Mad Money w/ Jim Cramer 5/14/26

What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Borsten hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. My mission is simple, to make you money. I'm here to level the playing field for all investors. There's always a low market somewhere, and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer. Do you want to make friends? I'm just trying to make you a little bit of money. My job is not just to entertain, but do some teaching. So call me at 1-800-743-CBC. Tweet me, Jim Kramer. We had this IPO today. Seven-yard economy. Cerebrus. Priced at $185. Stock opened at $350. Instantly making it worth $107 billion on a fully-glued basis. And it goes all the way up to $386 before closing at $311. Now, there is a word for that. That word is fanciful because it was fanciful to pay that much the whole time. And that's putting it diplomatic. Notice, I didn't say idiotic. I didn't say stupid as much as I'm certainly itching to do so, but that would be judgmental. On a day where the Dow gained 370 points, the S&P advanced 0.77%, and the Nasdaq climbed 0.88%, we had to witness this already overvalued stock come public at 111 times last year's sales, not earnings, sales. And it blew through that level of ease. That wasn't enough. Instead, The crowd went to north of 230 times sales. 230 times last year's sales at its high. That's just great. Listen, I've been in favor of the Semiconductor Rally the whole way. I mean, has anyone been a bigger cheerleader for the thing? I mean cheerleader. Apple for the data center. I love the data center. The fourth industrial revolution that NVIDIA CEO Jensen Wong promotes, Hook, line, and sinker. But today, today's IPO made me sick to my stomach. Oh, I got nothing against the company. In fact, Cerebris has good technology, especially when it comes to inference. It competes admirably with NVIDIA. It has to deal with OpenAI for $20 billion, something with Amazon Web Services too. CEO, on a squawk today, smart fella. Doesn't matter because today's action was right out of 1999. And you know, I've been reluctant to use that term. See, you uninformed people using market orders to pay anything for an unseasoned company that was valued at just $8 billion back in October. $8 billion in October, $95 billion today. You can't be serious. Did it cure cancer while I figured that maybe it was working on the inference? I might have missed that. I cannot tell you how many times we saw something exactly like this happen in 1999 over and over again. People were willing to do this nonsense endlessly. They heard something was sizzling hot. They knew the sector was steaming too. So they put in market orders. Buy, buy, buy, buy, buy, buy. Not caring what they paid. You know why? Because they didn't know what it was anyway. And they just smelled a sure thing. Since back... High bandwidth memory. HBM chips. This is potato chips. Not real chips. Potato chips. But I got them at the NVIDIA trade show. known as GTC. The chips, the real ones, are made by SK Hynix, which is an incredibly important data center semiconductor company. Korean Colossus, market capitalization of almost a trillion dollars. It's not the closest compared to Cerebrus, but it's close enough. SK Hynix sold $35.5 billion worth of chips last quarter. Cerebrus sold $510 million worth of chips in the entirety of last year. That kind of volume, it is very hard to justify Cerebris being worth $100 billion. I bring this up because it's a joke, and I don't want the joke played on you. You cannot do this, people. You cannot pay these prices. I remember back in 1999, I was writing for the Street.com since I co-founded four years before. I'd plead that people not to use market doors, even for when the Street.com came public. I urge that people not buy things they didn't understand because these were stocks that were just way too hot. And there were too many people who didn't know what they were doing. That was a mania. So far, we haven't had mania. People ended up losing fortunes in that mania when the whole dot-com edifice collapsed in March of 2000. Of course, Cerebris is not going to blow up like those 300 landmine companies that came public between 1999 and mid-2000 before it collapsed and they all vanished. This is a real business we're talking about. There were plenty had real businesses with stocks that got way too hot in the dot-com era. Could the bankers have done something to control the situation? You know I never mind criticizing the underwriters if I think they screw up. I've attacked them for years. Morgan Stanley ran this deal. And you know what? I gotta tell you, they did a great job. They originally looked to sell the stock between $115 and $125. Then they kept moving it up because they saw the insatiable demand for this thing, but they weren't going to price it anywhere near where the rabid buyers picked up the stock during the day, they had no choice but to leave money on the table, unwilling to price the deal at a totally unjustifiable price. They weren't going to do that. Quite the opposite of 1999, where many bankers were anxious to bring anything public. Cerebrus is a real company. There had to be a price put on the door if they had to, right? I mean, you couldn't just not have a price. And $185 seemed reasonable. Anything over $300 seems nuts. Now, maybe there'll be another big wave of buying. I mean, there was with Figma before it went down, and now Figma poured a good quarter of the close. Maybe Cerebus will win a huge contract for $40 billion from Anthropic or Microsoft. It'll all be well. Otherwise, though, we could go down the rabbit hole. What a shame. It took away from the extraordinary performance