Mad Money w/ Jim Cramer 11/11/26

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1:13Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other people, my friends, I'm just trying to save you some money. My job is not just to entertain, but to tell us it is. So call me at 1-800-743-CNBC or tweet me at Jim Cramer. Sometimes you need a reality check, even if you are a huge believer in something. The events at NVIDIA, including the likelihood tonight that CEO Jensen Wang would be out at the company perhaps as early as tonight because of another sex scandal, this time with a high-ranking employee, as well as a negative impact to the data center story stemming from the outcome of the big blue wave, have shaken me, made me gun-shy about a host of tech stocks, many of which have cost investors fortunes.

1:58But on a day when the semiconductor stocks shone on a day, while the rest of the averages yawn, Dow climbing 255 points, S &P jumping 1.300%, NASDAQ soaring 1.6%, We got some concrete evidence that you write off this group at your own peril. We want to stay diversified, but giving up on the data center stocks entirely may cause you to miss a good amount of upside. My travel trust, which you can join by going to the CBC Investing Club, we've taken some data center and related stocks off the table. Unfortunately, not NVIDIA. because our composure and our prudence dictates that to have so much data center is still too dicey.

2:41I'm not changing that position, even after some of these stocks are now above where we sold them. Still, we've left plenty of exposure to the group, which includes semis, software, networking, builders, turbines, and cooling equipment, because we think the AI theme has much more room to run. But to keep what we call an overweight position in the group these days, you need nerves of tungsten and the confidence of a high-wire walker. That's why I thought an interview we did this very morning on Squawk of the Street with Michael Entrader, the CEO of the leading Neocloud CoreWeave, was so refreshing and reassuring, particularly versus the hideous news that seems to be coming out of NVIDIA.

3:20With the big blue wave, a couple of high-profile hedge fund blowups, the weakness in the merger market with Marvell Tech and Lumenum, and the heartbreak of an NVIDIA possibly without Jensen Wong, All things considered, I would rather be in Colgate or Johnson & Johnson. The greatest investing story ever told became, almost overnight, a blight on our country, with its chief spokesperson caught up in some tawdry spy scandal that made Theranos look like child's play. With another revelation tonight, Jensen is a corner.

3:52Unlike print, television interviews tend to live for a few minutes and then die. Most of the time, they are immediately cremated. But I don't want this one to end up in an urn on top of your TV set. So let me tell you what Intrader said, which might turn you into less of a skeptic as we head into what most likely will be the biggest IPO of all time, Anthropic. While the bankers pitched a$1.3 to$1.4 trillion valuation yesterday morning, by last night there were already rumors it could be increased to$1.5 trillion. Meaning by this time next week we'll be talking maybe$1.6,$1.7 trillion. Seems that.

4:26Seems probably reasonable. We were a little prosecutorial during the interview this morning with Intrader because his company Corrie was heavily in debt, in large part because Intrader is such a huge believer in the long-term value of the data center itself. He's a gigantic buyer of NVIDIA chips, which costs fortunes. So he has to borrow fortunes to do so, fortunes that look to be far in excess of his company's means, at least right now. But the first thing Intrader did was disabuse us the value of what he's buying, explaining that demand for compute, that's the end product of what he buys for it, exceeds the supply of it.

5:01They already said 10 times oversubscribed for 2027, and the added demand for 2028 is also multiples of what he can provide. What a bullish story. That insatiable demand has allowed him to raise price for his services pretty consistently, which expands his gross margins, a terrific barometer of future profits, even if they aren't there today. He was borrowing money in the open market by issuing bonds, but those bonds have been clobbered to the point where they now offer a 15 % yield. Now, that's usually a sign of pending failure. So he's adapted, instead taken down a different kind of debt that has customer prepayments to fund his GPU buying to NVIDIA.

5:38His debt problem is no longer front and center. When I pressed him, I asked him, why doesn't he just go into the open market and buy those bonds that are trading so poorly? He admitted that he's tempted because he thinks they're very cheap, but ultimately he still believes that he can make an even better return building and running data centers. In any case, I think you can take the red flag off the table about that issue. How about the big blue wave and the political blowback that now seems to doom the data center in our country? He said it's not going to slow down the building one bit, and that if we don't build them here, then we'll simply go overseas where the rules aren't as strict.

6:12There is a massive groundswell of demand around the world of computing, he told us. Do you know he wrote an open letter recently to the new governor of Texas, Governor-elect, who seems lukewarm with data centers, explaining the court is what I call a white hat. He says he expects no trouble putting up data centers there. I felt very good after that because there hasn't been much in the way of positive sentiment ever since voters rejected data centers in 40 of 41 ballot initiatives. Perhaps the most exciting part of the interview, although it was done before a lot more revelations, was when Intrader revealed that NVIDIA chips he installed four years ago will soon be earning much more than when he bought them.

