Mad Money w/ Jim Cramer 3/19/25
42:05 Share

What if your business could see beyond the what is and into what can be?

What if you could create more impact in every decision? What if you had a partner as visionary as you are? With Bank of America, you get access to our trusted experts, real-time insights, and digital tools. So whether you run a local shop or a global enterprise, you're backed by business solutions to make every move matter. What would you like the power to do? Visit bankofamerica.com slash banking for business to learn more. Bank of America is proud to be the official bank sponsor of FIFA World Cup 2026.

Homes.com knows that when it comes to home shopping, it's never just about the house or condo. It's about the home. And what makes a home is more than just the house or property. It's the location and neighborhood. If you have kids, it's also schools, nearby parks, and transportation options. That's why Homes.com goes above and beyond to bring home shoppers the in-depth information they need to find the right home.

And when I say in depth, I am talking deep. Each listing features comprehensive information about the neighborhood, complete with a video guide. They also have details about local schools with test scores, state rankings, and student-to-teacher ratio. They even have an agent directory with the sales history of each agent. So when it comes to finding a home, not just a house, this is everything you need to know, all in one place. Homes.com. We've done your homework.

My mission is simple, to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere, and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other people want to make friends? I'm just trying to make you some money. My job is not just to entertain, but to explain. So call me at 1-800-743-CBC. Tweet me at Jim Kramer.

Every now and then, we want to make money in the worst way. And when I say the worst way, I mean the dumbest way. We wind up talking endlessly about the Fed and interest rates or the president's trade policy, whether it's punitive tariffs, reciprocal tariffs. Oh, man, come on. Today, we heard the results of the Fed's latest open market committee meeting, and

And we did the same darn thing. In a non-surprise announcement, Fed kept rates unchanged. They did nothing. And the stock market loved it. Dow gaining 383 points, S&P jumping 1.08%, NASDAQ polled only 1.4%. Then we spent a sizable chunk of time trying to parse the words of Fed Chief Jay Powell in his post-decision press conference,

Powell sounded fairly sanguine, talking about a robust economy with some inflation, still too much to cut rates, but headed in the right direction. It's not quite as strong as we'd like. I guess no news is good news. The paper's all covered much too negatively. They don't know what they're doing. He also discussed the Fed's decision not to sell as many bonds from its gigantic portfolio. Hey, more good news. Fed owns a mountain of bonds. When they sell, it can overwhelm the market. And when you've got too many bonds to sell, you end up with higher long-term interest rates.

which is the last thing we need right now i got the sense that pal's not on the verge of cutting short-term interest rates at all even as he talked about a possible slowdown consumer spending that's okay even if wall street would be thrilled to see another rate cut we don't care put it all together though and everything was solid more important it was totally predictable but i'm going to tell you what's negative

the fed spotlight had the effect of keeping our focus on washington again and not on making money money making ideas and it always does that when you're focused on jay palin's federal reserve compadres you can be a pretty good trader robin had started to offer betting on events maybe you should be betting directly in the fed's next move rather than speculating federal funds or the rates or or their impact on stocks

However, when you're only looking at the Fed, it means you're focused on the jockey, not the horse. That's a problem because if the horse that crosses the finish line, look behind me. This is the horse. This is what you can invest in long term if you're trying to make big money right here.

Yep. You know what you're looking at? You're looking at the house that NVIDIA built, the house where NVIDIA hosts its annual GTC event. That's the GPU Technology Conference for short. As I see it, it's the house you need to watch if you care about long-term wealth creation, which as far as I'm concerned is...

what we should be, because NVIDIA is the engine behind some of the greatest wealth creation in history. Right here. Right here. Sure, the stock's slow right now. No kidding. But I think it's ready to get its fruit back. That's my affiliate. You're speaking to Jensen Wong, the co-founder, president and CEO of NVIDIA. He'll be on the show later. Big interview. I bet he'll get you thinking about all the wonders that his company creates and how they can potentially make you a lot of money, which is the substance of the damn show.