of Chuck Robbins and Cisco, showed an incredible acceleration in both sales and earnings. Cisco was the largest company in the world in the peak of 2000. It was selling it to all the big customers at the time. The companies that were building out the internet with massive amounts of fiber, A lot of it never got lit. A lot of the customers didn't have enough money to pay. Again, investors lost fortunes with Cisco back then. This time, Cisco deserved the run. Today's 13% rally was completely justified. And then some, it wasn't a mania. It wasn't fanciful. How about NVIDIA? Look, it's finally moving up. It's 4.4% today. Good reason. There's a very good chance that based on forward earnings estimates, NVIDIA's stock is now cheaper than the average stock in the S&P 500. Cheaper. Now, that's absurd. The company's growing at a much faster pace than almost any large cap enterprise. and it sells below at S&P market multiple? Now that's crazy. Now, it doesn't have to be this way, people. Perhaps there are people who will say, look, I've been there. I lost so much money when the IPO market got too hot in 2021 or 2014, or when it was totally overwhelmed in 2000. But my fear is that was now too long ago. And there are just not enough losers from then who know not to repeat those mistakes. Maybe we just have to live through it again. I'm trying to stop it. I know this. I always say that if I saw this kind of nonsense, this over enthusiasm again, I would scream from the rafters that this has to stop. I would simply stop praising the red hot sector for a moment and say, this ends badly. Please, please exercise discipline. Understand what these companies do and why they aren't worth this. Here's the bottom line. I don't mind stocks that go up huge on shortages. I don't think MyCrod or SanDisk or Western Digital or even HBM chips from SK Hynix are overvalued. Probably the Chinese don't flood our markets with cheap memory. Cisco, NVIDIA, fine with me. But Cerebras, it's like a Sondheim play. Sending the clowns. Because today, that's exactly what happened. Ian in Florida, Ian. Booyah, Jim. How you doing? Booyah. I am doing well, Ian. How about you? Amazing. Amazing, Jim. Amazing. I love that. Going good. I'm a five-time caller and a club member as well. Oh, thank you. Thank you. You know how hard we try to do this, Jeff Marks and I. We got some good names coming up. What's happening? Yeah, you do great for us. Oh, thank you, buddy. Jim, I wanted to ask you about, it's kind of an aerospace stock. It seems to be kind of in the middle right now, but I like the company. What do you think about GE? Buy. Is it going to be time to buy? Buy. GE is Larry Culp. I've been watching the stock go down, and I'm like, all right, come on. Come on. And by the way, I'm going to throw in the Boeing. You're a club member, down 11. Why? Because it was up in anticipation of a big order. I mean, you know what? I mean, look, stocks don't go up and up and up. Not real ones, at least. And Boeing's good, and GE's good, and thank you for members of the club. And please, people, be careful. I don't mind stocks go up on shortage. But the action we saw today on Cerebris, that's got me on court. I'm just on guard. I guess I'm worried. I am worried. I'll make money tonight. Charles Schwab outlined new revenue growth targets at its Investor Day. And I'm getting the latest on the road ahead for the financial services leader, which seems very inexpensive to me. Then Cerebras just came public in that large IPO. So should you be buying something else? I don't know. I'm going to give you my take. And train technologies helps keep data centers nice and cool. So does that explain why its stock has been red hot recently? I'm finding out more from the company's top brand, so stay with Kramer. Don't miss a second of Mad Money. Follow at Jim Kramer on X. Have a question? Tweet Kramer. Hashtag Mad Mentions. Send Jim an email to madmoneyatcnbc.com or give us a call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com. What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Borsten hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. Okay, how could the stock of Charles Schwab get its groove back? As really as just a few months ago, this retail brokerage firm seemed unstoppable. With the stock hitting a new all-time high in early February, that seemed right to me. Then it got knocked down during the recent AI displacement sell-off, even though it's really not an AI victim at all. Then the stock got hit again last month when Schwab reported, even though the numbers were better than expected, it was a very good quarter. Today, the company hosted an institutional investor day where they raised their full revenue growth forecast pretty substantially It went from 10 to more like 14 to 15 Yet the stock actually got hit again down 1 And part because management also predicts higher expense growth Look I think the market's misjudging this one and not valuing this incredible franchise correctly at all. But do not take it from me. I got a chance to stick down with Rick Wurster. He's the president's CEO of Charles Schwab to get a better read on the situation. Take a look. Jim, I'm doing great. How are you? Well, you know, I'm confused, I'll be honest. I thought through the client's eye, strategy is great. The numbers that you presented were much better than I thought. And yet the stock did not react. And I'm wondering what I'm missing because as far as I can see, you're doing everything right. Jim, our business is certainly performing exceptionally well, and it does start with seeing through client's eyes. What we focus on every day as a company is making sure we deliver for our clients