcome to mad money. >> it's great to be with. >> you jim. well i'm actually thrilled that you're here. you are. well, you run the bank. that's been the best performer of late. and i think that it's also been a real steady performer. what's what's the trick? >> well, we're. >> unlocking the value. >> at the. >> end of the day, it's. >> all about the. >> clients that bny and what our people have done is rallied around for the first time in a long time as one team. and so we're collapsing down the barriers between all of our great businesses. you talked about some of those businesses, and now we're delivering for clients. and that's the thing that's making a difference. >> okay, as someone who would like to think i'm somewhat informed, i would always say, oh, it's bmi custody bank. it's much more than custody bank. >> yeah we are. that's one of our businesses. >> and you're great at it. everybody knows that. >> we're the world's largest number one at it, which is great. and we love it. and the trust that comes with it being a bank gives us a lot of capabilities. but what we also are is really the thing that we're now unlocking. we're also

you said it a platforms company. we have these market leading global capital markets, financial markets platforms. we're the world's largest collateral provider with the world's largest securities lender. we make 3 trillion of payments a day. we've got pershing, which is this great business that provides software and services to rias. and the trick isn't just that we've got all of them. it's that we can bring them together to do things for clients so that a client now shops in multiple aisles of our store, not just one aisle of the store. >> well, let's let's take one wisdom tree, which i know the founder's fantastic would be a great client. can they avail themselves of all you just talked about? >> you know, it's a great story. the answer is yes. and in fact, wisdom tree came to us as a client in one part of the company, and they were knocking on the door for years. if you ask him this, he'll tell you the same story. they were knocking on the door, trying to get access to more things that we did, and unfortunately, we didn't pull together and deliver. the thing that changed is then we figured out how to do

it, and he came to me and said, wow, if you can give me access to pershing and you can be my custodian and you can help me innovate digital assets, because as you know, he's a big tokenization. >> guy. >> then pulling all of those things together, nobody can replicate that. and that's the secret sauce. >> well, you just talk about tokenization now. you probably have, i think, the most forward thinking in terms of technology. banker, because you just did a new deal with openai. most banks wouldn't think to do that. >> yeah. so ai for us is the future. we think it's the future for everybody. but we had a very simple choice, which is to be all in and focused, or to somehow ignore it and hope it would go away. we weren't going to do that. so in 2023, we made the call and we said we are going to be all in on ai. we think it can deliver big value for customers. we think it can help our people be more efficient, and we actually think that we can offer it as a service. so openai, as you pointed out, they made us one of their partners. now we've built

an agentic framework, and we're general intelligence model agnostic. so we plug into everybody. it's not exclusive, but they saw something in us. and they've commented a lot on this in the past couple of days that they thought was worth getting close to. and of course, they're one of the world's leading ai companies. we wanted to be close to them. okay. >> so give us an example, because after a tough day for people with tech who are really starting to think, well, maybe this whole eye thing, it's smoke and mirrors, give us a concrete example of how you're saving money for the bank. >> yeah. so fun example. so not only are we running this multi-agent platform which is named eliza, by the way, that was alexander hamilton's wife's name. so we named it after. >> the play. >> little fun little having a little fun with it too. that's kind of part of our culture to be human as well. at the company, we don't want to just be a stodgy bank. we're platforms company. we've got a bit of tech about us. we have to be in the spirit of it. but what are we doing? well, actually, just a couple of weeks ago, we onboarded our first digital employee. now, i'm not just talking about an agent. i'm not

even talking about a multi agent framework with multiple agents working together. but both of those. things we do to i'm talking about an ai agent that was onboarded with an email with a login id that can actually interact with our systems as a human would be. >> no, this is not a human. this is a an agent. and do you know anything about the agent, so to speak? >> the agent's full name is eliza lovelace, actually. and she, she has a name. but what she doing that's more important, of course, is are people. there are plenty of things that we have to do in our businesses that our people don't love doing. because you have to trawl through data. you have to do things that are associated with some of the back end processes. and so if we can have a machine do that, that's exciting. and that's essentially what our first digital mq. >> already been very good at expense control. could it get even better? >> it can. but i want to stress that notwithstanding, we've been great at expense control. we haven't been cutting expenses,