6:52The technology, he said, is coming off contract next year. It has now been recontracted at a 20 % to 50 % premium to their initial prices. That's right, starting next year, he'll begin earning more NVIDIA chips that he bought four years ago than he has been for any of the past four years. They have increased in value. Now, keep in mind, when he initially bought these chips, he borrowed on terms that match this five-year customer contract. But beginning next year, CoreWeave will own them free and clear. So all the revenue that it gets for renting them out is pure profit. Now, that's incredible.

7:24When this company started, there were plenty of people who thought these NVIDIA chips would be worthless after one five-year contract. And Trader was making a huge bet on this technology, and it's looking like a good one, despite what Jensen Wang is said to be up to, which led somewhat obviously to Jensen, who is now the most pilloried person in business. I wanted to know if Jensen were out, what would he think of the company? A pretty prescient question. His response. Look, NVIDIA is an extraordinary company, right? It is not one person. It is an extraordinary company. There are thousands of people over there that interface with thousands of people at my company every day.

8:09They integrate on the technology. They integrate on the physical infrastructure. They integrate on the networking. We have a close relationship with them up and down the companies, and they are a great partner. They have been a great partner for us for years. They will continue to be a great partner for us. Look, I think the chips are obviously going to be worthwhile, but as an NVIDIA shareholder, and that's my trust that owns it, it's definitely not going to be enough. Look, a chen-less NVIDIA is an NVIDIA many will not want to own. I've always said, own it, don't trade it. Well, I didn't think this would happen.

8:45I don't know anyone who did. It's very sobering. But Corweave's quarter in this interview with Intrader are why the NASDAQ went higher today. Yes, it was shockingly positive. Corweave's stock itself gained 25 % today. Had he been less sanguine and less boisterous, maybe we would not have paid as much attention as we did. But that and the fact that Oracle, a builder of data centers, saw its stock war after David Faber's interview with the CFO, Hillary Maxson, who talked about that company's success in building data centers emboldening. Clearly, others felt the same way based on the action today.

9:19Would I still buy some more of these tech stocks right here if Jensen's out? The only things that are ahead of us that could stop us would be a bad quarter from NVIDIA. I don't think we'll get that. But obviously, Jensen not on the quarter is going to shock people. What can you do? And then the Anthropic deal, which should trade next Thursday. Like I said in last night's installment of Know Your IPO Series, Anthropic's growth sounds super, but stay tuned for the next leg tonight when we discuss profitability. Here's the bottom line. Today, the markets seem to feel much better about tech and the AI data center.

9:54If your portfolio benefited from that, you can thank Michael Entrader. As new reports certainly say, well, then tomorrow's going to be a different story. And I am, yes, heart sick about it. I thought I knew Jensen. May we leave it at that? Let's speak to Gary in Alabama. Gary. Hey, Jim. First of all, I want to let you know I was one of your original investment club members, and I really appreciate what you and Jeff do for guys like me who don't have time to do the homework. And you do that for me, and I've made a lot of money with you. Thank you, Gary. That's really what you were trying to offer, institutional research for individuals, but in a way that's far more interesting and understanding.

10:37How can I help you? Absolutely. Well, I bought Meta just ahead of earnings, which turned out to be a mistake. And I've made a lot of money off that stock over the years, but I was trying to get back in it, and that didn't play out well. But I want to know if now is a good time to jump back into that. I like Meta here. I like Meta here. be out uh probably maybe out is what i'm talking and and that could be such a big stock and you get a chance to buy it cheaper i would go do it let's go to gus in georgia please gus we are jim this is gus in atlanta hey gus jim i'm a i'm a proud investing club member and i've had the honor of meeting you and jensen wong last fall at your investment club meeting at the new york Stock Exchange.

11:25What an incredible experience that was. Thank you. Thank you. And Jim, I start and end every day watching you on CNBC. I love your book, How to Make Money in Any Market. Thank you. And you truly changed my life, my family and I. Thank you. Thank you. I really appreciate that. Thank you very much. Oh, thank you. So my question is about Jersey Mucks, with former Wingstop CEO Charlie Morrison at the helm, aggressive U.S. expansion and international growth beginning in London last week. I love its potential. Jim, the stock's been down, but it's starting to rebound. What's your take? Yeah, it's starting.

12:03I think it's an inexpensive stock. Relative to what I think Charlie's going to be able to do. I was not happy right out of the shoot. The first numbers were not what I wanted, but I think they can get better because Charlie's that good. All right. Typically, I just talked about what's going to be on Mad Money tonight. We're reading the chances out. OK, now I got to tell you, I have to scramble. You You have to scramble. I feel terrible that I didn't cut this one big gain. It happens. Actually, no, it doesn't happen. This is incredible. And sometimes incredible things happen. And it's just too bad.