the products, the solutions, the expertise they need to live their best financial life. And by the way, Jim, it's one of the reasons that I admire Mad Money. You have done a lot for the retail investor to help them understand the power of owning stocks, being invested, the value of compounding. We're trying to do the same thing here at Schwab and it's working. You might not see it in our stock, but you certainly see it in our business fundamentals. Well, those of us who started and cut our teeth on Schwab know that's exactly the way you've been is how the Travel Trust was set up with it. I just think you guys have the right orientation. And what's terrific is you raised and you had 10% revenue growth. You had the 14 to 15% top line growth. That to me shows that you're doing really everything right. Yeah, our business really is operating at a high level right now. For the last 10 years, we've grown the top line 14% a year and the bottom line 16% a year. And that's because we're doing right by the client. We see record client satisfaction scores with our clients. They're increasingly bringing new assets to us. And they're also doing more business with us in areas like wealth and lending. They're coming to us saying, we want more help from Schwab, And that's accelerating our business as well. So we're operating on all cylinders here and doing everything we can to delight clients, and it's working. Well, you guys are also doing something. Thank you for the kind comments when we have money. Another thing you're doing that's very much in sync with me was that you're trying to get young investors to own, trying to get them to understand. Try not to play. Trying to invest. How are you able to do that? because I think you've got some options for people, particularly for parents to try to get young investors involved, that I think are reasonable and make it so that people understand that investing can be fun, but it's serious business. Jim, we share a passion with you, which is trying to get Americans to invest, to save, to understand the power of compounding and the impact it can have on your financial life over time. We are doing a lot for the young investor. And I'll tell you, the young investor is a thoughtful investor. I sat with a group of young investors a month ago, and it was during a period of high volatility. And I asked them whether they were worried and pulling back on markets. And they said, why in the world would we do that? We're saving for our retirement 40 years from now. We're sticking with it, and we're adding as the opportunity comes along. We just did launch teen accounts for young investors ages 13 to 17. And that was really important to us to send a message to young people in our country about the power of being an investor, particularly an environment where lots of young people are getting a message about gambling. And we want to give a message about the fact that markets have positive returns over time, whereas gambling, not so much. That's very true. Now, Rick, the one thing that I am sure you wrestle with, too, we want to give the clients through their eyes what they want. and sometimes we have to give them stuff and it may not be what we want. For instance, in your digital assets page of your terrific deck today, you've got a rollout of a spot crypto offer that's begun with an employee launch and just a coin's available. Now for me, I know that they want it and so I would have to give it to them. But candidly, Rick, it's not the kind of thing I want to see them do. What do you do when you have kind of a conscience issue but you know the customer's always right? Great question, Jim. What we've focused on is client choice. We've always stood for having what investors may want or need to have a balanced asset allocation. And there's many investors that can make a credible case for why crypto could make sense in their portfolio. What we're not doing though, Jim, to your point, is we're not putting it in our recommended asset allocation. So when a client comes through the door and says to us, you know, my age, what should my mix of assets be, we're not including crypto, but we have it on our platform. And if people want it, they think it's an important part of their asset allocation. They certainly can include it. Okay. All right. I think that answers it. And I think that's great. You're offering everything, but you're not necessarily emphasizing everything, which is terrific. Now, a lot of people feel, Rick, that you guys, maybe it's just AI issues you have, that people are going to go around and look at whatever rate is the best. And you know what? I studied that for CDs and it's really not true. And I have affiliates not true for you either, but it's something that investors claim is a concern for Schwab. Yeah, there's been an AI narrative that has overhung our stock now for a few months. And first it was that there was going to be an AI tax tool that was somehow going to disintermediate our business. And now the focus has been on our cash strategy, which is an area where when clients come to us, they come to us to invest in trade. We put their money in a cash sweep vehicle so that it's ready for them to invest when they want in what they want. That strategy has been working for us, but there's concerns that AI is gonna somehow make it go away. We think those are overblown. Our strategy is working. We shared metrics today that showed we've never been more competitive than we are today. And our clients have never been more satisfied. So we think the strength of our value proposition is winning in the marketplace. So you think you have to kind of shadow box until people realize, like they did for the