CPI, NVIDIA, Anthropic IPO, T-Mobile & Block

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1:17Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other doing friends, let's try and make a little bit of money. My job is not just to entertain you, but to educate and teach you. Call me, 1-800-743-CBC. Tweet me at Jim Cramer. We have an extremely hawkish debt. We just got an out-of-control, hot consumer price index reading this very morning. We have Brent Crude stuck in the 90s. We have a president who seems totally at odds with the electorate. And we have a potentially catastrophic situation at one of the world's largest and most important companies. What's not to hate? Sell, sell, sell.

1:57It's bringing all parts of the market down with the Dow off 150 points today. S &P tumbling 0.38%. NASDAQ falling on 0.74%. And isn't that incredibly dismal scenario, a parade of horribles on par with the upcoming Macy's Thanksgiving Day Parade, exactly when you should buy, not sell? See, at times like this where you have a bull market one day and a bear market the next, and investors seem to have no conviction whatsoever, you need to think not only what can go wrong, but also what can go right. What's going wrong is so painfully obvious. We had an October CPI reading this point, and it really was hideous, with many tracked items running way too hot, especially food, which is soaring in price.

2:44When I saw the CPI, which was much more toxic than I expected, I knew that interest rates would roar today higher. They sure did, with the U.S. 10-year yield climbing back to right around 5 percent. Bad for housing again. When you factor in that Lori Logan, president of the Dallas Fed, said we might need two quick rate hikes, and Fed Governor Christopher Waller saying we might need a double rate hike in December alone. Before even seeing that hot CPI today, you need to find the worst-case Fed-fighting situation. Worst case. No, I don't want the worst case to occur. But yes, I want it defined so that it can be accepted.

3:21And if we can get anything less than the worst case, then we suddenly have a very bullish scenario building. Why should we get anything less? Why shouldn't the Bears Den rule? Because it looks like the war might be winding down in Iran. And if that's the case, then the price of oil will plummet. oil is behind many of the hottest prices, including food, recreation, even motor vehicle insurance. I'm not sure we can reverse the cost of medical care. There's only so much a Kramer-Fave hinge hell can do on that front. But household furnishings could come down if the Democratic Congress asserts itself and repeals the tariffs that are really its province to begin with.

4:00Remember, most of our inflation is indeed self-inflicted, a result of choices made by a president who had other priorities, including the punishment of those that he or we didn't like, A policy based more on rationality than on anger, on strategic alliances instead of wild jingoism and xenophobia, can bring down prices even if we don't imagine seeing the president shopping at a Costco, Walmart, or Kroger doing price checks so he can be sure they are correct. to. If we see oil plummet to$40, which is what the chart, by the way, of oil refining giant Valero says to me, and you get Walmart and Costco to force price cuts, force them on their big suppliers, or make their own excellent house brands for everything, then you're going to see the CPI come down and come down hard.

4:47But now let's deal with the herd of elephants in the room. Let's go to Nvidia. There have been more opportunities to trash Jensen Wong this week than I have ever seen, and everyone is being taken. Jensen's hard to replace if he has to go and leave from the company, but no one person's bigger than the institution, something I know Jensen would agree with. Let me posit a thought that I haven't heard. Right now, Nvidia's PR team has not mustered the defense of the man that's coherent, or for that matter, has not even offered anything that makes me feel that Nvidia is a company that can survive and thrive under the worst-case scenario.

5:25That's too bad. I know I can do better than they are doing. So let me do it. There is a man in Buck who is vice president of hyperscale and high-performance computing at NVIDIA. Google him or chat GPT. Clawed him, I don't care. He is known to have created CUDA, the key software platform that Jensen always tells me is the secret sauce behind the longevity and proprietary nature of his hardware products. 22-year NVIDIA veteran, He's the man who works with the hyperscalers. Well, we know they are Microsoft, Amazon, Google, Meta, and OpenAI, often called clients. When NVIDIA's new Vera Rubin custom CPU came out earlier this year, was it Jensen who brought it to the customers?

6:05No, it was Buck. He presented it to the company's top people, Anthropoc, OpenEye, SpaceX, Oracle. He is an accomplished person, incredible resume, and a logical CEO candidate for anyone else in any Silicon Valley company. I see a path here that I have not seen anyone else articulate, and it's a straightforward plan. First, NVIDIA should put out the YenBuck as soon as possible to speak about accelerated computing, artificial intelligence, and the next products that NVIDIA has in the pipeline, including the next-generation Richard Feynman GPU, which is the next after the current Rubin model. This is not something that's contrary to Jensen Wong, who wants to preserve the institution.