Look, I'm not denying the importance of the Federal Reserve. The Fed means it's very important. OK, it means a great deal to the market. It can hurt us if Jay Powell says that inflation is not under control or the President Trump's tariffs could result in much higher prices, forcing him to raise interest rates or at least taking the possibility of breakouts off the table. That'd be bad. Didn't happen today. Clear positive. But there's more to this market than the day to day action, which is why I want to focus on the bigger long term themes for you.

longer-lasting stories like that will, this one's going to last through the whole intercycle. It's not going to, you can cut and raise, it doesn't matter. Look at this. This is what it's about. Artificial intelligence is actually one of these long-term themes I keep telling you about. Even if it's cooled down as an investment team over the past couple of months, and I think that's wrong, after hearing from Jensen today, I think you're going to see it's temporary. See, NVIDIA facilitates the part of AI that I believe will take over America and the world.

They're transforming the economy from one that's run by people into one where people manage machines because we have a longstanding labor shortage in this country. The robots, they can do dull, dirty, and dangerous jobs that you and I don't want to do. It's a multi-trillion dollar wave that can't be stopped by the Fed or even the tariffs. Why? Because AI is going to change the world. And if you stand in its way, you're nothing but a candle in the wind.

Oh, I won't deny it. I needed a gut check. I needed to come out here. This stock's been stalled. You and I know that. Fault or it?

I wanted to make sure that I hadn't been too glib about Nvidia's AI revolution. But if you're coming to this conference and speaking with Jensen, my ardor for Nvidia has only increased. I think the recent decline has finally burned enough of the Sunshine Soldier shareholders, the momentum chasers who never knew what the company does in the first place, the ones who bought it through zero-day options or ridiculous ETFs, like it's a meme stock or something. We needed these investors to get blown out.

And that's exactly what happened. And now NVIDIA can mount its next rally. At this point, I think I got my wish. Whether it be life-saving robots or convenient robots that can put dishes in the dishwasher and save your marriage or autonomous vehicles that are much safer than a human being behind the wheel, artificial intelligence has created so many different opportunities. These are all game changers. They transcend the Fed's next move or the president's trade wars. So here's the bottom line.

It's time to sit back and learn about artificial intelligence, people. In the grand scheme of things, I think NVIDIA's AI revolution is a lot more important than whether or not the Fed gives us another quarter point rate cut. Rate cuts are temporary. What NVIDIA is doing is forever. Let's take calls. Let's go to Sungev in California. Sungev. Jim, welcome to the Bay Area. Why, thank you. I watch Squawk, Mad Money, and I'm a club member, and I want to thank you and your team for all that you do.

Aw man, you're the best! How can I help? I learned from you. In the 80s, on Monday Night Football, during the commercials, once a game, there was a quiz clip called "You Make the Call" where they showed a football play and you guessed what the right call should have been. After the commercial, they would come back to reveal what the ref's call actually was. Jim, I'm now asking you to make the call on the company that presented these football quiz clips. What are your thoughts on IBM?

No, IBM is a winner. You know what? I have not focused on it nearly enough. It is a pure buy, buy, buy. And I just think right down here, I mean, it's up five. That doesn't matter. It's going higher, maybe to 300. Oh, no. That's it? All right. I just don't think a quarter point Fed rate cut or a hold or whatever you want to call it is all that much in the Nvidia scheme of things. And that's because you know what I want to do? I want to make you money.

Hey, I'm Matt. Tonight, I sat down with NVIDIA CEO Jensen Wong from the company's This DTC Conference. Yes, all about GPUs and artificial intelligence from robotics to the cloud. You do not want to miss this multi-part exclusive. Then I'm revealing my takeaways after my day with the AI powerhouse and telling you where I stand on the stock at these levels. And of course, all your calls rapid fire in tonight's edition of the Lightning Round. So stay with us.

Kramer.

Say you've always wanted to take a spontaneous trip to the Caribbean. Here's the thing. If you get smart with your money, you can do things like that. With Empower, you can start making the most out of your money so you can get out and live a little. Isn't that why we work so hard? To have some fun with our money. Like treating yourself to something special or spontaneously doing something extra for a loved one. So use Empower and get good at money so you can be a little bad. Join their 19 million customers today at Empower.com.

Not an Empower client paid or sponsored.

How will you shape the future of industrials with confidence? Whether you need to define your strategy, optimize your supply chain, or keep pace with data-driven manufacturing, EY professionals understand industrials and the sectors they supply, bringing the insights that deliver real outcomes. With a full spectrum of services, EY helps strengthen your business from factory floor to product development and beyond. So when the global market shifts, your business is agile enough to adapt.

EY, shape the future with confidence. You just realized your business needed to hire someone yesterday. How can you find amazing candidates fast? Easy, just use Indeed. When it comes to hiring, Indeed is all you need. Stop struggling to get your job post seen on other job sites. Indeed's sponsored jobs help you stand out and hire fast. With sponsored jobs, your post jumps to the top of the page for your relevant candidates so you can reach the people you want faster.

According to Indeed data, sponsored jobs posted directly on Indeed have 45% more applications than non-sponsored jobs. There's no need to wait any longer. Speed up your hiring right now with Indeed. And listeners of this show will get a $75 sponsored job credit to get your jobs more visibility at Indeed.com slash madmoney. Just go to Indeed.com slash madmoney right now and support our show by saying you heard about Indeed on this podcast.

Indeed.com slash madmoney. Terms and conditions apply. Hiring? Indeed is all you need. Since we're out here for NVIDIA's GTC, that's the Woodstock of AI, we need to check in with a man himself, Jensen Wong. He's the co-founder, president, CEO of NVIDIA and a true renaissance man. Earlier today, I got a chance to speak with him on a wide-ranging interview. We aired the first part this morning on Squawk on the Street. It's online now, but we have a lot more to cover. So take a look.

When I met you, Jensen, you told me, you know what, Jim, you have to have a 20-year vision. I'm thinking about two quarters. What, when we're together 20 years from now, willing, what will we be talking about? What will I be asking you? What will you be telling me? Well, let's see. Partly, we could be reminiscing about the past. That's probably what we're going to be doing. We're going to say, hey, wow, in the last decade,

20 years, we have built a whole new industry that every industry is built upon. And that industry called AI factories, building AI infrastructure, produces intelligence that affects literally every single industry in the world, from retail to transportation to healthcare to sciences. And I think we'll be talking about how

AI has supercharged every single one of us to be more brilliant, to do things more easily. I think we're going to be reminiscing about how quaint it was back in the old days when these robots were just being made and they were like, you know, stumbling around and now look at them. - Will we be talking about how ridiculous it was that we used to load the dishwasher ourselves? - Yeah, well, the idea of dishwashers

probably don't even make sense. I see. When you look around, it seems like there's, it's a mosaic of things that are going to change our lives. But when we put it all together, the world's going to be a better place. Oh, no question. No question. We'll live longer. You know, of course, we would do, we will do hard labor simply because we enjoy it. I mean, you don't go out and work in the garden because we enjoy it. Not because we have to.

And of course, you know, we'll have a lot less

work-related injuries and we'll be able to do amazing things and you know go mine for minerals a lot easier and we're going to do we're going to do things a lot more a lot more smartly a lot more safely and you know quality of life will be better and hopefully birth rates will go up again and you know there'll be all kinds of those wonderful things. It would be strange if we looked at a car by then and still see someone behind a wheel.

Yeah, you know, I think it'd be funny to see a robot actually sitting in the driver's seat driving us. Sure, why not? If a car could learn how to drive, of course, a robot will also learn how to drive a car. And so maybe those old cars would become autonomous with a robot driving it.

Perfect and all the new cars will be fully autonomous and the idea that this could not be true is fanciful is it's just true It could be true much faster than we think that's right Yeah There's no question now that that we have digital AI and digital AI all the AIs that we know about today is a giant industry and it is the industry that will underpin every industry now there's a physical AI and

an AI that where the software is the same as AI but it comes out and it integrates with a physical object self-driving cars autonomous moving robots in warehouses of course general robotics like what we announced with Groot and One we trained

and developed an AI for a general robotic system, a human or robot, and we open sourced it. And so now everybody can take advantage of it. And that means the hyperscalers can spend tens of billions of dollars. One of the things that upsets me, Jensen, is that people keep saying, oh, woe is me, these companies have to spend that much money. I think they should be spending far more money. They want to spend more money, and they are spending a lot more money. If you compare last year to this year to last year,

The amount of capital expense that they're putting into AI infrastructure is much, much higher. The reason for that is because they make more money. The goal of making intelligence, who doesn't want to produce intelligence?

We all want to produce intelligence. Every company produces intelligence in our own special way. And now we have these factories that help you build intelligence and produce intelligence. Every company wants it. And so it's really only a question of how quickly we could get the data centers built and energies provisioned and so on and so forth. I get it. Every company, GM wants it. Cisco wants it. Every car company will have a

a car factory and an AI factory. Every bank will have, of course, their human factories of helping customers as well as AI factories for assessing risk and, you know, running their AIs. Every company will have multiple factories. AI factory is one of them.

We have to be able to understand that's one of the problems to understand that this could be happening. But and to not be scared of it. Please assure us that those who are scared of it may not recognize how much better their lives will be.

Well, I think we all believe that having better health care, having better drugs, having better education, you know, we all agree that that's a fantastic thing. We would all agree that having fewer people have accidents and lose their lives in traffic accidents would be better. I think we all agree with that. And we all agree that when you go to a hospital and the hospital is much more

automated and the surgical rooms are safer and does more precision surgical processes and procedures. We all would all agree that that would be better. Even doctors would agree that having AIs help them would improve the quality of their jobs. I want to share something with you, and I know this is TV, so you're not supposed to be personal, but my wife lost a child to a successful heart transplant that then failed. And I spoke with the doctors, the head of a

pediatric cardiology a few weeks ago. And I said, what would AI do? He laughed and he said, you'll go into a hospital and there'll be something wrong with the heart and there'll just be a big row of hearts, AI hearts, and you'll grab the right one and fit it and you'll replace that person's heart with a new heart. And that's how people are going to live in a very regular fashion. We'll laugh that we waited for someone else's heart to come in when AI would have the perfect heart.

it would be just another autonomous machine that heart would just be another autonomous machine absolutely absolutely well every everything that moves in the future will be autonomous

And we'll have AI in it. Much more with Jensen Wong after this. Every day, thousands of Comcast engineers and technologists create connectivity solutions that change the way we work, live, and play. Like Kunle, a Comcast engineer who is focused on revolutionizing the in-home Wi-Fi experience today and for the next generation. Learn more at comcastcorporation.com slash Wi-Fi.

The best cars for the money are Hondas. Save big with 0% financing. The 25 Accord, Civic, Passport, and Odyssey have been named the best cars for the money by U.S. News & World Report. Save thousands with 0%, like the 24 Prologue with zero APR. To drive the best, ask anyone who owns a Honda and search your local Honda dealer. See dealer for financing details. Financing on credit approval. Offer ends 4-30-25. View U.S. News best cars at cars.usnews.com.

When you get the chance to sit down with one of the most important business people on Earth, Jensen Wong, the founder, president and CEO of NVIDIA, you take as much time as they'll give you. Even though the stock has come down from its highs, it's still pivotal right now. So we had lots to talk about. Take a look.

Now, we are trying to figure out whether AI will always be derivative. When I put in a question, in the end, it just scrapes everything. But it scrapes everything. I want new. I want something original and not derivative. Will they be able to put it all together and actually suggest that this would be a better way to look at it? It turns out that all of that foundation knowledge is just foundation knowledge.

What we really want the AI to do is to learn how to solve problems, learn how to reason, apply rules, apply knowledge, break a problem down one by one by one, step by step by step, and solve problems. That's intelligence. But you can't teach an AI that skill of solving problems. You can't teach AI reasoning without first having a foundation knowledge of what are numbers,

how do words work together, what's vocabulary, what's syntax, what's grammar, so that it could learn some basic knowledge. Once it has the basic knowledge like we have AI today, notice how quickly we're teaching them how to reason. Right.

And so it's learning how to reason. It's learning how to solve problems. It's learning how to solve math problems, geometry problems, prove theorems, prove logic. It's starting to learn those things by itself. And so it's really fantastic. Well, this next level, even now, when you look at a deeper search from GBT, when you look at Kroc, they have opinions. They're thoughtful. They're not yes-men anymore. Well, they're thoughtless.

argue with you right yeah that's happening now though yeah it's fantastic and so how did that you did you know what you have in that last year well i you know i'm in the industry so so we see progress and i can tell you i can tell you that that ai is going to progress very quickly over the next several years and and the answers that it provides it will be surely more accurate surely much more contextually relevant

and it'll be able to answer and solve problems that are quite useful to us. What can our nation and our government do to further what you're talking about? Well, I think that our country should also invest in AI.

You know, we should, of course, talk about the importance of the technology, apply regulation where it makes sense, but also invest in using AI across the country. Why don't we have a strategic AI reserve? We have one for something as meretricious as Bitcoin.

