NVIDIA Without Jensen, Anthropic IPO Risks & Moderna’s Cancer Vaccine 11/12/26

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1:21My friends, I'm just trying to make a little bit of money here. My job is not just to entertain, but to do some teaching, so call me at 1-800-743-CNBC. Tweet me, Jim Cramer. In the end, Jensen Wang was more of a liability to the company he founded and ran than a positive. The possibility of him being a mark for a Chinese spy, giving up key secrets, or even helping them get the latest chips, having them find their way to the People's Republic, cannot be ruled out. The ill-advised, not very well, a hidden affair with one of his direct reports, something five NVIDIA executives confirmed to the New York Times, is flat out against the rules at most companies and is embarrassingly unprofessional.

2:07So his staying on as CEO of NVIDIA just because he was NVIDIA to many and the stock price would be much higher if he went removed simply wasn't an option. This morning, he resigned, and yes, he did resign in disgrace. Did we want him to go? If we are shareholders, pre-disgrace, of course not. He was an amazing CEO. Post-disgrace, knowing what we know now about the way that this brilliant man put the institution he said he loved into jeopardy. I have to say yes. In any case, I don't think the board had any other choice. I'm not a morality coach, nor am I a board member of NVIDIA. I owe a pile on stocks for a living.

2:48So in this day where the Dow dipped 189 points, the S &P fell 0.35%, the Nasdaq dropped 0.39%, we have to figure out what a Jensen-less NVIDIA is worth clinically. First, let's take something I heard all day off the table. He will not be allowed to participate in NVIDIA's affairs, either in a public or a sidebar fashion. No. Jensen Wong has left the building. The company wants him as far away as possible because it wants to isolate him and keep the multiple investigations his actions have caused from tainting the day-to-day operations of this company. Remember, the board represents you, not Jensen.

3:26It's bad enough that there will be employees investigated to see if they turned a blind eye to what might have been a clear pipeline of high-end NVIDIA chips to the PRC via his paramour's ties to the Communist Party. There will also be an investigation of the sort of affair Jensen Wong had with Kimberly Powell, NVIDIA's vice president of health care, an important position that might not have been handled as well as it should have because of the relationship. So then you ask, how come the stock didn't go down even more today? First, I remind you that it's been going down for months and it's not exactly like it's expensive here.

4:01The company reports next week, and I believe will be a huge quarter. Remember, this isn't Sendent or Enron or WorldCom, Horrendous financial scandals where there was little to nothing in the bank. That's the kind of scandal you must run from no matter what. There's tens of billions of dollars in the bank here. No accounting irregularities. This is scandal involving potential liability from those orders procured by a spy. And the sanctions that might be placed on NVIDIA by the government. Suddenly, it's less likely now that Jensen has been cut loose. Second, the person named interim CEO, Colette Kress, who is the current CFO.

4:41I know people think I was close to Wong and maintain a good relationship, but let me tell you something. My principal contact at the company had been Colette Kress. She runs the conference call, an amazing conference call. She's the person who explains things to me and answers my questions. Kress knows more about the company than Wong does. Not the technology, but how the company works. She is tough as nails. Yeah, the kinds of nails that come out of a nail gun. To say that she doesn't suffer fools gladly understates her precision and her rigor and the lack of viewers if you ask something stupid, which I have done and regretted immediately.

5:17She will hold things together well in the interim. And with Cress at the helm, the idea that there is a financial scandal, the kind that makes you have to sell the stock, goes away because she is the keeper of the numbers. She will be on full display when they report next Tuesday, as she always is on the conference calls. I say bravo. The last reason that the market didn't fall apart today is the upcoming Anthropic IPO. We're on the verge of what might be the biggest IPO of all time and the ramifications for the semi, especially NVIDIA, and that the ecosystem that Jensen created with all these investments are now going to pay off.

5:51They may actually be able to recoup most of those investments once this happens. Now, remember your cross-disciplines here, people. As I told CMUC Investing Club members today during our morning meeting streaming show at 1020, if you are one of the myriad NVIDIA millionaires the club and Jensen Wong created, thank you, Jensen, for doing that. You need to be sure you take at least some of those profits off the table. Don't ever turn a successful investment into an unsuccessful trade, no matter who it's with. We don't know what else is going to come out from what will almost certainly be multiple investigations.

6:23Whatever it is, I don't think it's going to be any good. You don't want to give up all of your gains if the stock falls further. It fell further today after many of the analysts jumped ship and downgraded the stock from buy to hold. But I think there could be many more of those ahead. We don't know what NVIDIA's competitors are going to do. We know that AMD has been catching up with its own product lines. Broadcom's quite competitive. Google and Amazon less so. But Amazon does have what may soon be a$50 billion semiconductor business. That's the second half of 27. Can they catch up to NVIDIA with its clear four-year product roadmap?