cybersecurity companies. Everyone thought they were going to distribute it, and then they had to go through this eight-month period of pain. And then suddenly the stocks just went up 25%. I think maybe you just have to just wait it through until people realize that whatever they're worried about is not happening. Jim, I think you're right. And as you know, in the short run, the market can be a voting machine. In the long run, it's a weighing machine. And we've been delivering great results quarter after quarter. We're trading at 12 and a half times our consensus earnings for next year for a company that's grown the bottom line 16% a year for the last 10 years. So we're going to keep focus on delivering for our clients. That should lead to great financial results. Ultimately, we think that will be rewarded in the market. Oh, I totally agree. I remember at 60, your predecessor was on. And I was like, you're buying stock. And everyone is just so panicky. if it were so bad, why would you buy? And it was the exact bottom. And I just feel like right now, I don't get it. But now if you're listening to you, I get it. There's just a lot of mistakes about how people view your company right now. It's the same company as always, as far as I'm concerned. That's Rick Wurster. He's the president and CEO of Charles Schwab, which we have liked since the beginning of the show. You can go check it out. Man Money's back after the break. Thank you, Rick. Great to have you on the show. Thanks, Jim. Man Money is back soon. Coming up, one of the hottest IPOs in recent memory just hit the market. So should you be buying in? Kramer offers his thoughts on Cerebris next. What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short, and you just got to think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. Today, as I said at the top of the show, we got the largest IPO of the year, for at least so far, when Cerebra Systems came public with a bang. This is a semiconductor company that makes what are known as AI accelerators, huge dinner plate-sized processors that are purpose-built for artificial intelligence workloads. And the market lapped it up, as I said, after pulling an attempted IPO last fall when the AI cohort briefly went out of style. Cerebras refiled to come public in mid-April, originally seeking to sell 28 million shares at a price between 115 and 125. By the beginning of this week, they raised it to 30 million shares at a price of $150 to $160 because there was just so much demand. Then last night, the IPO priced way above that, $185 per share. And today, the stock immediately skyrocketed, opening at $350. While it pulled back over the course of the day, it still finished the session up a staggering 68% from its offer price if you got in the deal, but well below its high of the day. Now, you know that I thought the enthusiasm is way out of control here. You do nothing! But let me explain why Wall Street can't get enough of this thing, so at least you know the other side of my anger. Cerebris is one of the few companies that saw AI coming years and years ahead of time. Way back in 2015, they realized we need a whole new type of computer architecture for the data center. One of the big limiting factors for AI is communication speed. And because communications happens much faster on a single chip than between chips, Cerebris developed the largest commercial chip in the history of the computer industry. Each of these things has 4 trillion transistors. That's a T, 4 trillion. To put that in perspective, NVIDIA's super advanced B200 chip package, that's the Blackwell GPU, although that only has 208 billion transistors, which I thought was a lot. Because all these transistors are packed into the same chip, Cerebers' technology has become incredibly useful for inference workloads. That's when an AI platform retrieves information from a trained model and puts it to use. According to Prospectus, this company's AI accelerators can be up to 15 times faster than leading GPU-based solutions. And in some unique cases, they're over 1,000 times faster. Cerebris can also help train an AI model 10 times faster than the usual hardware lets you. So, true advantages. They either sell this technology directly to customers or allow clients to basically rent computing power through their own cloud business. They also offer inference services through partners like Amazon and Microsoft, among others. Now, last year, though, Cerebrus got 86% of its revenue from just two entities in the United Arab Emirates, one a cloud computing company, the other a university. The UAE is halfway to be a war zone right now, but that hasn't diminished the enthusiasm for this stuff. But Cerebrus has been making strides to diversify its business. In January, they announced its $20 billion multi-year deal with OpenAI to deliver 750 megawatts of compute. In March, they reached a deal to deploy their monster chips in Amazon's data center. So these are good contracts. That's the story. What about the numbers? They're impressive too. Cerebris put up 269% revenue growth in 2024, then 76% revenue growth last year. Of course, the company not yet profitable Cerebris adjusted operating loss more than doubled last year to million and its adjusted net loss more than tripled to million Their cash flow from operations is still negative But the losses, they're not too distressing, because this company's still in its growth mode, and the growth is really incredible. Plus, Cerebus has no debt, and they just raised $5.7 billion in cash from the IPO. So, hey, listen, they can afford to rack up big losses for years in order to keep expanding. I don't think they'll do that. Pretty all together, I like