Dec 10, 2025 · 44 min
Executives defend turnarounds across AI, defense and banking
'Mad Money w/ Jim Cramer 12/9/25
The episode tests whether ambitious corporate promises can withstand investor skepticism as AI infrastructure, defense demand, healthcare costs and interest rates reshape markets.
- 1CVS Health pitches improved execution and cost controls as rare-disease and GLP-1 treatments concentrate pharmacy spending.
- 2Marvell Technology links AI growth to optical infrastructure while rejecting reports of changed hyperscaler business.
- 3AeroVironment and KeyCorp emphasize funded demand, organic growth and disciplined capital allocation across defense and regional banking.
Don't miss
Matt Murphy rejects reports that Marvell’s AWS and Microsoft business changed after earnings, arguing the selloff overlooks its backlog and hyperscaler relationships.
The brief
Cramer opens with market skepticism around China demand for Nvidia’s H200 chips, then urges caution on Veeva Systems after Salesforce criticized the company.
CVS Health CEO David Joyner defends a turnaround built on technology, pharmacy-led care and better navigation, while Cramer presses him on promises made by prior leadership.
Marvell CEO Matt Murphy says AI demand, silicon photonics and hyperscaler relationships remain intact despite reports involving AWS and Microsoft and a sharp post-earnings selloff.
AeroVironment CEO Waheed Nawabi points to record bookings, BlueHalo integration and layered counter-drone systems as evidence that defense demand is broadening.
KeyCorp CEO Chris Gorman outlines organic growth, technology investment and aggressive buybacks as the bank positions for rate cuts and expansion in new markets.
What was said on this episode
28 statements · 24 positive · 1 negative · 2 mixed · 1 neutral
Chinese buyers strongly want Nvidia H200 chips.
“The Chinese want these H200 chips badly.”
Listen at 3:29
The president will push Nvidia sales, leading China to become major buyers.
“I even think the president is going to push for NVIDIA sales and the Chinese will ultimately be big buyers.”
Listen at 3:48
Investors should own Nvidia rather than trade it.
“Do you know why I say own Nvidia, don't trade it?”
Listen at 4:26
Apple stock has risen sharply since September.
“The stock's been on a huge winning streak since September, almost straight up since we went to that factory.”
Listen at 6:04
Investors should own Apple rather than trade it.
“I say, own it, don't trade it.”
Listen at 6:17
Warner Bros. Discovery became the top television and movie studio, with HBO near Netflix in streaming.
“He turned it into the number one studio for television and movies while refining HBO into a very important streaming product, maybe second only to Netflix itself.”
Listen at 6:38
Cramer evaluates David Zaslav as highly trustworthy and capable.
“I believed in this man the way I believe in Tim Cook and Jensen Wong.”
Listen at 7:28
Investors should avoid Veeva Systems after Salesforce’s competitive claims.
“I don't want to be in Viva right now, not with the way that Salesforce took them on and talking about winning some huge clients from Viva. Let's stay away.”
Listen at 8:45
CVS Health manages high costs of rare-disease medicines through pharmacy benefits.
“our job, especially in the pharmacy benefit, is to manage those costs.”
Listen at 15:04
CVS Health is introducing competition to lower GLP-1 treatment costs.
“we are introducing competition. to look to lower the overall cost for the customers that we serve.”
Listen at 16:00
CVS Health’s three-year plan is achievable.
“the plan that we've laid out for the next three years I think is achievable.”
Listen at 16:57
CVS Health aims for its pharmacists to practice at the top of their licenses.
“Our goal is to have them practice at the top of their license.”
Listen at 18:01
Marvell expects 30% growth in calendar 2027.
“We see another 30% growth for the company in calendar 27.”
Listen at 20:23
Celestial AI’s photonic technology will bring fiber inside data centers.
“this actually is pioneering technology that's going to bring the technology inside the data center.”
Listen at 21:29
Data centers need optical technology as copper reaches bandwidth limits.
“you actually need optical technology to do that now.”
Listen at 21:55
Marvell’s Inphi business now generates over $3 billion in revenue.
“That company now is doing over $3 billion in revenue four years later.”
Listen at 22:13
Marvell lost no business between its earnings report and Friday.
“From Tuesday, To Friday, nothing changed. We didn't lose any business.”
Listen at 25:31
Marvell’s custom business will grow 20% next year.
“We said for next year, it's going to grow 20%.”
Listen at 26:35
Marvell’s data-center business is fundamentally strong.
“our business is rock solid in our data center.”
Listen at 27:32
Current conditions present a major opportunity to buy Marvell stock.
“there's a massive opportunity right now to buy Marvell.”
Listen at 28:15
AeroVironment is on track and delivering its planned results.
“We are on track with our plans. We are delivering exactly what we said we're going to deliver.”
Listen at 30:35
AeroVironment expects lower Q2 margins followed by significant second-half improvement.
“We expect the Q2 margins to be lower. It is going to get significantly higher in the second half.”
Listen at 31:15
AeroVironment will benefit significantly from new defense acquisition strategies.
“We benefit significantly.”
Listen at 32:50
AeroVironment won over $2 billion in new BlueHalo-related orders.
“We have won over $2 billion worth of new orders.”
Listen at 33:37
AeroVironment will deliver 80 counter-drone missiles within 18 months.
“we're going to deliver 80 of those missiles in the next 18 months to the U.S. Army.”
Listen at 35:21
CoreWeave is a favorable data-center investment vehicle.
“I like Corrie. If it's a very well-known company by Glenn Trader, they're a better place to play the data center”
Listen at 38:04
Alaska Airlines is suitable primarily as a trading vehicle.
“I think Alaska's good. I think it's a trading vehicle only.”
Listen at 38:18
KeyCorp offers a 4% yield alongside strong growth.
“the 4% yield and there's some pretty good growth there.”
Listen at 43:33
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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