6:54If you think, as the analysts seem to believe, that the other 42 ,000 other employees don't matter much, then you're going to get cold feet, even if you see the great numbers next Tuesday. I can hear the razzling about last good quarter all over the place. We know that the investigations might lead to international export curtailments, which would hurt the business and lead to number cuts. That means that no matter how low the price during each multiple gets, the stock could still go lower. So where do I come out? Now, we've made, you know, look, we've made fortunes in NVIDIA for the travel trust, but we still have too much with the stock here at 166.

7:32That means it cuts to selling some when we are not restricted from doing so. And we've been restricted for ages and ages and had to ride this one down. But here's something you might be happy about. I did a small canvas today of executives who I thought could be the Tim Cook to Jensen Steve Jobs. Tall order, as Cook was a first ballot Hall of Famer. But the caliber of candidates here who are interested in this job made me feel that there won't be a better NVIDIA, just a different one. One that is better organized, perhaps, and not just throwing money around to wrap up companies in an NVIDIA ecosystem.

8:10Maybe we'll get someone who decides it's OK to take profits on the company's successful investments in other companies. now that the anthropic deal will liquefy the ecosystem that Jensen-Mont created. Maybe we'll have a CEO who does more to highlight the company's other 42 ,000 employees, the ones who I think are insulted by what's happening, the ones that don't wear the leather jackets. They exist, too. The bottom line, am I mad about Jensen? Yes. I liked him so damn much. I am crushed by this. I thought he was a better guy. Did he betray me? Nah, no. Now, it's my job to not be betrayed, to be smarter, to have my eyes more wide open.

8:49He didn't betray me. Did he betray you, the shareholders? Yeah. End of story. Dennis in Ohio. Dennis. Hey, how are you, Jim? Dennis, I'm OK. How about you? Hey, I woke up today, so it's a good day, right? You know what? I actually said that this morning. So, yeah, the answer is yeah to that. OK. Hey, I'm calling on Sunoco. It's gone from 80 in August down into low 60s now. Yeah. They're having another record year. Keep raising their dividends. Low PE ratio. I just don't get it. No, I like it. Well, it's going down because people feel the war's over. I remember the day I came public, and I thought, what a great idea.

9:29But then ago, I was a son of Philadelphia. I think this thing's a great piece of paper. I think you're in good shape. Just own it. If it goes down to 6%, buy more. Let's go to Robert in New York, please. Robert. Jim, so nice to hear your voice and how positive you are. And I got to tell you something. You're doing a great job for us with the ups and downs. You're making us steady and you're basically telling us what to do, which is nibble away at some of the stocks going down. And in the end, it doesn't matter because this has happened 50 times throughout Wall Street where the market has corrected up 10 percent, down 15 percent.

10:03And so if you play the Kramer rule, which is how to make money in any market, you can't lose in the end. Thank you, Robert. If you listen to Robert, you can't see right now. But I'm walking down the street right now that I walked down in 1981 when the Dow was at a thousand. And everyone told me it is so ridiculously overvalued. Keep your money in CDs. I don't know what a CD was, but I knew what a stock was. I crushed it. All right. So go ahead. I'm sorry. That's why you are the top guy on Wall Street. That's why you're here to help. And there's like guys who are billionaires in there. All we do is hear from them and they're fantastic because when you're a billionaire, you're fantastic.

10:39Just kidding. You're fantastic because you help the common man. I did good. That's what I want. That's what Emma wants me to do. That's my daughter. Go ahead. She's great, your daughter. Phenomenal. But anyway. I like the folds and potatoes. Yeah. Let's make the listeners some money or you tell me if I'm wrong here. Okay. This next company's latest results. So a sharp earnings reset with weak appliance demand, inflation and housing softness, pressuring the sales and the margins. Now, the management is relying on price increases, manufacturing changes, and a$290 million structural savings to support a profitability recovery in 2027.

11:16Now, I own this stock. I bought it when the earnings got touted. I met this guy out. He used to work for the company. He goes, this is a good company down the road. It shouldn't be this cheap. What company is it? Whirlpool, baby. You know, OK, so listen, I love the I love the product, but maybe they need a kind of a CEO refresh because someone has to pay for that decline. And I think it has to be the CEO. I like the guy very much, but the decline is too much. I thank you for your kind words. If I help the common for the regular person, that's a heck of a lot better than helping all the billionaires I used to help.