6:39Then, next Tuesday, the company should announce four things. First, show Blockbuster Ernie's. This is November 17th. Second, announce a new buyback to end all buybacks, superseding its existing$235 billion plan. Half a trillion dollars should suffice, but I wouldn't even mind. Yes, if we're a trillion dollars, you don't have to be in there every day. Third, offer leave of absence for Jensen-Wan while Wachtell Lipton, the outside law firm that NVIDIA announced today for its board review, examine the situation. Let the chips fall. Maybe even have to, maybe even Jensen has to get his own lawyer. See, the firm, they picked Wachtell.

7:15Wachtell is an amazing firm. I've known them from the time I applied to them in 1982. It is known for its exactitude and its toughness. They won't and cannot be bullied, and they do not play for dinner. Finally, name an interim CEO, perhaps the same Ian Buck, to show that there is more to this company than one person. That's what's killing it. Something, again, that I believe Jensen would agree to if you weren't so muzzled, self-muzzled or otherwise. Then we have, OK, we get past that 17th. Then we can focus on the Anthropic IPO, which we'll do later in the show. We know we don't have to be so lazy to focus on NVIDIA once we get to Anthropic, because we are thinking about what could be one of the greatest initial public offerings ever.

7:56Goldman Sachs analysts are saying that this company can generate$685 billion in revenue by 2030. I think they're being conservative. At the same time, the public will learn about the ethereal concept of compute, something, again, coined by Jensen Wong, the power to recall, create, rationalize and think by machines. It will jumpstart the compute exchange market, not unlike the bundled mortgages or auto loans that offer a terrific return. Hopefully, we will also have some let up in the cost of building data centers, which have been insanely expensive. Maybe we'll hear from when I talk to Corey tomorrow morning.

8:30We will no longer be able to cite them as quickly after last week's election, so we will likely see a potential slowdown in data center spending, something Oracle talked about today. I know that Fed Chief Kevin Warsh would certainly appreciate that. There's too much headlong borrowing. Nothing like stole data centers to bring that around. I also see another form of inflation out there, DRAMs. I don't like it. These could be slowing as the makers of memory chips curtail their price hikes once demand destruction begins to impact the most voracious users. You don't think it's happening? Why don't you go check the PC market?

8:59Then, here's a crazy town concept. We could have oil going down, Inflation peaking, no need for rate hikes, a path to get NVIDIA back on its feet, pending a Chase and Jensen Wong return, Justice Department willing. Or we can see an NVIDIA temporarily run by Ian Buck while Jensen figures out how to help as much as he can after wearing the hair suit that must be worn. Now, it is possible that inflation runs rampant, that there is no end to the world. Oil goes back to 100. We get two rate hikes. The tariffs aren't repealed. And the Anthropoc IPO bombs because there is no buying power beyond the initial price.

9:32It's unfortunately possible that NVIDIA maintains this absurd, ill-advised position of not protecting the institution or explaining why its strategy of building out the ecosystem is now complete with the anthropic deal. I would certainly say that. Those who bring us down, that's just a recipe for being brought down. Everything has to go wrong for that to happen, though. The idea of everything going wrong, that's not in my lexicon. Is the steeplechase I just outlined too difficult? Well, it is no dressage walk in the park. But the bottom line is, I think that the prospect of getting beyond these next 10 days to where we have the spirit of the holidays and no more news isn't far fetched anymore.

10:09We just need a few breaks and I think we will get that. Rick in California, Rick. Booyah, Mr. Kramer. How are you? I am good, Rick. How are you doing? I'm good. I owe you a long overdue thank you. 18 years ago, you held my hand through Armageddon of 2008. And I just want to say thank you for getting me through that fairly unscathed. And you're a good man. Thank you for having a memory of that period. I spent a lot of time working on that period. We did get a lot of people out and a lot of people were very grateful. And I'm glad you recalled that. It does make me feel good to hear it. It's been a tough period in my life.

10:50So how can I help you now? Well, my son and I, Taylor, got on the Nancy Pelosi Bloom Energy train, and we rode that train up to 280 and took some profits, and it started to decline. So we stair-stepped our way back in, as I was taught by Jim Cramer, and that thing has just fallen off a cliff. And here they are. They joined the S &P. They've got orders years out. I mean, this seems like a best-in-show stock. Rick, it is. Rick, it is. It's a best-in-show company, not a best-in-show stock. And they are very different. I think Boom Energy is absolutely terrific. What I like to do in these situations is something that people don't usually have the patience for.