we've been making better choices. and in fact, this year we've said we expect expenses to grow. they grew a bit last year. we want to do more things with our money. we want our money to go further. we want to do more things for customers. we want to accelerate. that's the real benefit of the investment. it's not about slash and burn. >> okay, now i am a huge believer because of the $36 trillion in debt. candidly, in bitcoin, if i were involved with bmi and i said, listen, i like bitcoin. we're doing a big business in bitcoin. would you be willing to support that and help that. >> yeah. so we are in the digital assets business. we've hung our shingle. we can do the traditional custody for digital assets including bitcoin. we can do that. and we do do that not etf. >> you're actually willing to do the bit. >> we can custody the underlying bitcoin natively not just through a partner through some type of other arrangement. we can do that. but what are we excited about. we're excited about the evolution of stablecoins, digital assets, tokenized securities. now the financial markets work pretty

well for traditional assets. there's nothing wrong. you talked about the debt. settling treasuries is a pretty efficient business, by the way. we settle $20 trillion of them every day given what we do. >> every day. >> yeah. you know, the history of the of the debt market, the 35 trillion. yeah. you know what the origin story of that is? it's a loan from the bank of new york to the united states in 1789. you come down to our offices, you can see the original. >> would like to do that very much. i love the history of our banking system, which is actually pretty darn cool. >> and we've got a lot of that, that fun history. but today, if you pivot to what's going on today, it's the clunkier assets. it's the loans, it's the real estate, it's the commodities. there aren't great rails for that. now we're in the we're in the financial platforms business. so we want to make assets work faster, better for everybody, quicker, more efficient, real time. that's where the technology is going to help us. >> and i also want to tell people it's also produced the best returns for the last 12 months. this year it's the best and it's not episodic. and

that's what i like. there's no episodic to it. that's robin vince, the ceo of bny. i hope you like what you heard, because i sure do. mad money is back after the break. >> coming up, as prices are on the rise, cramer is cracking into egg manufacturer vital farms. seeing if now is the time to buy in on the stock. next. brian sullivan joins. >> kelly evans power lunch. weekdays two eastern, cnbc. >> join the club and start your investing day before the opening bell with specific strategies for members only. >> by joining. >> the club. >> it gave. >> me access. >> to that knowledge from jim. >> that gave me more confidence in my investing decisions. >> it's very helpful. >> it's information that you. have is privileged information. there is no other source of. >> information that. >> you can get as much as you can get from him. >> get invested. join the club. >> get invested. join the club today. go to cnbc.com. join jim.

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you've been to the grocery store recently, you have seen sky high beef prices, insane coffee prices, rising corn prices, and most notably, borderline extortionate egg prices thanks to a nasty bird flu outbreak one that killed 20 million hens in the fourth quarter. the average price of a dozen eggs in this country is about $8.11. that's nearly triple the ten year average. no wonder people are upset about inflation. i bring this up because last wednesday, brett in california called in to ask about a company called vital farms, which is pasture raised egg producer. and i said, i got to do some more work on this thing. i decided to wait for the company to report. now that we've seen the earnings this morning, the stock's getting hammered down 9% today. good that i waited. so what do we do with this egg? producer vital farms came public in 2022 i'm sorry. in 2020 at $22 per share. but the stock quickly shot up to the low 40s and its first couple of days of trading, for spending the next couple of years going steadily lower. this thing finally bottomed at seven bucks and change in mid 2022. even by