11:50They were never that appreciated anyway. Anyway, on Mad Money tonight, Kraft Heinz gave a very optimistic Investor Day presentation. It's been ringing today's NYSE bell. I'm finding out more about the path for packaged goods with the CEO, who I just think is great. Then I'm rounding out my series on Anthropics, hotly anticipated IPO, with looking at some of the more unusual aspects of the deal that you need to know about. And Moderna's promising cancer vaccine has been propelling the stock higher this year. What else is in the pipeline? I'm going to find out with the company's CEO. So stay with Kramer.

12:55Your financial life rarely fits between nine and five, and the questions shaping your future don't follow a schedule. That's why Citi created Citi Sky, a secure AI member of your Citi wealth team built with the Gemini platform on Google Cloud. Whether expanding your portfolio or planning your future, you'll be able to access tailored wealth guidance on your time. Start building with Gemini at cloud.google.com. slash AI. CityWealth investment products and services are provided by Citigroup Global Markets, Inc., member FINRA and SIPC. Something amazing is happening. Despite a citywide blackout, this company is still up and running.

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14:31This will be exciting, and it's not about NVIDIA. This morning, Kraft Heinz, the package food giant, rang the opening bell to celebrate the move from the NASDAQ to New York Stock Exchange. Then it's a terrific investor day. The company said it expects sales and operating profits to start growing again in the second half of next year. She's consistent in accelerating growth by 2029. Since taking the helm nearly a year ago, CEO Steve Kaling has invested$700 million into the business, hired 400 new employees. This is so different from the old one. Let's check in with Steve, the CEO of Kraft Klein, to find out more about his comeback plan.

15:04Steve, I am so glad to see you here, and I just said how much you invest in the company. But let's just get started by how much have you invested yourself? Well, thanks for having me, Jim, as always. So shortly after I started with the company, obviously I'm paid a lot in stock, but I went into the open market and bought$5 million worth of Kraft Hein shares because I like to put my money where my mouth is. I'm a team that I'm going to put together. I know you sure do. I was going through your amazing deck, and you had this line. I think it kind of epitomizes where we are. We always had the right assets to win.

15:35Now we are realizing their full potential. Those assets are pretty great, aren't they? They're fantastic. Think about the Heinz brand. I mean, Heinz is loved everywhere around the world, rejected nowhere. Right. We've got a huge opportunity to grow Heinz in its home market of the United States, which we've returned it to growth. We've got huge opportunities all around the world. Heinz in Brazil is doing phenomenally well. Heinz in China is opening up whole new occasions with eggs and breakfast. And so Heinz plays everywhere. Heinz soup has just been introduced in Canada. It's off to a flying start.

16:09So Heinz is a phenomenal brand and it really is gold. Now, you are actually reaching people differently from just traditional advertising. You've embraced the channels that I always thought people should start embracing, Meta and TikTok. Yeah, there's no question. Look, today's consumer shows up differently than they did historically. You still have to be in historic, traditional places, but we have to be where the consumer are. We have to go meet the consumer where they are. That's social, that's digital, and the future is agentic as well. So we have to continue to evolve our capabilities. We have to invest in our capabilities, and we have to meet the consumer where they are.

16:45The state of the consumer seems to be able to buy both your highest-end products and your more middling products. Yeah, I think the consumer right now, it's stopped getting worse. The consumer is not in a great spot, but they're not in a terrible spot. The job market's strong. You know, inflation is still a little too challenging. Gas prices a little too challenging. But, you know, we're a staple in many, many cases. And we're a treat in other cases. But we've been able to connect with consumers, hold up our business, improve our trends in this country and around the world. And we expect into next year, probably the first half of 27 is still going to be somewhat of a challenge, a little bit more inflation.

17:23That's OK. That's OK. hey, the back half of 27, we start to see a lot more opportunities to really get ourselves back to growth. Well, one of these, besides moving to the exchange, that I wanted to have you on was that I've always liked your work, but I did doubt you and Kellogg. I thought that Kellogg were dead branch, that there was nothing there. I didn't do it on air, but you did something rather remarkable, Kellogg. You created a huge amount of wealth. How did you go about doing that when other people didn't see anything? Well, I think the mistake that was made at Kraft Heinz before I arrived in the last several years is this notion that there's a forever brand, that brands can just live on the history of their past.

18:03That's not true. But equally, brands that have existed for a long time are not necessarily destined for the dustbin of history. And that's what a lot of people thought about the brands at Kraft Heinz. And they're simply not. When you look at Heinz, which I've already talked about, but Kraft Mac and Cheese, people said 90 years old, best days are past. New innovation is coming from smaller companies. Best days. Well, we innovated. We launched Kraft Power Mac. We launched Kraft Mac and Cheese Restaurant Edition. And the brand is back to growth. And in Canada, we launched a ramen, a cheesy ramen.

