Sep 25, 2025 · 44 min
Cramer sees two economies as speculative stocks reset
Mad Money w/ Jim Cramer 9/25/25
The episode weighs an AI-led expansion against consumer weakness while asking whether a broad speculative selloff is a necessary market correction.
- 1AI and data-center strength are driving one economy while weaker consumers pressure housing and other traditional sectors.
- 2Cramer views the collapse in speculative crypto, quantum, nuclear, and healthcare stocks as a potentially healthy reset.
- 3EQT Therapeutics pitches an oral anaphylaxis rescue treatment aimed at portability, adherence, and broader market access.
Don't miss
Dan Barber explains how EQT Therapeutics’ oral anaphylaxis treatment could address portability and adherence problems with existing rescue options.
The brief
Jim Cramer frames the market around two diverging economies: an AI-connected engine gaining momentum and a consumer economy showing signs of strain.
That divide shapes the stock calls, from optimism about Marvell’s AI and data-center prospects to patience on Sterling Infrastructure and falling homebuilders.
The episode’s central market question is whether speculative stocks are replaying the late-1990s bubble—or undergoing a necessary reset after years of excess.
Dan Barber discusses EQT Therapeutics’ oral rescue medication for anaphylaxis, focusing on portability, adherence problems, FDA review timing, and expansion potential.
Cramer closes by extending the selloff debate across crypto, quantum, nuclear, and speculative healthcare, while treating American Bitcoin as especially risky.
What was said on this episode
26 statements · 13 positive · 9 negative · 2 mixed · 2 neutral
The AI economy is growing strongly while the consumer economy is deteriorating.
“There's the tremendous economy with amazing growth, the one that's connected to artificial intelligence. And then there's the anemic economy connected to the consumer, which seems to deteriorate by the day.”
Listen at 0:39
Intel has fallen behind in AI and needs funding to recover competitively.
“Intel, a once great semiconductor company that's been left behind by the AI revolution, needs money to get back in the game.”
Listen at 1:16
Intel should not be allowed to fail.
“No matter what, Intel can't be allowed to fail”
Listen at 2:30
Large data centers are stressing power grids and will cause prolonged consumer-tech conflicts.
“these data center behemoths put so much stress on the grid these days that fighting, well, let's just put it, let's say that we're going to be hearing about fights between consumers and tech for a long time.”
Listen at 3:48
CarMax will worsen unless interest rates fall substantially.
“unless rates come down substantially, I think things will only get worse for this company.”
Listen at 4:48
Cramer views Starbucks’ turnaround plan favorably and recommends buying some shares.
“I think Starbucks is part of the real economy. And the real economy, it stinks. I mean, very bullish, though. I think CEO Brian Nichols' plan to get Starbucks back on track is terrific. And I advise members of the CBC Investing Club in our morning meeting streaming show, do some buy.”
Listen at 5:57
Without further rate cuts, housing construction will not increase.
“Without rate cuts, we aren't going to get more homes”
Listen at 7:17
Marvell is an excellent company under Matt Murphy’s leadership.
“Marvell is really an excellent company. Matt Murphy's done a fantastic job.”
Listen at 9:14
Sterling Infrastructure is strong but expensive, so investors should wait for a pullback.
“This is a very, very good company. It has moved up a great deal. It's a civil engineer company. I think we have to wait for it to pull off, Marsha, but it is a real winner. It's just got a very high price to earnings multiple. Anyway, I do like it, though.”
Listen at 9:38
Investors should wait before buying homebuilder stocks.
“I think it's better to take a wait-and-see approach to the homebuilders”
Listen at 17:27
A relatively weak dollar could support technology stocks.
“Let's hope the dollar stays relatively soft because that could justify how we're doing here.”
Listen at 25:22
Cramer considers Coca-Cola attractive and recommends buying at its current lower price.
“I think it's a terrific stock. It's one of the few consumer packaged goods companies that really has a lot of momentum. The stocks come down a bit. I think it's a great level to buy.”
Listen at 27:15
EQT Therapeutics reports six FDA approvals, global sales, and 2.5 billion doses delivered.
“We've actually been around for about two decades, and over those two decades, we have six approvals with the FDA. We have product that is sold in six continents. We have 2.5 billion doses we put in the hands of patients.”
Listen at 29:18
EQT’s oral anaphylaxis product could reach $1 billion worldwide at peak sales.
“with our new product, our antifilm product, we finally have a potential blockbuster product on our hands. It's under review with the FDA right now. And when I say blockbuster, in my mind, I think it could be a billion dollars worldwide at peak.”
Listen at 29:39
Anafilm is the first and only oral rescue medication for anaphylaxis.
“we have the first and only oral rescue medication for the treatment of anaphylaxis.”
Listen at 29:58
The FDA is scheduled to decide on Anafilm by January 31.
“The action dates when the FDA will give you an answer of January 31st.”
Listen at 32:53
EQT expects annual rescue-product prescriptions to rise from five to ten million.
“with a better product, and with the natural growth rate in the market, we think going from 5 to 10 million is very doable in the next few years.”
Listen at 33:48
EQT plans alopecia areata as its next adrenaline-platform product.
“Alopecia areata will be our next one, so different release profile, and we'll have more products after that.”
Listen at 34:37
Cramer recommends staged buying of Dutch Bros around current levels and the 40s.
“I would say buy some here and then buy some in the 40s, and I think you'll be in very good shape.”
Listen at 36:23
American Bitcoin could lose its entire value.
“But that could lose everything.”
Listen at 37:45
Cramer will not recommend Recursion until it demonstrates proof of concept.
“I need to see a proof of concept here. I absolutely know that NVIDIA is in it. But you know what? This stock has been a bad stock. We need to see something good before I tell you I would put any money in it.”
Listen at 38:17
Cramer wants Republic Services and Waste Management to rebound before acting.
“I need to see a bounce.”
Listen at 39:08
Historically high interest rates severely damage speculative investments.
“Historically higher rates are the kiss of death for this kind of speculation.”
Listen at 40:50
IBM’s quantum processor improved HSBC’s bond-trading predictions by 34%.
“HSBC, a giant bank, used IBM's Herne quantum processor to improve its algorithmic bond trading. It produced a 34% improvement in trade predictions.”
Listen at 41:02
Cramer views IBM as an inexpensive, attractive way to invest in quantum technology.
“Maybe IBM is the best way to invest in crypto, in quantum, and it's a mighty inexpensive stock. I spent a lot of time with IBM recently. I wish we owned it for the Travel Trust, frankly. It looks that good.”
Listen at 41:24
Cramer recommends limiting a five-stock portfolio to one speculative holding.
“if you've got a diversified portfolio of five stocks, one of them can be speculative.”
Listen at 42:46
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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