the end of 2023, it had only bounced back to 15. but then last year, the stock caught fire. vital farm surged to $48 last summer for pulling back to the low 30s. as of today, this one caught fire because it was a genuinely great growth story. nobody cared about growth in 2022, right? or most of 2023. but by last year, the whole group came back in style into wall street and suddenly learned. they learned how to appreciate skyrocketing earnings numbers again. and make no mistake about it, vital farms has been a growth machine. now, coming into this year, wall street seemed pretty bullish on this one. sanguine farms was taking share with its humanely raised eggs, allowing them to charge a premium price for a commodity product. plus, as the bird flu outbreak started gaining steam, some analysts figured that vital farms would be a big beneficiary as their cheaper competitors would be forced to raise prices. suddenly, these formerly expensive eggs are looking a whole lot less pricey in comparison. in fact, these guys haven't raised prices in over a year, despite the bird flu epidemic pushing up the cost of

non-branded eggs. so what the heck happened then? with the quarter when vital farms reported that this morning they delivered an excellent set of numbers, a clean top and bottom line beat 30% like for like revenue growth, 280 basis points of gross margin expansion $0.23 of earnings per share. the street is looking for $0.16. looking to the future, vital farms acknowledged that its supply constraint. but the ceo said, and i quote, as the year progresses, we believe the supply chain investments we made in 2024 and into 2025 will begin bearing fruit. we expect our business to accelerate in the second half of the year as we add to our supply, helping drive us toward our ambitious net revenue and adjusted ebitda guidance for 2025 and beyond. end quote. and hey, management issued a very impressive full year forecast calling for at least 22% net revenue growth, 15% adjusted earnings before interest, taxes, depreciation and amortization. and what a story, right? now after these numbers were published at around 730, royal farms stock soared in pre-market trading as you could expect up more than 10% at one point just before the open, the

stock opened up nearly 7%, and it looks set for a very big gain today. but almost immediately after the open, the stock reversed, moving into negative territory and it stayed down, ending the day down a hideous 9% decline. and it's not a tech stock, it's an egg stock. so what the heck then went wrong here? well not good. alongside his quarterly report, vital farms filed its 2024 annual report today. that's the 10-k. and that document indicated it included the disclosure of what is known as a material weakness in the company's internal control over financial reporting. material weakness is a counting issue. accounting related to how vital farms tracks orders and invoices to its customers, something that impacts revenue and accounts receivable. wow. revenue when it's impacted very bad. vital farms explained quote control deficiencies did not result in a material misstatement of our consolidated financial statements and related notes. end quote. okay, but they said they've instituted a plan to solve the problem. but then they mentioned that,uote, there is

a reasonable possibility that a material misstatement to the financial statements would not be prevented or detected on a timely basis. end quote. that is nothing. nothing you ever want to hear. okay, as far as accounting issues go, this one doesn't sound like a huge deal, but if you see this kind of statement, it's hard to trust the numbers. and i hate that. one more thing. just yesterday, the trump administration started rolling out a plan to combat avian flu and reduce egg prices. in an op ed published in the journal i don't know if you saw it, the secretary of agriculture, brooke rollins, the usda, announced a plan to invest up to $1 billion as part of a plan to solve the problem. will these efforts work? well, i look like a poultry farmer. i mean, who knows? but i will say that the vital farm ceo sounded pretty optimistic about the plans announced yesterday during his appearance on cnbc this morning. and for what it's worth, yesterday, for the first time since september 6th, the price of eggs didn't go up versus the prior day. so maybe that's positive, though not necessarily for vital farms. it does if it means that the temporary price advantage goes away. so those are the details. but let's get an answer for brett in california. okay. what

should we do with vital farms going forward. now unfortunately this is really my rule, okay? i have to stay on the sidelines here. so i've got a hard and fast rule that says. and i used to have it on my machine. accounting irregularities equals sell. okay? accounting equals sell. while this specific accounting issue doesn't actually seem that bad at first glance, i created these rules for a reason, and virtually every time i've gone against them, it's blown up in my face. plus, if the trump administration's new plan to fight bird flu actually works, well, that's bad news for vital farms. bird flu has made everybody else in the industry raise their prices, which is why vital farms premium eggs suddenly sell at a similar price to regular eggs. if we fix the egg shortage, everybody else's egg prices will come down and their product will look expensive again. to be clear, i hope the government plans work because i want lower egg prices for you, for me, for everybody. it's just that the lower egg prices are not good news for vital farms. longer term, i think it's worth circling back to this one. but they've got to fix their accounting issues. until that happens, i'm not eager to stick my neck out for vital farms. more broadly, this