18:40Cheesy ramen. Under the KD. I saw that. I said, you got to be kidding. We sold out three months worth of stock in a week. We're going to introduce that next year. So you have to innovate. You have to bring new news. You have to bring excitement with your brands. So is high protein jello, is that going to be in a Costco or a Walmart? Yeah, absolutely. And it tastes delicious. You know, one of the problems with protein is you can't necessarily, it doesn't go with everything. It's hard to mask the flavors. Sometimes it's chalky. Sometimes it's off-putting to, you know, put into existing brands. But our R &D team has cracked the code.

19:14The chocolate's my favorite chocolate jello pudding with protein. I think it's going to be a real hit. OK, so Philadelphia cream cheese, a nice brand, always felt that it was under marketed, underdone. Are you blowing it out? Yeah. So Philadelphia cream cheese is a phenomenal brand. We're doing a lot, especially next year. And it's going to be protein led as well. We've got a big opportunity to drive protein, to steal some share from cottage cheese. and that's going to come through the Philadelphia name. We're going to do other things in the back half of next year that I think will be equally as exciting.

19:47But it's one of our biggest share gainers this year, Philadelphia Cream Pills. Now, people wanted, before, you know, the original plan was to split the company in two. What did you see that you knew that wasn't right? I saw a lot that was fixable. I saw a lot of own goals that we had done. And if we spent all of this year separating the business into two separate companies, we would have continued to underinvest in it and we would have invested in the wrong things, which are bankers and lawyers to separate the business. We would have ended up with two suboptimal businesses by pausing that and by stopping it.

20:22And by putting the 700 incremental dollars on top of what we're already spending against the brands, I thought we'd be one bigger, stronger company. The other thing that a lot of businesses like ours have forgotten about is scale can be an advantage, but you have to know what to do with that scale. And so we were going to cut the company in half and become subscale. But instead, we're a twenty five billion dollar business that's going to be growing again. That's much more powerful than two businesses that are separated, that are suboptimal, that are not growing. All right. Last question, Steve, is that I did mention about the brands are forever brands.

20:57I do think that certain brands, I thought, had aged out. I thought that both Kraft and Heinz had aged out. That's clearly not the case. It's not the case. And I'll give you an example. So we rang the bell of the stock exchange this morning. Before that, we were outside. You know, it was all wonderful. We had the Kool-Aid man outside. We had a crowd of New Yorkers so excited about seeing the Kool-Aid man. Right. They'll buy the T-shirt, but we have to contemporize it. We have to innovate. We have to get people to want to buy the product as well. And we can do that because the brands loved. You sound as fired up as when you did the Kellogg, one of the greatest trades ever.

21:34I'm so fired up. It's a great company. It's an important company. It deserves a bright future. And that's what my team and I are bound and determined to deliver, a bright future for Kraft Heinz. I got to go all in because I see you do it once. I think you're going to do it again. I want to thank Steve Kaolin, CEO of Kraft Heinz. But guys, I often point to decks and they're hard to understand. Is there really anything hard to understand about ketchup and Philly cream cheese? No. Mad Money's back after the break. Thank you, Steve. Thanks, Jim. Coming up, Kramer's wrapping up his Anthropic IPO series by identifying what else you need to know beyond the company's financials.

22:15Next.

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23:58Every night this week, I've been spending some time trying to prepare you for next week's historic Anthropic IPO. I've been covering this story from all angles, explaining the stakes and the broad terms of the deal, looking at Anthropic's impressive growth and examining the company's complicated profitability profile. Tonight, I want to wrap things up for this Know Your IPO series with a quick run through of all sorts of other considerations for this Anthropic deal, things that aren't reflected in the company's financials, which is what I've focused on so far. I'm going to start with the pros.

24:29And the first thing to call out is the huge cash balance that Anthropic will have after its IPO. I've noted that the company had$132 billion in cash, cash equivalents, and short-term investments at the end of September. And it could add around $100 billion in cash from next week's offering. Now, we do know that they're going to need that cash with some$900 billion in compute commitments on the horizon. That's a great buffer to start. Another thing I like is the fact that 90 % of contributions to Anthropik's code base are actually being written by Claude at this point. Just in the third quarter, Anthropik saw a 45 times increase in code contributed per engineer from 2024 levels.

25:10That's called productivity. In other words, the product is increasingly making itself and also finding ways to improve itself. For example, using compute more efficiently. This has all sorts of positive benefits. It makes Anthropic more efficient, of course. I don't think it's a coincidence that the company reached profitability, at least on an adjusted basis, as this has happened. And it allows Anthropic to build new models and products faster. All right, now to the open questions. The first one is about pricing. Anthropic has been cutting prices for many of its models recently, which some have seen as a bearish development and an acknowledgement that customers are chafing at their Claude bills and looking for other options, like the open-weight models that are so inexpensive.

