Mar 10, 2026 · 44 min
Cramer weighs photonics growth against market and credit risks
Mad Money w/ Jim Cramer 3/10/26
The episode connects company-specific opportunities in data centers, beverages, and healthcare with broader warnings about volatile markets and private-credit complexity.
- 1Coherent’s photonics business stands to benefit from data-center demand, NVIDIA ties, and expanding optical connectivity needs.
- 2Medtronic’s MiniMed spinoff may unlock value, while UnitedHealth and Berkshire Hathaway face distinct sources of investor uncertainty.
- 3Cramer favors disciplined trading as he assesses Celsius’s portfolio expansion and warns that private-credit bets carry hidden risks.
Don't miss
Cramer warns that Goldman Sachs’s planned way for large customers to bet against private-loan baskets could expose risks that are more complicated than they appear.
The brief
Jim Cramer opens by arguing that chaotic markets reward patience over impulsive trades, then takes skeptical questions on PayPal and a more favorable view of Reddit.
Coherent CEO Jim Anderson explains how photonics, indium phosphide manufacturing, U.S. production, and an NVIDIA relationship position the company for data-center demand.
Cramer sees Medtronic’s MiniMed spinoff as a possible value unlock, while weighing uncertainty around UnitedHealth and Berkshire Hathaway’s diminished Buffett premium.
Celsius CEO John Fieldly outlines a broader beverage portfolio spanning Celsius, Alani Nu, and Rockstar, with PepsiCo distribution supporting expansion and integration.
After rapid-fire calls on six stocks, Cramer turns to Goldman Sachs’s planned private-loan shorting product and warns that the underlying risks are easy to underestimate.
What was said on this episode
30 statements · 19 positive · 10 negative · 1 mixed
Investors trading actively in the current market are likely to make mistakes.
“if you're buying and selling stocks at this very moment, instead of sitting on your hands, you're going to drive yourself crazy. You're going to make mistakes and you'll end up looking like a fool because the backdrop is pure lunacy.”
Listen at 0:47
Higher oil prices cause stocks to decline.
“if oil goes higher, stocks go lower.”
Listen at 3:05
Individual investors should avoid trading during the current uncertainty.
“It's much better to do nothing, people.”
Listen at 7:04
Investors should hold quality stocks and index funds for the long term.
“Invest. Don't trade. Pick good stocks. Hold on to them. Buy an index fund right next to it and play the long game.”
Listen at 8:12
PayPal is difficult to repair operationally.
“I think PayPal is a hard stock, a hard company to fix.”
Listen at 9:38
Enrique may be unable to fix PayPal.
“I don't know if Enrique can fix it.”
Listen at 9:49
Reddit is a solid purchase at current levels.
“I think that Reddit is a solid buy”
Listen at 10:35
Coherent may continue rising over multiple years.
“there could be a multi-year move ahead for them.”
Listen at 12:48
Optical connections are the fastest and most power-efficient data transmission method.
“the most power efficient, fastest way to transmit that data is using light.”
Listen at 13:50
Data centers are continuing to shift from copper to optical connections.
“what we've seen is a move away from copper towards optical photonic connections over time. And that transformation continues.”
Listen at 13:55
Coherent's NVIDIA supply agreement extends through the end of the decade.
“the long-term supply agreement with NVIDIA, it stretches out to the end of the decade”
Listen at 15:07
Coherent is doubling indium phosphide capacity annually.
“we're doubling that year over year.”
Listen at 17:03
Medtronic's diabetes spinoff makes the remaining company more attractive.
“spinning this off makes, I think, the old Medtronic much more enticing.”
Listen at 20:45
Medtronic's stock may break out of its recent stagnation.
“I'm thinking this is going to jar it out of the rut.”
Listen at 21:44
Medtronic's robotic-assisted surgery platform could become a very large business.
“I think that could be a huge business. They'd be like intuitive surgical. That's how good it could be.”
Listen at 25:29
Medtronic stock is undervalued at its current earnings multiples.
“stock's cheap. It's trading 16 times this year's earnings estimates, less than 15 times next year's numbers. That's way low.”
Listen at 26:02
Cramer is substantially more bullish on Medtronic after the spinoff.
“I am much more bullish on this stock than I have been in ages.”
Listen at 26:20
Medtronic stock is too inexpensive to ignore at current levels.
“At these levels, I think the stock's simply too cheap to ignore.”
Listen at 26:27
Investors should avoid UnitedHealth because Medicare exposure creates risk.
“I'm going to say no to UNH”
Listen at 27:20
Berkshire Hathaway has lost the valuation premium associated with Buffett.
“there was a Warren Buffett premium in it that is now gone.”
Listen at 28:05
Celsius is the preferred packaged-goods stock to own.
“This is the right stock to own if you're going to own the packaged good company stocks.”
Listen at 35:21
EOG investors should sell half their position immediately.
“I want you to sell half. I want you to sell half, and you do that tomorrow.”
Listen at 36:23
Investors should buy American Express incrementally as it declines.
“I think American Express is a great company. I would buy some right here and then leave some room, buy some at 290, and then get longer if it gets to 280.”
Listen at 36:51
Investors should continue holding Primoris Services.
“I want you to stay long that company. I think it's good.”
Listen at 37:42
LyondellBasell is performing well because of polyethylene exposure.
“what a home run right here because of polyethylene. You're in a good one.”
Listen at 37:57
Power Solutions International is performing well despite its stock decline.
“They're doing very well.”
Listen at 38:27
Private credit offers capped upside but potentially severe downside after defaults.
“I don't like private credit because I think your upside is pretty capped and your downside can be huge if a company defaults.”
Listen at 40:40
Shorting debt is more difficult than shorting equity.
“shorting debt is much harder than shorting stock.”
Listen at 41:57
Investors should not buy Blue Owl stock.
“I wouldn't buy the stock of the company either.”
Listen at 43:12
Blue Owl could meet redemptions by selling loans if its portfolios are sound.
“if these portfolios are as good as Blue Owl says, then they can just sell some loans and meet the redemptions. Problem solved!”
Listen at 43:14
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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