Oct 28, 2025 · 44 min
Cramer weighs AI infrastructure against a market chasing rebounds
Mad Money w/ Jim Cramer 10/28/25
The episode connects stock-specific valuation calls with steel demand, AI infrastructure spending, and a consequential Federal Reserve decision.
- 1Cramer argues that patience and valuation matter more than chasing sharp rebounds in Amazon, Arm, Disney, and Tractor Supply.
- 2Nucor sees steel demand from data-center construction while maintaining conservative financial management and expanding domestic capacity.
- 3Celestica is moving beyond commodity manufacturing toward higher-value AI, networking, and proprietary infrastructure solutions.
Don't miss
Rob Maionis explains how Celestica is shifting from commodity manufacturing toward proprietary solutions serving AI and networking infrastructure.
The brief
Cramer opens by weighing Amazon’s performance against the broader market and questioning whether it still belongs in his charitable trust, setting valuation against momentum.
The stock calls return to the same discipline: do not chase Arm after a rebound, stay patient with Disney’s underlying value, and scrutinize Tractor Supply’s elevated valuation.
Nucor CEO Leon Topalian links strong steel demand to data-center construction, while discussing tariffs, domestic capacity, fair trade, and conservative financial management.
Celestica CEO Rob Maionis describes a shift from commodity manufacturing toward design-led solutions for hyperscalers, optical networking, and AI infrastructure.
With the Federal Reserve’s rate decision and major technology earnings ahead, Cramer frames an unusually speculative 2025 as a test of patience and judgment.
What was said on this episode
34 statements · 28 positive · 4 negative · 2 mixed
Amazon stock will eventually catch up with Cramer’s positive judgment.
“I am a huge believer that Amazon stock will eventually catch up with my judgment.”
Listen at 2:11
Amazon Web Services growth will accelerate in the upcoming report.
“I think when Amazon reports on Thursday, we'll see Amazon Web Services actually pick up its growth rate.”
Listen at 3:11
Amazon stock will rise if AWS growth approaches 20%.
“If it gets closer to 20 percent, well, guess what? I'll look darn smart. The stock will climb because it's that division that seems to be all anyone cares about.”
Listen at 3:19
Amazon is using AI to make its remaining workforce more productive.
“Now they're firing people because they figured out how to make the remaining workforce more productive using AI.”
Listen at 4:22
Selling Alphabet was a major investment mistake Cramer will not repeat.
“Bottom line, dumping Alphabet was a huge mistake, and I'm not going to make the same mistake a second time.”
Listen at 7:20
Large companies run by brilliant people can find ways to win.
“A gigantic company run by brilliant people figures out a way to win.”
Listen at 7:25
Amazon should remain in the charitable trust portfolio.
“Amazon stays in their darn portfolio.”
Listen at 7:29
Investors should not chase Arm Holdings after its rebound.
“No, look, don't chase it.”
Listen at 8:07
Disney contains value that someone will eventually unlock.
“But the fact is, there's value there. And someone's going to bring out the value.”
Listen at 8:51
Cramer recommends continuing to hold Disney.
“There's value. I'm sticking with it.”
Listen at 9:03
President Trump’s tariffs strongly benefit the steel industry.
“President Trump's tariffs are almost an unmitigated positive for the steel industry.”
Listen at 10:42
Tariffs make Nucor’s business more predictable and support factory jobs.
“because we have tariffs, you are therefore more predictable. Therefore, you can create more jobs by building more factories and have an actual return on investment”
Listen at 11:12
Nucor’s strongest performance lies ahead.
“our brightest days and our best days are still in front of us.”
Listen at 12:21
Nucor’s pent-up earnings power will drive it to unprecedented heights.
“the tsunami of pent-up earnings power is going to flow through and bring Nucor to heights it's not seen before”
Listen at 14:11
Nucor can supply 95% of steel products used in data-center construction.
“Today, Nucor is the only steel producer that can supply 95% of all of the steel products that are... contained and used to build a data center.”
Listen at 14:19
The American steel industry will meet existing demand.
“I think the steel industry as a whole in America is absolutely going to meet the demand that's out there.”
Listen at 15:32
Nucor’s demand remains robust across nearly all product categories.
“Demand remains fairly robust, again, across almost every product category.”
Listen at 16:36
Nucor will pursue growth with disciplined investment controls.
“we are a growth company, but we're going to do so with a very disciplined set of filters and values”
Listen at 18:53
The Federal Reserve will cut rates by 25 basis points tomorrow.
“I expect a quarter-point rate cut tomorrow.”
Listen at 20:05
D.R. Horton needs lower interest rates to revive its business.
“Horton needs lower rates, and it needs them now to get business reignited.”
Listen at 24:27
Lower interest rates can revive the real economy.
“A rate cut can breathe new life into the real economy.”
Listen at 26:41
Cramer is cautious on retail but views Tractor Supply’s management favorably.
“Short term, I'm not a big fan of retail, but Hal Lawton runs that place and he runs a tight ship.”
Listen at 27:53
Investors should give Tractor Supply more time.
“I think you've got to give it some time.”
Listen at 27:58
Celestica may already be too expensive to buy after its rally.
“my only worry is maybe it's too late to buy.”
Listen at 29:53
Celestica’s shift toward design and manufacturing has been highly successful.
“that transformation has... paid off in spades for us.”
Listen at 30:37
Celestica manufactures networking, AI compute, and storage systems.
“we make high-speed networking, we make AI, ML compute, and we make storage systems.”
Listen at 30:55
Over 40% of Celestica’s business is designed for hyperscalers and digital natives.
“A large portion of our business, over 40% of our business, is actually designed for hyperscalers, designed for digital natives.”
Listen at 31:36
Celestica’s ATS margins should rise about 70 basis points year over year.
“margins should be up about 70 bits by the end of the year, year over year.”
Listen at 34:54
AI has become a necessary utility rather than an optional technology.
“AI right now is... used to be a nice-to-have. It's a utility. It's a must-have.”
Listen at 35:30
Pfizer’s 7% dividend yield will provide near-term protection.
“That yield will protect you for a while, though.”
Listen at 37:55
Plug Power has lost an excessive amount of money.
“how much money can you lose over a certain period of time and still be allowed to be called a stock?”
Listen at 38:56
Dow Inc. stock can rise further.
“I think that stock can go higher.”
Listen at 39:32
Investors should continue holding Dow Inc.
“I would hold on to that.”
Listen at 39:41
Market speculation is currently abundant and continues producing gains.
“this market's speculative. Yes, at least for now. that there's a ton of speculation, but it keeps paying off.”
Listen at 43:17
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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