25:51That said, I was encouraged to see that Anthropics revenue growth remains strong in October after many of these price cuts went through. So, hey, they may have the swing right. Companies finding other ways to boost revenues as it cuts space prices, like adding surcharges. It's actually speed surcharges. And lower prices might be encouraging more overall use of Claude. Still, I'm going to watch the next few months closely to see how these price cuts impact business. Now, the next question. What's the next big use case going to be? I've told you that the extreme growth for Anthropic recently has come from primarily Claude Code, okay?

26:29The company's coding agent gaining traction in the enterprise. And I still think Claude Code has plenty of growth ahead. But for Anthropic's revenue to reach the levels it needs to, and there's some incredible levels that they've got to reach, I want to see more hit products from the company. Anthropic debuted the next major product, Claude Cowork, earlier this year, and they offer some compelling stats about revenue ramping for Cowork much more quickly than it did for Claude Cod. They also rolled out the industry-specific tools, and just this week, Anthropic announced some new products that intended to take on Microsoft Office.

27:05Hey, maybe those catch on. But what are the use cases that are going to lead to the next$100 billion in revenue for Anthropic? It might be cybersecurity, given how good CLAW it is at spotting code vulnerabilities. Anthropic also says that life sciences and robotics could be major end markets. But we'll have to see if those things pan out as well as they expect them to. Finally, for the unknowns, how is Anthropic's safety ethos going to impact the story? Anthropic CEO Dario Almede loves to remind everyone periodically about how dangerous frontier AI models can be. If he is serious about pacing the frontier, is that negative for revenue growth?

27:45But Anthropic has also built its brand around safety. And perhaps that's an asset in a world where customers are both eager to adopt AI for their business and somewhat wary of it. I don't know, a little contradictory to me, though. That leads directly to my first con. Remember, I did the pros. Here's the cons. which is the question of regulation and even potential liability. On the regulatory front, we've already seen this year that a new precedent has been set, where the leading AI labs have to work with the government before releasing new frontier models. And after last year's election, I also wonder whether more Democrats in Washington is a bad thing for the AI industry.

28:21Soon, we'll look to 2028 and speculate about what a new, less AI-friendly administration really might mean. For now, I just worry that there will be more regulatory constraints for the company, either at the infrastructure level or at its first more powerful new models. As for liabilities, I see here there's some issues. Either that an anthropic model is used for some major cyber attack, and that creates legal risk for the company, or as the company's models get increasingly autonomous, they do something they shouldn't, which negatively impacts the customer. Now, I'll add here that I think these regulatory and liability risks are more of a concern for open AI than they are for anthropic, given the latter safety first culture.

29:04But they are still risks you need to consider for this first major AI IPO. Finally, I want to talk about the company's float. You got to pay attention. This is the biggest issue for me. The float and its lockup expiration schedule. Important details that will go a long way determining how the stock trades initially. Based on the current numbers, next week's offering represents around 6 % of Anthropix shares outstanding. Very similar proportion to what we saw from SpaceX in June. The one difference here is that a tranche of shares from non-founder employees will be unlocked on the first day of trading.

29:39That would bring Anthropix float up to around 7 % on the first day of trading. But that's still very small. The rest of the shares will be unlocked gradually over the course of the next year via a series of 22 different lockup releases, which start less than a month after the IPO. The concern here is that we will see a big pop initially as excited investors are competing for a small number of shares. Then as more shares get unlocked every few weeks, that's going to put downward pressure on Anthropoc. The people who are too eager, they get hurt. Basically, I fear they're going to see a repeat of what happened with SpaceX, with the stock squeezed from its IPO price of 135 to a high of$225 on its third day of trading.

30:19And it came right back down. SpaceX hasn't come close to that initial high since then, but not because the story hasn't gotten better. I'd argue it has. It's just supply and demand. Unfortunately, as I told you last Friday, there's still many more SpaceX shares that have yet to be unlocked. So there you go. There are all kinds of unique considerations for this anthropic deal. Some are positive, some are negative, and some are legitimate open questions, just things I'm not sure about. I'll have more on the deal next week, of course. But for now, I hope this series that we have run has you feeling more informed about whether to participate in this historic IPO.

30:55Here's the bottom line. When the deal terms are finalized next week, I'm going to give you my more formal opinion on whether you should buy anthropic shares initially or not. For now, I'll just tell you that I'm wary of doing so. Why? Well, because I fear a hot open. But either way, this is the deal to watch. Let's take some calls. Let's go to Mark in Michigan. Mark. Mr. Kramer, it's an honor to speak with you, sir. Oh, thank you, Mark. What's happening? Oh, I've heard you talk a lot about Lambert's search, and I'm wondering if at this point it's a good entry point. I think it is. I think it's come down enough.