the story very much. The story of the company, not the stock. They're two different things. The company makes a very convincing case for the technology. And with the arrival of the inference here, Cerebris is in good position to grow like crazy, especially now that they're winning business from OpenAI and Amazon Web Services. So it is a great company. But man, after this red-hot start for the stock, it's very hard for me to get comfortable with this valuation. At $185, the offer price, Cerberus had a fully diluted valuation of roughly $56.6 billion, where it was trading about 111 times last year's sales. Not earnings, sales. Okay, that's important. Keep that in mind. Up here at $311, it's more like 187 times last year's sales. So now let's get the compares. You can write them down if you bought it so you know what you're doing here. Even though there's really no comparison to what they're doing, I like these. I'm going to give you these. NVIDIA trades at roughly 26 times last year's sales. AMD trades at 21 times last year's sales. Broadcom trades at 33 times last year's sales. Those just aren't in the same ballpark. And of course, NVIDIA, AMD, and Broadcom have the added advantage of being extremely profitable. You can value them on an earnings basis. Even the most expensive AMD sells at 108 times last year's earnings. I don't like that, but I get it. It's getting the same multiple earnings that Cerebris got on sales at the moment it came public. Now, it's almost twice that. See, that's wild stuff. It's just, look, it's two bulls. Of course, Cerebus is getting an evaluation because it's growing like a weed. But you know what? These guys had 76% sales growth last year, 76, okay? That is not that much different from NVIDIA, which was a 65. So really, if you buy this stock up here, you're betting on the idea that Cerebus will have much better growth than the many years in the future. Honestly, at this valuation, you're basically expecting revenue to be several multiples of what it is right now in a fairly short period of time. Maybe that's possible, given the company's impressive technology? That seems like a real leap of faith to me. I don't like it. Not their fault. It's the fault of non-rigorous investors and traders and flippers. Really, I think that what's happening here is that Cerebus has a sexy story and a perfectly timed IPO. When the company's pulled its IPO last fall, it instead raised $1 billion in the private markets and an $8 billion valuation. So in other words, in the fall, it was worth $8 billion. Now, listen, eight months later, it's worth more than 10 times that amount. Tell me that isn't silly. Who bought it? Tell me you didn't do something silly today. Think of all that's happened over the past couple of months. The Philadelphia semiconductor index has exploded. It's up nearly 70% in just the last six and a half weeks. Many individual companies involved in the data center builder have more than doubled over the same period. Think the memory plays or CPU specialists like AMD or Intel. And some of these smaller, more speculative companies like Neoclouds and some networking or photonics plays, they've risen several hundred percent. Against that backdrop, along comes Cerebrus, with its differentiated process story, with chips that it claims are much faster than NVIDIA and ideal for the inference era. No wonder people can't get enough of this thing. But the bottom line, while there might be a situation in the future where I can recommend Cerebrus, I just can't even get close to justify the valuation of pure, given how much it's already run right out of the gate and those valuations I just gave you. I hope you wrote them down because they're just what I call dispositive. For now, I say keep your bat on the shoulder and hope the stock gives you a giant pullback. Because at these levels, no, it's too rich for me. You'll have to buy it up here without my blessing. I can't go back to 1999. You shouldn't either. Let's go to Barbara in California, please. Barbara. Hey, Jim. I've been watching you for 26 years, and you have as much energy today as you did then. Oh, thank you. Now you've got to come to play. Thank you. Seriously. seriously. Okay, you like Mar-Vell. Do you still like Mar-Vell? Oh, yeah. Mar-Vell, that's Matt Murphy. He's doing an amazing job. He bought that optical business. He's really crushing it. I mean, you know, if you want to look at Mar-Vell versus, say, what was being hyped today, Mar-Vell's so dramatically cheaper, and it hit a 52-week high today. It can go higher. Remember, Matt came on the show when he bought like a ton at 70, and he was really upset. Remember, he came when he said, listen, I am the single, not the noise. Well, he just, he gave you almost a triple. All right. Look, Cerebrus does look like it's going to be great long-term growth company. But I can't recommend the stock right now. Remember, stock, company. Okay? Two different things. Watch more mid-money ahead. Train technology is known as a leader in the HVAC space. But could its involvement in the data center build out, unlock a new level of growth? I'm checking in with the CEO. Then I'll break down how NVIDIA fits into the equation with our relationship with China. as the debate heats up over its access to the Chinese market. Maybe it's much you can do about, well, why don't you stick around? And of course, all your balls rapid fire in tonight's edition of the Lightning Round. So stay with me. This market is full of industrials that have caught fire because they own a piece of that great data center build out. Take Train Technologies, TT, the climate-controlled company with a stock that's up nearly 24% for the year. And a