whole exercise shows you how difficult it can be to identify. high quality stocks. yesterday, vertical farms looked like a great story. now it's a questionable story thanks to the accounting issues. i honestly think brett in california had a pretty good thesis here. and the reported numbers we just saw from vital farms this morning certainly bear that out. and yet, because of this opaque accounting problem, shareholders are sitting on a big loss today rather than the big gain it looked like they'd get in pre-market trading. that's just how it goes. bottom line thanks to brett for calling in about vital farms. i hope that they get their books in order, and i'm sure they can one day, and then we can look at this thing down the road. but accounting irregularities, they equal sell. i do believe it's a good company with an enticing stock, but i'm not ready to endorse it. tyler in florida. tyler. >> hey, jim. >> listen. >> all my friends spend all their money there. >> how are we feeling about chipotle? >> all right. you know, chipotle is a growth stock. now i just i preface by that by saying the growth stocks are suddenly incredibly out of favor. i think chipotle is good. it's come down

a lot. i think that that scott boatwright is doing a good job. i think it's actually pretty decent level to start a position. please don't buy this all at once. this stock has been become very erratic of late. frank in new york. frank. >> hey, jim. >> how are you doing today? you know, frank's tough day for our friends in tech. so i'm going to say it's just an okay day. how about you? in tech. >> and i'm drowning. >> i'm drowning. >> so. >> okay. a friend of mine, a friend of mine, lives in. >> kansas city. >> he says. that dutch brothers. he says. there's a line there every day. i don't have one by me up here in westchester. but i started to take a lot of customers. they're not here. no, no, they're not, but they're not. they're not in new york yet. the stock has had a big run. we had, by the way. just you know, we had christine barone on. ever since she's come in this stock has been a rocket ship. you know, look it's now 126 times earnings. i am a big believer in dutch, bro. but i will tell you this. i do think that the brothers dutch stock could cool off a little bit before you need to start buying it. and i would do that. all

right. only once vital farms gets his books in order. not until then. i think you should consider putting a few of your eggs in this basket. we can't yet, though. hey, much more money ahead. including my deep dive on infrastructure with the ceo of martin marietta materials. then what's the road ahead for nvidia after this incredible hammering today? i'm going to tell you where i stand on today's decline. i've been pretty quiet about it until tonight. and all your calls rapid fire in tonight's edition of the lightning round. so stay with 40. >> a cnbc exclusive. chicago fed president austan goolsbee reaction to the highly anticipated inflation report. plus impact on fed policy. john plus impact on fed policy. john ford, morgan bre only the servicenow platform puts ai agents to work across your company. they deal with the small stuff that bogs you down. agents like secret agents? you know... i once played a secret agent. - oh... - oh i miss that one. i heard you were great. i was great.

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>> smart mom by morning. >> got it, got it. boss. >> otter, you. >> got this. >> what do you make of the curious recent decline in the stock of martin marietta materials, the big supplier of building products like aggregates, cement, concrete and

asphalt? when the company reported earlier this month. it's also fine. nice antidote to tech, by the way. right now, it seems like public spending on infrastructure is bolstering the numbers. there's still a lot of funds yet to be disbursed from joe biden's big infrastructure bill, but the private sector said that maybe it's lagging. does that justify, though, a martin marietta 24% pullback since its november highs? and could business get a lot better now that long term interest rates are coming down? or is that just really a sign of the slowing economy? let's take a closer look with ward. knight is the chairman, president and ceo of martin marietta materials. laura moore. welcome back. it's been too long, jim. >> it's great to be here. >> thank you. ward. well, were you have always been a good barometer of the entire country for everything because people should understand you do infrastructure but you also do nonresidential and you do residential. can you give us a, let's just say, an outlook on all three of those businesses? >> you know what? >> i think all three are going to be nice, steady and. >> up this year. >> i think public. >> is going to be better. >> than private. to your point, when the. >> iija was. >> signed into law in november of 2021. >> if somebody had thought we'd.

