Jul 28, 2026 · 44 min
Steel and infrastructure challenge tech’s market dominance
Mad Money w/ Jim Cramer 7/28/26
The episode tests whether a rotation into industrials, materials, and infrastructure reflects durable demand or a temporary retreat from technology.
- 1Money moved sharply from technology toward infrastructure, materials, and industrial stocks as market leadership diverged.
- 2Leon Topalian described unusually broad steel demand spanning military, data centers, energy, and construction markets.
- 3Cramer favored several beaten-down names but repeatedly stressed valuation, stabilization, and confidence before buying.
Don't miss
Leon Topalian explains how steel demand spans military, data centers, energy, and construction while tariffs support American producers.
The brief
Jim Cramer opens with a sharply divided market: money is rotating away from technology and toward infrastructure, materials, and industrial stocks.
The stock-by-stock discussion balances opportunity against caution, with Intuitive Surgical, SpaceX, Sterling Infrastructure, Vulcan Materials, and Martin Marietta all facing different tests.
Nucor CEO Leon Topalian says demand is unusually broad across military, data centers, energy, and construction, while tariffs and foreign oversupply reshape the steel market.
Topalian also connects domestic manufacturing to USMCA rules, jobs, schools, food banks, local infrastructure, and relationships with hyperscalers and host communities.
The episode closes on rapid-fire recommendations and severe selloffs, including memory and disk-drive names, Corning, and Intel after a strong quarter failed to protect its stock.
What was said on this episode
37 statements · 24 positive · 10 negative · 2 mixed · 1 neutral
A technology-led rotation could eventually drag down the entire market.
“In the end, it could take everything down.”
Listen at 2:04
Parabolic stock price moves eventually end.
“parabolic moves always end”
Listen at 4:34
Technology stocks will attempt a rally following Seagate’s results.
“I expect that the tech bars will try to mount a rally off of Seagate's good number this evening.”
Listen at 7:12
The technology-stock rally may not persist.
“I don't know if it's going to last.”
Listen at 7:16
AI spending is unlikely to collapse.
“I don't think AI spending is going to collapse.”
Listen at 8:07
The market’s current assessment of data-center stocks may be incorrect.
“The market can certainly be wrong.”
Listen at 9:14
AI profitability evidence could revive data-center stocks.
“Then the data center story lives and you'll wish you owned some Dell or AMD or NVIDIA or Intel.”
Listen at 9:23
Non-semiconductor stocks are outperforming data-center semiconductors.
“The bottom line right now, though, other stocks are in the sunshine and the semi portion of the data center is under a saw.”
Listen at 9:28
Intuitive Surgical and similar stocks may rebound over coming days.
“I think this and a lot of the others have been thrown away, have a couple of days gains.”
Listen at 11:17
SpaceX is worth owning long term if investors trust Elon Musk.
“If you trust Elon Musk, then it's worth owning for the long haul.”
Listen at 12:45
SpaceX’s share price will likely decline further soon.
“I expect to see some lower prices in the not-too-distant future”
Listen at 13:22
An increase in SpaceX share supply tends to lower its price.
“more supply does tend to result in lower prices.”
Listen at 18:21
Investors should buy SpaceX cautiously and wait before making a large purchase.
“Maybe buy a little, but I'm really begging for the kind of wait if you want to go big”
Listen at 18:56
Lower rates and housing recovery would increase Vulcan’s volumes.
“If rates eventually come down and housing recovers, Volcan should have volume upside”
Listen at 23:36
Vulcan Materials may rebound if its quarter confirms operating strength.
“I think we're going to get a nice snapback.”
Listen at 23:48
Vulcan has a cleaner, lower-risk aggregate investment profile than Martin Marietta.
“Vulcan offers the cleaner aggregate story with a focused portfolio, strong unit profitability, and less near-term risk”
Listen at 25:22
Martin Marietta may offer greater upside than Vulcan.
“Martin Marietta potentially has more upside.”
Listen at 25:28
Aggregate producers are attractive diversification investments.
“I think that you could do a lot worse than the rock pressures.”
Listen at 26:49
Investors should buy Vulcan and Martin Marietta during weakness.
“I recommend putting both in the shop, buying their stocks into weakness”
Listen at 26:59
Sterling Infrastructure may be near a bottom, but investors should wait several days.
“This one has almost taken out the beginning of its parabola, so we're close to it. But down huge today, you've got to wait a couple more days.”
Listen at 27:36
Vulcan and Martin Marietta present a buying opportunity.
“Vulcan and Marietta Materials are rock stocks, and they rock! All right, I think it's a buying opportunity.”
Listen at 27:45
Nucor’s major end markets have record or near-record backlogs.
“All of them are at or near record backlogs.”
Listen at 29:45
Nucor faces an unprecedentedly strong and diverse demand environment.
“it is absolutely unequivocally a demand environment like I've never seen before.”
Listen at 29:49
U.S. steel imports are at their lowest level in Leon Topalian’s career.
“Imports are at the lowest levels I've seen in my 30-year career.”
Listen at 30:46
Nucor’s performance has further upside as investments come online.
“we're just getting warmed up, Jim.”
Listen at 31:17
Nucor’s West Virginia investment will produce unprecedented through-cycle performance.
“When that comes online, you're going to see a through-cycle performance that Nucor has never achieved before.”
Listen at 31:30
Reduced steel imports create conditions enabling Nucor and domestic producers to compete successfully.
“it creates a very, very balanced level playing field where Nucor and other steel producers can win.”
Listen at 32:14
Annual USMCA review will tighten rules addressing trade violations.
“I think today you're going to see a year-to-year review that actually will tighten those things up.”
Listen at 34:14
The country will benefit from the USMCA annual review process.
“I think you're going to see that the country will win as a benefit to that annual review process.”
Listen at 34:23
Nucor pays local employees $130,000–$150,000 annually.
“we're paying $130,000 to $150,000 a year annually.”
Listen at 35:32
Arista Networks is attractive and not wholly dependent on data-center demand.
“I really like Arista, and Arista's not that dependent entirely on the data center.”
Listen at 38:22
Ross Stores is an excellent retailer under strong management.
“I totally agree. Ross Storrs, and he has done a great job, and it was good to begin with, but now it is just terrific.”
Listen at 39:10
Intel remains an attractive turnaround opportunity.
“I still think Intel's a terrific turnaround story.”
Listen at 40:08
Investors should reduce positions when a stock’s price becomes parabolic.
“I always advocate take something off the table when a stock goes parabolic and parabolic and parabolic.”
Listen at 40:38
Post-parabolic stocks rarely stop declining at their former parabolic starting point.
“a stock that goes down after a parabola has been busted rarely stops where the parabola began.”
Listen at 41:51
Investors should avoid buying stocks after parabolic declines.
“My advice, don't be tempted by these declines.”
Listen at 42:47
Investors should avoid post-parabolic stocks.
“I say you stay away from them.”
Listen at 43:35
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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