12:35We are going to talk about the upcoming Anthropic IPO. We're focusing on one of the more convoluted aspects, profitability. And don't miss my analysis. Then, are the restaurant stocks poised for a comeback amid a tough tape for tech? We'll go off the charts to find out. Heba Farris' Farm Institute has got some really good stuff. We're going to sit down with the CEO. And again, am I broken up? I had enough things in my life that's broken up, but not this one. This one's just disgusting. Stable Kramer.

13:09Don't miss a second of Mad Money. Follow at Jim Kramer on X. Have a question? Tweet Kramer. Hashtag Mad Mentions. Send Jim an email to madmoneyatcnbc.com Or give us a call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com. Black Friday is around the corner. It's your biggest chance to grow sales this year. Don't wait. Realize is Taboola's advertising platform for businesses, letting you launch campaigns on top premium websites beyond search and social. Add Realize to your media mix and scale this Q4. Exclusive for podcast listeners, new customers get$700 credit back. Just search Realize Podcast on Google or use the promo code podcast26.

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14:44This week we're running a Know Your IPO series on Anthropic ahead of the company's IPO next week. I want you to be fully prepared for what looks like the largest IPO in history. So I'm covering this story from all angles. Let's talk about the incredible growth that Anthropic has shown, which is the main reason why its valuation has soared and there's so much interest in this deal. But tonight I'm going to tackle a more difficult subject. Tonight I'm going to tackle the company's profitability. I want to start with the most positive points. Most notably on an adjusted operating income basis, Anthropik became profitable for the first time in the second quarter of 2026.

15:21And its adjusted operating margin, adjusted operating income divided by revenue, was positive again in the third quarter, even as it fell a bit from the second quarter. Looking at the first nine months of 2026 as a whole. Anthropic is profitable on both an adjusted operating income and adjusted net income basis. To be clear, Anthropic is achieving profitability even on this adjusted operating income basis is no small matter. Last night, the Wall Street Journal reported some third quarter results for Anthropic's chief rival, OpenAI. And the key takeaways were that OpenAI's revenue growth accelerated in the third quarter.

15:55Oh, that's positive. But it is still deeply unprofitable with an adjusted operating margin of negative 109%. Clearly, Anthropic is doing much better on the profitability front than OpenAI. And that's a big reason why it is going to be the first of the two leading AI labs to make it to market. Now, in a more stringent, generally accepted accounting principles, or you may see that as gap basis, Anthropic is not yet profitable, but it's close, at least for the operating income line. So now I want to dig into the adjustments that are being made here, which move Anthropik's financial results from the red to the black, as adjusted often does.

16:34The good news is that for adjusted operating income metric, there's not actually that much scrubbing being done. Basically, Anthropik is backing out stock based compensation and non-cash charitable contributions. That's the only difference between its gap operating losses and its adjusted operating income. But wait a second. Is it fair to back out stock based compensation? That's for you to decide. But I will say that most major software companies do it. In theory, I don't love backing out stock-based compensation. Why? Because compensation seems like a legitimate expense to me. It should be included.

17:05But I'm also a pragmatist, and if I decided to die on that hill, I would have missed out on many great growth stocks over the years. Now let's talk about the difference between Anthropik's net loss and adjusted net income, which is much more substantial. Specifically, again, using that term gap, the gap numbers, Anthropic reported a net loss of just over$104 billion through the first nine months of 2026, but its adjusted net income showed a profit of$5.6 billion. Now, how is that possible? Well, the key swing factor was a$94 billion line item and expense described as the change in fair value of convertible notes, derivative liabilities, and SAFs, that's all caps, SAFs, with SAFs standing for simple agreements for future equity.

17:52Without getting too bogged down, I know it's hard not to. Here's what this is about. Over the past couple of years, Anthropic has reached wide-ranging agreements with some partners, big-name partners at Google, Amazon, that include many different things. For example, Anthropic gets compute resources from these companies and distribution for its models via their cloud platforms. But an exchange also is committed to spend billions of dollars with those companies. And to this point, Anthropic also issued convertible notes, essentially debt securities that can be converted into Anthropic equity, as well as other types of securities to Amazon, Google, and other partners.

18:26But as the value of Anthropic has increased substantially, the value of those securities it issued to its partners, well, they've grown as well. Each time there's a milestone where Anthropic gets a new higher valuation, it has to account for the increase in the value of those securities at a cost. Crucially, it's a non-cash cost for Anthropic. that matters, but while many investors seem happy to dismiss those huge charges because they're gnawing cash, I'm not sure they should be ignored entirely. And this brings me to my last most important point. There's one element to the Anthropic IPO prospectus that's a bit of a mystery, and that's the fact that the company has spent very little of the cash that it's raised.