good part of that's because it prevents these warehouses from overheating. A little over two weeks ago, Train reported a healthy top and bottom line beat with its backlog up a staggering 30% year over year. Commercial HVAC bookings in the Americas up 40%. Applied equipment orders surging 160%. The whole business is thriving, but that data center side is really on fire. One reason why management raised their full year forecast convincing. So can this thing keep running? I got a chance to check in with Dave Regnery, chair and CEO of Trade Technologies, who's come on the show multiple times and this stock has been a winner. Take a look. Dave, welcome back to Mad Money. Jim, I'm always glad to be on your show. Thanks for having me. Well, I'm thrilled you're here. I mean, it's just another great year for you and the stock's up 20% already. I guess it's pretty much, when I read through the deck, almost everything you feel better about. And it's already been good, but it's getting great again. Yeah, we had a very strong start to the year. First quarter, our order rates have been just off the chart. I mean, up 24% in the first quarter. Our backlog is that, you know, we used to talk about backlogs being record when they were at $4 billion, $6 billion. Our backlog at the end of the first quarter is $10.7 billion. And that's just equipment. And remember, a third of our business is services. I was going to say, one time I just was saying, I like training because the service revenue who is strong. But that's a great, the service business is a great business. It's a third of our company. It's had a compound annual growth rate over the last seven years of low teens. Compound annual growth rate is a very resilient business and it's a third of our company and we invest heavily in it. We just opened up a new training facility in North Carolina, first of its kind. We bring every technician through our training center twice a year. And this is, Think about it. In the United States, we have, I don't think, 4,500 techs. We have another 3,000 or 2,500 globally. So we have 7,000 techs now. And now you've got some pretty much mission critical. If you go down, a billion-dollar facility doesn't generate any revenue. That's just not good. So when you're in the data center, I think those guys have to be ready every second. Data center customers are very risk-averse, and they want to make sure that their equipment is going to work. The other thing data center customers want to do is they want to make sure that not only can you ship the equipment, but you could commission the equipment on site. So a lot of our training classes is training technicians to be data center commissioning people. So what they do is they're able to go to the data center, mechanical contractor finishes the install. We then go make sure the equipment is working the way it's supposed to work. All right. Now you're in a great industry with great companies that almost all come on. How are you doing wallet share versus organic growth from Greenfield? Look, we have our growth rates in the future are going to be fantastic. I mean, think about it. I mean, we've had a compounding growth rate over the last five years that's been double digits on the top line. And then on the bottom line, Jim, our EPS growth has been over 20 percent per year. So we have a mixture, right? So we have Greenfield as well as we have certainly Brownfields. And we do a lot of work with existing customers. And we certainly are always out with new customers every day. Now, when I read through your most recent tag, the last two, you're a bit of a throwback. People have the sustainability page. They either bury it in the last one or they have the first one. Then you move away and never hear about it again. I keep telling you this. Oh, my God. This is just core for you. Yeah. You know, our purpose as a company is to challenge what's possible and innovate for a sustainable world. And I tell our employees, that's our North Star. And it might not be fashionable right now to be talking about sustainability. here in the United States. But to us, we still talk about it. And the reason why we talk about it is because we have such great solutions for our customers. We save our customers fantastic amount of energy, okay? And it also lowers their carbon footprint. Most people don't realize, Jim, that 30% of all the energy in the world goes to buildings. And 40% of that is for heating and cooling. And we know most buildings operate very inefficiently. In fact, most buildings waste about 30% of the energy that they pay for. And that's the opportunity that we at Trained Technologies help our customers with. Think about all the savings you have with 30%. Energy prices are rising. Our paybacks keep going up because we're saving our customers this wasted energy. Okay, so take me into a data center. I mean, the thing must be boiling, and you've got to try to be sure that it stays cool. What's the cost of keeping it cool, and how do you have the equipment that can keep it 24-7 cool? Well, data center vertical is very strong for us, although I would tell you that many verticals are strong. No, and it's not fair that I'm focused on that because it's true. You had a lot to talk about. In the data center space, we are innovating at a pace that we have never seen before. Okay? And a lot of those innovations are for the data center vertical. However, they're coming back through core verticals as well as we make the product more efficient. And our product is some of the most efficient in the world. Okay? In our world, we measure efficiency by coefficient of performance or COP. We used to think a COP of three or four was efficient. We did a