Oct 17, 2025 · 44 min
Cramer links beauty growth, AI agents and California’s power crunch
Mad Money w/ Jim Cramer 10/17/25
The episode tests how consumer value, enterprise AI and rising electricity demand are reshaping familiar investment stories.
- 1e.l.f. Beauty pairs low prices with youth-focused marketing, retail expansion and global growth ambitions.
- 2PG&E frames wildfire risk and infrastructure investment against rising demand from data centers, electric vehicles and clean energy.
- 3Cramer sees opportunity in pessimistic turnaround cases while issuing sharply different calls on fast-moving technology and travel stocks.
Don't miss
Patti Poppe lays out how PG&E is balancing wildfire liability, infrastructure investment and a grid facing new demand from data centers and electric vehicles.
The brief
Jim Cramer opens by defending the continuing bull market and its educational mission, then weighs Airbnb before turning to the companies and themes driving the night’s discussion.
e.l.f. Beauty CEO Tarang Amin explains how affordable products, the Rode launch, Dollar General expansion and youth platforms such as TikTok and Roblox support growth.
A Salesforce segment broadens the discussion from stock valuation to Agentforce and the implications of AI agents for enterprise technology after Cramer’s Dreamforce meetings.
PG&E CEO Patti Poppe describes California’s wildfire-liability framework and infrastructure plans as data centers, electric vehicles and clean-energy goals raise pressure on the grid.
The lightning round delivers rapid calls on six stocks, while Starbucks and Nike become longer-term turnaround cases where investor pessimism may create an opening.
What was said on this episode
55 statements · 45 positive · 6 negative · 2 mixed · 2 neutral
The bull market is entering its fourth year despite widespread skepticism.
“The fourth year of the bull market begins just as the third ends with skepticism, with disbelief and contempt for the bulls.”
Listen at 0:38
Next week’s earnings reports will be much better than expected.
“Chock full of earnings reports that I believe will be much better than expected.”
Listen at 2:20
Coca-Cola will report excellent quarterly results.
“I think Coca-Cola will put up its usual excellent numbers”
Listen at 3:13
GE Aerospace will deliver another earnings upside surprise.
“GE Aerospace, primary supplier to both Airbus and Boeing, will deliver another upside surprise”
Listen at 3:18
Vertiv will again report excellent results.
“I believe Vertiv will once again deliver an excellent number.”
Listen at 4:12
GE Vernova is capable of a multi-year stock move.
“I wouldn't have bought this one for the trust if I didn't believe it was capable not of a quarter or a year run, but a multi-year move.”
Listen at 4:19
IBM will demonstrate stronger growth than its bears expect.
“I expect them to explain why the bears who don't think that the growth rate is up to stuff last quarter will have to eat crow.”
Listen at 4:47
Freeport-McMoRan could trigger another precious-metals rally.
“If they talk a good game? Precious Metal could have still another rally.”
Listen at 5:26
Freeport-McMoRan and T-Mobile stocks could rise sharply.
“Be prepared for both stocks to run.”
Listen at 5:41
Honeywell’s planned breakup includes an undervalued aerospace business.
“Honeywell's breaking into three viable companies, including a pure-play aerospace business that I think is woefully undervalued versus competitors.”
Listen at 5:47
Ford stock could fall below $11 if earnings decline.
“If the numbers do come down, by the way, I think the stock could slip below 11.”
Listen at 6:24
CPI below 3% would strongly benefit the market.
“If we see a number below 3%, it's going to be huge for the market.”
Listen at 6:47
Procter & Gamble will deliver a strong conference call, supporting ownership.
“I think they'll give you a terrific one this time, and you'll want to own the stock ahead of time.”
Listen at 7:10
Next week should produce another strong earnings period.
“it should be another good one for earnings.”
Listen at 7:22
Investors should buy Airbnb despite persistent criticism.
“I like Airbnb is chronically being denigrated because people don't feel that the app does well. Therefore, I think it is time. to put your money where your mouth is, Airbnb.”
Listen at 7:52
Elf Beauty’s stock may have further upside.
“I wouldn't be surprised if it's got more upside.”
Listen at 9:38
Elf Beauty’s Dollar General expansion is performing successfully.
“And so far it's worked great. They couldn't be happier with the expansion of Elf.”
Listen at 10:36
Elf Beauty sells a comparable serum at $17 versus a $185 alternative.
“We price it at $17, which is higher than what normal e.l.f. products would cost. But the only other thing like in the market is $185 serum.”
Listen at 11:50
Elf Beauty’s $11 PowerGrip primer sold out on TikTok Shop in three minutes.
“We sold it on TikTok shop for the same price. We do our regular power grip prime at $11 sold out in three minutes.”
Listen at 12:55
Elf Cosmetics ranked first among teens in eight consecutive Piper surveys.
“Elf Cosmetics was their number one brand amongst teens for a record of eight consecutive surveys.”
Listen at 13:25
Elf Beauty is expanding its brands internationally.
“we're expanding our brands all over the world.”
Listen at 14:21
Elf Beauty raised prices by only $1 despite 55% tariffs.
“even in the face of 55 percent tariffs, we only took our prices up one dollar”
Listen at 14:53
Elf Beauty’s price increase reduced units but market share continued growing.
