Dec 20, 2025 · 44 min
Cramer questions AI rally as portfolios confront concentration risk
Mad Money w/ Jim Cramer 12/19/25
The episode tests whether AI and data-center momentum rests on durable businesses while showing how investors can spread risk across sectors.
- 1Cramer questions whether questionable financing and business practices can sustain Wall Street’s renewed AI and data-center rally.
- 2Portfolio reviews show how technology-heavy holdings can gain balance from financial, consumer, energy, housing, and industrial exposure.
- 3Cramer argues that exceptional CEOs, including leaders at FedEx and Nike, can materially change struggling companies’ prospects.
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The brief
Jim Cramer opens by challenging Wall Street’s renewed enthusiasm for AI and data-center stocks, asking whether questionable financing and business practices can support the rally.
The stock calls range from Dell and Chewy to Cura Oncology, UnitedHealthcare, and Align Technology, balancing company-specific catalysts against competition, execution, and development risk.
Paychex CEO John Gibson discusses revenue growth, the Paycor acquisition, small-business hiring, wage trends, and how AI may reshape employment and new business formation.
Cramer uses listener portfolios to show how exposure to technology, finance, consumer businesses, energy, real estate, pharmaceuticals, and industrials can reduce concentration risk.
The closing argument shifts from portfolios to leadership: Cramer says exceptional CEOs can transform underperforming companies, highlighting leaders at FedEx and Nike.
What was said on this episode
29 statements · 21 positive · 6 negative · 1 mixed · 1 neutral
New capital entering AI and data centers could lift beaten-down technology stocks.
“the possibility that there are many pools of capital that may still want to get in to data center, into AI, could drive a whole host of down and out tech stocks higher.”
Listen at 3:48
OpenAI should raise $200 billion at a $1 trillion valuation.
“OpenAI should strike while the iron's hot and try to raise $200 billion at a trillion-dollar valuation.”
Listen at 7:24
OpenAI fundraising could sustain the data-center investment theme.
“the data center theme could continue to hum.”
Listen at 8:15
Insufficient OpenAI fundraising would reverse the recent market rally.
“If OpenAI can't raise enough money, then we just reverse everything we saw today and we go back down.”
Listen at 8:18
Cramer expects OpenAI to raise sufficient funding.
“I'm optimistic that OpenAI can raise the money.”
Listen at 8:25
OpenAI needs to raise substantial funding immediately.
“OpenAI needs to raise a lot of money, and it needs to raise it now.”
Listen at 8:48
Dell shares may decline but likely not below roughly $110–$115.
“I think Dell can fall from here. I think he can fall, but not below much, maybe 115, 110.”
Listen at 9:28
Investors should buy Dell because Michael Dell will support the stock.
“you should buy it because Michael Dell will be in there buying with you.”
Listen at 9:35
Chewy’s ancillary businesses will materially support the company.
“Chewy's got a lot of it. ancillary businesses that will really help them.”
Listen at 11:31
Cramer recommends buying Chewy shares.
“I'm with you. I'm a buyer of Chewy.”
Listen at 11:35
Cura Oncology offers large upside but severe downside if development fails.
“If Cara makes a big breakthrough, you're going to see huge gains. If it doesn't or if there are setbacks, it will be eviscerated”
Listen at 22:20
Broader leukemia approval could expand Cura’s drug market to $5–$10 billion.
“Right now, this drug is approved for one type of disease. That's a $350 to $500 million end market. But if it gets approved for every type of acute leukemia, well, then you know what? That's a $5 to $10 billion market.”
Listen at 26:06
Cura’s $500 million market capitalization undervalues its cancer franchise.
“When you consider this market capitalization, it's just $500 million? Oh, come on, you're practically getting their whole cancer franchise for free.”
Listen at 26:31
Cura Oncology is an attractive speculative cancer-treatment investment.
“if you want to speculate on cancer treatments, I think this could be a great way to go.”
Listen at 26:46
UnitedHealthcare is temporarily out of favor but will recover.
“it's out of favor and it's a great company and it will come back.”
Listen at 28:34
Investors should avoid Align Technology because competition has increased.
“I'm going to have to say, take a pass on what was once a company that really had a feel to itself, but no more.”
Listen at 29:16
Cramer favors Boeing over the next three months.
“Boeing is probably what my right now, my favorite stock for the next three months is doing great.”
Listen at 31:26
Lewis’s five-stock portfolio is perfectly diversified.
“I think that's perfect. That's Lewis's portfolio is just nothing short of perfect.”
Listen at 32:06
Tony’s five-stock portfolio is adequately diversified.
“I think Tony's fine.”
Listen at 33:41
Cramer considers a portfolio holding Apple and Nvidia undiversified.
“I am undiversified because I own both of these.”
Listen at 35:03
Eli Lilly’s pill form will revolutionize the market next year.
“They're going to have a pill form next year. That's going to revolutionize everything.”
Listen at 36:36
Eli Lilly’s market value will increase by another $500 billion.
“I think the stock's going to go up another $500 billion. I kid you not.”
Listen at 36:39
Cramer recommends buying Oneok shares.
“One Oak is a buy right here”
Listen at 38:02
Cramer believes EchoStar’s investment opportunity has ended.
“I think the play is over.”
Listen at 38:48
Investors should avoid StubHub because it is losing too much money.
“No, they're losing too much money. We're going to stay away from them.”
Listen at 39:12
FedEx now dominates the country’s largest delivery segment, pharmaceuticals.
“FedEx pretty much owns the pharma delivery business now, the biggest segment of delivery in the country.”
Listen at 41:11
FedEx’s data-center business could eventually become very large.
“They've also developed a data center business that could eventually be huge.”
Listen at 41:15
Investors should remain long FedEx and buy more on declines.
“My advice, stay long, comes down, buy more.”
Listen at 41:42
Nike will recover within a year, with shares reaching $80.
“I bet it happens in the next year. And when it does, the $58 stock was headed to $80.”
Listen at 43:26
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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