>> be here today in only. >> about 30%. >> of those. >> funds had found its way. >> into commerce. they probably would not have believed it. but if you think about it. >> that bill. >> expires at the end of 2026, which means 2025 ought to see a lot of public. >> works. >> 2026 ought to see a lot of public works and. >> the states in. >> which we're located. the state dots are in very good position. so i think public looks good. i think your commentary on privates. right. it's going to be driven by what happens with interest rates in residential. but residential single family housing is 7 million homes. underbuilt. >> well, let's talk about that because there was a really great piece recently in, of all places, the atlantic. i like it, but i'm just saying in terms of business stuff and it just talked about, look, what you're seeing is zoning and that there are people who've been able to take control of neighborhoods and cities and made the zoning so difficult to build that you shouldn't think it's just because the builders don't want to build. is that an accurate depiction of what happens in many parts of our country? >> i think. >> it's a degree of accuracy.

land use is a challenge, there's no question about that. but in the southeast and the southwest, which have seen such population demographic shifts come their way, part of what we're seeing is home builders are buying land, but they're also in the process of just what you said entitling land. right. so we're going to see how long it takes to go through the entitlement. from our perspective, public looks good. we think private in a slow, steady recovery. and what you've seen in martin marietta through cycles is we're always profitable. we've never cut or suspended a dividend. we see that continuing. >> now i do want to talk about something. there are many people right now who probably who heard you say, well, look, in that biden bill, it's still 26, has only 30% disbursed. and they may just say, you know, wait a second. that is something that the president is going to say, i want the 70% clawed back. but that's illegal, isn't it? >> well, a couple of things. one, the 70% that we're talking about is relative to highways, bridges, roads and streets, which are the things on the heavy side i think this president's really all about. so if we're looking at things that may see some shifting, i don't think it's necessarily going to

be in that. because if you think back to why then former president trump was lobbying against the infrastructure bill, it's because he didn't think enough of it was going to real infrastructure. we're on the real infrastructure side of it. so number one, i think those funds are protected. number two, even if they weren't, i think philosophically we're not in a place that they're in peril. >> understood. now, you have also had a very good handle on large projects. i'm excited to see that you're involved with stargate. now, most people don't know anything about stargate, so maybe you can give us a little sense of what's going on. >> well, stargate is going to be about $500 billion that are going to be poured into the economy relative to ai and openai and otherwise. and what's interesting to me is seeing where some of that is already going. so you hear stargate, i don't think your first default position is going to be what's happening in abilene, texas. but actually there's a lot underway right now in abilene, texas. we have a very compelling business there that we bought actually late last year, and we're already seeing contracts for several hundred thousand tons

that are going to these types of projects. but what's interesting to me, jim, is the square footage of these and the aggregate intensities of these are actually quite attractive. >> i do want people to understand that there is good money in rocks. you first school me a long time ago. they're not really rocks first of all, but second, it's really very big related to giant projects like that, but also housing projects. you have done incredibly well, even though there hasn't been that much housing built. >> there hasn't been that much housing built over the last several years. and as we noted, it's remarkably underbuilt today. >> it's just incredible. >> two issues availability and affordability and big population trend swings. and what we care deeply about, though, jim, is single family housing, because that's going to be 20 to 30% more aggregate intensive than multifamily. >> so i know you're a follower of the bond market. rates have just gone down pretty heavily. and what i'm concerned about is rates are going down because of panic, of fear, of lack of process and more mercurial nature of the government versus