31:31I think Tim Archer does a terrific job. It is absolutely my favorite. Remember, all the intellectual property when it comes to semiconductors really is from the semiconductor capital equipment. And Lamb's got the best. All right. Much more mad money ahead, including my exclusive with Moderna. Then, like I said earlier, I am deeply saddened by the news out of Nvidia. I'm leaving you with a few more thoughts, some a degree caustic about the situation. And Oil Falls rapid fire tonight's edition of the lightning round. So stay with Cream.

32:08When you look at the stock of Moderna go, on August 18th, Moderna was a$63 stock. The next day, it closed above$174 after Moderna and Merck announced that adding their personalized cancer shot to Merck's Keytruda helped keep melanoma from coming back after surgery. Moderna is now up more than 680 % for 2026. It did fall 7 % today, though. Last week, strong vaccine sales helped Moderna turn a surprise profit, and the company raised its four-year sales forecast. Today, Moderna held this Analyst Day at the Massachusetts plant that's already making those personalized shots for clinical trials. Earlier today, we caught up with Stéphane VanCel, Moderna's CEO.

32:50Take a look. Stéphane, welcome to the show on a very big day for you. Yeah, thank you, Jim, for having me. Well, I've got to tell you, I've been following your progress. And first, I want to just cover the numbers. You're doing so much better. You've got the best flu shot that I can tell. You're doing COVID vaccines. People are telling me they're the ones that don't hurt and don't make you sick. So you've done some traditional things that are really just making you a lot of money, correct? Yeah, I mean, we have really invested on our infectious disease business. You know, historically, that's where we started, our first product.

33:27but we've never slept on our laurels. You know, the M-next-bike product, which is the new COVID vaccine, is not only new because of a strain, which of course we have to do to give you the best protection, but we totally re-engineered the product. It's a new product, like a 2.0 COVID shot. And the dose is one fifth of the dose of what we had initially. So that's why the side effect is much better. All right, that's the one I've got to get. Now, I just want to, I usually don't do this, but I want to get personal for a second. My daughter had melanoma bad. Oh, I'm sorry. No, but listen, listen. Your hope, her hope, is that your vaccine can make it so she can go back outside and lead a normal life and perhaps have a greater chance of it being cut back.

34:14So we're following this thing intensely with everything that I can't read the journal, New England Journal, and understand. But can you tell us where this is? Because you are the hope for tens of thousands of people. Oh, you're very kind. Well, as you know, we've been working on 10 years on this idea. Can you teach the immune system of a patient how to recognize the cancer of a patient and to go eat the cancer? That was the basic idea. And as you, I'm sure, read, a lot of people thought it was undoable. And it's true that the track record of cancer vaccine behind us was not very good. But we thought with the process that made in mRNA, with what we learned with infectious disease vaccine, that our approach had a serious chance.

34:58And we took that chance. And to be fair, Merck was a fantastic partner to take that chance and that risk with us. And what it does basically is when somebody has cancer, you take a biopsy of a tumor, you take a blood draw of a blood, and then you sequence, you next-gen sequence, you read all the letters of the DNA of a cancer and the healthy cell. You send them to the cloud and you compare letter by letter where is the mutation, where is the cancer because what we know today is cancer is a disease of DNA, mutation of DNA. And then what we do is we individualize and I'm just behind me. We basically individualize.

35:35We make a product for one human at a time where we put in a cassette of one mRNA molecule 34 mutations of the cancer of that patient. It's injected in intramuscular every three weeks for nine doses. And as you know, you saw the data recently. The data is fantastic. I mean, compared to Ketudra, which is an amazing drug in melanoma, nobody has been able since 2018 to do better than Ketudra in melanoma. Several companies tried. There was three phase three that failed. But we were able to show a 42 % improvement for patients. And what is even more remarkable, if you look at a phase two study, where we have five years of data, the phase three had only two years of data so far.

36:16We'll, of course, share more data as we get the data. We show that the data improves over time. Why? Because the T-cells we created in your body, because of our mRNA, have memory. They stay with you to fight cancer coming back. Wow. Well, dare I ask when? We're all waiting. We have oncologists that we check with. They want to be sure that things are right before we plunge in. When do you think? So as we've said with our partners at Merck, we are working very, very deliberately to try to get the filing to the FDA before the end of the year. And then we're expecting, assuming a good review by the regulators, that we should be able in 2027 to get the product available to Americans.