11:31Let's say you want to buy 100 shares. Okay, you can buy 25 tomorrow. But get this scale you're going to have to do. You have to do 25 at 150, 25 at 125, and then another 25 at par or 100. If you do it any other way, I think you could get hurt, and I don't want that to happen. and thank you for the 2008 kudos. Man, that was one hell of a time. All right, on Mad Money tonight, I'm continuing my deep dive into Anthropic ahead of its IPO next week and focusing on the growth potential for this massive AI player. Then I'm talking all things wireless with the CEO of T-Mobile and see if the company's experiencing strong demand for the iPhone duo.

12:05Plus, is financial technology player Block squaring up for a comeback? I'm sitting down with the CFO to see if it can keep up the momentum after a really solid earnings report. So stay with Kramer.

12:49Hey, what's up, guys? It's Haley Bailey. Okay, I need to tell you about something. I just got YouTube Premium. It's got tons of awesome features like offline downloads so I can download my favorite videos before I travel and watch them whenever I don't have Wi-Fi because we all know airplane Wi-Fi is the worst. I get ad-free, I get backroom play, and there's like a ton more in there. You should try it. If you like YouTube, you'll love YouTube Premium. Try it now for two months free at youtube.com slash premium. Trial eligibility varies. Terms apply. Cancel anytime. That's a mouthful.

13:44options, including the first FDA-approved GLP-1 pill for weight loss. Go to roe.co slash journey to see if you qualify. 14 to 20 % average weight loss in one year in non-diabetics with obesity or overweight with a weight-related medical condition versus 2.2 % to 3.1 % in placebo R. RX only. To stay informed about serious side effects, go to roe.co slash safety.

14:11All throughout this week, we are running a Know Your IPO series on Anthropic, which is on track to debut next week in what now could be the largest and perhaps the most consequential IPO in history. I'm not kidding. Tonight, I plan to focus exclusively on the company's growth profile. But first, I have to update you on some new details that we just learned from an updated S-1 filing that Anthrop published this very morning. First, we now know more specifics about the proposed offer size. Anthropoc is starting with a price range of$70 to$78 for its shares, and at the high end of that range, it will be selling just over$64 billion of stock to the public in this deal, mostly in a primary offering, meaning new shares sold to the public, with a small secondary offering from existing shareholders as well.

15:01Additionally, Anthropoc will be selling$26 billion of stock in a concurrent private placement to seven strategic partners, all of whom you probably know. Google, NVIDIA, AMD, Broadcom, Micron, Microsoft, and Taiwan Semi. If you include that private placement in your tally, Anthropoc's IPO proceeds will be over$90 billion. And total proceeds could reach just over$100 billion if the underwriter's green shoe is fully exercised. That's why this deal could eclipse SpaceX's June offering as the largest IPO in history. Their IPO raised$75 billion, roughly$86 billion, including the green shoe. So this is a staggering amount of money that's being raised.

15:45Now, using a fully diluted share count of approximately 18 billion shares, Anthropics valuation would be somewhere between$1.3 trillion and$1.4 trillion based on the deal price range, in line with some of the ranges I discussed last night. I'm calling it a positive. You've got to know that. CBC's Leslie Pickers also reported some other details. The deal is expected to price next Wednesday night and begin trading next Thursday, November 19th. She's also been told that the offering is already covered from institutional shareholders at that$70 to$78 price range, meaning it's technically already oversubscribed more than is available.

16:22Roughly 20 % of the offering is expected to be sold to you, to retail investors. That's similar to what we saw with SpaceX's IPO earlier this year. So you could get a chance to get some. But my main takeaway from the new details today is that this deal looks like it's good to go. It's almost certainly happening. While the next challenge will be seeing how many house shares do in the open market, the fact that this deal is on is bullish. Bullish in itself for tech and, yes, for the bedraggled AI trade. So let's get to the growth numbers. Before we get to specifics, I'm going to tell you that the growth numbers here, They are extraordinary.

16:57Anthropics tantalizing growth rate is the key reason why this should be the largest IPO in history. And the market is willing to bestow a less than six year old company with a valuation of well over one trillion dollars. You've got to take that in. It's so it's staggering. Hey, let's let's start with the annual numbers. Anthropics revenue is just forty one million dollars in 2023 before growing to eight or growing eight hundred forty one percent. to$386 billion in 2024, and then growing another 1 ,088 % to$4.59 billion in 2025. Well, what's really exciting here is what's happened this year. Through the first nine months of 2026, Anthropic had$33.2 billion in revenue, which is up 1 ,206 % from the first nine months of 2025.