19:07Specifically since its inception, Anthropic has raised approximately $141 billion of capital. But as of the end of September, it had a total of$132 billion in cash, cash equivalents, and short-term investments on its balance sheet. Okay, how is that possible? Especially since the company's not cash flow positive. It reported its first positive cash flow from operations this year. But even then, it spent much more on investments than it generated from its operating incomes, right? Owned operating incomes is a head scratch. But the answer lies, again, in those huge deals with the likes of Google and Amazon.

19:41Basically, rather than paying cash for its compute, it's giving stakes in the company to its partners. So while you might dismiss those large non-cash charges as the value of those stakes have grown, I might argue that they are a good approximation of what the company would be paying were it to have paid cash for its infrastructure. But here's the more important point. Anthropic has also disclosed in its IPO prospectus that it has made enormous infrastructure spending commitments for the next several years. I've talked about some of these previously. Remember how I said they'll be paying over$3 billion per month to rent SpaceX compute starting next month?

20:23That's part of a$120.5 billion deal with SpaceX that runs through 2029. And that's just one of many such infrastructure agreements that Anthropic has made. and as others with Google and Amazon, as well as Microsoft and a couple of neoclounds, Nscale, Lambda. Anthropic also has reached agreements directly with chipmakers like Broadcom, AMD, for even more compute. All told, Anthropic says in its IPO prospectus that it is committed to spend approximately$900 billion, substantially all of which is related to compute and infrastructure. About half of that will happen by the end of 2030, and about$70 billion is expected to be spent in the next year.

21:00Long story short, Anthropic's compute costs, it's cash compute costs, they are going to explode. Now, Anthropic published its IPO Roadshow presentation yesterday. And in that deck, they offer what they call a, quote, long-term financial framework, end quote, which shows how they think this will all work out. Basically, they expect to spend 45 to 50 percent of their revenue on compute and infrastructure, plus another 7 to 10 percent on revenue apiece on sales and marketing and all other costs, including personnel. It all works out, they say, to a roughly 35 percent adjusted operating margin in the long run.

21:36Well, that's all well and good. But with the numbers for compute commitments and the fact that Anthropic expects that spending to amount to less than half of revenue in any given year, you've got to assume that this company is going to continue growing substantially to the point where it has hundreds of billions of dollars in revenue per year. And soon, that's the only way this works. But it might work. And that really is the bottom line here. When it comes to Anthropic's profitability, yes, the company has achieved profitability, but only if you strip out some key costs that some would say, including me, shouldn't be stripped out.

22:09But the more salient point is that Anthropic is due to spend an enormous amount in the future. So it needs to continue growing rapidly to outrun those costs and remain profitable. That's the bet you're making if you buy the Anthropic IPO. And just to tell you, after all this, I call me intrigued because it is one fast-growing company, and I care about growth. Their money is back after the break. Coming up, Kramer's going off the charts to see which restaurant stocks are best positioned to succeed in the current rotation. Next.

23:12offer while it lasts. Terms apply.

23:42Visit capella.edu to learn more. Avoiding your unfinished home projects because you're not sure where to start? Thumbtack knows homes, so you don't have to. Don't know the difference between matte paint finish and satin? Or what that clunking sound from your dryer is? With Thumbtack, you don't have to be a home pro. You just have to hire one. You can hire top-rated pros, see price estimates, and read reviews all on the app. Download today.

24:13For the past several weeks, as investors have rotated out of tech stocks and the AI trade, many have moved into other groups that have previously been struggling, including many consumer discretionary sectors like the restaurant stocks. When gas prices and interest rates spiked in the back half of the summer, investors left most of the consumer discretionary stocks, as they're called, for dead, thinking that squeezed consumer budgets would result in weak spending and make for a tougher operating environment for retailers and restaurants, as it always has. But that assumption turned out to be wrong.

24:42We had sequentially positive retail and food services sales growth in both August and September. And it was the food services category doing a lot of the heavy lifting those months. Really kind of extraordinary. Once investors started fleeing tech last month, many restaurant stocks started to rally hard. In just the past few weeks, we've covered several of them, including Chipotle, which, you know, we called the bottom one. Brinker, Eat, we like that. McDonald's, we say it's good. Texas Roadhouse. And Starbucks. Now, the latter has turned into a big win for my travel trust, which, of course, you can follow by joining the CMUC Investing Club.

25:11To help find some more restaurant stocks that are working in this group, we reached out to Bob Lang, old friend, founder of ExplosiveOptions.net and the author of Know Your Options, who said he sees more upside in three fast food stocks. He likes Wingstop, he likes Shake Shack, and he likes Restaurant Brands International. All three of these companies have delivered strong earnings results in recent weeks. Lang says that they've been able to take price without hurting demand, highly unusual in this environment. And with relatively low comps from earlier this year, he thinks this could be a sleeper group that's primed to do well into next year as well.

