Apr 23, 2026 · 44 min
Rate cuts, supply shocks and AI reshape the stock debate
Mad Money w/ Jim Cramer 4/23/26
The episode links macroeconomic shifts and company-specific execution to questions about housing, chemicals, biotech, utilities and speculative stocks.
- 1Lower interest rates could support Home Depot, while the Strait of Hormuz disruption changes Dow’s petrochemical outlook.
- 2Thermo Fisher sees biotech funding, AI-enabled research and autonomous laboratories supporting future life-sciences demand despite regional headwinds.
- 3PG&E pairs wildfire mitigation and data-center expansion with lower customer rates and a debate over extending Diablo Canyon.
Don't miss
Patti Poppe argues that extending Diablo Canyon is more practical for California than building new nuclear capacity, if lawmakers approve it.
The brief
Cramer frames Home Depot as a classic lower-rate beneficiary, then turns to the Strait of Hormuz disruption and its consequences for Dow’s petrochemical supply chains.
Dow CEO Jim Fitterling describes disrupted ethylene, polyethylene and naphtha markets, a potentially lengthy logistics recovery, his transition to Karen Carter and the company’s Path to Zero plans.
Thermo Fisher CEO Marc Casper explains why the company’s stock fell despite a beat and raised outlook, while biotech funding, China, NVIDIA collaboration and autonomous laboratories shape demand.
PG&E CEO Patti Poppe outlines lower residential rates, wildfire hardening and a growing data-center pipeline, then makes the case for extending Diablo Canyon rather than building new nuclear capacity.
The lightning round covers several stocks before Cramer warns that moves exceeding 50% in a month can reverse sharply and may justify taking profits.
What was said on this episode
43 statements · 29 positive · 13 negative · 1 mixed
Cold-value investing may return soon.
“I think it could return soon, maybe sooner than you might expect.”
Listen at 0:38
AI will reduce ServiceNow’s valuation multiple.
“ServiceNow is doing exactly what it's done for years, but it's no longer going to be given that same price earnings multiple because of artificial intelligence.”
Listen at 2:47
Artificial intelligence can pressure enterprise-software pricing.
“it can put pressure on pricing.”
Listen at 2:56
Cybersecurity faces less AI displacement risk than other software groups.
“Some groups like cybersecurity have a lot less AI displacement risk.”
Listen at 3:31
Mark Zuckerberg’s workforce reductions are efficient.
“I think Mark Zuckerberg is being efficient.”
Listen at 4:05
Elon Musk’s robotics plans will be revolutionary.
“what he's going to do with robots is revolutionary.”
Listen at 4:56
Investors should consider beaten-down healthcare stocks.
“Why not own some stocks that have already been pulverized, already been gaffed, already been filleted, even as they represent very good companies?”
Listen at 5:55
CVS is preferable to ServiceNow as an investment.
“I prefer CVS to service now.”
Listen at 6:53
Cardinal Health is a strong investment.
“To me, Cardinals is steel”
Listen at 7:28
UnitedHealth’s stock deserves a substantially higher price.
“The stock deserves to be much higher.”
Listen at 8:24
Quality healthcare stocks can balance portfolios now.
“I think these quality health care names help to balance out your portfolio right now”
Listen at 8:51
Home Depot benefits from interest-rate cuts.
“Home Depot is what you buy when you get rate cuts.”
Listen at 9:46
The Hormuz shutdown benefits American chemical companies’ supply access.
“This has been tremendous for American chemical companies to get all the supplies they need domestically.”
Listen at 11:36
Dow is on track for approximately $6 billion in annual revenue.
“that really puts us on a trajectory for something like a $6 billion year”
Listen at 14:41
Chemical markets will take several quarters to normalize.
“this is going to be several quarters before you're going to see things return to normal.”
Listen at 16:44
Dow’s Alberta project will provide annual shareholder returns.
“It'll be an asset that... provides annuities every year to shareholders”
Listen at 19:35
Thermo Fisher’s market valuation will recover over time.
“with continued execution, I'm confident that the market will recognize that over time.”
Listen at 21:59
Thermo Fisher expects 3%–4% organic growth this year.
“we actually have high conviction in our ability to deliver the 3% to 4% organic growth for the year”
Listen at 22:57
Biotech activity will continue strengthening this year.
“we would anticipate that biotech continues to strengthen”
Listen at 24:03
The FDA regulatory environment is improving.
“I'm very confident. that we're moving in the right direction from a regulatory standpoint.”
Listen at 25:21
Chinese pharma and biotech activity is increasing.
“we're actually seeing pharma and biotech in China really picking up.”
Listen at 26:17
AI-enabled Thermo Fisher instruments accelerate biological data generation and understanding.
“Making these more AI-enabled really accelerates the ability to generate and understand data.”
Listen at 27:17
AI can select the next experiment in autonomous laboratories.
“AI is driving which is the next experiment”
Listen at 27:31
The market mispriced Thermo Fisher’s earnings reaction.
“the market has this wrong.”
Listen at 27:57
PG&E is a strong growth investment story.
“I think PG&E is a great growth story”
Listen at 29:24
Resolving California wildfire liability reform will improve PG&E’s outlook.
“we have a winning combination when we get this legislative liability issue resolved this year.”
Listen at 32:57
California’s grid is ready for additional data-center load.
“The grid is ready in California.”
Listen at 34:10
The NRC extended Diablo Canyon’s license through 2045.
“The NRC just gave us our 20 year license extension that would take us to 2045.”
Listen at 34:50
Extending Diablo Canyon is a favorable option.
“the extension of an existing one feels like a good bet.”
Listen at 35:19
Keeping Diablo Canyon open would save customers nearly $1 billion.
“it would save almost a billion dollars for customers to keep the plant open.”
Listen at 35:24
Investors seeking rare-earth exposure should buy MP Materials.
“if you really want to be in the industry, you have to buy MP materials.”
Listen at 36:57
Investors should avoid SoundHound AI.
“we don't want to be in Soundhound.”
Listen at 37:24
Investors should sell Dave’s fintech business stock.
“We're going to sell fintech”
Listen at 37:58
Rivian’s stock will rise if the company survives.
“if they're going to make it, then the stock goes higher.”
Listen at 38:31
Cramer recommends Tesla and Intel.
“I'm giving you two for I like Tesla today.”
Listen at 38:33
Insulet remains too expensive because of the GOP-1 threat.
“It's still too expensive because the GOP dash one threat existential.”
Listen at 39:03
Investors should take profits after parabolic stock moves.
“If you have a parabolic move on your hands in one of your stocks, you need to take profits”
Listen at 40:19
Parabolic stock moves often lead to crashes.
“parabolas quite often lead to crashes.”
Listen at 40:27
MegaFortune’s parabolic stock move is unsustainable.
“parabolic moves like this are unsustainable.”
Listen at 41:23
Avis investors should have sold into the stock’s strength.
“If they didn't sell Avis into strength, well, they're fools.”
Listen at 41:47
Investors should sell half their Lightwave Logic position.
“Perfect candidate for selling half your stock tomorrow morning.”
Listen at 42:19
Investors should sell stocks up more than 50% this month.
“If you own a stock that's up more than 50% this month, do some selling tomorrow.”
Listen at 42:46
Interest rates will eventually rise.
“One day interest rates will go higher”
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.
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