just an orderly slowdown. which one would you think it is? >> look, at the end of the day, process is going to win. it's big. it's complicated. we need discipline. we need predictability, predictability. and i think those are the things that we'll see more of, not less of. and as that occurs, we'll see more stability. >> and even right now you're generating just the usual amount of gigantic cash. >> well, we're and we're expanding margins. i mean, to think about a year last year where volumes were challenged because the economy wasn't what people thought. and actually we're an outdoor sport. so we saw pretty heavy weather hits in q2 and q3. we saw volumes down for the year. we saw margins actually nicely expand. we expect nice expansion into this year and frankly, well beyond. >> well, i want to last question is i want to put a question of you or put to me last night, which was he's in rochester. he said, we've had more degree day, cold degree days than ever. the roads are full of potholes. should i buy? martin marietta

materials. and i said, look, rather than cuff it, i'm going to ask the man, does that a reason to buy an aggregates company? >> you know what? freeze thaw in rochester or somewhere in minnesota or someplace else makes that cycle in highways, bridges, roads and streets from a maintenance perspective, always grow with us. you're going to get that in some cold weather markets. you're also going to get the growth that we're going to see in the warm weather markets as well. look, infrastructure is still woefully underbuilt in the united states. we're not a discretionary product. if they're putting down concrete or asphalt, we're 85% of concrete and 95% of asphalt. it can't be done without crushing. >> i like that, and i like slow, i like steady, and i can do without. there's no tariff coming against you, right? it's just. >> nothing that should be meaningful to us. our supply chain is almost totally domestic. >> tariffs might. >> it might affect steel. but then we're going to supply more material to the domestic steel industry. >> well i like it. i talked about at the top of the show

about who does not have face tariffs. and i've got to tell you, ward nye chairman, president ceo of martin marietta materials, does not face tariffs. mad money is back after the break. >> the cnbc change makers returns. >> 50 women innovating and driving change across industries. >> find out who has made this year's list. >> meet the new icons. the cnbc >> meet the new icons. the cnbc change makers list got eyelid itching, crusties and swelling that won't go away? it could be... demodex blepharitis! and we're demodex mites. we're very common and super irritating to your eyelids... but we love making ourselves comfortable here! oh, yeah...steam time! if demodex mites are partying it up on your eyelids... it's time to eliminate the root of the problem

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you ready, ski daddy? let's go with brett in louisiana. brett. >> a south louisiana. >> mardi gras. >> booyah to you, chief. >> frankly that's a true booyah. that's where it's from. >> you know it. my stock. >> is celestica. >> a key supply chain efficiencies partner. >> solution has come into its own in a way that i cannot believe it. and everyone's piled in on it now because of the fact that we got that downturn. you're going to get a chance to buy it sells at 22 times earnings. i want you to wait till it's at 20 times earnings below the s&p and you can pull the trigger. i would probably put it at i'd say $80. let's go to jack in ohio. jack. >> hey thanks. >> for helping me out, jimmy. >> of course. jack. absolutely. >> a buying for. >> the dividend. buying for. >> the dividend. >> and it's on a pullback. is it. okay to add. >> some shares, >> katie keycorp. >> key okay. so jeff marx and i were kicking things around. i said we got to own more banks. we got to maybe own bmy. and i said how about key for the chapel trust because of that

dividend you're on to something. i like your thinking. we had chris gorman on. seems like a terrific guy. let's go to chris in new york. chris. >> hey, jim, what's. >> going on? quick congrats to you. and a shout out to the birds for bringing home the super bowl. >> go, birds. thank you. >> interview with vlad pena from robin hood. >> yeah. >> what do. >> you think? >> right. >> i was. >> actually interested in competitive theirs. perhaps the legend on the street. thomas peterffy and interactive brokers. >> it's true. >> they're good stocks very high, and stocks are very expensive, but they're good. let's go to nenciu in pennsylvania. nenciu. >> good evening. >> mr. cramer. >> thank you. >> for taking my call. >> of course. i want to know. >> your thoughts. >> on dubious. >> holding symbol. and b. i. s. >> yeah. we did a little takeout on the obvious holdings, and we felt like it's kind of a look. it's a big money loser that's people are buying because it's part of all of everything that's going on right now in the cloud. i don't want to be a part of it. period. end of story. let's go

