Mar 11, 2026 · 44 min
War, AI and oil keep markets on edge
Mad Money w/ Jim Cramer 3/11/26
The episode connects geopolitical risk, energy prices and AI-driven corporate restructuring to the stock-specific decisions investors face in a volatile market.
- 1Cramer frames war and oil prices as forces likely to prolong market volatility and complicate stock selection.
- 2Oracle, Meta and Mattel illustrate competing AI, data-center and brand-expansion strategies shaping investor expectations.
- 3Block’s planned workforce reduction raises a broader question about how quickly AI could reshape corporate employment.
Don't miss
Cramer examines Jack Dorsey’s plan to reduce Block’s workforce from roughly 10,000 employees to 6,000 and asks whether other companies could follow.
The brief
Cramer opens by arguing that war and oil prices cannot be neatly separated from markets, leaving investors to prepare for continued volatility rather than a quick return to normal.
The stock discussion moves from Eli Lilly, Meta and Oracle to Power Solutions International, Carvana and Dover, with profitability, valuation and staged buying shaping Cramer’s judgments.
Mattel’s CEO presents the company as a brand and intellectual-property business expanding across films, games, television, music and publishing while using buybacks and tariff mitigation to support the strategy.
The lightning round favors profitable businesses and questions money-losing names, reinforcing Cramer’s preference for operating strength over speculative momentum.
The closing discussion of Block’s plan to cut its workforce from roughly 10,000 to 6,000 turns AI efficiency into a test of how corporate employment may change.
What was said on this episode
37 statements · 24 positive · 11 negative · 2 mixed
The Iran war cannot be isolated from broader markets and the economy.
“The war cannot be ring-fenced no matter what we do.”
Listen at 0:37
Strategic reserves may be exhausted while the Iran standoff continues.
“Without a real exit strategy, we could blow through 20 days worth of oil from our strategic reserves and still be stuck in an asymmetrical standoff with the Iranians.”
Listen at 1:25
A ceasefire would reopen the strait and prevent oil-driven global economic damage.
“The goal now is to gain a ceasefire so that we can reopen the Strait of Ramirez and prevent an oil shop from devastating the global economy.”
Listen at 3:10
Oil prices will remain extremely high if Iran does not accept terms.
“the price of oil stays sky high”
Listen at 3:44
Oil could eventually rise to $120 or higher without evidence the war is ending.
“there's nothing that can stop oil from eventually soaring to $120 and beyond.”
Listen at 4:31
“The selling in the S&P 500 futures would be so outrageous that even the stocks of Exxon and Chevron would get crushed.”
Listen at 4:40
Investors should favor data-center companies if oil stabilizes and Iran de-escalates.
“you have to like the data center theme.”
Listen at 4:58
Western Digital, Seagate, SanDisk, and Micron are buyable after oil-driven declines.
“Western Digital, Seagate, Sandus, and Micron could all be bought on a big move down because of oil.”
Listen at 6:01
Financially pressured families are shifting purchases toward off-price retailers.
“the financially challenged families are moving down to Burlington, Ross Stores and TGX”
Listen at 6:40
Investors should buy Five Below now.
“you have my blessing right now to buy Five Below”
Listen at 7:03
Eli Lilly is an attractive stock.
“I like Eli Lilly very much.”
Listen at 8:12
Cramer will continue holding and buy more Eli Lilly after a major decline.
“We're not budging. We buy more if it really got hit.”
Listen at 8:21
Meta could adopt a leaner, AI-focused model resembling Block under Dorsey.
“I think Meta could ultimately embrace a limited style block that's square, that's Dorsey.”
Listen at 9:29
An all-AI, lower-headcount model could generate large shareholder gains.
“we're going to go all AI, we don't need all the people we have, and we are going to make fortunes for shareholders.”
Listen at 9:40
Markets will experience additional volatility ahead.
“We have to prepare for some more volatility ahead”
Listen at 10:53
Oracle substantially exceeded expectations in its latest quarter.
“Oracle shot the lights out.”
Listen at 13:17
Oracle’s AI business may be more profitable than pessimists expected.
“Oracle's operating margin came in higher than expected, suggesting that their AI business may be more profitable than the pessimists thought.”
Listen at 13:30
Oracle is unlikely to add more debt for its AI data-center buildout over ten months.
“For at least the next 10 months, we won't have to worry about the company piling on more debt to pay for its AI data center build-out.”
Listen at 15:15
OpenAI can readily meet its near- and medium-term financial obligations.
“OpenAI can easily pay its bills.”
Listen at 17:12
Oracle’s latest quarter was a major success for the company.
“A win is a win, and this latest quarter was a big win for Oracle”
Listen at 17:57
Power Solutions International’s pullback may offer a buying opportunity.
“this dislocation might represent a good opportunity to get into the stock.”
Listen at 21:32
Power Solutions International trades at approximately ten times estimated annual earnings.
“Power Solutions International is now selling for right around 10 times this year's earnings estimate.”
Listen at 24:10
Cramer recommends buying Power Solutions International at its current price.
“which is why I'd be a buyer down here.”
Listen at 24:32
Carvana is a high-quality company despite periodic stock plunges.
“Carvana is a very good company.”
Listen at 25:11
Investors should continue holding Carvana rather than abandon it.
“I would not abandon ship.”
Listen at 25:31
Investors should stage Dover purchases at $210, $200, and $190.
“you can buy some at 210, and then you buy some at 200, and then some at 190.”
Listen at 25:58
Investors should sell MongoDB.
“I want you to sell.”
Listen at 35:00
FormFactor has good semiconductor technology but is expensive; holders should stay invested.
“it's good technology. It's good semiconductor technology. Very expensive stock, but I think I'd ride it through.”
Listen at 35:14
Cramer will avoid buying companies that lose money.
“We're not going to buy the money losers.”
Listen at 35:44
A natural-gas shortage is expected.
“there's going to be a shortage of natural gas.”
Listen at 36:46
Devon Energy is executing a favorable merger.
“They're doing a good merger.”
Listen at 36:49
Cramer strongly favors Verona stock.
“I like the stock very much.”
Listen at 37:40
Loss-making meme stocks such as SoundHound should be avoided.
“this is one of those companies that is a meme stock. And meme stocks that are losing money are Ixnay.”
Listen at 38:12
Navitas Semiconductor’s strong technology should eventually produce strong earnings.
“They've got really great technology. That should ultimately translate into great earnings.”
Listen at 38:54
AI could become the greatest productivity enhancer since the Internet or steam engine.
“AI could be the greatest productivity enhancer since the Internet or maybe the steam engine.”
Listen at 40:23
Adopting AI could substantially benefit major technology stocks.
“If Block is any guide, it would be terrific for all of their stocks that they adopted the AI they keep talking about.”
Listen at 41:26
Major technology companies currently employ more workers than necessary.
“All these big tech companies have way too many employees.”
Listen at 42:48
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.
Weekly email
State of the Pod, every Monday
The week's most-discussed names and stories from podcasts, with the moments behind them. Free, five minutes, unsubscribe in one click.