May 8, 2026 · 44 min
Cramer tests market strength against real business momentum
Mad Money w/ Jim Cramer 5/8/26
The episode asks whether today’s enthusiasm rests on durable operating performance rather than the speculative logic of the dot-com era.
- 1Affirm’s Max Levchin links consumer resilience to rising transactions, transparent lending, and AI that boosts employee productivity.
- 2Burger King’s Tom Curtis describes a turnaround built on better food, restaurant modernization, family meals, and disciplined value pricing.
- 3Element Solutions’ Ben Glicklich ties electronics-materials growth to data-center investment, semiconductor demand, and expanding capacity.
Don't miss
Cramer’s closing comparison with the dot-com era reframes the market rally as a bet on operating businesses rather than speculative offerings.
The brief
Cramer opens with a market that keeps rising, then moves from viewer questions on UPS, Valero, and Waste Management to businesses offering clearer growth stories.
Affirm CEO Max Levchin argues that consumers remain resilient as transactions per user rise, while AI helps employees build products faster rather than simply shrinking the workforce.
Burger King president Tom Curtis presents the brand’s turnaround through Whopper improvements, restaurant modernization, family meals, and value pricing despite elevated beef costs.
Element Solutions CEO Ben Glicklich connects specialty chemicals and electronics materials to durable data-center investment, semiconductor demand, capacity constraints, and a faster growth outlook.
In the closing dot-com comparison, Cramer argues that current enthusiasm is more grounded because investors are backing operating businesses instead of merely flipping speculative offerings.
What was said on this episode
40 statements · 37 positive · 1 negative · 2 neutral
Investors should own one to three data-center semiconductor companies, but not exclusively.
“I think you should own one or two or even three of the companies linked in the data center semi-compacts that I talk about all the time, even if they can't be your entire portfolio.”
Listen at 1:39
Investors should buy data-center semiconductor stocks even after price increases.
“if you don't have the patience to wait, it's better to pay up than to not own them at all.”
Listen at 1:58
CUNITY Electronics is likely to report strong numbers supporting its stock rise.
“I think we're still going to get a strong set of numbers that might justify the move.”
Listen at 3:05
Venture Global is appropriately valued at about $11.
“$11 seems right to me.”
Listen at 3:24
Under Armour’s turnaround has begun.
“But Under Armour, I think the turnaround is here.”
Listen at 3:37
Cisco’s data-center business has favorable future prospects.
“The future is bright for the data center part of the business.”
Listen at 4:36
Investors can still buy Applied Materials, Lam Research, and KLA.
“This confluence of lackluster supply and insatiable demand makes me feel like you can still buy those stocks too.”
Listen at 5:33
The current semiconductor and data-center stock market remains a major opportunity.
“I say this is still a gigantic opportunity.”
Listen at 6:39
It is not too late to buy the rising semiconductor and data-center stocks.
“it is not too late to buy.”
Listen at 6:43
FedEx is the winning logistics stock relative to UPS.
“I buy FedEx because that is the winner.”
Listen at 7:27
Valero will generate substantial profits while its gasoline-oil spread remains wide.
“as long as we've got this spread that they've got right now between the price of gasoline and what they buy the oil for, you are just going to print money.”
Listen at 7:59
Waste Management is a very good company despite recent stock weakness.
“it's a darn good company.”
Listen at 8:53
Micron is the cheapest among red-hot data-center stocks and remains buyable.
“It's not too late to buy some of these red-hot data center stocks, including Micron, which is the one that I think is, by the way, the cheapest, even after this run.”
Listen at 8:58
Affirm is now highly profitable and has a stronger network.
“This is now a very profitable business, and Affirm's network has gotten a lot more powerful.”
Listen at 10:27
Affirm’s current stock price presents a strong opportunity.
“I think you're getting a great opportunity here.”
Listen at 10:36
Affirm’s first Big Nothing event increased participating merchants’ sales 20–30%.
“It drove 20, 30% increases overnight for the participating merchants.”
Listen at 13:03
Affirm’s AI underwriting engine is among the world’s best and improves results.
“We've been investing in building the best underwriting engine in the world, we think, for 15 years, and it really shows.”
Listen at 14:45
Affirm will use AI to increase output without reducing headcount.
“We'll just do more things sooner.”
Listen at 16:28
Affirm’s product team produced 37 shippable products during a two-day hackathon.
“they produced 37 shippable products in the span of two days.”
Listen at 17:33
American consumers remain highly resilient despite macroeconomic concerns.
“American consumer is unbelievably resilient.”
Listen at 19:56
Affirm’s transactions per average user increased again this quarter.
“We printed another increase in transactions per average user this quarter going up again.”
Listen at 19:59
Burger King’s U.S. business is gaining market share.
“Burger King's American business is taking share and taking names.”
Listen at 22:07
Burger King’s kids’ meal sales increased 40% over six months.
“we're now up 40% on our kids' meals from where we were six months ago just because of all these efforts.”
Listen at 24:31
Burger King has years of potential growth ahead.
“we feel like we have years of runway ahead of us where we're going to continue to grow this brand.”
Listen at 24:55
Stable pricing and quality make Burger King more attractive as beef prices rise.
“if you're able to offer quality beef product, a great Whopper, and you don't take price, you actually become more attractive in the burger universe”
Listen at 27:37
Beef prices typically follow an approximately 14-year peak-to-trough cycle.
“It's about a 14-year cycle from peak to trough.”
Listen at 28:36
Element Solutions trades below 24 times estimated current-year earnings after rising 73% year to date.
“even after this incredible run, with the stock up 73% year to date, and still trading just under 24 times this year's earnings estimates.”
Listen at 29:56
Investors should avoid sharply rising stocks that are not profitable.
“The ones that are straight up, they're not making money, I have to say pass.”
Listen at 36:59
Investors should continue buying Steel Dynamics.
“Steel Dynamics is a great company. Why would you do anything other than... Buy, buy, buy!”
Listen at 37:14
Investors should wait for a down day before buying ASML.
“let's just hope for a down day and get in.”
Listen at 37:51
Investors should buy Bloom Energy.
“You should buy it, okay?”
Listen at 38:20
Data centers have strong demand for Bloom Energy’s non-combustible power.
“All the data centers are going crazy for it.”
Listen at 38:30
Amphenol is a good stock to own.
“I like Amphenol. I like Amphenol. I think you've got a good one.”
Listen at 39:04
The current market is not comparable to the late-1990s dot-com bubble.
“No comparison.”
Listen at 40:06
Memory and data-storage companies are profitable because demand exceeds supply.
“But these are real companies that make real things. And right now, they're practically just printing money simply because there's so much demand and so little supply.”
Listen at 40:41
Major memory and storage stocks may be undervalued amid the fourth industrial revolution.
“they may all be undervalued because of this fourth industrial revolution”
Listen at 40:52
Investors should hold leading memory and data-storage stocks rather than sell.
“The discipline this time isn't to sell, it's to hold.”
Listen at 41:50
Micron currently trades at approximately six times earnings.
“Right now, the stock sells from just six times earnings.”
Listen at 42:32
Investors can still buy memory and storage stocks despite their gains.
“it's not too late to buy them here.”
Listen at 43:16
Investors should select one to three memory and storage stocks, not all of them.
“So pick one or two or three, just not all of them, please, and strap yourself to the mast.”
Listen at 43:30
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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