to ted in massachusetts. ted. >> hey, jim, long time listener. you're doing a wonderful show. people are really benefiting. >> from it. >> thank you. i've been wondering about all this ai. >> stuff and the power requirements. >> and i've. been looking at. >> a company in lynchburg, virginia. with a b w. >> x. >> okay, that's. >> the new nuclear. >> you know, look, the bloom is off the rose. nuclear. it was never really there. we don't have any sort of initiative that really makes nuclear the right thing. small modular nuclear power still not happening. it's going to be 2033 before we see anything new in nuclear. that is just too far for me. but i'm telling the truth now. i mean, i'm done with it. i don't want to hear about it anymore. let's go to don in tennessee. don. >> hey, jim. second time caller, multiple year club investor. excellent with you. and i watch your show every night. >> thank you. >> thank you for everything. >> thank you very much. >> thank you. >> i'm in the gym on this this stock. it's got a heavy short

interest, but it's not treating me right. even though it's got great fundamentals, low pe, it's making money. the analysts are positive on it. potentially a 40% upside on the eps next quarter. but it just keeps going the wrong way. what should i do with this pow power industries. you know that that. >> is that is just a really. >> good company. i totally agree with you. i don't get it. i just i mean, we've done we've done takeouts on it now. they did. i mean, look, it doesn't have the big revenue growth that i want. yeah. i'm just confused. i have to come back again. we did a take out on it earlier. i'm going to go back on huddle with my chief scientist, ben stiller to figure out what is going on here. let's go to tony in illinois. tony. >> jim. >> from mchenry, illinois. >> i like that i have a dog named tony. apropos of nothing. absolutely nothing. go ahead. >> dog. no doubt. >> hey, looking. >> at the. >> energy needs going. forward until nuclear fusion is

commercially viable. >> which is likely decades off. >> what do you think about investing in. >> small modular. >> reactor companies? >> you know, i kept waiting for more deals to occur and waiting and waiting. it's a new year and they're not happening and i'm not seeing them from bornova. i'm not seeing from anyone. so i become very, very skeptical. and that, ladies and gentlemen, conclusion of the lightning round. >> the lightning round is sponsored by charles schwab. coming up, fresh off nvidia's earnings report, cramer is breaking down what the future looks like for the company and looks like for the company and the demand for its a carl: believe me, when it comes to investing, you'll love carl's way. take a left here please. driver: but there's a... carl's way is the best way. client: is it? at schwab, how i choose to invest is up to me. driver: exactly! i can invest and trade on my own... client: yes, and let them manage some investments for me too. let's move on, shall we? no can do. client: i'll get out here. where are you going?? schwab.

schwab! schwab. a modern approach to wealth management. >> learn how in our new book. get a free copy today at. >> it's not an option.com. >> it's not an option. .com question why would the former head of business development at merck become vice chairman of a company currently valued at $30 million? like him, you should meet in live symbol onlv on the nasdaq and live x is a clinical stage company using a novel cell immunotherapy platform to treat sepsis and osteoarthritis and other inflammatory diseases, both billion dollar market opportunities that could revolutionize the way we treat these diseases and live. x stock symbol. >> chad. >> how are we feeling about the pancakes? >> pretty mad. >> you know. what's middlebury? >> your aura.