37:03Well, I'm so glad. I mean, I think if you don't have it or you don't even look, you can go to the Reddit page for the melanomies. You can feel for what people have. But as a parent and the daughter, we are I'd never create false hopes for for cancer. Lost my mom for kidney cancer. Very, very young. I know that those who create false hopes are not good. You are done the opposite. You've not played it high. You have waited and waited. How about other cancers? Are there hopes for it without getting too far ahead and making feel people feel that there's a magic bullet out there? Sure. And I agree with you, Jim.

37:40It's very important. People are suffering with cancer. It's very important for them and the family not to have false hope. So what we're doing beyond melanoma is we have studies on going in five different tumor types, including lung cancer. In lung, we're both looking at people that have stage two or three of lung disease. But we're also trying in Tismaran, that's the name of our medicine, in Tismaran by itself, in people that have stage one lung cancer. because we think given it has a very good safety profile in our medicine, it could potentially be used earlier in disease to help people get back to normal life without sometimes the terrible side effect of cancer treatment.

38:19So we should get data in kidney cancer pretty soon, either end of this year or next year. Those are event-driven studies when people have recurrence of disease. So, of course, we do not control the timing. The one after should be bladder cancer and the one after should be lung. So when we have the data, like we've always done, we will share the data with the community, including the medical community, so we can review the data. Last night, the New England Journal of Medicine, as you know, the most prestigious journal, released the full data set with all the appendix. So all the melanoma doctors can look at the data and understand what the product can do and what the product doesn't do.

38:57And that's where we are. and we're going to keep investing in the science because, as you know, software is part of the drug because we have to select from hundreds or thousands of mutations, 34 that goes in the cassette. We think we can learn by going and mining the data in a phase three study and figure out what can we tweak in the software? What was working well in the software? What maybe can we improve so we can potentially even improve that success rate? Again, it's a hypothesis. We need to work and look at the data. but I'm really believing that because of the progress that the medical field is making and because of the access of AI, when you can look at all those data, figure about it, 1 ,100 patients.

39:37That's a lot of data when you look at all the T-cell and the biomarkers and so on. But looking at that with big data, this should be able to get insight and then to have a discussion with the regulators is a way to upgrade the software. Well, look, congratulations and thank you for helping everyone who has this disease and their family members. We all look forward, after that New England Journal of Medicine, to start getting lined up and getting our doctors to be aware. Remarkable job. I remember when I met you, you said this could happen, and then we got waylaid by COVID, of which you helped solve.

40:13But this is nothing short of remarkable. And I want to thank you for everything you've done, not just for the shareholders, but for the parents and for the patients. Good to see you, Stephan. Thank you so much. You're very kind, Jim. Absolutely. That's Stephan Benzelli, the Moderna CEO, had a remarkable moment and a great shareholder meeting. Coming up, you've got questions, Kramer's got the answers. Get charged up for a fast-fire lightning round, next.

40:49It is time. It's out of the way. I'm Chris. It is.

40:58And then the lightning round is over. Are you ready? Ski, dad, tell the world. I'm going to run by the summer. Dick in Virginia. Dick. Hi, Jim. I'm a club member, and I just got your book in the mail. Yay. Oh, thank you. Thank you. Let's go to work. Yeah, I said that stock. It's called Commvault. They're the data recovery business.

41:24I saw the CEO on Dayside. That's what we call watching TV during the daytime. And he was excellent. I thought he did a very good job. I thought he made a good case for his stock, even though it's up a lot. I think it's a good call by you. Jeffrey in Massachusetts. Jeffrey. What's up, my man? How are you? I'm doing well, chief. How about you? Good to have you on the show. Not too bad. Excellent. So this stock I've got is down nearly 48 % year-to-date. Bright Horizons, BFAM. Staff thoughts? Well, it's a very expensive stock, but that typically means to me the earnings aren't going to come through.

41:59I don't want you to mess around with it. I don't. I'm not done. That's ridiculous. I feel like I've taken, like, one call. Let's go to Dennis in New York. Dennis. Dennis from Hampton Bays, Jim. Big fan. Thank you. I'm my executive producer from Hampton Bays. I'm going to do a big shout-out to her. Regina. I'm sorry. Go ahead. Texas Pacific land. You know, I'm not really into the oil stocks. We made a big deal about that stock when it was the right time, and I'm glad we got off that horse. I'm going to say no to Texas Pacific. And that lends up a conclusion of the Lightning Round. The Lightning Round is sponsored by Charles Schwab.

42:40Coming up, as we wrap up another busy day, Kramer has some final thoughts. Don't miss his no huddle. Next. Booyah Jim, your integrity makes you the booyah saint of Wall Street. Booyah Jimmy Chil. Booyah Jimmy Chil. Booyah Jim. Quadruple, that's a lot of booyahs.