25:47But most of all, he likes what he sees from these charts. We're going to start with one that I haven't been a big fan of at all since it blew up a long time ago. It's called Wingstop, which this one he calls his favorite name in the group. Wing shares have been under pressure for most of the year, but they've had a massive rally, climbing 74 percent from their late September lows. This is a really nice move. OK, the rallies come with good volume trends recently, Lange says, and the stock broke out above some important medium term resistance levels in mid-October. Here at the bottom, which we're looking at, the MACD, moving average convergence divergence line.

26:20This indicator, which technicians use to measure momentum strength, is now firmly on a buy signal. You can see that really well. At the top, the RSI, a relative strength index. The Wingstop shows a stock is in overbought territory. But Lag says there's no reason to be a seller. Sometimes it's just an incredible show of strength. OK, now he likes that the stock recently retested the 200 day moving average in red and held. That level has gone from resistance to support. Overall, he thinks the recent pattern of higher highs and higher lows for wing shares is a textbook bullish setup. He could see this$167 stock make a run first to$200 and eventually to$250.

27:02This would shock me, and I don't care for the stock, but I am a huge fan of Bob Lang's work. Next, let's take a look at the chart of Shake Shack, which gapped down after a bad earnings miss in May and has spent most of the past six months in the penalty box. But Lang thinks that the huge gap lower on high volume got some weak hands out of the stock. Look at that, huh? And then you've got this real long base that Shaka's had, just what the bulls need. At this point, many investors are skeptical about buying this stock, but Lange says that makes it a perfect time to be getting long. He noted the stocks break out above the 200-day moving average.

27:39Now, the 200-day is in red here. We're starting to really see some. This is a fabulous sign. It's a powerful move. Here at the bottom, Lange points out that the MACD recently made a bullish crossover as well, though he does note that the RSI up here at the top of the chart shows the stock is approaching overbought territory. But he also says that the options flow look good for Shake Shack with a lot of interest in the call options at the$75 and$80 strike, expiring later this year and into the first half of 2027. Bob always looks at that stuff. I always feel I respected his work like that. Overall, Lang thinks the gap from May will be filled within the next few weeks.

28:15And if he's right, that means about 20 points or maybe 25 percent upside for Shake Shack, a stock that is expensive. And again, I've been cautious on. I'm growing less cautious when I listen to Bob. The last stock that Lang likes is restaurant brands, QSR, parent company of Burger King, Popeyes, Tim Hortons and the smaller firehouse subs. This stock has been range bound for months with a fairly wide range on moderate volume. Lang says that means the big money is trying to figure out this one. Each time it moves into the 80s, and you can see this, this very interesting pattern, it gets knocked back down.

28:50Bulls and bears alike are getting frustrated with this stock. Sure, they are bounce, bounce, knockdown, knockdown. Could it happen again? But QSR's strong start to this month has caught Lange's attention. The MACD here at the bottom has flipped to a strong buy signal. This is that flip right here. OK. And the average, it's all starting to turn as well. The RSI at the top of the chart shows there's still some room before this one gets too overbought. He likes that. Lang points out that the volume trends here are becoming more bullish as well. You see the volume getting a little bit higher. Overall, Lang wants to watch USR shares closely as they re-approach the low 80s, a level that has represented resistance a couple of times already this year.

29:29But if restaurant brands can break out above the key$81 to$82 level, that would be extremely bullish. Lang says a move through that level would confirm a breakout, and the stock could easily make it to the triple digits. Here's the bottom line. The charges interpreted by Bob Lang show that the restaurant stocks have made an excellent move higher in recent weeks. But Lang thinks there's still more upside for some of them. He likes Wingstop best, thinks Shake Shack is looking good, and restaurant brands? Well, he says it's approaching a major test as they move back toward previous highs. Now, if the stock passes that test, then he thinks there's an awful lot of room to run.

30:05Chris in Louisiana. Chris. Hey, Jim. All right, what's happening? Can we talk steaks? Yeah, why not? Darden restaurants. Darden restaurants, Jim. Should I saddle up or should I saddle out? I think that, look, I think Darden is absolutely terrific. They offer great value at Olive Garden. I think you should continue to buy the stock. Even though it's on a spike, I think it does go higher. All right, there's much more mad money ahead, including my exclusive with Teva Pharmaceutical. Then this Veterans Day, I'm shining a light on one fantastic executive whose military service influenced his career and the company itself.

30:41And of course, all you recall is rapid fire tonight's edition of The Lighting Round. So stay with Kramer.