job in Australia not too long ago. The COP was north of 11. It's just, and so, I mean, the data center space is a great vertical. We'll continue to lead there. But we have a lot of other verticals. We're very strong in it. Okay, but how is it part of, I mean, we don't have a lot of commercial construction. We have no presidential construction to speak of. And you're still generating double digit. I don't know how you're doing it. A direct sales force is a big help, okay? All of our employees are direct sales that are in the sales function, and they just have an unbelievable ability to have deep domain expertise in their local markets. I was telling an analyst the other day, I was asking a question, I said, 95% plus of our account managers or our sales force they don sell to data centers They sell to other core verticals whether it be higher ed whether it be K through 12 whether it be healthcare These are all verticals that we have a lot of expertise in and our portfolio is the broadest in the industry. And it allows us to be able to sell solutions to these customers. It's also amazing. A lot of people say, well, are they going to reshorting that? You never left. You're here. Our strategy for decades has been we manufacture in region for region. We have 21 plants in the United States. We have one plant in Mexico. 95% plus of what we sell in the United States, we manufacture in the United States. The job creation that we have is right here in the United States. We've added over 4,000 jobs over the last five years by reinvesting in the business, reinvesting in ourselves through innovation, and serving our customers in a way that's very important to train technology. People keep saying, you know, look, this building's ridiculous. They can't keep putting up these data centers. From your boots on the ground vision, are we really going to be tapped out? Don't we need these? The data center pipeline, okay, this would be before they become orders, is more robust than I've ever seen it before. Now, right now. Right now as we speak. And you're not worried that there's like soft order somewhere, overbuilding? There is a lot of demand right now, and it will be a lot of demand for the foreseeable future. Now, I could see four or three years. We'll talk about whether it's five or seven years. But for the foreseeable future, we have a lot of demand right now in that particular vertical. Well, I got to tell you, if Dave Regnery says that that's what's happening, I'm going with him, not the doomers, who I'm getting tired of, frankly. I'm getting tired of it. That's Dave Regnery, the chair and CEO of Trade Technology. What a stock. Great to have you on the show. Well, thanks for having me back. Thanks, everyone. Back after the break. Coming up, you've got questions. Kramer's got the answers. Get charged up for a fast fire lightning round next. Another crazy day in the market. And this is exactly the kind of tape where discipline matters. That's why we built the CMBC Investing Club, to show you how we're thinking through the market in real time, what we're watching, and what we're actually doing with our portfolio. You see it before we do. Right now, we got something real special. And we're going to send you a signed copy of my new book, how to make money in any market. Well, because it's kind of like I have no life at all, so I was trying to make you money. I spent hours, weekends signing thousands of copies. Maybe you want to give it to your dad for Father's Day. I think you'd like it. Or a new graduate to help him get the right... Do it right early. I want you to have access to my strategy. So scan the QR code or go to cnbc.com slash Kramer book. Come join us. I'm telling you, you're going to like it. And now it is time. I'm going to start with the lightning round. Let's start with James in New York. James. Jimmy Chill. Booyah. Booyah, Chief. What do you got for me? All right. First of all, shout out to your wife, Lisa. for Mother's Day and my new wife, Depper. Okay? And God bless you. And also, great interview with Jassy last week, too, by the way. Unbelievable. Wow! Thank you. Okay, that's great. I mean, I tell everybody, like, you're the man. Okay? Thanks a lot, buddy. So, anyway, I got this one here, okay? I've been checking it out. I've been calling Dylan and stuff. And also, you've got a great staff, by the way. Oh, my God, yes. So J.P. Morgan took it over weight. It's up 102% in the last month. It's up 300%. 10% of the business is with Micron. They do design, and the stock is Silicone Motion Technology. That is called Simo, James, and we like Simo. I know it's moved a lot. So what you're doing needs is you buy some, and then you wait for a pullback, but you've got to put some on, and I think it's a good call by you. Let's go to Jury in California. Jury. Jimmy Chill. Yeah, shake it in here. What's going on? Fun season has arrived. We love to travel. We love to win. Do you have a take on Wynn Resort? Yeah, they got that, you know, they got a problem over there in the Gulf. They got this big deal that they spent a lot of money on. And I got to hold off for now. I got to wait to see what happens in that area. Let's go to John in Illinois. John. Hello, Jim. Greetings from the Windy City. You bet. We ought to do a show in Chicago. I'm sorry. I'm sorry about that, Jim. I'd like to know your thoughts on design therapeutics. Pure spec. Pure spec. I understand. You can lose everything or you can double on that one. I don't know what you're going to be. That's the problem. Let's go to James in Georgia. James. Hey, Jimbo. I want to give you a thank you for bringing this company to my attention. It's a diagnostics company. I know they're not