“we saw some unit drop-off, but overall we're continuing to grow market share”
Listen at 15:24
Elf Beauty has the highest sales productivity per linear foot among carried brands.
“Actually, any retailer that carries Elf, we sell more per linear foot than any other brand.”
Listen at 15:52
Elf Beauty has Roblox’s top branded experience.
“We have a great experience right now on Roblox, the number one branded experience on Roblox.”
Listen at 16:11
Elf Beauty is among five U.S. public companies with a board two-thirds women.
“Our board, we're one of only five public companies in the U.S. with a board with two-thirds women and 44 percent of us.”
Listen at 17:10
Cramer recommends Elf Beauty stock after its rise from $15.
“This is the stock we have back now since it was at $15, and I wish I had been even stronger recommending it.”
Listen at 17:25
Salesforce has committed substantial company resources to Agentforce.
“Salesforce rolled out Agent Force late last summer and in fairly short order put the whole weight of the company behind it.”
Listen at 19:28
Agentforce has not yet meaningfully increased Salesforce revenue growth.
“we haven't seen a meaningful pickup in Salesforce's revenue growth from Agent Force.”
Listen at 19:44
Cramer expects Salesforce to achieve its ambitious long-term targets.
“I think it will be.”
Listen at 22:49
Salesforce stock will be a winner over the next 12–18 months.
“I'm simply betting that it'll be a winner over the next 12 to 18 months”
Listen at 24:37
Investors should avoid trading in and out of Salesforce.
“you can't afford to trade in and out of it”
Listen at 24:41
Meta trades at roughly 24 times next year’s earnings.
“having a 24 multiple in next year's earnings”
Listen at 25:44
Meta stock is likely to rise substantially; investors should hold it.
“I expect the stock, which is off 80 points from its high, to have a very big run here. And I urge you to stay in it.”
Listen at 25:51
PG&E could currently be a bargain.
“I think this one could be a bargain.”
Listen at 27:04
California’s wildfire-liability cap lowers investor risk by billions of dollars.
“that cap has actually been set on a date. that actually backdates the date of the risk, and that lowers the risk to investors by billions of dollars.”
Listen at 27:52
PG&E’s physical system risk is currently at its lowest level.
“the physical risk on our system has never been lower.”
Listen at 28:47
California’s growth likely requires Diablo Canyon’s continued operation.
“We're going to need clean, resilient, dispatchable, and 24-7 power, it's hard to imagine doing that without Diablo Canyon.”
Listen at 30:02
PG&E’s 10 gigawatts of applications could reduce customer rates by 10%.
“could result in a reduction in all customers' rates of 10%”
Listen at 30:54
California added nearly 20 gigawatts of capacity over four years.
“In the last four years, California has added almost 20 gigawatts of new capacity to serve.”
Listen at 31:40
“for every million EVs we add to the grid. That's another percent reduction in rates.”
Listen at 32:22
PG&E customer rates are falling and will decline four times by year-end versus 2024.
“our rates are down. Our rates will have dropped three times. In fact, four times by the end of this year from 2024.”
Listen at 32:31
Technology-enabled growth can lower utility customer rates.
“Technology can enable growth, and that growth can lower rates for customers.”
Listen at 33:11
PG&E delivered 98% greenhouse-gas-free energy last year.
“The energy that we delivered to our customers last year was 98% GHG free.”
Listen at 33:29
Investors should buy PG&E if wildfire liability is capped.
“if the liability's cap, I don't know how you're not buying this one.”
Listen at 36:17
Cramer recommends buying Carnival and likes Royal Caribbean.
“I'm a buyer of Carnival. Let me throw in that I like Royal, too.”
Listen at 37:17
Cramer recommends selling IREN and Nebius due to expected insider selling.
“You are going to sell iron and throw another one down. Give it two for the sell site. Nebius. I am looking for insider sellers to descend upon this group.”
Listen at 37:55
IONQ’s prior insider selling thesis validated Cramer’s judgment.
“And IONQ has already demonstrated my perspicacity.”
Listen at 38:10
Successful corporate turnarounds generally require substantial time.
“good turnarounds take time.”
Listen at 39:45
Starbucks’ staffing and technology strategy led to business deterioration.
“It was a slippery slope that led to a crash.”
Listen at 41:25
Starbucks’ turnaround requires increased staffing rather than technology reliance.
“He knows that staffing, not technology, is the answer.”
Listen at 41:55
Nike should restore its traditional brick-and-mortar distribution network.
“First, he needs to go back to the old brick and mortar distribution network, including Foot Locker”
Listen at 42:46
Nike must repair its China business, but recovery will be slow.
“Third, he has to fix China. Not a quick fix.”
Listen at 43:02
Starbucks’ turnaround will not happen quickly.
“This is another stock, though, that's been pulling back. Analysts realize that the fast turnaround is impossible.”
Listen at 43:18
Investors should buy both Starbucks and Nike during their slow turnarounds.
“This is precisely the moment when people want to give up on Starbucks and on Nike, which is why I want to be a buyer, not a seller. Buy, buy, buy! Of both.”
Listen at 43:28
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.
Books & mentions
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