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someone that can blow up your product, why wouldn't you? >> shark tank coming up next cnbc. >> if you want to manage your own portfolio, learn how i do it. >> one of the key benefits. >> for. me is. >> knowing where jim is going to buy or sell before he. >> does it. >> get invested. join the club today. go to cnbc.com. jim. >> sometimes during earnings season wall street gets a quarter dead wrong which is why we have the stock of nvidia getting hammered today when it would have been up in another tape. of course, as clint eastwood told the now late great gene hackman in unforgiven, deserve's got nothing to do with

it. the stock price went down. if you own it, you're worth less than yesterday in that sense. nvidia, long one of my faves, is now wrongly regarded as a loser. but let's talk about what nvidia, the real company does. its chips, its software, what they do. let's get into one of the use cases, not just talk about china. something that i hope will come at nvidia's gtc conference, the equivalent of woodstock for all things ai next month. i think that the use cases for their chips are huge, although who knows how much that matters when the company's in the crosshairs of potential tariffs. but enough about china. let me tell you what nvidia can accomplish in the right hands. let's take these one by one. i like classical music. i'm not a big fan of tchaikovsky, and i don't mind prokofiev, but when i ask amazon alexa to play tchaikovsky's beautiful violin concerto number two, i do expect her to put it on. no. she constantly confuses tchaikovsky and prokofiev, but alexa is the one dimensional child not worth paying for if you can't get the composers right. the distinction meant nothing to her. she just makes the same mistake over and over again. sure, i hear

endlessly that amazon is going to have its own better chips that can tell the difference in your speech, but that's just not the case. in billions in potential revenue is lost. nvidia's new blackwell chips can solve the problem. it will apologize. it will get the music right. it will ask me which list i want. i will say i want david oistrakh from the cleveland philharmonic. it will be played. and i'll happily pay amazon seven smackers a month for the process. okay, now let's say you're a freight forwarder. you got hundreds of thousands of packages a day at an airport. you need dozens of people to lift the boxes out of the trucks, put them in the right place, stack them and get them ready for the next truck. it is drudgery. you can't get anyone to do that for less than 100 g's these days with health benefits, which they'll need because if they drop a box, good chance they could end up in the hospital. but suppose you get nvidia's blackwell chips in that warehouse. you pay $60,000 for a robot one time only. you get a machine that will never make a mistake in lifting and will never make a mistake in placing. it will never get hurt or show up late to work because it's such a crummy job. it will never be drunk or sick or even angry a bargain. then finally you come downstairs at your house. you want a cup of coffee, but not just any coffee you want 8:00 coffee. the cup is made. but that's not enough. you want to

be asked if you want a half and half today. or maybe almond milk. you can say, no, i want cream. he doesn't. he doesn't know what you want for it and he's going to find it if it's there. how much would you pay for that versus something that doesn't know your preferences? right now, most ai offerings are just too stupid to do anything but sort through everything that's written and summarized in big deal drudgery fixed. but doing the other thing or iterative, subservient? gracious. that's what every one of these hyperscalers really wants. they just don't know how to communicate it. it can't get thatith the current shifts. they're too slow and too dumb. they can do things, but not the things people will pay for. nvidia's next generation chips, though. they can do things and you will pay for them. so what's next for the stock at the moment? nothing, because we don't know how much it's going to cost nvidia to make anything because the president hasn't decided yet. the tariff person in chief sets the price these days because the chips are manufactured in taiwan. and in trump's eyes, taiwan is just another word of the state that's taking advantage of america, forcing us to pay for their defense while taking our jobs. in a realpolitik world. china takes taiwan next, right? we can't get any chips because we

don't have the ability to make them here. so nvidia's got no chips for us. china gets tchaikovsky in half and half. we can't find anyone to lift boxes. and the stock of nvidia you saw today. it's just a crying shame. i like to say there's always a bull market somewhere. i promise you. i find it just for you you. i find it just for you right here there's been...a murder! [ maids gasp ] narrator: ...jason blum, the king of horror and the founder of game-changing production company blumhouse, returns to the tank. i can't imagine why he isn't the perfect partner. think hard about it. together: aah! you need me more than i need you. alright. if you want to make a complicated package, you just brought one to the shark tank. you have rocket fuel sitting at the end of this panel. the fact that i'm up here pitching you this is an absolute miracle. kevin, what's the score? it's totally rigged. what's the score? and i'm litigating! wow. ♪♪ narrator: first in the tank is a business making a killing.