Oct 26, 2026 · 44 min

AI boom tests markets as executives confront recovery and cyber risk

Mad Money w/ Jim Cramer 10/26/26

The episode connects investor enthusiasm for artificial intelligence with a potential biotech recovery, software transformation, and a sharper cybersecurity threat.

3 key takeaways

1Cramer argues today’s artificial intelligence boom differs from the 2000 dot-com era, even as investors weigh valuation risk.
2Thermo Fisher sees stronger pharmaceutical and biotech demand, while BlackBerry builds its case around enterprise software and connected systems.
3CrowdStrike warns that frontier AI can accelerate vulnerability discovery, ransomware, phishing, and attacks on banks and businesses.

Don't miss

George Kurtz explains how frontier AI models could discover and weaponize software vulnerabilities, expanding risks for banks and businesses.

The brief

Jim Cramer opens by arguing that today’s artificial intelligence boom is unlike the 2000 dot-com era, then reviews market gains before taking questions on Moderna and Applied Materials.

Thermo Fisher CEO Mark Casper describes a broadening recovery in pharmaceutical and biotech demand, alongside opportunities in laboratory products, FDA modernization, and neurological research.

BlackBerry CEO John Giamatteo makes the case for a software company built around QNX, secure communications, connected systems, and a growing royalty backlog.

CrowdStrike CEO George Kurtz warns that frontier AI models can discover and weaponize vulnerabilities, making patching and multifactor authentication more urgent for businesses.

The Lightning Round moves through stock questions before Cramer closes with a tribute to longtime contributor Cliff Mason and his distinctive editorial voice.

What was said on this episode

20 statements · 12 positive · 8 negative

Jim Crameron Artificial IntelligencePositive0:47
Artificial intelligence could generate substantial benefits for many companies.
“the artificial intelligence story is real and could be bountiful for many companies one day”
Listen at 0:47
Jim Crameron self-driving carsPositive1:37
Self-driving cars will become widespread.
“There will be self-driving cars everywhere.”
Listen at 1:37
Jim Crameron RobotsPositive1:42
Robots will perform many unwanted tasks for people.
“There will be robots who do everything you don't want to do”
Listen at 1:42
Jim Crameron debt and equity marketsNegative4:32
Debt and equity markets are nearing funding saturation.
“I think both the debt and the equity markets are running out of money.”
Listen at 4:32
Jim Crameron Financial marketsNegative5:09
Markets are nearly out of available funding.
“I think we are nearly out of money now.”
Listen at 5:09
Jim Crameron ModernaPositive7:20
Moderna is a terrific company.
“I like Moderna. I think it's a terrific company.”
Listen at 7:20
Jim Crameron parabolic stock movesNegative7:35
Investors should avoid buying stocks after parabolic moves.
“We don't buy parabolic moves on mad money.”
Listen at 7:35
Jim Crameron Applied MaterialsPositive8:20
Investors should scale into Applied Materials gradually after its decline.
“If I had to buy 100 shares of applied materials, I'd buy 25 here at 387 and then wait until it completes that stupid head and shoulders pattern and then buy 25 more.”
Listen at 8:20
Jim Crameron Thermo Fisher ScientificPositive17:21
Thermo Fisher has a multiyear growth run ahead.
“I think multi-year run is ahead”
Listen at 17:21
Jim Crameron Frontier modelNegative25:02
Frontier AI models create an unprecedented cybersecurity risk.
“frontier AI models present a new and yes, unprecedented cybersecurity risk”
Listen at 25:02
George Kurtzon financial services industryPositive28:10
The financial services industry is highly vigilant about cybersecurity.
“I'm very confident in the financial services industry. They're very vigilant.”
Listen at 28:10
George Kurtzon phishing preventionPositive29:33
Users should visit websites directly instead of clicking links in messages.
“they should just go to the Web site directly. Don't click on links.”
Listen at 29:33
George Kurtzon AI-generated phishing websitesNegative30:08
AI enables attackers to create convincing fake websites easily.
“they've gotten so good now with AI that they can create the website very easily and it looks real.”
Listen at 30:08
George Kurtzon software security patchesPositive31:50
Organizations must upgrade vulnerable software to the latest patch.
“you have to upgrade. You have to upgrade to the latest patch.”
Listen at 31:50
Jim Crameron Celsius HoldingsNegative34:09
Celsius is inferior to Monster.
“We know that Celsius is a second-rate Monster.”
Listen at 34:09
Jim Crameron quantum-computing companyNegative34:54
The quantum-computing company lacks earnings and may have gone public prematurely.
“this is a company without any earnings, and maybe it shouldn't even come public yet.”
Listen at 34:54
Jim Crameron USA Rare EarthNegative35:22
Investors should avoid USA Rare Earth.
“I don't want you to touch that thing.”
Listen at 35:22
Jim Crameron Glacier BancorpPositive36:13
Glacier Bancorp has good growth, a decent yield, and favorable geographic exposure.
“It does have good growth. It has a decent yield. And most importantly, it's in a growth area of the country, which is exactly what you need. I like it.”
Listen at 36:13
Jim Crameron ImmunityBioPositive36:39
ImmunityBio is a strong speculative investment.
“That is a situation that's a very good spec.”
Listen at 36:39
Jim Crameron ImmunityBioPositive36:42
Investors may take a position in ImmunityBio now.
“I don't mind you take a position now”
Listen at 36:42

Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.

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