30:54Recently, Teva Pharmaceutical, one of the world's largest drug makers, believes some solid earnings have beat on both the top and bottom lines and a raise of its full year sales forecast. Under Richard Francis, who took over in early 2023, Teva's put more money behind its own branded drugs and its transformation from a pure-play generics company to a biopharma. This was a$9 stock when Francis took the job. It's now above$43. Today, at its first ever R &D Day, Teva laid out how its innovative medicines could bring in$6 to$7 billion a year by 2030. Can the next wave of drugs keep this stock running?

31:30Let's check in with Richard Francis, Teva's president, CEO. Richard Francis, welcome back to Bad Money. Thanks, Jim. Pleasure to be here. I tell you, Rich, I had to stop myself when I was thinking about this because there would have been no reason to have an R &D day before you. Yeah, no, it's true. Actually, when I presented today, my first thing I said on the stage was, this is Teva's first ever R &D day. I remember speaking with previous Teva CEOs, and they wanted to come on the show. And I always say no, because it would always be I felt an embarrassing thing. What have you stolen here? What have you got?

32:02What copyright have you broken there? You are breaking ground in some things that when I saw you in January, I actually was critical of because I didn't think you could do it. And you have succeeded on migraine. I taught dyskinesia. You're doing some incredible things in schizophrenia. I don't even know where to begin. These are all things I feel that companies won't talk. As I mentioned in January, they don't go after because what happens is, At their analyst day, they have to say, I'm sorry, we struck out. What are you doing right that the other guys can't do? Well, I think what we actually outlined today in our R &D strategy is we're sort of pragmatic.

32:39We go after things where we think there's a high probability of success. We really understand the science deeply. And then we think, OK, we can make something successful. And a good example of this is Welltrue's, a long-acting olanzapine that we launched just a few weeks ago. Now, olanzapine as a molecule is regarded as the most efficacious treatment for schizophrenia. The challenge has been no one's been able to make a long-acting injectable. Now, obviously, compliance and adherence for schizophrenia patients who suffer from severe schizophrenia is really important. You don't have to do it at the doctor's office?

33:09You don't have to monitor it? No, there's no monitoring required for our well-truthers. So we thought, okay, how do we crack this long-acting? So we spent a lot of time working on that. But so one could say that we knew the molecule worked. We just had to make it long-acting and once monthly. And when we did that and we launched it, the reception we received from the psychiatric community and the patients has been really, really positive because that's the unmet medical need. So I think what we do really well is we go after real patients' unmet medical need, focus where we have real capability, whether that's drug delivery or whether that's innovative mechanisms.

33:41And then we really prosecute it aggressively and we move fast. Well, I would point out that I have been with another drug company that recently failed on schizophrenia. and they told me the reason why is because it's just too hard. There's really no hope. So obviously they should attend your meeting. Maybe they would have found that out. No, it is hard. It is hard. Okay, so let's talk about bipolar because bipolar is another one that a lot of drug companies have kind of said, well, let's just leave it to Lamictal. Let's leave it to a 1950s anti-seizure drug. Why are you not content with the 1950s anti-seizure drug as a way to be able to treat bipolar?

34:15Well, I think what we noticed when we launched Eucadia, are long-acting treatment for aspirinone. So we now have Yoseti, which is long-acting, and Olanzapine, the long-acting. So we really have, I think, an ability to help about 85 % of patients who suffer from schizophrenia with well-known molecules. When it came to Yoseti, we expanded that indication into bipolar about 12 to 18 months ago. And obviously, you know, that's the potential we can do with the same with Olanzapine. But what is interesting, Jim, is we've just bought an asset from a company, BioXL, which will treat agitation for schizophrenia and bipolar.

34:47at home. So that's another area where patients really don't have treatment because obviously agitation with bipolar and schizophrenia is very common. Roughly about two to three million people have that symptom, but they can't be treated at home. So they have to go into hospital, into a clinic. So it's just another area where we're treating both schizophrenia and bipolar, building out on our schizophrenia franchise to a real scale. And Ajovi, how is that different from Nurtec or Amovic? So Ajovic is a great story. So when we start on the pivot to growth, no one was talking about Ajovic. People thought it had its day.

35:21It was$400 million. This year, we're going to do over$900 million. And we've got peak sales of over a billion dollars. The reason why it's doing so well is because - And this is for migraine. I'm sorry. This is for migraine. A long-acting treatment for migraine. It's an injectable CGRP. And the reason why it's done really well is, firstly, it's a great product profile. It's very efficacious. It's convenient for the patient. But I think this goes back to our commercial capability at Tevra as well. We really understand the patient journey, whether it's in the United States, whether it's in Europe, or other markets.