17:48You see why we're talking about this so much? Unlike OpenAI, which is well-balanced between consumer and enterprise users, Anthropics' growth has come mostly from enterprise use or businesses. That's the best kind of revenue because once it signs up, it tends not to flit or go elsewhere. It's called sticky revenue. Originally, it was all about gradual adoption from a growing number of end markets, but the inflection that started earlier this year was primarily about the increased use of Claude Code, Anthropics' coding agent, which started to really take off in late 2025, then skyrocketed in the beginning of this year.

18:21Anthropics said in its IPO prospectus that there are over 11 ,900 customers who spent over$100 ,000 with the company on a trailing 12-month basis, up from roughly 1 ,500 at the end of 2025, and over half of its customers fall into that category. It also has over 1 ,900 customers that spent over$1 million over the past year, and about 250 that spent over 10 million. 250 customers over$10 million in this short period of time? But the more important point to understand is that individual customers are quickly spending more and more with Anthropic. The company has a net revenue retention, I know these are all technical terms, but I've got to give them to you, a rate of approximately 900 % as of the end of September.

19:04That's a metric used in the software industry, which measures the amount of money that existing customers spend with you versus the same period a year ago. A good number, therefore, is anything over 100%. It means existing customers are on average spending more with you than they did before. So that 900 percent number is laughably high. It means that existing Anthropic customers are spending 10 times what they spent last year. That may be the stickiest kind of customer I have ever heard in all the years I've been following business. Now, while it's true that Anthropic is seeing salary revenue growth through the first nine months of the year, I should note that the company's quarter over quarter growth rate seemed to peak in the second quarter, specifically while Anthropik's sequential revenue growth rate accelerated from 48 % in the fourth quarter of 2025 to 132 % in the first quarter of 2026, and then 144 % in the second quarter of 2026.

19:54It fell to 47 % in the third quarter of this year. How big of a deal is that? Well, that's actually up for you to decide. To some extent, it's the law of large numbers at work. And let's be clear that 47 % sequential growth is still very impressive. But there were some factors like a competitive model launch from OpenAI, a crackdown on Chinese ripoffs of Anthropoc models that contributed to the slowdown. We think that at some point this year, customers have also started looking at their Claude bills and seeing if there's a way they can cut back on their spending. So I think it's worth monitoring.

20:25And to that point, there was one other metric disclosed in this month's updated S-1 filing, and that was the fact that Anthropoc's run rate revenue reached$81 billion by the end of October, up$10 billion from the end of September. However, this number, often misstated as annual recurring revenue, is basically what the company's annual revenue would be based on the last month. So it's good to see that it's still growing nicely. The confirmation of the$81 billion number, which had been reported by the Wall Street Journal last week, was seen as a very positive development. I agree. If Anthropic can continue to add around$10 billion in annualized revenue per month, as it did in October, the company should be on track to have a run rate revenue of$100 billion by the end of this year.

21:07But here's the bottom line. I know I gave you a lot of facts and figures. You need to be armed with them. You've got to understand this stuff. For tonight's purposes, we got an updated S-1 filing from Anthropic today with many more details of what next week's offering will look like. And the key takeaways at the highest level for me are the deal looks ready to go and could well be the largest IPO in history. That's bullish for tech and the longevity of the AI trade. As for Anthropic's revenue and growth rate, the main subject of tonight's review is nothing less than extraordinary, people. even if we are slightly past the peak growth-wise?

21:39Now, be sure to tune in tomorrow because that's when we'll tackle the matter of profitability, which may be your last concern in trying to figure out if you should try to get a piece of Anthropic while we're doing the three-part series to begin with. Let's go to Kieran in Florida. Kieran. Hi, Gene. How are you? This is Kieran from Palmetto, Florida. My question was... Oh, thank you for calling. Thank you. Thank you. What's going on? Okay, Nokia, in the month of June, it was 1745, and after that, it shortly pulled back. Can you tell me your thoughts on that? Well, look, it does have great—it has some AI technology that's very exciting to people, buried within a lot of other communication technology that people don't want.

22:25Down here, I've got to tell you, you're joining a host of other stocks that have broken charts, that have come down greatly, that you need the AI excitement to come back. I know that sounds odd. It's not a technical term, obviously, but that's what hurt the stock. I actually think Nokia, after studying it, is a buy right here, and I encourage you to buy some as a spec because it does have some very good AI technology. All right, people, I'm trying to be in-depth on this because this is the biggest, most consequential deal of all time. Much more mad money ahead, including my exclusive, with a company called T-Mobile, with Elon Musk, SpaceX threatening to shake up the industry.

23:02Can the stock continue to win in the wireless wars? I don't know. Then I'm sitting down with the CFO of Block, who's the person who's the spokesperson for the company, see what's in store for the financial technology space after a really great post-earning surge. Plus, after today's CPI report, I'm looking at some of the hardest hit areas. You know what? It may not be as bad as you think. Stick with Kramer.

23:35What's the outlook for T-Mobile? The company has been our favorite stock in the wireless industry literally for ages. Now that the incumbent triumvirate of T-Mobile, ATT, and Verizon is potentially under threat from a well-funded new entry into the space in SpaceX. T-Mobile still has great numbers. Its third quarter report two weeks ago was excellent. And last week, the company also launched something I found very exciting. its new team mix plans, which include an option for$1 ,200 off the new iPhone Duo, making that 2 ,000 phone just$800? What a deal. Will that be enough? Joining us now is Srini Gopala.

24:10He's the president and CEO of T-Mobile. Mr. Gopala, welcome to Mad Money. Good to be here, Jim. Thank you so much for having me. Thank you, Srini. Now, the core business in that last quarter was very, very strong. head of expectations. You had great postpaid net account additions, revenue burn count, and all key financial metrics. How are you staying ahead of the pack here? Yeah, so the heart of this, Jim, is we get very focused on kind of promotions and what's the latest pricing and the rest. What T-Mobile is building is something really special. Forever in this industry, there's been sort of a law of physics.

24:50If you have a great network, your value has to suck. If you have great value, your network has to suck. We've broken through those contradictions because only at T-Mobile can you get the best value, the best network, and the best experience. So customers don't have to make a trade-off. That differentiation is why we're able to drive both volume and value growth. For many years, we were the great value network, the great value brand, but our network was not quite as good. But in the last five years, we've become America's best network. And so customers no longer need to make a tradeoff. That's the simple recipe.

25:26OK, so I think for people who grew up when you started, we understand the kind of underdog, rebellious attitude. But how about someone right now? He's 24, or she's 24, trying to figure out what kind of phone to buy. Isn't she thinking, hold it, there must be some sort of catch. How could they be both the cheapest and also the best? That's contrary to what America offers. Oh, that's the core of the business model we've built, right? What we've done a great job of doing is making sure that our existing customers pay less than our new. That makes for a sustainable business model. And at the same point in time, constantly plowing back our earnings into building a better and better network.

26:08That combination of things is what makes us stand out. And you're right, this is a contradiction in most categories. I'm delighted to be in the one company where there is no contradiction. You can get the best value, the best network, and the best experience in the same place. Excellent. Now, let's also speak about the best phone. I went to see the Duo when it came out, and I was blown away. But everyone told me, Jim, because of DRAMs, because of the quality,$2 ,000, can't get it for less than that. I said I want to see what T-Mobile has because I don't think that listed price is the price that I should pay.

26:42What kind of deal is this T-Mix? Because it seems to me that if I want to buy my five phones, which I said to you on air and you heard me on air, this is the way to do it. Yeah, so here's what T-Mix is all about, right? Now, for a long time, what customers have wanted, especially as affordability has become harder, is to squeeze every dollar out of their wireless plan. We as an industry haven't been great at providing that till T-Mix. Let me give you a real example, and that'll bring your dual question to life. Now, today, if you walk into a store in most other wireless carriers, you're a family of four.

27:20You get$1 ,000 off per phone. What if the kids don't want a phone? You then get told, oh, they have$1 ,000 off or they pay the same price anyway, even if you don't take the phone. And customers are left really worrying about whether they've got value from the deal. Here's what happens with T-Mix. Four people walk into the store. The two parents get$1 ,200 off their Duo. It's only$800. They can hand their phones off. They can hand their old phones off to the kids. The kids can get Hulu, Netflix, any of the streaming services that they may already pay for, paid for by T-Mobile or Xbox. So the heart of T-Mix is letting customers control and the family control how you squeeze value out of your plan.

28:04And here's the better news, right? Every 90 days, you can actually choose to reallocate that value. You can say, I'm done with watching streaming service X. Now I want Xbox or now I want Delta miles. And you can reallocate that value every 90 days. So every 90 days, you can make sure you're squeezing real value out of the plan and the duos come on top. And that is what America wants. Now, I remember John Lesher when he started. He used to call ATT dumb and dumber. My first time he heard it was on my show and I was like, oh, my God, what am I going to do? But it was it was a shtick that people listen to.

28:40Now a new entrance coming in. And I think that we have to say that SpaceX competition, Starlink, not dumb or dumber. What do we do with a customer, we being the proverbial Srini, who actually some people think plays with free money because he's so adored in love, the stock market gives him anything he wants. How do you compete against a guy who may seem like he has nothing to lose? Well, two pieces, Jim. First, look, we can spend a lot of time on what SpaceX is about to do or not do. The reality is they're still figuring out what they want to do with this wireless thing. They've changed their mind a few times.

29:24I'll just note to you that we were right, because six months ago when you and I talked, I said to you, satellite alone ain't going to work. They're going to need some form of terrestrial network. Looks like they agree with us now. Now, in terms of how I spend my time, I don't spend my time speculating on what exactly they'll do because really the person who's going to decide who wins and who's successful in this industry is going to be the customer and the consumer. As long as we can provide the greatest network, we're already half a G ahead of our competitors, and the best experience and best value, customers are those who will decide.

30:01I mean, to use a quote that you and I both love, he that gets hurt will be he who is stalled. We're not stalling. We're accelerating. We're driving harder and harder. And that's what will ensure success. And we love competition. So bring it on. Right. Shredi and I are big fans of Bob Dylan, if you didn't know that. OK, so but let's talk about what would happen if if Musk bought some boost, you know, boost bandwidth. Now, you own a lot of what Boost is on. Would you cut off Boost? So the way most of these MVNO agreements are structured is they involve change in control. Right now, we can speculate again about—I've heard just in the last week five different stories on what he's about to do.

30:50The reality is my focus is not trying to figure out what Starlink is trying to do and get in the way of that. My focus is our customers and getting in great new customers, making sure that we give them no tradeoffs. That's what we'll win in the end, Jim. We can spend a lot of time on theories and scenarios, but it's hardcore execution and a commitment to customers that will win. All right. One last question. Are you seeing people like me who want to have a second phone line themselves for the first time ever because the duo was such a great complement to your first phone? Absolutely. And, you know, only at T-Mobile do you have the handoff feature, which means with the same number, you can use both phones.

31:33I'm doing it myself right now. That's an incredible experience because you might be watching something on the Duo and then you kind of want to flip to a phone where you want to talk out of. And you can do that all seamlessly with a handoff feature. I did not know that. And I thank you. I learned I learned so much from this interview. And I want to thank you. Sweeney Gopal is the president, CEO of T-Mobile TMUS. Sweeney, good to see you. Good to see you. All right. Thank you very much. May have been back here for the break. Coming up, could an investment in block pay off for your portfolio? Kramer is meeting with the top brass to find out next.

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33:34Last week, Block, the financial technology company, formerly known as Square, reported a really strong third quarter, or send the stock up 15 % the next day. But you know what caught my eye? Management's first look at 2027. Block now expects about$4.6 billion in adjusted operating income next year. A year ago, that was the target for 2028. After a couple tough years for shareholders, is this the start of a major comeback for Block? Let's check in with Amrita, who she's Block's chief financial officer and chief operating officer. Amrita, welcome back to the show. Hi, Jim. Thanks so much for having me on.

34:10It's been way too long. Before we get behind you to BuilderLab, I do want to know about the turnaround. What do you think is driving 14 percent to$76.4 billion, fastest growth in more than three years? What's behind that? Well, Jim, I think we had a standout quarter in the third quarter, and that really reflects the momentum that we're carrying into the back half of this year and into 2027. It's not just the 22 percent top line growth. It's not just the 92 % adjusted profit growth. It's the KPIs that reflect the underlying health in each of Square and Cash App that I'm most proud of. If you think about Square, this is a turnaround story.

34:50And we've seen the strongest growth that we've seen in three and a half years for our Square business. If you think about payments volume now at 14%. In the U.S., we've doubled the payments volume growth that we've seen there over the past couple of years. That's on the back of strong product velocity, releasing more products this year than we did in all of 2024 and 2025, and on the back of ramping distribution channels. And the second metric that I'd point you to, Jim, is Cash App Mouse grew to$60 million. We also accelerated that metric on the broad-based strength of commerce, financial services, and lending within Cash App.

35:27Well, I also looked at the neighborhood app. It is so incredibly strong. You're doing some technological things that are really spurring a lot of growth, aren't they? That's right. Neighborhoods, I think, is a wonderful example of something we uniquely can do because we sit at the counter in between these two large distribution surfaces that we have in, you know, square into sellers and cash up into consumers. And so if we can bring more cash up consumers into their local businesses, into a square seller, that supports the growth of our square sellers. And if you can do that with attractive incentives, that supports the pocketbook for our Cash App customers.

36:06That's what we're seeing happen now. We have seen annualized GPV for square sellers who have adopted neighborhoods at$5 billion in September. That's up 5x just from June. So we are rapidly ramping this program because we really feel like we've found product market fit. And again, it's a demonstration of something that we, Block, can uniquely do. Okay, speaking of something you uniquely do, you were able to bring a level of productivity by cutting more than 4 ,000 jobs, 40 % of its workforce, but a level of productivity that I think is extraordinary. And I think you are offering the opportunity for others to learn how to show that they are productive, hence the Builder Lab behind you.

36:44Can you tell us how we can learn how to do what you did so successfully? Absolutely. I want to come to BuilderLab in one minute, but I first want to talk about what you were just talking about, Jim, 2027 and 2026, where we sit today, which is a reflection of us using intelligence in our own workflows. When we started the year, I actually sat with you this time last year, Jim, at our investor day, and we put forward guidance this year to be a rule of 40 company. That's growth plus margins. Our latest guidance a year later for 2026 is to be a rule of 50 company. five points stronger on growth, five points stronger on margin.

37:24And that is because of how we're operating. It's not just our workforce being more efficient, it's that we can put out quality product for our customers at greater and greater velocity because of these intelligence tools. And that's something we think other companies would be very interested in. So today, we debuted BuilderLab. And the core product within BuilderLab is Buzz, which creates multiplayer intelligence. It brings your agents and your co-workers, humans, into a level playing field together in one app. Now, our small and medium-sized businesses using the names of companies that I've seen you get are companies that I want to say are actually medium to large and companies that may not know or be nearly as savvy as you are about this kind of intelligence.

38:11So I think there's multiple sizes of businesses that could be interested in Buzz and BuilderLab. We're going to start with ourselves first and foremost. So we're using these every single day to make our work more connected and more agile. Secondly, we can bring it to other companies like ours who want to be on the forefront of intelligence and the forefront of technology. And third, and maybe most importantly, we're bringing it to our square sellers. You're going to hear a lot more about this very soon, but we're calling this Square Mates. You can think of it as the intelligence tool that sits next to the local shop owner that's looking at how to make their business more profitable, more scalable, bring more customers in, attract the right sort of audience, and do it with the right intelligence on the back end as they think about their vendors and their inventory.

39:00Are they looking at receipts? What are they basing on? How do they know? So we've created a very simple tool that helps plug in their Square data that's already so interconnected with their business, whether it's how they manage their teams, how their payments volumes coming through, their vendor data, where they're making payments to. And it's all in one surface with Squaremates and with their Square dashboard. They can query that tool. They can bring their team members in and change shifts if things change. and they can create the right avenue to make the right decisions to operate their business better.

39:35Now, I've got to be sure about this, but to me, it sounds like the health of small business in your world is actually incredibly strong. Yes, I think that's right. When we, as I noted earlier, have seen the strongest rate of growth in the U.S. in multiple years, 2x what it was just two or three years ago. when you look at self-onboard, this is a reflection of maybe some of the smaller businesses in the U.S. and still the biggest channel for how small businesses onboard onto our platform. But we saw the strongest rates of growth for self-onboard volume that we've seen in 10 years in the third quarter.

40:12Now, some of that's a reflection of the economy and broader macro, and some of it's a reflection of how we're serving our customers in better and better ways. Well, I like them both. That's the way I look at it. I want to thank Amirio Hoosier. It's so great to have you back. CFO of Block. Congratulations on all your success. Thank you, Jim. Absolutely. May I have money to be back after the break?

40:37It is time. It's time for the lightning round. And then the lightning round is over. Are you ready? Steve, thank you. Let's go to Todd in California. Todd. Booyah, Jim. This is Austin, California. So this company can make money through component sales and patent licensing. I know the AI trade is a bit volatile right now, but what do you think of VICOR, ticker symbol, V-I-C-E-R? If you overlay VICOR's chart over 100 other stocks that are kind of somewhat data-centric, you're going to see the same chart. It's a chart that is broken down, and that's because usually the multiple is either between 25 and 50.

41:20Therefore, I cannot recommend this stock when it comes down about a 25-month fall, and that would be the level I would pull the trigger. Let's go to Betsy in California. Betsy. Hey, Jim. Sorry about your relative, honey. I just want to tell you that first. Secondly, Jim, I've made over 80 % profit on Shark Ninja, and I want to know, in your opinion, when can I get back in? I think Shark Ninja actually have to pull the trigger here to buy some. It is such a juggernaut. It's doing so many things right. I think it's a fantastic company. We liked it at$100. Then we had tariffs. And then what did it do?

41:54It went to$226. Buy some here and then wait until it gets to$200 and buy some more. That's how much I like Shark Ninja. Let's go to Caitlin in New Hampshire. Caitlin. Hi, Jim. How are you? I'm good, Caitlin. How are you doing? I'm great. I have a question for you about Costco. Sure. Oh, yeah. Well, I'll tell you. Do you think Costco is overvalued? at its current price, and what do you think are the biggest rates? I think it's undervalued. We just got a$30 special dividend of the stock we purchased, and those of us who for momentary thought that maybe it was overvalued, shame on us. Glad that my travel trust stuck with it.

42:32It's a buy. Let's go to Andrew in California. Andrew. Hi, Jim. How are you? I'm real good, Andrew. How about you? Jim, I've been watching you for over 30 years. Oh, thank you, man. Way back, Kudlow Kramer and Dave. I have a stock I believe is going to double in the next 12 months. I believe it's a revolutionary company that is changing the credit world. S-E-V-L. Up after earnings, holding tight. You know what? Because of what you said, because you said it's revolutionary, I am going to say that Ben Stotto and I are going to huddle on this because I just felt it is just still one more company in that category that I have no reason to recommend.

43:11Your straightforward push has made me feel like it's time to reopen the file. And that, ladies and gentlemen, is the conclusion of the lightning round. The lightning round is sponsored by Charles Schwab. Coming up after a brutal CPI reading, Kramer is digging into what it'll take to bring prices down. Next.

43:44Inflation can be beat. It doesn't have to be this high. Earlier, I talked about how food costs could come down. Key driver of the prices you see at grocery stores is, in fact, the cost of transporting those goods. Gasoline is a hidden tax on food and it's killing us. But judging by the way that oil could be peaking, I am excited about the prospect of gasoline coming down. We just need the grocery stores to pass on the savings. Costco just announced a special dividend, by the way. Thank you. And Walmart, I am counting on you. We are apparently on the verge of some deal in the Gulf that could cause shipping rates to plunge and casting prices along with it.

44:17It could be an even bigger decline if somehow we get peace in Ukraine, which, judging by the first day of talks, might actually be more of a possibility than we think. If we get peace in both areas, I think you will see the world flooded with oil. I don't know where we can possibly put all of it, especially if the U.S. government lists all sanctions on both Iran and Ukraine. Sub$3 a gallon, I guess, could happen. Ukraine meeting Russia there. I talked about the impact of gasoline on food, but consider the food away from home category, which was up an unacceptable 0.5 percent. This is not the kind of number that is lost on companies.

44:50We are getting some swift reactions from restaurants, including McDonald's, where management is more focused on offering customers value options than at any other point I can recall. They are restoring five dollars, six dollar meals, offering extra value meals because they know that's what will drive traffic after a couple soft quarters of this year. Look, McDonald's is so big that they will force competitors to do so. That's why I think the food away from home line on the CPI is going to come down. Apparel's up, though only marginally. But if you read the on-holding conference call this very morning or the Under Armour call last week, you know that footwear and apparel are under severe pressure, no matter how nice you make it, no matter how strong your brand is.

45:31I can't believe how promotional those categories are becoming. That could be the trend. I know people want to blame the jump in electricity prices on data centers. That doesn't have any that does not hold water at all. We have a grid problem. We have a problem with getting energy to New England. They just can't get the natural gas up there without pipelines. It's a soluble problem. But right now they're using oil, imported oil. I wish I had an answer for recreation. The Justice Department came away after Live Nation first anti-competitive ownership of Ticketmaster. But it's settled. Let them keep it.

46:01That's certainly no way to keep prices down. Let's just say that inflation is not high on this administration's priority list or wouldn't have put two tariffs to begin with, including on household furnishings, which probably would have gone down given the state of the housing market, but went up instead because of tariffs. The lodging away from home line was point six percent. That's not good. But we had Brian Chesky on recently. And Airbnb is offering insane deals that make me feel that the number shown in the index comes from those who are too lazy to find ways to save on travel. Competition lowers prices.

46:32There are a couple of intractables that I do not know what to do about. Every plane seems full. How do you lower physician services or hospital services? Beef is about the size of their herd. You could do 10 raid hikes and they wouldn't make more calves. Full service meals? Sorry. See, that's discretionary. Not going to come down until you yourself are not willing to pay. That's the same answer for all the others that are going higher. It's the consumer that has to go on strike against higher prices, not the Fed. Now, if she doesn't go on strike, the Fed will do it for her by making things too expensive to buy.

47:03That's an awful way to do it. But it's the one we are stuck with if you don't say no to these higher prices. I like to say there's always a bull market somewhere, and I promise you I'll find it just for you right here on Mad Money. I'm Jim Kramer. See you tomorrow. All opinions expressed by Jim Kramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by Kramer on television, radio, internet, or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion.

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