43:17Look, I'm sad. I did love the guy in the leather jacket. I liked him from the first time I interviewed him in 2010 when the stock was around 30 cents. Counting for the various splits over the years, called it a Kramer fave. I continued to hear more and more about the company in the years that followed, included for the CEO of Audi North America, who told me that NVIDIA's chips were the secret behind his self-driving technology. At the time, everyone just thought this was a gaming chip company. In 2017, frustrated that people didn't know about the company, I renamed my dog Everest, changing it to NVIDIA to call attention to the incredible company that NVIDIA was.

43:52That late mutt, half pit bull, half whatever, got a lot of people's attention, including Jensen. He made a badge for NVIDIA to get into headquarters anytime he wanted to. That's kind of as Jensen's pixie humor. A couple months later is when I bought the stock from my chapel trust for the first time. The stock was around four bucks. But I only fully realized how special this company was after I spent some time at headquarters and saw amazing things. And not just the employee badge that Jensen made for the dog. Things like robots being rewarded for picking up Jell-O. Things like a machine drawing a Cezanne seascape in 10 seconds when I knew he never painted one.

44:27But I asked the machine to do it anyway. The colors were spot on. Shading amazing. I talked about what I say at NVIDIA and what I saw at NVIDIA and almost every day for weeks on this show and on Squawk on the Street. You know, at one point my partner David told me he was sick of my touting NVIDIA. I didn't care. I kept doing it. There were so many other things Genshin showed me over the years, especially when I started going to the company's GTC event every year. Each time I went out, I learned some new things. Sometimes they were hysterical. Sometimes they were somber. But they were always brilliant.

45:02He introduced me to the neoclouds like Inebius and I rent. He made me realize that his partners like Dell and HPE were obvious buys as the AI era began. These stocks made fortunes for people. I saw robots make hospital corners, 10 bar, really super stuff. His keynotes, they were dazzling. But one of the most meaningful things he did was attend a lunch right here at the New York Stock Exchange for CMBC investing club members, most of whom had become millionaires because they bought the stock of NVIDIA. We had 70 guests. I wanted a group picture. He said no. He wanted individual selfies with individual people, every one of them, all regular people like you, club members who believed.

45:39I saw his graciousness repeatedly. I rejoiced in it. He was always so polite and well-meaning. I introduced my wife to him. He's one of just a few execs in the 22 years I've been doing this that I did that. She thought he was terrific. He took her seriously asking plenty of questions right in her eyes, looked at her, showing amazing respect. She was impressed. She thought he was sensational. Over the last couple of years, I saw Jensen all over the place. I thought he was kind of changing. He's having a great time, but why not? Seemingly celebrating and palling around with the president as much as he was working.

46:08Although that was just an impression. At one point, I saw him sign a woman's shirt in a place that I thought was inappropriate. Well, maybe that was the new, more successful, cooler, why not, flaunt Jensen. But he was right back to being serious at the next GTC in San Jose. At all times, I admit I was thrilled to spend time with him. Just thrilled. You know, I tried not to idolize him for his brilliance. I tried not to put him on a pedestal for spectacular innovations. And I defended everything, including his push to sell previous generation chips to Chinese customers. Because I thought he was earnest when he said it was in the best interest of our country to hook Chinese customers on the NVIDIA ecosystem rather than have them build their own.

46:46I still do. Never once did I think that there might be other motivations, and I still really hope that's not the case. In the end, unlike so many others, I wanted everything negative said about him stopped. At the very least, give him a chance to explain. Don't take this fine man apart. He's too important to our nation's future. His body of work was too stellar. We can't afford to lose him if we are going to be the world's AI leader. But it was not to be. The man in the leather jacket let his wife down. He let his kids down. He let his company down. He let his co-workers down. He let his shareholders down.

47:23He let his country down. Sadly, he let me, a person who just loved the guy, down. My dog NVIDIA died a half dozen years ago. Come to think of it, maybe he was the only one who didn't get let down by the man in the leather jacket. He just didn't live long enough to see it. I like to say that there's always a bull market somewhere. I promise you I find it just for you right here on MedMoney. I'm Jim Cramer. See you next time.

47:53All 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. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such.

48:20To view the full Mad Money Disclaimer, please visit cnbc.com forward slash madmoneydisclaimer. When you partner with CDW, you get more from technology with AI-powered tools that turn complexity into clarity. CDW experts are simplifying workflows with Microsoft solutions, uniting teams with on-the-go connectivity, speeding workflows with exceptional performance, and protecting assets with chip-to-cloud security. Make amazing happen. Learn more at cdw.com slash modernwork.