doing too good right now, but this one seems to be different. It's a billion to one. We like Billion to One. We looked at it. We thought the name was so silly, you know? I think Billion to One. I mean, give me a break. I was talking to Ben Stutto. Just have a Billion to One. I said, what, are you kidding me? Billion to One. I said, Billion to One. I have lost money on Billion to One shots at Belmont and a bunch of other tracks. But it's a real company. I know it's going to be very good. I say buy it. And that, ladies and gentlemen, is the conclusion of the lightning round. Coming up, with NVIDIA CEO Jensen Huang joining President Trump in China, Kramer's zeroing in on the AI race between the U.S. and China. Next. Tomorrow, kick off the trading day with Squawk on the Street. Live from Post 9 at the NYSE. Healthcare insurance, those stocks are soaring. Witness a UNH hitting a new high. CBS just breaking out here and that's it. But health care in general. Wow. I mean, no, thank you. And that's been to me an opportunity. But wow, I've been wrong calling that an opportunity. That's way too early. It all starts at 9 a.m. Eastern. You buy NVIDIA not for China, not because of the Cerebrus IPO, but because it's actually a cheap stock. Cheaper than Intel, cheaper than AMD, cheaper than Broadcom. Oh, and it's certainly a lot cheaper than Cerebrus, even as they're in the same business. That, ladies and gentlemen, is just plain nuts. There would be no AI revolution without Jensen, Wong, and NVIDIA. The company practically invented artificial intelligence as we know it and married it with accelerated computing to give us trillions of dollars worth of gains. Now we're faced with a real test, which is whether the biggest market outside the United States, China, will be reopened to them. We keep hearing that it's President Trump who's relenting and allowing the chips to be sold there, which is pretty silly because he even landed a long time ago and gave Jensen the right to sell China green light. It's President Xi who's been the obstacle. And I think Xi is facing a real dilemma. He's worried about American hegemony and the tech world. And he won't bet. He just won't help it. He's concerned that China will fall behind in the modern day space race, the race for AI dominance. Right now, our lead is defined by the Feynman. That's NVIDIA's next chip after the Vera Rubin, named after the legendary Caltech professor and Nobel Prize winner Richard Feynman, who dazzled generations with his witness wisdom. Despite what you might hear, Our lead is substantial. The current iteration of what we're offering the Chinese is like a hobbled version of the Blackwell, the chips that Nvidia showcased in the 2025 GTC event. That's still a much better chip than what the Chinese have. Xi can let his companies buy that chip, but two things would happen. First, China will be working on an inferior chip, therefore making inferior goods. Second, and more important, he'd be discouraging his own companies from developing a competitive product. He'd be furthering America gem in it. he'd be forcing China's best engineers to write code on a foreign company's semis. It's a tough choice for everyone, though. There are people in the White House who believe that Jensen is a globalist, dirty word, who wants free trade with everyone, no matter the cost. I think he's simply got the same attitude as any CEO with big export business. They hint that Jensen's greedy because the Chinese market for AI chips is said to be $50 billion, and he wants a big piece of the pie. They worry that these chips could be used against us by the People's Liberation Army. On the other side are people in the White House who think that the best way to handle China is by giving them handicapped NVIDIA chips so their engineers will be dependent upon our technology. Knowing that the Chinese military wouldn't dare rely on American chips, PLA doesn't want to give an American company a potential backdoor into all their most advanced technology. Today, the latter camp, the pro-NVIDIA biz camp, it seemed to prevail as the president brought Jensen Wang with him to China. Beyond that, I do not have more information. But I know this. Our country has a tremendous inferiority complex when it comes to China, even as I think millions of Chinese would like to move here. Yet I don't know many Americans clamoring to live in China. There's one thing that we all can agree on. NVIDIA ships are the best in the world. They're a huge edge. If you can get China hooked on an inferior version, I say have at it. Remember, the big gaining factor for advanced generative intelligence, in our country at least, is power. The Chinese don't have a problem with energy because they still build coal plants. They're able to build nuclear power plants without much red tape. Not a lot of enforcement there about the environment. You force them to build their own ships, they will catch up with seemingly unlimited electricity, and then they will surpass us. It's a real debate. I think Jensen's on the right side. Maybe his inclusion means the president's riding and then siding with him against the hardliners. If he sides with Jensen, he's backing American leadership and American ingenuity, which is exactly what the hardliners should want. They just don't understand the stakes. I like to say there's always a bull market somewhere. Just for you right here on Mad Money, I'm Jim Cramer. See you tomorrow. as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money Disclaimer, please visit CNBC.com forward slash Mad Money Disclaimer. What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Borsten hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts.