Jim Cramer talks strength beneath the surface in the economy

CRAMER STARTS RIGHT NOW. >> 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 CRAMER, WELCOME TO MAD MONEY. WELCOME TO CRAMER ERICA. OTHER PEOPLE MY FRIENDS. I'M JUST TRYING TO SAVE A LITTLE MONEY HERE. MY JOB IS NOT JUST TO ENTERTAIN BUT TO EDUCATE, TO TEACH. SO CALL ME AT ONE 800 743 CBC. TWEET ME AT JIM CRAMER. NOTHING'S EASIER THAN BEING NEGATIVE RIGHT NOW. YOU PRACTICALLY REVEL IN IT, DON'T WE? THERE'S SO MUCH TO DISLIKE ABOUT THE ECONOMY, ABOUT THE FRANTIC NATURE OF TECH, ABOUT OIL, ABOUT THE PRESIDENT'S HANDLING OF THE WAR, ABOUT INFLATION, ABOUT HOUSING AFFORDABILITY AND ABOUT THE BOND MARKET, WHETHER IT BE THE TWO YEAR, THE TEN YEAR, OR THE DREADED 30 YEAR VARIETAL. SO IT'S EASY TO SEE WHY THE MARKET SELLS OFF ON A DAY LIKE TODAY. WITH THE DOW SLIPPING 116 POINTS, S&P DECLINING 0.69%, NASDAQ TUMBLING 1.33%, A TRUE ANNIHILATION FOR ALL THE GREAT DATA CENTER AND HARDWARE STOCKS THAT HAVE BEEN SO HOT. BUT FOR A MOMENT, LET ME GIVE YOU AN ALTERNATE REALITY. NO, I'M NOT GOING TO SAY THAT WHILE WE HAVE TOO MUCH DEBT SO MUCH THAT WE HAVE TO NOW $1 TRILLION BILL JUST ON THE INTEREST OF THE DEFICIT, THAT IT'S SOMETHING WE CAN HANDLE. THAT WOULD PUT ME RIGHT UP HERE ON THE TOP OF THE STUPIDITY CHART. I DON'T KNOW HOW IT GETS RESOLVED HERE OR IN THE OTHER COUNTRIES WITH RATES ARE TOO HIGH. BUT LET'S ACCEPT FOR THE MOMENT THAT THE BANK WON'T BE BROKEN ANY TIME SOON AND MOVE ON. NO EXCUSES FOR THE PRESIDENT EITHER. WITH THE WAY THIS WAR IS GOING, IT'S BECOMING A RARE ISSUE THAT NOW UNITES THE LEFT AND THE RIGHT WITH DISGUST. IT'S NOT EVEN CONTROVERSIAL, RIGHT? ALMOST NO ONE LIKES IT. NOT JUST BECAUSE IT RAISES THE PRICE OF OIL FUEL, ESPECIALLY DIESEL. WE ALL HAVE OUR TRUE NORTH'S. I LIKE THE LATE GENERAL GEORGE MARSHALL, THE HIGHEST RANKING OFFICER IN THE ARMY DURING WORLD WAR TWO. HE WOULD NOT TOLERATE LOSING. NEITHER WOULD HARRY TRUMAN. PRESIDENT TRUMP OFTEN TALKS ABOUT LOSER THIS AND LOSER THAT AND HOW PRESIDENTS HAVE LOST WAR AFTER WAR. IF HE WANTS TO SEE HOW WHO DIDN'T LOSE A WAR, MAYBE HE SHOULD CHECK THOSE TWO OUT. HEY, OR ABOUT GETTING RIGHT WITH LINCOLN. WORSE CAN BE WON EVEN BY SOMEONE WHO SAYS HE'S NOT WILLING TO LOSE. BUT I WANT TO MAKE A CONTRARIAN ARGUMENT THAT'S BIGGER THAN THAT FOR A MOMENT. WE ALL KNOW THAT AS LONG AS THE PRESIDENT AND THE IRANIANS CAN'T AGREE TO ANYTHING AND THE MOU HAS EXPIRED, WE CAN'T EXPECT ANYTHING GOOD TO COME OF IT. THAT SAID, WE ALSO KNOW THAT THESE OIL RALLIES CAN GET OVERDONE. WE KNOW THAT THE STRAIT IS ONE WAY OF GETTING OIL THROUGH THE STYMIEING. THE HOUTHIS AND YEMEN ARE TRYING TO TIE UP THE RED SEA, TOO. WE KNOW THE IRANIANS ARE RECEIVING ALL SORTS OF WEAPONS FROM RUSSIA. YOU CAN'T BELIEVE THE RUSSIANS HAVE ANYTHING TO SPARE, BUT APPARENTLY THEY DO. BUT THE HOUTHIS MIGHT JUST BE ON BORROWED TIME, GIVEN THAT THEY'RE SURROUNDED BY ENEMIES. SO I'M GOING TO COUNT THE RED SEA AS A STOPPING POINT. AT THE SAME TIME, WE'LL SOON BE PUMPING MUCH MORE OIL HERE IN AMERICA, BECAUSE THERE ARE A HOST OF PIPELINES THAT WILL NOW TAKE NATURAL GAS THAT FLARES WHEN THE OIL COMPANIES DRILL, YOU'RE NOT ALLOWED TO FLARE IN THIS COUNTRY. THERE'LL BE A HUGE AMOUNT OF DRILLING COMING OUT THAT YOU'RE NOT EVEN HEARING ABOUT IN NEW MEXICO. IT ISN'T BEING CONSIDERED. IT SHOULD BE. I BET THAT BECOMES OUR BIGGEST GROWTH AREA WITHIN THE NEXT FIVE YEARS. THE BAKKEN'S GROWING AGAIN. VENEZUELA'S PUMPING EVEN MORE AS ITS REFINING CAPACITY IS SHOT. THE CHINESE SEEM TO HAVE A LIMITLESS STRATEGIC PETROLEUM RESERVE TOO. I JUST DON'T SEE OIL SKYROCKETING MUCH PAST $100 IN BRENT. IT'S NOW $91. NOT POSITIVE, BUT IT'S NOT THE END OF THE WORLD, EVEN AS IT'S JACKING DIESEL UP WELL OVER $5 A GALLON. I'M SIMPLY SAYING THAT, WELL, WE'LL GET TO A PRICE THAT DOESN'T PUSH BONDS DOWN EVERY SINGLE DAY, AND THEN THAT WILL GET OIL OUT OF THE WAY, WHICH IS A HUGE POSITIVE. AND HOW ABOUT THOSE PESKY BONDS? ALL WE EVER HEAR ABOUT IS THE WORLDWIDE BOND CRISIS. IT'S NOT GOOD NEWS. BUT AGAIN, CAN WE PLEASE REMEMBER THE PIGS? THAT'S WHEN PORTUGAL, IRELAND, ITALY, GREECE AND SPAIN NEARLY COLLAPSED ABOUT 15 YEARS AGO. I MEAN, HOLY COW. THAT WAS SUPPOSED TO SPARK ANOTHER GLOBAL FINANCIAL CRISIS. THAT'S MUCH WORSE THAN THIS. IT DID. THESE COUNTRIES LITERALLY COULDN'T PAY THEIR BILLS. WE'RE NOWHERE CLOSE TO THAT. MORE IMPORTANT, WHILE RATES GO UP BOTH BECAUSE OF OIL AND BECAUSE OF TREASURY ISSUANCE, WE OFTEN FORGET THAT THERE ARE PLENTY OF PEOPLE WHO'VE ACTUALLY BEEN EAGERLY WAITING FOR HIGHER YIELDS BEFORE THEY PUT THEIR MONEY TO WORK IN BONDS. THEY CAN GO BUY SOME 30 YEAR PAPER RIGHT NOW, 5.28. THEN THEY CAN BUY SOME MORE 5.5%. CONSIDER IT LIKE A STOCK. ALL RIGHT. THEY'RE AVERAGING DOWN. THEY'RE GETTING A DECENT RETURN. STAY FOCUSED. I DON'T LOVE WHEN BOND YIELDS ARE ON THE RISE AT ALL FROM SIGNALS THAT THE FED IS GOING TO TIGHTEN. RIGHT. VERY BAD FOR STOCKS. BUT THAT DOESN'T MEAN BONDS ARE IN CRISIS. ONCE AGAIN SOMETHING NOT GREAT BUT NOT ENOUGH TO BRING US DOWN DESPITE WHAT YOU HEAR AWAY FROM ME. HOW ABOUT THE NASDAQ? IT MAY BE INFLATED BECAUSE OF THE DATA CENTER BUILD OUT, BUT DON'T TELL THAT TO SHAREHOLDERS. MET OR GOOGLE OR APPLE OR TESLA OR MICROSOFT. THERE'S NO JOY IN MUDVILLE. THESE STOCKS HAVE DONE NEXT TO NOTHING. THE SEMIS HAVE SOARED. THEY CAME BACK DOWN TO EARTH TODAY IN A REAL CRASH. EVERYONE FEARS THEM AFTER THIS KIND OF SELL OFF WHEN NO ONE WANTS TO TOUCH THEM. NOW THEY'RE NO GOOD. AND THANKS TO RYAN DETRICK, SOMEONE I FOLLOW ON X, I WAS AMAZED TO SEE THAT WE HAVE THE MOST SHORTS EVER IN THE NASDAQ. HOW MANY PEOPLE WILL REALLY BE RIGHT WHEN A TRADE GETS THAT CROWDED? IS. IT ISN'T USUALLY WRONG FOR THE INVESTING CLUB. WE ARE ACTUALLY LOOKING TO BUY SOME BEAT UP DATA CENTER STOCKS. WE BOUGHT A. WE WON TODAY. YOU CAN BUY THEM PYRAMID STYLE ON THE WAY DOWN. PAY SPECIAL ATTENTION TO MICRON MU WHICH WE BOUGHT RECENTLY FOR THE CHARITABLE TRUST. WHY? OKAY, ON THURSDAY WE'RE GOING OUT TO SEE SANJAY MEHROTRA, THE CEO OF MICRON, AND HIS HOME TURF IN BOISE, IDAHO. TALK ABOUT A SPECIAL TRIP RIGHT INTO THE HEART OF THE MOST IMPORTANT PIECE OF HARDWARE IN THE DATA CENTER, BECAUSE THERE IS A TREMENDOUS SCARCITY OF THESE KINDS OF MEMORY CHIPS. AND THIS MAN IS TRYING TO SOLVE THAT. WE HAVE TO LEARN WHAT'S GOING ON IN THE MEDIA IS NOT TELLING YOU ENOUGH. THAT CHANGES THIS WEEK. FINALLY, IN MY LITANY OF THINGS THAT JUST AREN'T THAT HORRIBLE FRONT AND CENTER IS THE CONSUMER. LAST NIGHT I TALKED ABOUT HOW WELL AIRBNB IS DOING. IT'S ON FIRE. PEOPLE TRAVELING THEIR DARN FOOL HEADS OFF. THEY'RE USING AI TO WRITE PROGRAMS AND ANSWER CALLS AND SAVE THEM FORTUNES. TODAY, THE FIREWORKS CAME FROM HOME DEPOT, WHICH HAD ITS BEST QUARTER IN FIVE YEARS, STRENGTHENED 13 TO 16 MERCHANDISE UNITS. TRULY GOOD NUMBERS FOR THE PRO BUSINESS, WHICH IS TERRIFIC BECAUSE PRO IS STICKY AND THE DESPOT SPENT A FORTUNE BUYING COMPANIES LIKE SRS DISTRIBUTION THAT CATER TO THE PROS IN ROOFING POOLS AND MESS. THE OLD GYPSUM, WHICH THAT HELPS CONTRACTORS WITH WALLS AND CEILINGS. THE CADENCE HOW EACH MONTH DID IN SEQUENCE SHOWED AN EXCELLENT PATTERN. THEY. THEY HAILED. THEY HAD JUST GREAT SALES FROM THOSE WHO USED THEIR NATURAL LANGUAGE SITES TO EXPLORE AND FIND PRODUCTS. AND ALL OF THIS HAPPENED AT A TIME WHEN HOUSING BARELY HAS A PULSE, YET NOBODY CARED IF THERE WILL BE MUCH HIGHER. THE STOCK ACTUALLY FELL 90. COME ON, $0.39. THAT'S STUPID. BUT WHAT IF TARGET'S GOOD TOMORROW, RIGHT? I MEAN, THE AIRPORT. WHAT IF THEY RAISE NUMBERS? WHAT IF THEIR GROWTH JUSTIFIES THE RUN HAS HAD. WELL, I DON'T THINK YOU'RE GOING TO KEEP HOME DEPOT DOWN OR TARGET FOR THAT MATTER. WHAT IF WALMART'S GOOD LATER IN THE WEEK? I SEE THE CHAOS IN THE DATA CENTER TODAY. IT COULD BE A TAD DISTURBING. ANTHROPIC PUT OUT A SET OF NUMBERS THAT SHOULD BE CONSIDERED A SLOWDOWN FROM A PREVIOUS HIGH GROWTH PACE. HIGHER RATES COULD MAKE THE TECH TITANS A LITTLE BIT MORE CIRCUMSPECT ABOUT THEIR SPENDING, BUT I AM NOT TURNING TAIL ON THAT GROUP. CALL ME A BUYER. THEY'RE. ALL I CAN TELL YOU IS THAT AT THE END OF THE DAY, WE'RE A SERVICE ECONOMY. IF SERVICE IS DOING WELL, YOU CAN'T BE TOO NEGATIVE. TWO THIRDS OF OUR ECONOMY MAY BE DOING BETTER. YES, WE WANT TO SEE HOUSING COME BACK. WHEN YOU BUY A HOUSE, THE ODDS FAVOR RENOVATION AND REMODELING. CAN YOU IMAGINE IF HOUSING ACTUALLY GETS BETTER? DO YOU KNOW THAT TOLL BROTHERS REPORTED AFTER THE CLOSE AND THEY GAVE US A PRETTY GOOD SET OF NUMBERS STRONGER REVENUES, STRONGER HOME SALES, STRONGER MARGINS DESPITE THE RISE IN INTEREST RATES? SEE THE PATTERN I'M POSTULATING? I AM SAYING IT'S NOT ALL BAD, THAT IT'S NOT THAT BAD AND THAT IT COULD GET BETTER. NOT EVERYONE'S MARGIN, NOT EVERYONE'S GOING TO GET WIPED OUT. AND THAT SHORT POSITION, THE NASDAQ, THAT JUST SEEMS CRAZY, GIVEN THAT THERE'S PLENTY ABOUT THIS ENVIRONMENT THAT IS NOT THAT BAD. HERE'S THE BOTTOM LINE. I KNOW NOT BAD ISN'T MUCH OF A CLARION CALL, BUT YOU'RE CERTAINLY GETTING BETTER PRICES THAN YOU'D SEE IN THE BACKDROP IF THE BACKDROP IS GOOD. HEY, MAYBE THAT'S THE WAY TO THINK ABOUT IT. THAT'S THE OPPORTUNITY. AND THE COST SEEMS TO BE MANAGEABLE, EVEN IF THIS ISN'T LIKELY TO BE THE EXACT BOTTOM. I AM DAMNING THE MARKET WITH FAINT PRAISE, BUT IT IS PRAISE NONETHELESS. LET'S GO TO CHRIS IN CALIFORNIA. >> CHRIS BOOYAH CRAMER. >> IT'S CHRIS FROM LAKE ARROWHEAD CALIFORNIA. >> GOOD TO HAVE YOU ON THE SHOW. BOOYAH. RIGHT BACK AT YOU. ALL RIGHT GOOD DEAL. WHAT'S UP. >> I'VE ALREADY GOT MY INITIAL INVESTMENT OUT OF THIS STOCK. SO I'M PLAYING WITH HOUSE MONEY. BUT TELL ME JIM WHAT SHOULD I DO. HOLD SELL OR BUY MORE SNOWFLAKE. >> YOU DON'T WANT TO SELL THAT SNOWFLAKE. MAN. THAT THING IS HOT AS A YOU KNOW, THIS IS A STOCK THAT IS SO OBVIOUSLY GOING TO HAVE AN UPSIDE SURPRISE THAT I JUST QUESTION WHETHER IT'LL BE SURPRISING WHEN THEY REPORT THE UPSIDE. BUT I THINK YOU ABSOLUTELY WANT TO HOLD IT. CONGRATULATIONS. SEE THIS FELLOW CHRIS HE MADE REAL MONEY. WE COULD SIT HERE AND BE FOOLING AROUND WITH THE S&P, S&P, S&P JUST TALK ABOUT S&P, SB, SB, SB. BUT YOU KNOW WHAT? IF YOU DO THAT WELL WHY BE ON TV? JOHN. IN FLORIDA. JOHN. >> BOOYAH JIM BOOYAH. >> JOHN WHAT'S GOING ON. >> SO I'M A LITTLE FRUSTRATED. MY STOCK HAS LOWERED LOWS. IT'S LOWER HIGHS NO IMMEDIATE CATALYST. I DON'T KNOW IF I SHOULD BUY MORE OR ROTATE IT OUT. WHAT ARE WE GOING TO DO WITH OUR BROADCOM. >> OH NOW LET'S COME ON. NOW. LET'S LET LET'S SETTLE DOWN THERE FOR A SECOND. THIS IS HOCK TAN. THIS IS ONE OF THE GREATEST PERFORMERS OF ALL TIME. WE CAN'T BE SO SHORT TERM THAT WE END UP SELLING SOME GOOD STUFF. I GO BACK OVER THIS WITH JEFF MARKS. EVERY DAY I HAVE A I HAVE A PROBLEM LIKE JIM. IT'S NOT MOVING, BUT IT IS UP. IT'S BEEN UP LONG TERM. THE CHART. IF I WENT LIKE THIS AND WE COULD SEE A CHART WHICH WE CAN'T. MOST DEFINITELY, IT WOULD SHOW YOU A CHART THAT IS UP AND THAT CHART IS AVGO. THE OLD AVAGO WHICH IS NOW BROADCOM. I FEEL LIKE GOING AFTER THAT CALL. I FEEL LIKE GOING RIGHT TO ALASKA. LET'S GO TO JOHN IN ALASKA. JOHN. >> HI JIM HOW ARE YOU DOING. >> NOT BAD JOHN THANK YOU FOR ASKING. HOW ABOUT YOU? >> I'M DOING GOOD. I'M DOING GOOD. I JUST WANTED TO TALK TO YOU ABOUT A STOCK. IT'S CALLED ARISTA NETWORKS. THE TICKER IS A NET. I HEARD THEY'RE BIG IN THE AI SECTOR FOR THE CLOUD NETWORKING SERVICES, BUT I KNOW THAT THEY TRADE AT A PRETTY HIGH VALUATION. BUT THEY'RE FINANCIALS LOOK GOOD. RECENTLY I WAS JUST WONDERING WHAT YOUR THOUGHTS ON THAT. >> OKAY. THIS IS JAYSHREE ULLAL WHO IS ONE OF MY IDOLS. I HAD HER ON LAST WEEK. I CANNOT BELIEVE HOW WELL THEY'RE DOING. I SAW THE STOCK DOWN FIVE. I SAID TO MYSELF, IF THIS THING WERE TO GO DOWN 20, YOU KNOW WHAT I'D HAVE TO DO? I'D HAVE TO CALL THE CLUB AND GO. >> BUY. >> BUY, BUY BUY BUY BUY BUY, BUY BYE BYE BYE BYE BYE BYE BYE. >> SURGICALLY REMOVED. YES BECAUSE J3J3. I SHOULD JUST SAY TRISH CHASE FOR YOU ALL IS JUST ONE OF THE BEST CEOS IN AMERICA. AND IF THAT STOCK GOES DOWN JUST GO BUY IT AT THESE PRICES. EVEN A LUKEWARM BULLISHNESS SEEMS LIKE AN OPPORTUNITY. I THINK. I'M NOT GOING TO PASS IT UP ON MAD MONEY TONIGHT. WHY IS CADENCE DESIGN SYSTEMS FALLING OUT OF FAVOR ON WALL STREET? I TALKED TO CEO, SEE WHAT HE SAYS ABOUT HIS AI OPPORTUNITY FOR THE COMPANY. AND IT'S JUICY. AND I LOVE A GOOD TURNAROUND STORY. AND WE'RE SEEING ONE START TO PLAY OUT IN ONE OF THE FOOD STOCKS. DON'T MISS MY DEEP DIVE WITH KRAFT HEINZ. AND THEY NO LONGER OWN CHEEZ WHIZ, WHICH IS TOO BAD. THAT WAS A PRODUCT THAT SHOULDN'T HAVE GOTTEN RID OF. AND HOW ABOUT SATELLITE SURVEILLANCE PROVIDER HAWKEYE 360 JUST REPORTED ITS FIRST QUARTER AS A PUBLIC COMPANY. I'M LEARNING MORE WITH THE CEO, SO STICK WITH CRAMER. >> DON'T MISS. >> A SECOND OF MAD MONEY. FOLLOW JIMCRAMER ON X. HAVE A QUESTION. TWEET CRAMER HASHTAG MAD MENTIONS. SEND JIM AN EMAIL TO MADMONEY@CNBC.COM. OR GIVE US A CALL AT ONE 800 743 CNBC. MISS SOMETHING. HEAD TO