35:49We have grown our market share consecutively. Even though it is a copycat CGRP? No, no. This is an innovative product we brought to the market many years ago. But I think in our hands, what we've shown under the pivot to growth, we invested more, we understood more, and we did the pediatric indication. Often forgotten. You launch a drug, and then you don't do the pediatric. Sorry, good point. There is no pediatric for the ones I'm talking about. Finally, 2027, What do you have? 2027. It's going to be a pretty busy year. So obviously we launched Welltruths at the end of this year. We'll have that for the first year next year.

36:20We'll launch EcoPypan, a treatment for Tourette's syndrome. So that's a deal we did last year. Another one that people say you can't be cured. Exactly. So I'm super excited about it as a father of three, just the idea that we can help children in their formative years in a very difficult condition. And then obviously we hope to be launching the treatment that we got from the asset that we bought out of BioXL. and then just keep driving a Jovi, your Sedi, well, choose a and a Stato, a treatment for tired of dyskinesia, which was up 30 % in quarter three. So we have those. And then we have one launch every five years for the next five years.

36:52And then we have a launch probably every 18 months. you should be very proud of what you're doing. I do a lot of work with, with the brain because of problems with the brain. I don't mind saying that. People are not supposed to talk about it. That's a, that's why brain doesn't get solved because no one talks about it. I do. American brain foundation, the stuff you're tackling, tackling is incredible. And I thank you. I thank you for talking about it. Absolutely. Thank you for having us on the show. Of course. That's Richard Francis, CEO of Teva Pharmaceutical. The old Teva, I wouldn't put on. This Teva, I take.

37:22My money's back here for the break. Coming up, he's the fastest mind on Wall Street. So we're putting him to the test with your help. Bring on the lightning round. Next.

37:43It is time. It's time for the Lighten Round. And then the Lightning Round is over. Are you ready? Ski-dadi. Time for the Lighten Round. Let's talk with Ronald in Florida. Ronald. Jim, Ronald from Wellington, Florida. Alibaba. I think Alibaba is the only Chinese stock that I would possibly buy. It's not my favorite right now because the consumer is so weak in China, but it is the only one that I would buy. Let's go, because it's got American financials. Let's go to Roy in New Jersey. Roy. Hey, Jim, boy, it's a great pleasure for me to be talking to you. You're very kind. What's going on? The ticker I have is TGB, trichlorometal.

38:31Speculative copper stock with a lot of copper stock still being used in the data center because I haven't converted it to fiber yet. I think you can catch a good one. Let's go. But it's back. Robert in Florida. Robert. Hello, Jim. Robert. Robert in beautiful Tampa, Florida. Thanks for taking my questions. My pleasure. I'm Long DraftKings at about 25, and as you know, they got hammered after the quarter three earnings. I'm concerned about their customer acquisition costs and competition from companies like Calci. I learned, though, that I think you're right. I think you're right to be concerned.

39:10There's way too much competition. I don't know. It's it's withering competition. Everybody's a loser. And I don't. And I think there's too much gambling in the country. That's my own personal view. But it's also been the view, be kind to be the prevailing view at the investment houses of this country. I no longer can possibly recommend any of these gambling stocks because they're all one thing. Gamble. Let's go to Bill in Texas. Bill. So you're a jam? John, proud club member here and a long-time listener. You're still the best. Thank you, man. Thank you. Thank you very much. Thank you. How can I help?

39:45I want to get your thoughts on one of my favorites, Origin Bank Carp, symbol OBK. You know, I've got to tell you, I've actually made a lot of money by Louisiana banks over the multiple years because there's a lot of consolidation. This is an inexpensive bank stock. Not that good at yield, but I like it. I think you've got a good one. and I actually would encourage you to buy it. Let's go to John in New Jersey. John. Oh, yeah, Jim. Oh, yeah. It's John from Ag Harbor Township. What's your opinion on Palantir? My dad did a lot of business in Ag Harbor. They were like free retail stores that he sold bags to.

40:21I think that Palantir stock is worth$200, and Pfizer isn't there yet. They did have an excellent quarter. Alex Karp is doing a terrific job. Let's go to Hank in Indiana. Hank. Yes. Hello, Mr. Kramer. Hey, Hank, what's up? Thanks for taking my call. I'll get right to the point. I'm in my mid-70s. My grandson's 10 years old. We both own shares in Energy Transfer. I bought the shares for potential growth and its dividends. I got two questions. For my shares, should I buy more, hold or sell? For my grandson, should I buy more, hold or sell and reinvest? Okay, for you, I want you to buy more. I think it's serving for your grandson.