We should at least build the AI infrastructure so all of our scientists in the United States can use the AI infrastructure. And however it comes about, whether it's a strategic reserve, but the country needs to invest in an AI infrastructure.

When we talk about this, we almost immediately talk about the Chinese and almost a Sputnik-like race in 1957. Are we being too small-minded and we shouldn't be thinking about the amount of business you do with China? Maybe the things are much further along than that mentally? Are we constraining ourselves with these discussions about politics and tariffs? Are these too small? If I...

I think it's safe to say that we can't hold any country back or anyone back in advancing and developing intelligence. And surely AI is just digital intelligence. And so I think everyone is going to develop it. If everyone's going to be developing it, let's make sure that they develop it on American technology, American architecture and the American standards. And so that's what I would advocate.

And then secondarily, I would say, let's make sure that we are creating the conditions and investing in a way that allows our country to be far, far, far ahead. And so everything that we can do to speed up our advancement, everything we could do to speed up education here, startups here, economic development here, using artificial intelligence, we absolutely should. No, but when there was this...

Deep-seek issue. Your stock took a $600 billion hit. I tried to reach you. I was told it was quiet period that we could have easily explained that this is actually good for Nvidia. Why not have said that during that period? We were doing a quiet period. But you still came out two days before. It was 25 days and then you did it in a video two days before. Well, next time you should contact me directly.

And I'll come out and explain it. Because it's a good thing. Yeah. R1 DeepSeek was a fantastic thing. And the reason for that is because R1 is the first open-sourced reasoning model. What makes R1 incredible is that it reasons. That's why the answer is so good. And it breaks the problem down step by step. It asks itself while it's thinking. It comes up with several different options for the answer.

it might actually verify that the answer is correct. It solves a quadratic equation, takes the number, plugs it back in, and makes sure that it actually solves the equation. And so it's a reasoning AI.

This reasoning AI consumes 100 times more compute than a non-reasoning AI. And that's you. It was exactly the opposite. It was the exact opposite conclusion that everybody had. It actually consumes 100 times more computing. Well, it's kind of amazing because that, people are threatened by quantum. Quantum may use a thousand.

thousand times more compute. Well, we're going to have to go help all the quantum computer companies. And this is going to be the first conference at GTC where we have a quantum day. And so all of my friends in the quantum industry are going to come. And we're working together to create classical

quantum hybrid computers because a computer can't just be quantum and we like quantum to be able to accelerate many algorithms and so creating a classical quantum computer using this architecture we call CUDA-Q it's been adopted by the... Two years, five years, ten years?

Well, you know, I'm not making any more predictions. No, right. And I didn't mean to put you in a spot. But I do know that all of our colleagues are working as fast as they can. I know they're making excellent progress. And we're working with everybody to accelerate the developments of quantum. But right now, we're $150 billion of AI infrastructure.

into trillions of dollars we have to go build. And so we have partnerships with BlackRock and Microsoft and we're going to go get the supply chain and the infrastructure ready upstream as well as downstream.

And the demand is really incredible. BlackRock reached out to me this morning to say, look, this is incredibly important. BlackRock, they were talking about a one gig data center, 40 to 50 billion. Disney reached out to me today. Cisco talked to GM. CrowdStrike.

These partnerships that are eye-glazed over partnerships when you have the 18 that were announced yesterday that I counted are all incredibly significant for big companies that trade publicly that want me to know how important what you're doing is with them. But no one seems to understand that there could be 20, 30 things that you're doing. We announced several things yesterday. And let me make it very simple this way.

we're building AI infrastructure for the cloud. That everybody knows. That's true. That's true. Everybody knows that. They're just delighted that all of a sudden, AI reasoning is going to require 100 times more computing and the demand is incredible. So that's AI cloud. What we announced yesterday is that we're going to take AI infrastructure into two new industries. One is enterprise IT. Half of the world's CapEx is in enterprise IT.

enterprises, you know, how the economy... It's not consumer people, it's enterprise. It's not consumers, it's enterprise. And it's the IT department of enterprise. And so we have to help them integrate AI into the world's companies. And so our partnership with Dell and HPE and...

Accenture and ServiceNow and CrowdStrike and all these great companies, DDN and NetApp and VAST and all these great companies that we're working with are going to reinvent the enterprise IT with new AI infrastructure. And then the third growth opportunity for us now is AI for robotics. Before you have robots, you have to do AI for robotics.

you they have to be smart right and so that's going to take mountains of infrastructure as well and so we now have to build ai infrastructure for three industries for the cloud for enterprise i.t and for robotics well that's in the end that's the world this is yeah we're gonna we're gonna be the foundation for the world the world hopefully yeah one company

We have tons of partners. Look at us. Just about every company in the world's... Just about every company in every industry is here. It's incredible. We have car companies, healthcare companies. Of course, the entire computer industry is here.

Well, let's say I have that robot that's in my house. It's joining me, pouring me a good cup of gel. How many black, well, no, Ruben, I don't know, chips that will have, how many will it have of you, of yours? Well, it only needs one of these. Oh, thank heavens. One $40,000 chip then? No, no. It's a smaller version. Okay. It has one version that sits in the computer inside the robot. But don't forget, there's a data center, a whole AI infrastructure system.

supercomputers teaching the AI to run on this computer to do its job, do its tasks. And so the AI that's in the data center is gigantic and you see these systems behind us. All these systems is what it's going to take to develop the software that runs on a chip like this inside the robot. And so the robot is actually the end.

That's the end. The beginning is all of this. Well, okay, I'm thinking about a world where it feels just between this year and last year, the future is coming to the present. They are converging right now, right here. And super fast. And super fast. Super fast. And super fast. Look.

A year ago we were talking about generative AI where AI was able to produce text, summarize documents, create images, all that stuff. That was fantastic. Last year was all about generative AI. All of a sudden here we are one year later, everything is about reasoning, solving problems. AI is doing math, solving geometry, you know? And so there are reasoning and this reasoning capability

as it applies to robots, is you give a robot a job, a task, and it's got a reason. Okay, what do I pick up first? What do I maneuver it around? What do I do next? Maybe open a drawer. And how do I put this in? Should I stand it up or lay it on the side? It's got a reason about that. Can it make the bed? Well, sure. It's got a reason. You said make the bed. And so it's going to say, okay, make the bed. What does that mean? Break it down step by step by step. My exclusive with Jensen Wong continues after this.

There's so many important tech companies here at GTC, but Nvidia is the most important by far, which is why I spent so much time talking to co-founder, president and CEO of Jensen Wang this morning. Take a look. All right, so give me the roadmap. I mean, you laid out a trillion. Obviously, I think that was an arbitrary number because if you said three trillion, no one would believe you. But two years from now, what's going to be? One year we did this.

What happens two years from now? I mean, will we need, do we find out we needed 10 times of the 10 times? Yeah, we're going to need a lot more computing. And we're fairly sure now that the world's computing capex, it's on its way to a trillion dollars annually by the end of the decade. So we're fairly certain of that. We're also very certain that

that the vast majority of that will be used for AI. And so our opportunity as a percentage of a trillion dollars by the end of this decade

is quite large. And so we've got a lot of infrastructure to build. - Then when I ask you that will gross margins get better and the yield get better, am I asking questions that are just lilliputian and I shouldn't waste my time? Or there are people that you know I've recommended your stock to when it was a two and own it, don't trade it. And I wanna stick by that, but is that again, too small? - If our company wasn't growing,

then obviously gross margins is a real area of focus. But we're growing incredibly fast and this year we reinvented the structure of a computer. And I was explaining that at the GTC keynote yesterday. We reinvented how the computer is structured. And when we do that and all of these companies are involved and we

created all of these parts necessary. 600,000 parts that goes into one of our computers now. It's 3,000 pounds. And I know 600,000 parts is like 20 cars. And so all of those components have to come in to build one computer. And we're building these computers in volume.

And so the idea that in our first couple of quarters as we're ramping this up, we have to improve our yields and improve our cost and everybody is coming together and getting good at building this thing. I think that's a minor idea. Are we going to get incredibly good at building these things in the next several quarters? Of course. Of course. And when we do that, our margins grow. Right. And I imagine the first quarter you weren't able to build as much as you'd like.

And I'm not even close. Not even close. Not even close. And then I think, well, there's so many smart people out there. We have new followers running Intel who you praised in a video when you got the Robert Noyce Award and you were very complimentary. We have Lisa Sue at AMD, who's terrific. We have competitors that I that I don't know right now who may be working on something that could leapfrog you. But then I listen to you and I think it did it.