41:01It's not risky enough. Believe it or not, what you have to do is you have to buy something that has more growth to it. But nothing crazy. I mean, I'm talking about a J &J. I'm talking about a Procter & Gamble. I would do that because you do not need to worry. He's got his whole life ahead of him. I say don't do that. Buy something more aggressive. Let's go to Spars in California. Spars. Red, white, and blue. 250 years of American exceptionalism, Veterans Day. Booyah. Booyah is right. And thank you. Thank you, everyone, for serving. All right. Dr. J, we're looking at Netscope, NTSK. You know, it's just one more cloud security platform.

41:47You know, we like CrowdStrike and we like Palo Alto Networks, and we don't need any more beyond that. And that, ladies and gentlemen, is the conclusion of the lightning round. The Lightning Round is sponsored by Charles Schwab. Coming up on this Veterans Day, Kramer is paying tribute to all those who served. Next.

42:18Tomorrow, kick off the trading day with Squawk on the Street. Live from Post 9 at the NYSE, I am sorry. I wish I had made it up. You know what would have been better if I had said, David, I have an idea instead of what the truth is. But I'm stuck with the damn truth. Which you, by the way, cannot handle it. It all starts at 9 a.m. Eastern. Jim Kramer, the die-hard of the dollar. Hey, Jimmy, love the show. My five-year-old grandson loves to watch your show. I have to thank you for making us money when it's there to be made. Our world is a better place with you in it.

43:15We cannot go a whole show without saluting the men and women who serve and have served in our military on this November 11th. known since President Eisenhower as Veterans Day. It's a day where I find myself grasping at the greatness of those who serve who willing put themselves in harm's way. Like the great Marine colonel I write about at the beginning of How to Make Money in Any Market, a quiet hero who inspired me to start investing after he showed me how he started buying Merck as soon as he got back from the war. He built a small fortune. My dad served, too, in the Army. He won a battlefield commission, promoted in the midst of a battle, when all above his rank were incapacitated or killed in the Battle of Lady Gull from the Philippines.

43:54I didn't know what that meant. I didn't know what my hero my father was until after he passed away. He was a simple soldier who signed up after Pearl Harbor and served in the Pacific. I didn't know he had done something heroic, though, until I went to an NFL football game with a man I revered for years and years, Fred Smith, who started FedEx and built into the colossus that it is today before turning it over to Raj Subramanian in 2022. Fred died last year, and I wish his passing had gotten more attention, given the fabulous career he led and how much he did for veterans while he built FedEx. Fred went to Yale, where he studied economics, and famously wrote a paper about starting an overnight delivery business, which he got either a C or a D on.

44:32Fred had forgotten the grade, but he remembered it was a bad one. After graduating, he then signed up for the Marine Corps to serve in Vietnam. Several times, Fred marveled to me about the old days, when you just did that because it was the right thing to do. He did two tours and retired as a captain. He received the Silver Star for gallantry in battle. His citation is too long to list, other than to say that he risked his life for his soldiers repeatedly in a battle against the North Vietnamese. In his first tour, he was a grunt, but in his second, he served as a forward air controller guiding bombing strikes.

45:10When I saw him last, he took out a black and white picture of his platoon and told me how many of the men I was looking at were killed in the war, he pointed to each one. It was a somber moment, simply something Fred wanted me to see. He was determined to let me know of these soldiers, to remember them, and I do that this day. Fred took some gambles, literally, when FedEx was in its infancy. At one point after being denied a loan, he took the company's last$5 ,000, flew to Las Vegas, and turned it into$27 ,000 playing blockjack, saving the company in the process he laughed about it when he told me the story.

45:44I asked him to tell it to me a couple of times. I liked it so much. His service in the military helped guide him through all the years and reversals of his fortune. His successor, Raj, told me today that FedEx culture was built on people-first principles that Smith learned in the military. Our culture is our bedrock, Raj said. Lots of initial FedEx employees and pilots were from the military and still are from the military. Fred liked the American Battlefield Monuments Foundation, which maintains the beautiful cemeteries of Americans who died overseas. He had mentioned my dad in conjunction with that.

46:14He said he told me my dad was a hero. And that's where I learned of it. I give to the foundation for my travel trust. I do it in honor of Fred. I know Fred will always be known as the person who started the amazingly successful FedEx or the exec who opined most eloquently about the economy at the beginning of a bunch of TV shows I did. But when I spent time with him, he just wanted to talk about the importance of his time in the military and those who served so their deaths and struggles were not in vain. He was quite the man, quite the veteran. Fred, on this day, we salute you and the millions of others who have served, along with the men who served with you in Vietnam, who never returned.

46:55I like to say there's always a bull market somewhere, and I promise to try to find it just for you right here on May Have Money. I'm Jim Cramer. See you tomorrow.

47:05All opinions expressed by Jim Cramer on this podcast are solely Cramer's opinions and do not reflect the opinions of CNBC or its 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 Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kramer'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.

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