Was it winner take all, losers take none? This is the largest business opportunity in history. I think that we know now. In history. Bigger than airplanes. This is the largest. Bigger than trains. Bigger than canals. Bigger than balloons. None of those are anywhere close. Larger than the production of energy.

There's no reason why, given that, why can't your company be a $10 trillion company? There's no reason. These are abstractions. It's an abstraction, the price of your stock. You have to understand, it's not a business.

It's really about the size of the opportunity. And we are now talking about the single largest opportunity that the world knows. Constructive way to do it so people can let themselves understand. Which is the reason why every single company is here. And we have such incredible partnerships with the world's largest companies. And so, one, it is an extraordinarily large opportunity. Two, it is incredibly hard.

It is just incredibly hard. The scale at which we do things and the amount of R&D that has taken to get here is incredible. So it's

um and then i laid out a road map for the world which no one does three years no one does if i were a competitor he just gave me the key to the exactly i i laid out a road map for the world for three years and the reason for that is because there are several hundred billion dollars of investment that's laying being laid down right in front of us right now as we speak they need to know exactly what they're building into

So I gave the world a roadmap of building AI infrastructures for the next half decade. Now, that roadmap is also a super high bar.

We're talking about so much new technology. The bar is very, very high. And you. Yeah. You, I saw people, they wanted you to sign anything. They wanted just a minute with you. And you gave everybody that I saw the time that they wanted. It was almost as if you said, listen, I've got more time than you. I do have plenty of time.

Are you still getting up at four and doing all the things that matter for work and then going out? Yeah, yeah, sure. Still finding the right engineers? Yeah, Jim, we get our work done first thing in the morning, then we're covered for the rest of the day. We got plenty of time. I got plenty of time. I don't wear a watch. And,

I just want to hang out here with you all day. And do you want to hang out with the president and try to just... Oh, sure. He was terrific. He was? Frankly, he was terrific. He was straightforward, direct, remembered our conversation, really engaging. I thought super charismatic. Yeah, I really enjoyed the meeting. You enjoyed it? I did, yeah. Was it one-on-one or were there the usual many people in the room? We had 30 people watching us talk, yeah. Well...

Okay. But I enjoyed it. It was super good. And are you still able to wash dishes at your restaurant with one table? Are you able to have fun like that? Is the Denny's Jensen around? Denny's was here yesterday. Denny's here. I'm sure they're here still. And they brought a special truck here, and they named a new dish after NVIDIA.

The Nvidia Bites. And, you know, it's a sausage wrapped around a pancake wrapped around that. I want the Grand Slam. I don't want that. Oh, no, this is fantastic. It's finger food. Who doesn't love finger food? That's true. Yeah, you could dip it in mustard if you like. And these things still matter. The night market still matters. I helped them flip pancakes yesterday. I served pancakes yesterday. It was fantastic. So Jensen Wong, that was a busboy...

moved up in the hierarchy is still the Jim you and I you and I the same way once a busboy always a busboy yeah once a waiter always you know what I'm gonna leave it right there Jensen Wong is the CEO of NVIDIA and kind of the CEO of everything thank you Jim thank you Jim

It is time. It's time for the lightning round. We plan a sale. And then the lightning round is over. Are you ready? Ski daddy. Time for the lightning round. Let's start with Craig in California. Craig. Hey, Jim. Thanks for taking my call. Of course.

So the stock I'm interested in has gone from an all-time high to a 52-week low in less than two months. What do you think about Decker's Outdoor? I'm split. I think Coke is real good, but that last quarter, Uggs was quite bad. Some people say it was a problem with how much inventory they had. I think you should actually buy Decker's under $120. I like it. Next buy, $100. Get a good basis. Let's go to Mark in New York. Mark.

Hey, Jim, first time caller, long time listener, big fan of the show. I appreciate it, buddy. What's happening?

Not too much. Listen, I have a small position that I started in my IRA. Last time you had the company mentioned was back in 2022. Pays a monthly dividend, comes out to just roughly about 5% annually. The company is Gladstone Land, ticker L-A-N-D. I'm going to see your Gladstone Land and raise you with realty income, which also is a monthly dividend, and I feel much better about it.

What can I say? All right, now we have a question from the floor. Hey, guys, what's going on? Wait, it's the lightning round. Do you have a question for the lightning round? Oh, Disney? I love Disney. Over 100, I'm still buying. Buy, buy, buy Disney. Well, that's all the time we have.

All right, I got an idea. One more minute. You guys, you're kind of like movie stars. You know, I mean, you're going to be in the Mandalorian movie, correct? There you go. So you're the droids I've been looking for. Okay, ladies and gentlemen, that is the conclusion of the lightning round. Take it away, boys.

Sometimes I wonder that I'm doing a big disservice to you as a viewer when I talk about earnings per share, upside surprises, possible buybacks, dividends. I wonder if I'm failing you for focusing on what feels like the minutiae right now. At the end of the day, what you really need to know is the scale of the opportunity in front of you. Sometimes the opportunity is so great that everything else feels like minor details.

And nowhere is the gulf between what I know and what I'm saying greater than right here at NVIDIA's GTC, where I'm focused on individual plays instead of the whole game where everybody wins. For instance, this conference is about the future, what our world might look like if companies take advantage of NVIDIA's powerful technology. Notice, I said if other companies embrace it, not you, not the consumer. And that's hard to bring to light.

We've gotten used to consumer-oriented tech conferences for years. Like whenever Apple launches a new phone, I mean, does it dazzle? Is it explosive? Is it done? And of course, will we buy it? You know that if Apple impresses enough people, that stock's going to go higher. We might do the same with Gemini from Google, Reels from Meta, Copile from Microsoft. Those are all consumer-oriented. Everybody understands the consumer because we're consumers.

Tech conferences have been like that ever since the first iPhone was rolled out in 2007. And that's when you, the consumer, became the preeminent person when it came to tech. You moved the needle with your choices. But before the iPhone, it was always the enterprise that mattered most because the enterprise is bigger than the consumer. It buys more hardware and software than it does at once. It's predictable. It's not hostage to advertising or fickle consumer. NVIDIA is for the enterprise, which is what makes it so hard to explain. All these booths you see around me,

These are the enterprises that Nvidia partners with. They want to take Nvidia's chips and do something with them that will be worth buying.

to the enterprise when i go to the hp enterprise booth with jensen wong he's looking at what they do with the chips as a consumer you may only have interaction with nvidia's high quality products when the dell pcs with high-end nvidia hardware ship later this year hey maybe you've got one of their regular gpus in your computer but that's a much less exciting line of business

Now, this is good news and it's bad news. It's bad news because consumers own stocks and many of them simply don't understand what the enterprise means. So they're often eager to sell enterprise oriented stocks that don't understand. But look at when they're down like Nvidia's been. The good news, the enterprise is much bigger than the consumer, so it will produce much bigger earnings per share.

Catering to the corporation is typically a much better business model than catering to the individual. Plus, I know I haven't been able to convey the excitement people feel about NVIDIA here because it's hard to express in terms of earnings per share. In the short term, it's absolutely about earnings. But longer term, as Jensen Wang says, it's about the sheer size of the opportunity, the AI opportunity. So let me say this.

In my 45 years of examining companies, I've never seen a business with this much opportunity. Could this nearly $3 trillion company one day be worth, say, $10 trillion? Sure, why not? I'm not doubting it. Or if you want this distillation, plain and simple, NVIDIA, own it. Don't trade it. I like to say there's always a bull market somewhere. I promise I'll find it just for you right here on MadMoney. I'm Jim Cramer. See you tomorrow.

All opinions expressed by Jim Cramer on this podcast are solely Cramer's opinions and do not reflect the opinions of CNBC, NBCUniversal, or their parent company or affiliates, and may have been previously disseminated by Cramer on television, radio, internet, or another medium.

You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money Disclaimer, please visit cnbc.com forward slash madmoneydisclaimer.

The best cars for the money are Hondas. Save big with 0% financing. The 25 Accord, Civic, Passport, and Odyssey have been named the best cars for the money by U.S. News & World Report. Save thousands with 0%, like the 24 Prologue with 0 APR. To drive the best, ask anyone who owns a Honda and search your local Honda dealer. See dealer for financing details. Financing on credit approval. Offer ends 4-30-25. View U.S. News best cars at cars.usnews.com.